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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
 
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
 
November 6, 2025
 
Date of Report (date of earliest event reported)
apyx20240909_8kimg001.jpg
 
APYX MEDICAL CORPORATION
(Exact name of registrant as specified in its charter)
 
Delaware
001-31885
11-2644611
(State or other jurisdiction of incorporation or organization)
(Commission File Number)
(I.R.S. Employer Identification No.)
 
5115 Ulmerton Road, Clearwater, Florida 33760
(Address of principal executive offices, zip code)
(727) 384-2323
(Issuer's telephone number)
_____________________________________________________________
(Former name or former address, if changed since last report.)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Class A common stock
APYX
Nasdaq Global Select Market
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
o
 






 
Item 2.02         Results of Operations and Financial Condition
 
On November 6, 2025, Apyx Medical Corporation (the "Company") issued a press release reporting on its results of operations for the third quarter ended September 30, 2025. A copy of that press release is attached hereto as Exhibit 99.1 and incorporated by reference herein.
 
This information is intended to be furnished under Item 2.02 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
 
Item 9.01         Financial Statements and Exhibits
 
(d) Exhibits.
 
Exhibit No.
Description
 
99.1
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
 






 
SIGNATURES
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Date: November 6, 2025
Apyx Medical Corporation
 
       
 
By:
/s/ Matthew Hill
 
   
Matthew Hill
 
   
Chief Financial Officer, Secretary and Treasurer
 
 
 
EX-99.1 2 ex_854188.htm EXHIBIT 99.1 ex_854188.htm

 

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EXHIBIT 99.1

 

 

Apyx Medical Corporation Reports Third Quarter 2025 Financial Results

 

    •   Initiated full U.S. commercial launch of AYON Body Contouring System™  (AYON) at end of Q3 2025, with demand for pre-orders exceeding expectations
    •   Submitted new 510(k) for AYON for device label expansion to include power liposuction
    •   Increased total revenue guidance for FY2025 to a range of $50.5 million to $52.5 million
    •   Management to host a conference call today at 8:00 a.m. ET

 

CLEARWATER, FL — November 6, 2025 - Apyx Medical Corporation (NASDAQ:APYX) (“Apyx Medical;” the “Company”), the leader in surgical aesthetics marketed and sold as Renuvion® and the AYON Body Contouring System™ (AYON), today reported financial results for its quarter ended September 30, 2025.

 

Recent Financial and Operating Highlights:

 

Reported total revenue of $12.9 million in the third quarter of 2025, compared to $11.5 million in the comparable period last year.

 

Surgical Aesthetics revenue increased to $11.1 million in the third quarter of 2025, compared to $9.3 million in the third quarter of 2024 and increased over 30% in the U.S. 

  OEM revenue was approximately $1.8 million in the third quarter of 2025, representing a decrease of 18% from the same period last year.
  Net loss attributable to stockholders of $2.0 million in the third quarter of 2025, compared with a net loss attributable to stockholders of $4.7 million in the third quarter of 2024.
  Adjusted EBITDA loss decreased 96% to $0.1 million for the third quarter of 2025, compared with $2.4 million for the third quarter of 2024.
  Launched commercial sales of AYON across the U.S. in September 2025; with customer demand exceeding expectations. AYON, which received 510(k) clearance from the U.S. Food and Drug Administration (the "FDA") in May 2025, is an all-in-one system that integrates advanced modalities to perform multiple functions seamlessly, removing unwanted fat, enhancing tissue contraction and addressing the full range of patient needs from contouring to aesthetic enhancement.
  Submitted a new 510(k) premarket notification to the FDA in October 2025 for the label expansion of AYON to include power liposuction.  Pending regulatory clearance, surgeons will be able to address every aspect of contouring within one platform, streamlining workflow, and potentially enhancing outcomes, and AYON will be positioned as the new gold standard in surgical aesthetics.
  Management hosted a virtual key opinion leader event to discuss the commercial launch of AYON, featuring Paul Vanek, Jr., MD, FACS, Founder, President & CEO, Mentor Plastic Surgery & MedSpa, on October 14th.

 

“In September, we successfully transitioned the commercialization program for AYON from an effective soft launch targeting key regions to a full U.S. program. Initial feedback from leading board-certified plastic and cosmetic surgeons continues to be overwhelmingly positive, with several of them contributing at workshops and clinical symposia that drove strong engagement and resulted in pre-orders for AYON. While we are still in the early stages of ramping up the broader commercial program, I am excited to announce that we reported a 19% increase in Surgical Aesthetics revenue for the third quarter of 2025,” said Charlie Goodwin, President and Chief Executive Officer. 

