Apyx Medical Corporation Reports Fourth Quarter and Full Year 2025 Financial Results
Rhea-AI Summary
Apyx Medical (NASDAQ:APYX) reported Q4 2025 total revenue of $19.2M and full-year 2025 revenue of $52.8M, driven by a commercial launch of the AYON Body Contouring System in September 2025. Surgical Aesthetics revenue rose 38.1% in Q4 and 17.4% for FY2025. Q4 adjusted EBITDA was positive at $0.7M; FY2025 adjusted EBITDA loss narrowed to $3.8M. The company ended 2025 with $31.7M cash and expects FY2026 revenue of $57.5M–$58.5M and operating expenses under $45.0M. A 510(k) submission for AYON power liposuction is anticipated to be cleared mid-2026.
Positive
- Total revenue +34.7% Q4 2025 versus Q4 2024
- Surgical Aesthetics +38.1% in Q4 2025
- Domestic revenue +41.5% in Q4 2025
- Operating expenses down ~18% for FY2025
- Cash balance of $31.7M at December 31, 2025
- Q4 adjusted EBITDA positive at $0.7M
Negative
- OEM revenue -20.9% for full-year 2025
- Net loss $11.2M for FY2025 (improved but still loss)
- FY2026 revenue guidance implies modest ~9% growth
- Company expects OEM revenue decline to continue
News Market Reaction – APYX
In the Mar 10 session, APYX gained 0.58%, reflecting a mild positive market reaction. Argus tracked a peak move of +13.9% during that session. Our momentum scanner triggered 11 alerts that day, indicating notable trading interest and price volatility. Trading volume was very high at 4.1x the daily average, suggesting strong buying interest.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Nov 06 | Q3 2025 earnings | Positive | +6.7% | Revenue growth, higher gross margin, narrower net loss, AYON launch progress. |
| Aug 07 | Q2 2025 earnings | Positive | +11.2% | Guidance raise and improved losses despite OEM softness and flat core revenue. |
| May 08 | Q1 2025 earnings | Neutral | -5.6% | Mixed results with revenue decline but better losses and AYON preparation. |
| Mar 13 | Q4 2024 earnings | Neutral | -2.8% | Flat core revenue, OEM decline, cost-cutting and AYON 510(k) submission. |
| Nov 08 | Q3 2024 earnings | Negative | +24.6% | Revenue decline, guidance cut, equity raise but strong positive price reaction. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings releases have often produced positive moves when they highlight AYON-driven growth and narrowing losses, though there was one notable upside divergence after weaker 2024 results.
Over the past five earnings cycles from Nov 2024 to Nov 2025, Apyx has transitioned from revenue declines and larger losses toward AYON-driven growth and improving profitability. Q3 and Q2 2025 showed rising Surgical Aesthetics revenue and narrowed net losses, while earlier Q1 and Q4 2024 results reflected OEM weakness and restructuring. Today’s report, with record Q4 revenue, margin stability, and improved Adjusted EBITDA plus 2026 growth guidance, extends this trajectory of gradual financial improvement centered on AYON.
Key Terms
adjusted ebitda financial
510(k) regulatory
premarket notification regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
- Reported record total revenue of
$19.2 million in the fourth quarter of 2025 - Scaling U.S. commercial launch of AYON Body Contouring System™ (AYON) to meet strong market demand
- Expect FY2026 total revenue in the range of
$57.5 million to$58.5 million - Management to host a conference call today at 8:00 a.m. ET
CLEARWATER, Fla., March 10, 2026 (GLOBE NEWSWIRE) -- 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 fourth quarter and full year ended December 31, 2025.
Recent Financial and Operating Highlights:
- Reported record total revenue of
$19.2 million in the fourth quarter of 2025, compared with$14.2 million in the same period last year.- Surgical Aesthetics revenue increased to
$16.7 million in the fourth quarter of 2025, compared with$12.1 million in the fourth quarter of 2024, which was mostly attributable to a nearly50% increase in U.S. sales. - OEM revenue was approximately
$2.5 million in the fourth quarter of 2025, representing an increase of15.6% from the same period last year.
- Surgical Aesthetics revenue increased to
- Net loss attributable to stockholders of
$1.3 million in the fourth quarter of 2025, compared with a net loss attributable to stockholders of$4.6 million in the fourth quarter of 2024. - Adjusted EBITDA was
$0.7 million for the fourth quarter of 2025, compared with an Adjusted EBITDA loss of$2.2 million for the fourth quarter of 2024. - Scaling commercial sales of AYON across the U.S., following the launch in September 2025. Customer demand continues to exceed internal expectations. AYON 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 AYON label expansion to include power liposuction. Following discussions with the FDA, the Company now anticipates potential 510(k) clearance in mid-2026.
