Apyx Medical Corporation Reports Preliminary Fourth Quarter and Full Year 2023 Revenue Results

Apyx Medical Corporation (NASDAQ:APYX) (the “Company”), the manufacturer of a proprietary helium plasma and radiofrequency technology marketed and sold as Renuvion, today reported preliminary revenue results for the fourth quarter and full year ended December 31, 2023.

Preliminary Fourth Quarter 2023 Revenue Summary:

• Total revenue in a range of approximately $14.2 to $14.6 million, representing growth of 13% to 16% year-over-year.
  • Advanced Energy revenue in a range of approximately $11.9 to $12.3 million, representing growth of 12% to 16% year-over-year.
  • OEM revenue of approximately $2.4 million, representing growth of 14% year-over-year.

Preliminary Full Year 2023 Revenue Summary:

• Total revenue in a range of approximately $51.9 to $52.3 million, representing growth of 17% to 18% year-over-year.
  • Advanced Energy revenue in a range of approximately $43.1 to $43.5 million, representing growth of 17% to 18% year-over-year.
  • OEM revenue of approximately $8.8 million, representing growth of 14% year-over-year.

Management Comments:

“In the fourth quarter, we delivered double-digit sales growth in our Advanced Energy segment on a year-over-year and more than 20% growth on quarter-over-quarter basis,” said Charlie Goodwin, President and Chief Executive Officer. “Our Advanced Energy sales performance was softer than expected, as the capital equipment purchasing environment in the cosmetic surgery market ultimately proved to be more challenging than anticipated. Specifically, while our pipeline of potential new customers in the U.S. remained robust throughout the fourth quarter, we saw fewer-than-expected sales of our Advanced Energy generators to new U.S. customers, with more prospective customers taking a ‘wait-and-see’ approach to capital equipment purchasing, given concerns about the broader macroeconomic environment. While new generator adoption was slower-than-expected, we remain pleased with the strong feedback we continued to receive from our existing customers and the results they are achieving with our Renuvion technology.”

This press release includes Apyx Medical Corporation’s preliminary revenue results for the quarter and year ended December 31, 2023. Apyx Medical plans to release its fourth quarter and full year 2023 results in March 2024. Actual fourth quarter and full year 2023 revenue results are subject to completion of the Company’s year-end financial closing procedures and year-end audit procedures by the Company’s independent registered public accounting firm.