 

“Looking ahead, we plan to continue accelerating the adoption of AYON and expanding its user base, which will drive single-use handpiece sales growth. Anticipated demand will be driven, in part, by the pending FDA clearance of the 510(k) premarket notification submitted last month for the label expansion of AYON to include power liposuction.  Upon receiving this market clearance, we will be able to activate this new functionality in AYON systems already installed at surgical centers across the U.S. through the ongoing commercial launch,” concluded Mr. Goodwin.  

 

 

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The following tables present revenue by reportable segment and geography:

 

   

Three Months Ended

                   

Nine Months Ended

                 
   

September 30,

                   

September 30,

                 

(In thousands)

 

2025

   

2024

   

$ Change

   

% Change

   

2025

   

2024

   

$ Change

   

% Change

 

Surgical Aesthetics

  $ 11,065     $ 9,288     $ 1,777       19.1 %   $ 28,622     $ 26,507     $ 2,115       8.0 %

OEM

    1,812       2,199       (387 )     (17.6 )%     5,058       7,373       (2,315 )     (31.4 )%

Total

  $ 12,877     $ 11,487     $ 1,390       12.1 %   $ 33,680     $ 33,880     $ (200 )     (0.6 )%

 

   

Three Months Ended

                   

Nine Months Ended

                 
   

September 30,

                   

September 30,

                 

(In thousands)

 

2025

   

2024

   

$ Change

   

% Change

   

2025

   

2024

   

$ Change

   

% Change

 

Domestic

  $ 9,332     $ 7,793     $ 1,539       19.7 %   $ 23,851     $ 23,459     $ 392       1.7 %

International

    3,545       3,694       (149 )     (4.0 )%     9,829       10,421       (592 )     (5.7 )%

Total

  $ 12,877     $ 11,487     $ 1,390       12.1 %   $ 33,680     $ 33,880     $ (200 )     (0.6 )%

 

Third Quarter 2025 Results:

 

Total revenue for the three months ended September 30, 2025, increased to $12.9 million, compared with $11.5 million in the prior year period. Surgical Aesthetics segment sales increased 19%, or $1.8 million, to approximately $11.1 million for the three months ended September 30, 2025, when compared with $9.3 million for the three months ended September 30, 2024. The Surgical Aesthetics sales increase was driven by sales of AYON, as the Company commenced its commercial launch during the quarter, and increased volume of single-use handpieces in both domestic and international markets.  These increases were partially offset by decreases in domestic sales of generators, including upgrades to the Apyx One Console, where the purchase of AYON was not a part of the sale, and upgrades to the Apyx One Console in international markets. Overall, domestic Surgical Aesthetics sales increased by over 30% from the prior year period. OEM segment sales decreased 18%, or approximately $0.4 million, to $1.8 million for the three months ended September 30, 2025 when compared with $2.2 million for the three months ended September 30, 2024. The decrease in OEM sales was due to decreases in sales volume to existing customers, including Symmetry Surgical under the Company’s 10-year generator manufacturing and supply agreement.

 

Gross profit for the three months ended September 30, 2025, increased to $8.3 million, compared with $7.0 million for the same period in the prior year. Gross margin for the three months ended September 30, 2025, was 64.4%, compared to 60.5% in the prior year period. The increase in gross margin is primarily attributable to segment mix, with Surgical Aesthetics comprising a higher percentage of total sales, geographic mix, with domestic sales comprising a higher percentage of total sales and product mix within the OEM segment. These increases were partially offset by changes in product mix within the Surgical Aesthetics segment.  

 

 

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Operating expenses decreased $1.5 million to $9.1 million for the three months ended September 30, 2025, compared with $10.6 million in the prior year period. The decrease in operating expenses was driven by a $0.6 million decrease in selling, general and administrative expenses, a $0.3 million decrease in research and development expenses, a $0.3 million decrease in salaries and related costs, and a $0.2 million decrease in professional services expenses.

 

Other expense, net for the three-month periods ended September 30, 2025 and 2024, was flat at $1.0 million.

 

Income tax expense was $78,000 for the three months ended September 30, 2025, compared with $60,000 for the prior year period.

 

Net loss attributable to stockholders was $2.0 million, or $0.05 per share, for the three months ended September 30, 2025, compared with $4.7 million, or $0.14 per share, in the prior year period.

 

Adjusted EBITDA loss for the three-month periods ended September 30, 2025 and 2024 was $0.1 million and $2.4 million, respectively.

 

Financial Guidance for Full Year 2025:

 

The Company announced an upward revision to select financial guidance targets for the year ending December 31, 2025:

 

 

Total revenue in the range of $50.5 million to $52.5 million, up from the previous guidance range of $50.0 million to $52.0 million and up compared with the original full year 2025 guidance of $47.6 million to $49.5 million. This is compared to the $48.1 million reported for the year ended December 31, 2024.

