Apyx Medical(APYX) - 2024 Q1 - Quarterly Results

Financial Performance - Total revenue for Q1 2024 was $10.2 million, a decrease of 16% year-over-year from $12.1 million in Q1 2023[2] - Advanced Energy revenue decreased by 23% year-over-year to $7.5 million, while OEM revenue increased by 14% year-over-year to $2.8 million[7] - Net loss attributable to stockholders for Q1 2024 was $7.6 million, an increase of 118% compared to $3.5 million in Q1 2023[10] - Adjusted EBITDA loss for Q1 2024 was $5.3 million, up from $4.0 million in the prior year[10] - The company reaffirmed its full-year 2024 revenue guidance of $49.7 million to $52.9 million, representing a decrease of approximately 5% to growth of approximately 1% year-over-year[11] - Advanced Energy revenue guidance for 2024 is projected to be between $41.6 million and $44.6 million, indicating a decrease of approximately 4% to growth of approximately 3% year-over-year[11] - OEM revenue guidance for 2024 is expected to be between $8.1 million and $8.3 million, representing a decrease of 10% to 7% year-over-year[11] - Gross profit for Q1 2024 was $5.9 million, a decrease of 21% year-over-year, with a gross profit margin of 58.1% compared to 62.4% in Q1 2023[8] - Adjusted EBITDA for the three months ended March 2024 was $(5,337) thousand, compared to $(3,997) thousand for the same period in 2023, reflecting a decline of approximately 33.6%[2] - Net loss attributable to stockholders increased from $(3,483) thousand for the three months ended March 31, 2023, to $(7,576) thousand for the same period in 2024, representing an increase of about 117.5%[2] Expenses and Liabilities - Operating expenses for Q1 2024 decreased by 5% year-over-year to $12.6 million, driven by reductions in selling, general and administrative expenses[9] - Interest expense rose significantly from $234 thousand in 2023 to $1,396 thousand in 2024, an increase of approximately 495.7%[2] - Stock-based compensation decreased slightly from $1,367 thousand in 2023 to $1,128 thousand in 2024, a reduction of about 17.5%[2] - Total current liabilities decreased from $12,740 thousand as of December 31, 2023, to $10,556 thousand as of March 31, 2024, a decrease of approximately 17.2%[1] - Total liabilities decreased from $52,318 thousand as of December 31, 2023, to $50,251 thousand as of March 31, 2024, a decline of about 3.9%[1] Assets and Deficits - Total current assets decreased from $70,362 thousand as of December 31, 2023, to $61,926 thousand as of March 31, 2024, representing a decline of approximately 12.3%[1] - Total assets decreased from $79,240 thousand as of December 31, 2023, to $70,711 thousand as of March 31, 2024, a reduction of about 10.8%[1] - The accumulated deficit increased from $(54,448) thousand as of December 31, 2023, to $(62,024) thousand as of March 31, 2024, indicating a worsening of approximately 14.5%[1] Corporate Governance - The company announced the retirement of Andrew Makrides as Chairman of the Board, with Stavros Vizirgianakis elected as the new Chairman effective May 7, 2024[3] Cash Flow - The company reported a decrease in cash and cash equivalents from $43,652 thousand as of December 31, 2023, to $37,282 thousand as of March 31, 2024, a decline of approximately 14.6%[1]