Apyx Medical's 2024 Fiscal Year: Insights and Future Plans
Apyx Medical Corporation Financial Summary for 2024
Apyx Medical Corporation (NASDAQ: APYX), renowned for its innovative helium plasma and radiofrequency technologies marketed as Renuvion, has announced its financial results for the fourth quarter and full year of 2024.
Key Highlights from Q4 2024
During Q4 of 2024, Apyx Medical saw significant growth in its single-use handpiece shipments, which increased by 5% overall and a remarkable 20% in the U.S. compared to the previous year. This growth momentum fuels optimism as the company gears up for future opportunities in the aesthetic market.
In a notable advancement, the company submitted a 510(k) premarket notification to the U.S. FDA for its AYON™ Body Contouring System. The move was ahead of schedule, with plans for a launch anticipated in the second half of 2025 pending necessary clearances.
Financial Performance
For the fourth quarter, Apyx Medical reported total revenue of $14.2 million, slightly down from $14.7 million from the same period last year. Revenue in the Advanced Energy segment was stable at approximately $12.1 million while OEM segment revenue saw a decline to around $2.1 million.
This quarter also showcased progress in reducing net loss attributable to stockholders, whereby the loss was reported at $4.6 million, significantly lowered from $9.6 million in the same quarter last year. Adjusted EBITDA also improved, decreasing from $4.7 million to $2.2 million year-over-year.
Annual Performance Overview
Looking at the broader 2024 results, total annual revenue decreased to $48.1 million from $52.3 million in 2023, representing an 8% decline. This annual revenue trend aligns with challenges in the capital equipment market amid ongoing economic uncertainties.
Segment Analysis
Sales from the Advanced Energy segment fell by 11% to $38.6 million, primarily due to reduced generator sales in both domestic and certain international markets. Conversely, the OEM segment demonstrated resilience, with revenue increasing 6% to $9.5 million, driven by higher volumes from existing customer relationships.
Operational Updates and Strategic Initiatives
Apyx Medical recently fortified its balance sheet by closing a $7 million registered direct offering. Furthermore, the company underwent a cost-saving restructuring, which included a workforce reduction to streamline operations, projecting an estimated annual cost saving of $4.3 million moving forward.
The company is also optimistic about the growing patient population utilizing GLP-1s for weight loss, which enhances the opportunities for Renuvion in aesthetics. As such, Apyx Medical considers Renuvion as a potential standard of care for treating loose skin in post-weight loss patients.
Looking Forward to 2025
As part of its outlook for 2025, Apyx Medical has set its revenue guidance target in the range of $47.6 million to $49.0 million, with expectations for Advanced Energy revenue to be approximately $39.6 million to $41 million.
With a focus on innovation and expanding market presence, the company is poised to leverage its advancements in the aesthetic field to drive growth in the upcoming year. Apyx's management team is keen to maintain positive momentum and build on their successes from 2024.
Frequently Asked Questions
What were Apyx Medical's revenues for Q4 2024?
Apyx Medical reported total revenues of $14.2 million for the fourth quarter of 2024.
How did the company's net loss change from Q4 2023 to Q4 2024?
The net loss attributable to stockholders decreased from $9.6 million in Q4 2023 to $4.6 million in Q4 2024.
What new products does Apyx Medical plan to launch?
The company plans to launch the AYON™ Body Contouring System in late 2025, pending FDA clearance.
What is the company's revenue guidance for 2025?
Apyx Medical's revenue guidance for 2025 is set between $47.6 million and $49.0 million.
What strategic changes did Apyx Medical implement recently?
Apyx Medical executed a restructuring initiative, reducing its workforce to optimize operating efficiency and projected annual cost savings of approximately $4.3 million.
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