 

Total revenue guidance assumes:

 

Surgical Aesthetics revenue is expected to be in the range of $43.0 million to $45.0 million, up from the previous guidance of $42.0 million to $44.0 million.  This is compared to approximately $38.6 million reported for the year ended December 31, 2024.

 

OEM revenue is expected to be approximately $7.5 million, down from the previous guidance of $8.0 million.  This is compared to approximately $9.5 million for the year ended December 31, 2024.

  Total Company expects operating expenses of less than $40.0 million for the year ended December 31, 2025.

 

 

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Conference Call Details:

 

Management will host a conference call at 8:00 a.m. Eastern Time on November 6, 2025 to discuss the results of the third quarter 2025, and to host a question and answer session. To listen to the call by phone, interested parties may dial 800-717-1738 (or 646-307-1865 for international callers) and provide access code 73607. Participants should ask for the “Apyx Medical Corporation Call”. A live webcast of the call will be accessible via the Investor Relations section of the Company’s website and accessible directly via the following link:

 

https://viavid.webcasts.com/starthere.jsp?ei=1724444&tp_key=916df331fb

 

An archive of the webcast will be accessible approximately one hour after the live event ends on the Investor Relations section of the Company’s website.

 

Investor Relations Contact:

 

Jeremy Feffer, Managing Director LifeSci Advisors

OP: 212-915-2568

jfeffer@lifesciadvisors.com

 

About AYON Body Contouring System™:

AYON is a groundbreaking, 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 the most comprehensive body contouring treatments for patients. With advanced features like LIFT Technology for real-time adjustments and Renuvion for enhanced tissue contraction, AYON sets a new standard in surgical care, streamlining procedures and maximizing patient outcomes. Backed by Apyx Medical’s expertise and evidence-based design, AYON delivers consistent, reliable performance and an unmatched return on investment. As the first of its kind, AYON is revolutionizing body contouring and shaping the future of aesthetic surgery.

 

In October 2025 the Company file an additional 510(k) for the label expansion of AYON to include power liposuction.

 

About Apyx Medical Corporation:

 

Apyx Medical Corporation is 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 now the AYON Body Contouring SystemTM 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. The effectiveness of Renuvion and J-Plasma are supported by more than 90 clinical documents. The Company also leverages its deep expertise and decades of experience in unique waveforms through OEM agreements with other medical device manufacturers. For further information about the Company and its products, please refer to the Apyx Medical Corporation website at www.ApyxMedical.com.

 

Cautionary Statement on Forward-Looking Statements:

 

Certain matters discussed in this release and oral statements made from time to time by representatives of the Company may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved.

 

All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to, projections of net revenue, margins, expenses, net earnings, net earnings per share, or other financial items; projections or assumptions concerning the possible receipt by the Company of any regulatory approvals from any government agency or instrumentality including but not limited to the U.S. Food and Drug Administration (the “FDA”), supply chain disruptions, component shortages, manufacturing disruptions or logistics challenges; or macroeconomic or geopolitical matters and the impact of those matters on the Company’s financial performance.

 

Forward-looking statements and information are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond the Company’s ability to control or predict. Important factors that may cause the Company’s actual results to differ materially and that could impact the Company and the statements contained in this release include but are not limited to risks, uncertainties and assumptions relating to the regulatory environment in which the Company is subject to, including the Company’s ability to gain requisite approvals for its products from the FDA and other governmental and regulatory bodies, both domestically and internationally; sudden or extreme volatility in commodity prices and availability, including supply chain disruptions; changes in general economic, business or demographic conditions or trends; changes in and effects of the geopolitical environment; liabilities and costs which the Company may incur from pending or threatened litigations, claims, disputes or investigations; and other risks that are described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and the Company’s other filings with the Securities and Exchange Commission. For forward-looking statements in this release, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise.

 

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APYX MEDICAL CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited) (In thousands, except per share data)

 

   

Three Months Ended

   

Nine Months Ended

 
   

September 30,

   

September 30,

 
   

2025

   

2024

   

2025

   

2024

 

Sales

  $ 12,877     $ 11,487     $ 33,680     $ 33,880  

Cost of sales

    4,580       4,533       12,635       13,484  

Gross profit

    8,297       6,954       21,045       20,396  

Other costs and expenses:

                               

Research and development

    801       1,142       2,429       3,963  

Professional services

    1,481       1,648       4,551       5,318  

Salaries and related costs

    3,191       3,508       9,344       12,886  

Selling, general and administrative

    3,656       4,291       11,178       14,026  

Total other costs and expenses

    9,129       10,589       27,502       36,193  

Loss from operations

    (832 )     (3,635 )     (6,457 )     (15,797 )

