Apyx Medical Corporation Reports Third Quarter 2025 Financial Results

Rhea-AI Summary

Apyx Medical (NASDAQ:APYX) reported Q3 2025 total revenue $12.9M, up from $11.5M a year earlier, driven by Surgical Aesthetics $11.1M (+19%) and domestic sales rising over 30%.

Gross margin improved to 64.4%. Net loss attributable to stockholders narrowed to $2.0M (Q3 2024: $4.7M). Adjusted EBITDA loss fell to $0.1M from $2.4M.

The company launched commercial U.S. sales of the AYON Body Contouring System in September 2025, received 510(k) clearance in May 2025, and filed an additional 510(k) in October 2025 to add power liposuction labeling. Full-year 2025 revenue guidance was raised to $50.5M–$52.5M.

Positive

• Surgical Aesthetics revenue +19% in Q3 2025
• Q3 gross margin improved to 64.4%
• Adjusted EBITDA loss reduced to $0.1M in Q3 2025
• Raised FY2025 revenue guidance to $50.5M–$52.5M

Negative

• OEM revenue down 18% in Q3 2025 to $1.8M
• FY2025 OEM guidance cut to $7.5M (2024: $9.5M)
• Nine-month revenue essentially flat, -0.6% year-over-year

Insights

Senior Medical Device Financial Analyst

Apyx shows improving margins and early commercial traction for AYON; guidance nudged higher and losses narrowed markedly.

The company reported Q3 total revenue of $12.9 million, a 12.1% year-over-year increase, led by Surgical Aesthetics at $11.1 million (up 19.1%) driven by the commercial launch of AYON. Gross margin expanded to 64.4% and Adjusted EBITDA loss narrowed to $0.1 million, signalling improving unit economics while net loss fell to $2.0 million for the quarter.

Key dependencies and risks include regulatory clearance for the newly submitted 510(k) label expansion to include power liposuction and the pace of AYON adoption; both affect recurring single-use handpiece sales that underpin the Surgical Aesthetics revenue forecast. Management raised full-year revenue guidance to $50.5 million–$52.5 million, with Surgical Aesthetics expected at $43.0 million–$45.0 million, so near-term milestones to watch are FDA action on the October 2025 510(k) and early installed-base activation over the next 6–12 months.

• 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, Fla., Nov. 06, 2025 (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 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 the 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 the AYON, featuring Paul Vanek, Jr., MD, FACS, Founder, President & CEO, Mentor Plastic Surgery & MedSpa, on October 14^th.
  

“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 the 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 the AYON to include power liposuction. Upon receiving this market clearance, we will be able to activate this new functionality in the AYON systems already installed at surgical centers across the U.S. through the ongoing commercial launch,” concluded Mr. Goodwin.

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 to $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 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 our 10-year generator manufacturing and supply agreement.

Gross profit for the three months ended September 30, 2025, increased to $8.3 million, compared to $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% for the prior year period. The increase in gross margin for the three months ended September 30, 2025 from the prior year period is primarily attributable to mix between our segments 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 our OEM segment. These increases were partially offset by changes in product mix within our Surgical Aesthetics segment.

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

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 (click here) and accessible directly (click here).

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 now the AYON Body Contouring System™ 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 is 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.

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	)

APYX MEDICAL CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share data)
	September 30, 2025				December 31, 2024
	(Unaudited)
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

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								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	)

FAQ

When did Apyx (APYX) launch AYON commercially in the U.S.?

Apyx began a full U.S. commercial launch of AYON in September 2025.

What were APYX Q3 2025 revenue and net loss figures?

APYX reported $12.9M in revenue and a net loss attributable to stockholders of $2.0M for Q3 2025.

How did AYON affect Apyx surgical aesthetics sales in Q3 2025?

Surgical Aesthetics sales rose to $11.1M in Q3 2025, a 19% increase driven by AYON and single-use handpieces.

What regulatory filings did Apyx (APYX) make for AYON in 2025?

Apyx received 510(k) clearance for AYON in May 2025 and submitted an additional 510(k) in October 2025 to add power liposuction labeling.

What is APYX's updated full-year 2025 revenue guidance?

The company raised FY2025 total revenue guidance to $50.5M–$52.5M.

How did OEM performance impact APYX in Q3 2025 and guidance?

OEM revenue fell 18% in Q3 2025 to $1.8M, and FY2025 OEM guidance was lowered to $7.5M.