Apyx Medical Corporation Reports Preliminary Full Year and Fourth Quarter 2019 Revenue Results
January 13 2020 - 7:00AM
Business Wire
Advanced Energy Sales of approximately $6.6
to $6.9 million in Q4, up 52% to 58% year-over-year
Apyx Medical Corporation (NASDAQ:APYX) (the “Company”), a
maker of medical devices and supplies and the developer of Helium
Plasma Technology, marketed and sold as Renuvion® in the cosmetic
surgery market and J-Plasma® in the hospital surgical market, today
reported preliminary revenue results for the full year and fourth
quarter ended December 31, 2019.
Preliminary Full Year 2019 Revenue
Summary:
- Total revenue from continuing operations in a range of
approximately $27.9 to $28.1 million, up approximately 67% to 68%
year-over-year.
- Advanced Energy revenue in a range of approximately $22.3 to
$22.6 million, up approximately 71% to 73% year-over-year.
- OEM revenue of approximately $5.5 million, up approximately 52%
year-over-year.
Preliminary Fourth Quarter 2019 Revenue
Summary:
- Total Q4 revenue from continuing operations in a range of
approximately $8.1 to $8.3 million, up approximately 36% to 41%
year-over-year.
- Advanced Energy revenue of approximately $6.6 to $6.9 million,
up approximately 52% to 58% year-over-year.
- OEM revenue of approximately $1.5 million, down approximately
7% year-over-year.
Management Comments:
“We are pleased with our impressive sales performance during the
fourth quarter, with Advanced Energy revenue growth of more than
52%, driven by strong demand for our innovative Helium Plasma
Technology products in both the U.S. cosmetic surgery market and
abroad,” said Charlie Goodwin, President and Chief Executive
Officer. “During the fourth quarter, we also continued to advance
our regulatory strategy to expand our addressable market
opportunity in the U.S. cosmetic surgery market by initiating
enrollment in two new clinical studies evaluating use of our
Renuvion technology in dermal resurfacing procedures and skin
laxity procedures, respectively. Our strong fourth quarter sales
performance capped off a year of strong growth in our Advanced
Energy business where we generated sales growth in excess of 71% in
2019.”
Mr. Goodwin continued: “Our success in 2019 is an affirmation
that we are pursuing the appropriate strategy and executing
effectively to grow our share of the $1.5 billion opportunity in
the U.S. cosmetic surgery market, and expanding adoption and
utilization internationally as well. With an attractive global
market opportunity, innovative technology and a strong balance
sheet, we are excited about our prospects for 2020. We will
continue to build upon the achievements we made this past year, and
lay the foundation for future growth and improving profitability,
by investing thoughtfully in our business and remaining focused on
creating value for both our customers and shareholders.”
This press release includes Apyx Medical Corporation’s
preliminary revenue results for the quarter and year ended December
31, 2019. Apyx Medical plans to release it’s fourth-quarter and
full year 2019 results in early March 2020. Actual fourth-quarter
and full year 2019 revenue results are subject to completion of the
Company’s year-end financial closing procedures and review and
audit procedures by the Company’s independent registered public
accounting firm.
About Apyx Medical
Corporation:
Apyx Medical Corporation (formerly Bovie Medical Corporation) is
an advanced energy technology company with a passion for elevating
people’s lives through innovative products in the cosmetic and
surgical markets. Known for its innovative Helium Plasma
Technology, Apyx is solely focused on bringing transformative
solutions to the physicians and patients it serves. The company’s
Helium Plasma Technology is marketed and sold as Renuvion® in the
cosmetic surgery market and J-Plasma® in the hospital surgical
market. Renuvion® offers plastic surgeons, fascial plastic surgeons
and cosmetic physicians a unique ability to provide controlled heat
to the tissue to achieve their desired results. The J-Plasma®
system allows surgeons to operate with a high level of precision
and virtually eliminating unintended tissue trauma. The Company
also leverages its deep expertise and decades of experience in
unique waveforms through original equipment manufacturing (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.
Forward-looking information is 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 actual results to differ materially and that could impact
the Company and the statements contained in this release can be
found in the Company’s filings with the Securities and Exchange
Commission including the Company’s Report on Form 10-K for the year
ended December 31, 2018 and subsequent Form 10-Q filings. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200113005232/en/
Investor Relations:
Westwicke on behalf of Apyx Medical Corporation Mike Piccinino, CFA
investor.relations@apyxmedical.com
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