“We are making steady progress scaling the U.S. commercial program for AYON following its official launch in September 2025, with early customer interest and order activity continuing to exceed our internal expectations. This momentum contributed to more than
The following tables present revenue by reportable segment and geography:
| Three Months Ended | Year Ended | ||||||||||||||||||||||||
| December 31, | December 31, | ||||||||||||||||||||||||
| (In thousands) | 2025 | 2024 | $ Change | % Change | 2025 | 2024 | $ Change | % Change | |||||||||||||||||
| Surgical Aesthetics | $ | 16,710 | $ | 12,099 | $ | 4,611 | 38.1 | % | $ | 45,332 | $ | 38,606 | $ | 6,726 | 17.4 | % | |||||||||
| OEM | 2.454 | 2,123 | 331 | 15.6 | % | 7,512 | 9,946 | (1,984 | ) | (20.9 | )% | ||||||||||||||
| Total | $ | 19,164 | $ | 14,222 | $ | 4,942 | 34.7 | % | $ | 52,844 | $ | 48,102 | $ | 4,741 | 9.9 | % | |||||||||
| Three Months Ended | Year Ended | ||||||||||||||||||||||||
| December 31, | December 31, | ||||||||||||||||||||||||
| (In thousands) | 2025 | 2024 | $ Change | % Change | 2025 | 2024 | $ Change | % Change | |||||||||||||||||
| Domestic | $ | 14,950 | $ | 10,563 | $ | 4,387 | 41.5 | % | $ | 38,801 | $ | 34,022 | $ | 4,779 | 14.0 | % | |||||||||
| International | 4,214 | 3,659 | 555 | 15.2 | % | 14,043 | 14,080 | (37 | ) | (0.3 | )% | ||||||||||||||
| Total | $ | 19,164 | $ | 14,222 | $ | 4,942 | 34.7 | % | $ | 52,844 | $ | 48,102 | $ | 4,742 | 9.9 | % | |||||||||
Fourth Quarter 2025 Results:
Total revenue for the three months ended December 31, 2025 increased to
Gross profit for the three months ended December 31, 2025, increased to
Operating expenses were flat at
Other expense, net was
Net loss attributable to stockholders was
Adjusted EBITDA for the three months ended December 31, 2025 was
As of December 31, 2025 and 2024, the Company had cash and cash equivalents of
Full Year 2025 Results:
Total revenue for the full year ended December 31, 2025, increased
Gross profit for the year ended December 31, 2025, increased to
Operating expenses decreased to
Other expense, net for the year ended December 31, 2025 was
Income tax expense was flat at
Net loss attributable to stockholders was
Adjusted EBITDA loss for the years ended December 31, 2025 and 2024 were
Financial Guidance for Full Year 2026:
The Company announced its financial guidance targets for the year ending December 31, 2026:
- Total revenue in the range of
$57.5 million to$58.5 million . This is compared with$52.8 million reported for the year ended December 31, 2025.- Total revenue guidance assumes:
- Surgical Aesthetics revenue is expected to be in the range of
$53.0 million to$54.0 million . This is compared with approximately$45.3 million reported for the year ended December 31, 2025. - OEM revenue is expected to be approximately
$4.5 million . This is compared with approximately$7.5 million for the year ended December 31, 2025.
- Surgical Aesthetics revenue is expected to be in the range of
- Total revenue guidance assumes:
- The Company expects operating expenses of less than
$45.0 million for the year ended December 31, 2026.
Conference Call Details:
Management will host a conference call at 8:00 a.m. Eastern Time on March 10, 2026 to discuss the results of the fourth quarter and full year ended December 31, 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 81823. Participants should ask for the “Apyx Medical Corporation Call”. A live webcast of the call will be accessible via the following link: Apyx Medical Earnings Webcast and via the Investor Relations section of the Company’s website, where it will also be archived for future reference.
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 (click here).
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 filed 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 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 AYON Body Contouring System is an FDA-cleared, 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, electrosurgical capabilities and Renuvion for tissue contraction, empowering surgeons to deliver the most comprehensive body contouring treatments for patients. 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.