Interest income

    292       378       874       1,312  

Interest expense

    (1,413 )     (1,431 )     (4,182 )     (4,254 )

Other income, net

    76       24       76       2  

Total other expense, net

    (1,045 )     (1,029 )     (3,232 )     (2,940 )

Loss before income taxes

    (1,877 )     (4,664 )     (9,689 )     (18,737 )

Income tax expense

    78       60       176       163  

Net loss

    (1,955 )     (4,724 )     (9,865 )     (18,900 )

Net income (loss) attributable to non-controlling interest

    29       (21 )     47       (65 )

Net loss attributable to stockholders

  $ (1,984 )   $ (4,703 )   $ (9,912 )   $ (18,835 )
                                 

Loss per share:

                               

Basic and diluted

  $ (0.05 )   $ (0.14 )   $ (0.24 )   $ (0.54 )

 

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APYX MEDICAL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)

 

   

September 30, 2025

         
   

(Unaudited)

   

December 31, 2024

 

ASSETS

               

Current assets:

               

Cash and cash equivalents

  $ 25,135     $ 31,741  

Trade accounts receivable, net of allowance of $1,180 and $1,000

    12,995       15,480  

Inventories, net of provision for obsolescence of $1,134 and $1,032

    9,145       7,564  

Prepaid expenses and other current assets

    1,513       1,655  

Total current assets

    48,788       56,440  

Property and equipment, net of accumulated depreciation and amortization of $4,270 and $3,989

    2,390       1,987  

Operating lease right-of-use assets

    4,342       4,703  

Finance lease right-of-use assets

    33       48  

Other assets

    1,812       1,664  

Total assets

  $ 57,365     $ 64,842  

LIABILITIES AND EQUITY

               

Current liabilities:

               

Accounts payable

  $ 3,220     $ 2,615  

Accrued expenses and other current liabilities

    7,344       7,751  

Current portion of operating lease liabilities

    393       335  

Current portion of finance lease liabilities

    21       20  

Total current liabilities

    10,978       10,721  

Long-term debt, net of debt discounts and issuance costs

    34,607       33,893  

Long-term operating lease liabilities

    4,173       4,483  

Long-term finance lease liabilities

    18       33  

Long-term contract liabilities

    1,216       1,118  

Other liabilities

    293       259  

Total liabilities

    51,285       50,507  

EQUITY

               

Preferred stock, $0.001 par value; 10,000,000 shares authorized; 0 issued and outstanding as of September 30, 2025 and December 31, 2024

           

Common stock, $0.001 par value; 75,000,000 shares authorized; 37,819,478 issued and outstanding as of September 30, 2025, and 37,793,886 issued and outstanding as of December 31, 2024

    38       38  

Additional paid-in capital

    93,633       92,083  

Accumulated deficit

    (87,823 )     (77,911 )

Total stockholders’ equity

    5,848       14,210  

Non-controlling interest

    232       125  

Total equity

    6,080       14,335  

Total liabilities and equity

  $ 57,365     $ 64,842  

 

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APYX MEDICAL CORPORATION
RECONCILIATION OF GAAP NET LOSS TO NON-GAAP ADJUSTED EBITDA
(Unaudited)

 

Use of Non-GAAP Financial Measure

 

We present the following non-GAAP measure because we believe such measure is a useful indicator of our operating performance. Our management uses this non-GAAP measure principally as a measure of our operating performance and believes that this measure is useful to investors because it is frequently used by analysts, investors and other interested parties to evaluate companies in our industry. We also believe that this measure is useful to our management and investors as a measure of comparative operating performance from period to period. The non-GAAP financial measure presented in this release should not be considered as a substitute for, or preferable to, the measures of financial performance prepared in accordance with GAAP.

 

The Company has presented the following non-GAAP financial measure in this press release: adjusted EBITDA. The Company defines adjusted EBITDA as its reported net income (loss) attributable to stockholders (GAAP) plus income tax expense (benefit), interest, depreciation and amortization, stock-based compensation expense and other significant non-recurring items.

 

   

Three Months Ended

   

Nine Months Ended

 

(In thousands)

 

September 30,

   

September 30,

 
   

2025

   

2024

   

2025

   

2024

 

Net loss attributable to stockholders

  $ (1,984 )   $ (4,703 )   $ (9,912 )   $ (18,835 )

Interest income

    (292 )     (378 )     (874 )     (1,312 )

Interest expense

    1,413       1,431       4,182       4,254  

Income tax expense

    78       60       176       163  

Depreciation and amortization

    164       144       434       457  

Stock-based compensation

    530       997       1,501       3,175  

Adjusted EBITDA

  $ (91 )   $ (2,449 )   $ (4,493 )   $ (12,098 )

 

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