Apyx Medical Corporation Reports Fourth Quarter and Full Year 2024 Financial Results

Core Insights - Apyx Medical Corporation reported financial results for Q4 and the full year 2024, highlighting a decrease in total revenue but improved operational metrics and strategic initiatives [1][5][14]. Financial Performance - Total revenue for Q4 2024 was $14.2 million, a decrease of 3% from $14.7 million in Q4 2023 [8]. - Advanced Energy segment revenue was approximately $12.1 million, remaining flat year-over-year, while OEM segment revenue decreased by 16% to $2.1 million [5][8]. - For the full year 2024, total revenue decreased by 8% to $48.1 million compared to $52.3 million in 2023 [14]. Profitability Metrics - Gross profit for Q4 2024 increased slightly to $9.0 million, with a gross profit margin of 63.0%, up from 60.9% in the prior year [9]. - The net loss attributable to stockholders for Q4 2024 was $4.6 million, a significant reduction of 52% from $9.6 million in Q4 2023 [12]. - Adjusted EBITDA loss for Q4 2024 was $2.2 million, down from $4.7 million in the same period last year [13]. Operational Highlights - The company experienced a 5% increase in single-use handpiece units shipped in Q4 2024, with a notable 20% increase in the U.S. market compared to the previous year [4]. - Apyx Medical submitted a 510(k) premarket notification for the AYON Body Contouring System to the FDA ahead of schedule, with plans for a launch in the latter half of 2025 [4][20]. Cost Management - Operating expenses decreased to $12.0 million in Q4 2024, down from $14.7 million in the prior year, driven by reductions in various expense categories [10][16]. - The company implemented a cost-saving restructuring program, reducing its U.S. workforce by nearly 25%, which is expected to yield annualized savings of approximately $4.3 million [5][10]. Future Outlook - For 2025, the company projects total revenue in the range of $47.6 million to $49.0 million, with Advanced Energy revenue expected between $39.6 million and $41.0 million [20]. - Operating expenses are anticipated to remain below $40.0 million for the year [20].