APYX MEDICAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except per share data) | ||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Sales | $ | 19,164 | $ | 14,222 | $ | 52,844 | $ | 48,102 | ||||||||
| Cost of sales | 7,165 | 5,258 | 19,800 | 18,742 | ||||||||||||
| Gross profit | 11,999 | 8,964 | 33,044 | 29,360 | ||||||||||||
| Other costs and expenses: | ||||||||||||||||
| Research and development | 944 | 1,117 | 3,373 | 5,080 | ||||||||||||
| Professional services | 1,752 | 1,596 | 6,303 | 6,914 | ||||||||||||
| Salaries and related costs | 4,667 | 4,467 | 14,011 | 17,353 | ||||||||||||
| Selling, general and administrative | 4,625 | 4,832 | 15,803 | 18,858 | ||||||||||||
| Total other costs and expenses | 11,988 | 12,012 | 39,490 | 48,205 | ||||||||||||
| Income (loss) from operations | 11 | (3,048 | ) | (6,446 | ) | (18,845 | ) | |||||||||
| Interest income | 234 | 294 | 1,108 | 1,606 | ||||||||||||
| Interest expense | (1,407 | ) | (1,653 | ) | (5,589 | ) | (5,907 | ) | ||||||||
| Other income (expense), net | 16 | (163 | ) | 92 | (161 | ) | ||||||||||
| Total other expense, net | (1,157 | ) | (1,522 | ) | (4,389 | ) | (4,462 | ) | ||||||||
| Loss before income taxes | (1,146 | ) | (4,570 | ) | (10,835 | ) | (23,307 | ) | ||||||||
| Income tax expense | 94 | 89 | 270 | 252 | ||||||||||||
| Net loss | (1,240 | ) | (4,659 | ) | (11,105 | ) | (23,559 | ) | ||||||||
| Net income (loss) attributable to non-controlling interest | 59 | (31 | ) | 106 | (96 | ) | ||||||||||
| Net loss attributable to stockholders | $ | (1,299 | ) | $ | (4,628 | ) | $ | (11,211 | ) | $ | (23,463 | ) | ||||
| Loss per share: | ||||||||||||||||
| Basic and diluted | $ | (0.03 | ) | $ | (0.12 | ) | $ | (0.27 | ) | $ | (0.66 | ) | ||||
| Weighted average shares outstanding | 42,163 | 38,215 | 41,095 | 35,542 | ||||||||||||
APYX MEDICAL CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share data) | |||||||||
| December 31, 2025 | December 31, 2024 | ||||||||
| ASSETS | |||||||||
| Current assets: | |||||||||
| Cash and cash equivalents | $ | 31,740 | $ | 31,741 | |||||
| Trade accounts receivable, net of allowance of | 16,776 | 15,480 | |||||||
| Inventories, net of provision for obsolescence of | 8,602 | 7,564 | |||||||
| Prepaid expenses and other current assets | 1,353 | 1,655 | |||||||
| Total current assets | 58,471 | 56,440 | |||||||
| Property and equipment, net | 2,371 | 1,987 | |||||||
| Operating lease right-of-use assets | 4,218 | 4,703 | |||||||
| Finance lease right-of-use assets | 28 | 48 | |||||||
| Other assets | 1,752 | 1,664 | |||||||
| Total assets | $ | 66,840 | $ | 64,842 | |||||
| LIABILITIES AND EQUITY | |||||||||
| Current liabilities: | |||||||||
| Accounts payable | $ | 3,058 | $ | 2,615 | |||||
| Accrued expenses and other current liabilities | 8,214 | 7,751 | |||||||
| Current portion of operating lease liabilities | 407 | 335 | |||||||
| Current portion of finance lease liabilities | 21 | 20 | |||||||
| Total current liabilities | 11,700 | 10,721 | |||||||
| Long-term debt, net of debt discounts and issuance costs | 34,849 | 33,893 | |||||||
| Long-term operating lease liabilities | 4,051 | 4,483 | |||||||
| Long-term finance lease liabilities | 12 | 33 | |||||||
| Long-term contract liabilities | 1,050 | 1,118 | |||||||
| Other liabilities | 347 | 259 | |||||||
| Total liabilities | 52,009 | 50,507 | |||||||
| Commitments and Contingencies (Note 17) | |||||||||
| EQUITY | |||||||||
| Preferred stock, | — | — | |||||||
| Common stock, | 42 | 38 | |||||||
| Additional paid-in capital | 103,620 | 92,083 | |||||||
| Accumulated deficit | (89,122 | ) | (77,911 | ) | |||||
| Total stockholders’ equity | 14,540 | 14,210 | |||||||
| Non-controlling interest | 291 | 125 | |||||||
| Total equity | 14,831 | 14,335 | |||||||
| Total liabilities and equity | $ | 66,840 | $ | 64,842 | |||||
Use of Non-GAAP Financial Measure:
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 loss attributable to stockholders (GAAP) plus income tax expense (benefit), interest income and expense, depreciation and amortization, stock-based compensation expense and other significant non-recurring items.
We present the following non-GAAP measure of adjusted EBITDA because we believe such measure is a useful indicator of our operating performance. Our management uses adjusted EBITDA 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.
APYX MEDICAL CORPORATION RECONCILIATION OF GAAP NET LOSS TO NON-GAAP ADJUSTED EBITDA (Unaudited) | ||||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||||
| (In thousands) | December 31, | December 31, | ||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||
| Net loss attributable to stockholders | $ | (1,299 | ) | $ | (4,628 | ) | $ | (11,211 | ) | $ | (23,463 | ) | ||||||
| Interest income | (234 | ) | (294 | ) | (1,108 | ) | (1,606 | ) | ||||||||||
| Interest expense | 1,407 | 1,653 | 5,589 | 5,907 | ||||||||||||||
| Income tax expense | 94 | 89 | 270 | 252 | ||||||||||||||
| Depreciation and amortization | 221 | 142 | 655 | 599 | ||||||||||||||
| Stock based compensation | 500 | 838 | 2,001 | 4,013 | ||||||||||||||
| Adjusted EBITDA | $ | 689 | $ | (2,200 | ) | $ | (3,804 | ) | $ | (14,298 | ) | |||||||
