Apyx Medical Corporation

What they do

Apyx Medical designs and sells helium plasma platform products (Renuvion in cosmetic surgery, J-Plasma in hospitals) that deliver controlled heat to tissue, and the FDA-cleared AYON body contouring system that integrates liposuction, Renuvion tissue tightening, and electrosurgery. The company also manufactures under OEM agreements for other medical device makers. It operates from facilities in Clearwater, Florida and Sofia, Bulgaria, with commercial sterilization outsourced.

Revenue drivers

• Surgical Aesthetics — Q2 2026 revenue of $12.4M, up 28% from $9.7M a year ago on AYON sales, Renuvion generators internationally, and single-use handpieces worldwide; driven by the AYON commercial launch that started in September 2025.
• OEM — Q2 2026 revenue of approximately $1.5M, down 12% from $1.7M in Q2 2025; in the six months ended June 30, 2026, OEM revenue was flat at $3.25M. Customers have no legal obligation to purchase products.
• AYON platform expansion — A new power liposuction handpiece (FDA 510(k) clearance received, limited launch with initial shipments in June 2026) is expected to expand AYON's revenue contribution. AYON was soft-launched after May 2025 clearance and fully commercially launched in September 2025.
• China market entry — Renuvion launch in China began in July 2025 after initial clearance from the National Medical Products Administration; this international expansion adds a new geographic revenue stream.

Recent performance

Q2 2026 total revenue was $13.9M, up 22.1% from $11.4M in Q2 2025; net loss attributable to stockholders narrowed to $3.2M from $3.8M, and adjusted EBITDA loss improved to $0.7M from $2.0M. For Q1 2026, revenue was $12.5M, down from $12.9M in Q4 2025 and $19.2M in Q4 2025. FY2025 revenue was $52.8M with a net loss of $11.2M, narrowed from a $23.5M loss in 2024. Cash and equivalents were $27.6M at June 30, 2026, down from $31.7M at December 31, 2025, with long-term debt of $35.3M.

Strategy

Management focuses on scaling AYON adoption in the U.S. through an 'all-in-one' body contouring platform story and expanding the label beyond the initial clearance. They plan a measured rollout of the power liposuction handpiece with early adopter surgeons. They are investing in clinical evidence, including data on Renuvion with liposuction and a cellulite/skin laxity treatment, to support adoption. Internationally, they are pursuing China launch of Renuvion and expect an FDA 510(k) label expansion for power liposuction in Q2 2026. Cost discipline includes a November 2024 restructuring that cut U.S. workforce by ~25% and produced ~$4.3M annualized savings.

Risks

• Recurring losses and liquidity — The company has posted net losses every year from 2021 through 2025 (e.g., $11.2M in 2025) and used $8.0M cash in operations in 2025; at June 30, 2026 equity was only $10.7M relative to $35.3M long-term debt, and management warns additional financing may be needed.
• OEM concentration without purchase commitments — OEM customers have no legal obligation to buy, and disagreements or lower priority could hurt production and sales; OEM revenue was ~11% of total revenue in Q2 2026.
• Regulatory dependencies — AYON label expansion to power liposuction is pending FDA clearance with anticipated approval in Q2 2026; delays or conditions could hurt growth plans, as could ongoing sterilization (EtO) plant closures that limit handpiece availability.
• Macro and discretionary demand — Aesthetic procedures are discretionary, and inflation, higher interest rates, or economic downturns can reduce consumer spending and impact customers' ability to buy capital equipment, pressuring revenue.

Outlook

Management reaffirmed FY2026 total revenue guidance of $59.0M to $60.0M, implying growth of 12% to 14% over 2025 revenue of $52.8M. They expect AYON to drive growth through the second half of 2026, powered by the power liposuction rollout and expanding clinical evidence. The company anticipates continued net losses and cash outflows in the near term but believes cash and product sales will fund operations, with additional equity or debt as a possible backstop.