Apyx Medical Corp (APYX) 10-Q Quarterly Report August 2019

CLEARWATER, FL — MAY 8, 2019 - Apyx Medical Corporation (NASDAQ:APYX) (the “Company”), a maker of medical devices and supplies and the developer of J-Plasma^®, a patented surgical product marketed and sold under the Renuvion™ Cosmetic Technology brand in the cosmetic surgery market, today reported financial results for its first quarter ended March 31, 2019.

First Quarter 2019 Financial Summary:


•	Total Q1 revenue from continuing operations of $5.8 million, up 71% year-over-year.


◦	Advanced Energy revenue of $4.4 million, up 66% year-over-year.


◦	OEM revenue of $1.4 million, up 89% year-over-year.


•	Total Q1 GAAP net loss from continuing operations of $4.7 million versus total GAAP net loss from continuing operations of $2.8 million for the first quarter of 2018.


•	Total Q1 adjusted EBITDA loss from continuing operations of $4.2 million versus adjusted EBITDA loss from continuing operations of $2.1 million for the first quarter of 2018.

First Quarter 2019 Highlight:


•	On January 14^th, the Company announced that Todd Hornsby has been promoted to Executive Vice President, effective January 2, 2019. Mr. Hornsby joined Apyx Medical in August, 2014, and held the position of Vice President and General Manager of Advanced Energy prior to his promotion.

Subsequent to Quarter End:


•	On April 1^st, the Company announced it voluntarily withdrew its application for premarket notification 510(k) regulatory clearance of J-Plasma/Renuvion for use in dermal resurfacing procedures. The Company will continue to work with the U.S. Food and Drug Administration relative to the development of a new 510(k) submission.

Management Comments:

“Our revenue performance in the first quarter represents a promising start to 2019,” said Charlie Goodwin, President and Chief Executive Officer. “We achieved impressive sales growth, which was driven by global demand for our Renuvion generators and handpieces in the cosmetic surgery market.”

Mr. Goodwin continued: “We began 2019 under our new corporate name, Apyx Medical Corporation: a name that illustrates our intent to become the leading provider of innovative technologies for the cosmetic surgery market. Our existing clinical indication for Renuvion represents a $1.5 billion market opportunity in the U.S. alone, and an even larger opportunity internationally. In recent months, I’m more proud than ever of the efforts of our team and the commitment I have seen across our entire organization to improving cosmetic surgery procedures and outcomes for the benefit of our clinician customers and their patients. We are raising our fiscal year revenue and profitability guidance based on our better-than-expected performance in the first quarter, and we will continue to focus on driving strong revenue growth, while positioning our organization for long-term success and profitability by leveraging our solid balance sheet condition and investing thoughtfully in our strategic initiatives.”

The following information was filed by Apyx Medical Corp (APYX) on Wednesday, May 8, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Apyx Medical Corp provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: APYX
CIK: 719135
Form Type: 10-Q Quarterly Report
Accession Number: 0000719135-19-000039
Submitted to the SEC: Wed Aug 07 2019 5:04:19 PM EST
Accepted by the SEC: Wed Aug 07 2019
Period: Sunday, June 30, 2019
Industry: Surgical And Medical Instruments And Apparatus