Apyx Medical Corp APYX
Apyx Medical Corporation ("Company", "Apyx Medical", "we", "us", or "our") was incorporated in 1982, under the laws of the State of Delaware and has its principal executive office at 5115 Ulmerton Road, Clearwater, FL 33760.
We are a surgical aesthetics company with a passion for elevating people's lives through innovative products, including its Helium Plasma Platform Technology products marketed and sold as Renuvion® and the AYON Body Contouring SystemTM ("AYON") in the cosmetic surgery market and J-Plasma® in the hospital surgical market. Renuvion and J-Plasma offer surgeons a unique ability to provide controlled heat to tissue to achieve their desired results. AYON is an FDA-cleared, surgeon-designed body contouring system that combines precision, versatility, and innovation in an all-in-one platform. It seamlessly integrates fat removal, closed loop contouring, and Renuvion's tissue contraction and electrosurgical capabilities, empowering surgeons to deliver comprehensive body contouring treatments for patients. We also leverage our deep expertise and decades of experience in unique waveforms through OEM agreements with other medical device manufacturers.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $52.8M | $48.1M | $52.3M | $44.5M | $48.5M | $27.7M | $28.2M | $16.6M | $10.2M | $8.8M |
| Cost of revenue | $19.8M | $18.7M | $18.6M | $15.4M | $14.9M | $10.2M | $9.1M | $5.8M | $3.3M | $3.7M |
| Gross profit | $33.0M | $29.4M | $33.8M | $29.1M | $33.6M | $17.5M | $19.1M | $10.8M | $7.0M | $5.1M |
| R&D | $3.4M | $5.1M | $5.4M | $4.5M | $4.3M | $3.9M | $3.7M | $2.5M | $1.9M | $1.0M |
| SG&A | $15.8M | $18.9M | $22.2M | $20.5M | $18.6M | $11.7M | $13.7M | $9.4M | $8.7M | $6.2M |
| Total operating expenses | $39.5M | $48.2M | $53.7M | $52.7M | $48.0M | $37.6M | $40.0M | $25.1M | $20.8M | $16.5M |
| Operating income | -$6.4M | -$18.8M | -$17.3M | -$23.6M | -$14.4M | -$20.1M | -$20.9M | -$14.3M | -$13.9M | -$11.4M |
| Interest expense | $5.6M | $5.9M | $2.5M | $15.0K | $10.0K | $46.0K | $8.0K | $104.0K | $136.0K | $158.0K |
| Pre-tax income | -$10.8M | -$23.3M | -$21.3M | -$22.9M | -$14.8M | -$19.4M | -$19.8M | -$14.7M | -$13.8M | -$11.5M |
| Income tax | $270.0K | $252.0K | $2.4M | $367.0K | $380.0K | $7.5M | $130.0K | $3.9M | $156.0K | $64.0K |
| Net income | -$11.2M | -$23.5M | -$18.7M | -$23.2M | -$15.2M | -$11.9M | -$19.7M | $62.7M | -$5.1M | -$11.6M |
| EPS, basic | -0.27 | -0.66 | -0.54 | -0.67 | -0.44 | -0.35 | -0.58 | 1.89 | -0.16 | -0.14 |
| EPS, diluted | — | — | -0.54 | -0.67 | -0.44 | -0.35 | -0.58 | 1.83 | -0.17 | -0.15 |
| Shares, diluted (wtd. avg.) | $41.1M | $35.5M | $34.6M | $34.5M | $34.3M | $34.2M | $34.1M | $34.4M | $31.4M | $27.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $31.7M | $31.7M | $43.7M | $10.2M | $30.9M | $41.9M | $58.8M | $16.6M | $10.7M | $15.2M |
| Short-term investments | — | — | — | — | — | $39.7M | $56.6M | $55.5M | $0 | — |
| Receivables | $16.8M | $15.5M | $14.0M | $10.6M | $13.0M | $8.4M | $8.0M | $4.1M | $4.9M | $4.7M |
| Inventory | $8.6M | $7.6M | $9.9M | $11.8M | $6.8M | $4.1M | $5.1M | $6.0M | $4.3M | $6.2M |
| Total current assets | $58.5M | $56.4M | $70.4M | $43.0M | $60.7M | $66.1M | $76.7M | $106.9M | $22.5M | $26.5M |
| Property, plant and equipment | $2.4M | $2.0M | $1.9M | $6.8M | $6.6M | $6.5M | $6.6M | $5.8M | $6.0M | $6.4M |
| Goodwill | — | — | — | — | — | — | — | $185.0K | $185.0K | $185.0K |
| Other intangibles | — | — | — | — | — | — | — | $6.0K | $67.0K | $215.0K |
| Total assets | $66.8M | $64.8M | $79.2M | $51.8M | $68.7M | $74.1M | $84.7M | $113.2M | $31.0M | $35.1M |
| Accounts payable | $3.1M | $2.6M | $2.7M | $2.7M | $2.6M | $1.5M | $2.4M | $2.3M | $1.6M | $1.6M |
| Short-term debt | — | — | — | — | — | — | — | $0 | $239.0K | $239.0K |
| Total current liabilities | $11.7M | $10.7M | $12.7M | $11.8M | $13.2M | $9.2M | $12.3M | $22.4M | $6.0M | $5.3M |
| Long-term debt | $34.8M | $33.9M | $33.2M | $0 | — | — | — | $0 | $2.5M | $2.7M |
| Total liabilities | $52.0M | $50.5M | $52.3M | $14.0M | $14.7M | $10.3M | $13.5M | $22.6M | $9.0M | $8.9M |
| Retained earnings | -$89.1M | -$77.9M | -$54.4M | -$35.7M | -$12.6M | $2.6M | $14.5M | $38.8M | -$28.5M | -$23.4M |
| Total equity | $14.5M | $14.2M | $26.9M | $37.8M | $54.0M | $63.9M | $71.3M | $87.2M | $22.0M | $26.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$8.0M | -$18.0M | -$5.2M | -$20.3M | -$10.4M | -$16.1M | -$18.5M | -$20.9M | -$3.7M | -$2.8M |
| Depreciation and amortisation | $655.0K | $599.0K | $692.0K | $890.0K | $903.0K | $887.0K | $754.0K | $669.0K | $696.0K | $734.0K |
| Stock-based compensation | $2.0M | $4.0M | $5.1M | $6.7M | $5.1M | $4.2M | $3.6M | $2.2M | $871.0K | $809.0K |
| Capital expenditure | $1.1M | $722.0K | $533.0K | $1.0M | $723.0K | $581.0K | $1.3M | $363.0K | $624.0K | $286.0K |
| Investing cash flow | -$1.1M | -$722.0K | $6.7M | -$1.0M | -$723.0K | -$581.0K | $60.5M | $29.3M | -$624.0K | -$286.0K |
| Financing cash flow | $9.6M | $6.7M | $32.2M | $217.0K | $24.0K | -$73.0K | $147.0K | -$2.5M | -$239.0K | $5.7M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437749-26-021840.
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