In This Article:
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Total Revenue: Decreased 10% year-over-year to $12.1 million.
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Advanced Energy Products Revenue: Decreased 17% year-over-year to $9.8 million.
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OEM Products Revenue: Increased 29% year-over-year to $2.4 million.
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Gross Profit: Decreased 19% to $7.5 million.
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Gross Margin: 61.7%, down from 68.4% in the prior period.
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Operating Expenses: Decreased 1% to $13 million.
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Loss from Operations: Increased 349% to $5.5 million.
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Net Loss Attributable to Stockholders: $6.6 million, or $0.19 per share.
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Adjusted EBITDA Loss: Increased 166% to $4.3 million.
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Cash and Cash Equivalents: $32.7 million as of June 30, 2024.
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2024 Revenue Guidance: $50.6 million to $52.1 million, representing a decrease of approximately 3% to flat.
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2024 Net Loss Guidance: $24.5 million to $23.5 million.
Release Date: August 08, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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OEM product sales increased by 29% year-over-year, exceeding expectations.
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Handpiece sales grew by more than 20% year-over-year, driven by demand from both new and existing users.
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The company is actively engaging with prospective customers to facilitate generator adoption through creative financing solutions.
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Apyx Medical Corp (NASDAQ:APYX) has a strong portfolio of clinical evidence supporting the efficacy and safety of its Renuvion technology.
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The company is expanding its direct-to-consumer initiatives, resulting in increased social media presence and engagement.
Negative Points
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Total revenue decreased by 10% year-over-year to $12.1 million.
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Sales of advanced energy products decreased by 17% year-over-year due to a challenging cosmetic surgery market.
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Gross profit margin declined from 68.4% to 61.7%, primarily due to changes in sales mix.
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Net loss attributable to stockholders increased significantly to $6.6 million, or $0.19 per share.
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The challenging capital equipment environment is expected to persist, impacting generator sales throughout the year.
Q & A Highlights
Q: Can you discuss the strong growth in handpiece sales and the impact of GLP-1 on utilization? A: Charles Goodwin, CEO: We are pleased with the handpiece sales performance, which was consistent with our expectations and budget. Global growth exceeded 20%, driven by demand from our customer base and new users. Some of this demand is attributed to GLP-1 patients seeking treatments for loose skin. We anticipate double-digit growth in handpiece sales for the entire year.
Q: Are there opportunities to expand into new geographies this year? A: Charles Goodwin, CEO: We are working on entering significant markets like South Korea and China. We have submitted registrations in both countries and will update once we receive news.