olivLaw · US equity research
Apyx Medical Corporation APYX
Surgical & Medical Instruments & Apparatus · SIC 3841 · Vertical: Surgical & Medical Instruments & Apparatus (SIC 3841)
Apyx Medical is a surgical aesthetics company that sells the Renuvion helium plasma platform and the AYON body contouring system for cosmetic surgery, along with J-Plasma for hospital surgery. The US commercial launch of AYON and strong second quarter 2026 sales growth make its progress relevant now, while the company remains loss-making and depends on further financing if results do not hold.
At the close of 05 Nov 2026, Apyx Medical Corporation (APYX) stock was 3.06 USD (+18.15% on the day), with market capitalisation 128.9 m USD, beta 1.57, 52-week range 2.36–4.86 USD. Latest reported quarter (Q2 2026): revenue of 13.9 m USD (+22.1% YoY), net income of -3.2 m USD, diluted EPS -0.07 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 66.8
- strong (55–70)
- Bollinger (20, 2)
- 2.29 – 2.85
- above the upper band · %B 1.38 · band width 21.8%
- SMA 50 / 200
- 2.75 / 3.58
- mixed trend
- MACD (12, 26, 9)
- -0.00 / -0.07
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +20.2% | −1.1% | +21.3 pp | — |
| 3 months | −26.4% | −0.5% | −26.0 pp | — |
| 6 months | −14.0% | +4.4% | −18.4 pp | — |
| Year to date | −12.6% | +12.3% | −24.9 pp | — |
| 1 year | −2.5% | +13.5% | −16.1 pp | −46.0% |
| 3 years | +20.0% | +76.4% | −56.4 pp | −23.4% |
| 5 years | −79.8% | +63.7% | −143.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 11.5 m | 14.2 m | 9.4 m | 11.4 m | 12.9 m | 19.2 m | 12.5 m | 13.9 m |
| Cost of revenue | 4.5 m | 5.3 m | 3.8 m | 4.3 m | 4.6 m | 7.2 m | 4.6 m | 5.0 m |
| Gross profit | 7.0 m | 9.0 m | 5.7 m | 7.1 m | 8.3 m | 12.0 m | 7.9 m | 8.9 m |
| Research & development | 1.1 m | 1.1 m | 804.0 k | 824.0 k | 801.0 k | 944.0 k | 765.0 k | 793.0 k |
| SG&A | 4.3 m | 4.8 m | 3.5 m | 4.3 m | 3.7 m | 4.6 m | 3.6 m | 5.3 m |
| Operating income | -3.6 m | -3.0 m | -3.1 m | -2.6 m | -832.0 k | 11.0 k | -911.0 k | -1.8 m |
| Depreciation & amortisation | 144.0 k ≈ | 142.0 k | 138.0 k | 132.0 k ≈ | 164.0 k ≈ | 221.0 k | 202.0 k | 196.0 k ≈ |
| Interest expense | 1.4 m | 1.7 m | 1.4 m | 1.4 m | 1.4 m | 1.4 m | 1.4 m | 1.4 m |
| Pre-tax income | -4.7 m | -4.6 m | -4.1 m | -3.7 m | -1.9 m | -1.1 m | -2.0 m | -2.9 m |
| Income tax | 60.0 k | 89.0 k | 49.0 k | 49.0 k | 78.0 k | 94.0 k | 143.0 k | 124.0 k |
| Net income | -4.7 m | -4.6 m | -4.2 m | -3.8 m | -2.0 m | -1.3 m | -2.1 m | -3.2 m |
| Diluted EPS | -0.14 | — | -0.10 | -0.09 | -0.05 | — | -0.05 | -0.07 |
| Operating cash flow | -4.4 m ≈ | -2.9 m | -702.0 k | -1.2 m ≈ | -3.5 m ≈ | -2.5 m | -572.0 k | -3.5 m ≈ |
| Capex | 153.0 k ≈ | 245.0 k | 55.0 k | 265.0 k ≈ | 519.0 k ≈ | 275.0 k | 60.0 k | 66.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 16.6 m | 28.2 m | 27.7 m | 48.5 m | 44.5 m | 52.3 m | 48.1 m | 52.8 m |
| Revenue YoY | +62.3% | +70.0% | −1.9% | +75.1% | −8.3% | +17.6% | −8.1% | +9.9% |
| Net income | 62.7 m | -19.7 m | -11.9 m | -15.2 m | -23.2 m | -18.7 m | -23.5 m | -11.2 m |
| Net income YoY | unavailable | −131.4% | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | 1.83 | -0.58 | -0.35 | -0.44 | -0.67 | -0.54 | -0.66 | -0.27 |
| Diluted EPS YoY | unavailable | −131.7% | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | 377.7% | -69.8% | -42.9% | -31.3% | -52.1% | -35.7% | -48.8% | -21.2% |
| Free cash flow | -21.2 m | -19.8 m | -16.6 m | -11.2 m | -21.3 m | -5.8 m | -18.8 m | -9.1 m |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 31.7 m USD
- Financial debt
- 34.8 m USD
- Net debt
- 3.1 m USD
- Equity
- 14.8 m USD
- Total assets
- 66.8 m USD
- Debt / equity
- 2.35x
- Current ratio
- 5.00x
- ROE
- -76.9%
- ROA
- -17.0%
- FCF margin
- -17.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 27.7 m | 48.5 m | 44.5 m | 52.3 m | 48.1 m | 52.8 m | SEC (XBRL)· 10 Mar 2026verified |
| Cost of revenue | 10.2 m | 14.9 m | 15.4 m | 18.6 m | 18.7 m | 19.8 m | SEC (XBRL)· 10 Mar 2026verified |
| Gross profit | 17.5 m | 33.6 m | 29.1 m | 33.8 m | 29.4 m | 33.0 m | SEC (XBRL)· 10 Mar 2026verified |
| Research & development | 3.9 m | 4.3 m | 4.5 m | 5.4 m | 5.1 m | 3.4 m | SEC (XBRL)· 10 Mar 2026verified |
| SG&A | 11.7 m | 18.6 m | 20.5 m | 22.2 m | 18.9 m | 15.8 m | SEC (XBRL)· 10 Mar 2026verified |
| Operating income | -20.1 m | -14.4 m | -23.6 m | -17.3 m | -18.8 m | -6.4 m | SEC (XBRL)· 10 Mar 2026verified |
| Depreciation & amortisation | 887.0 k | 903.0 k | 890.0 k | 692.0 k | 599.0 k | 655.0 k | SEC (XBRL)· 10 Mar 2026verified |
| EBITDA | -19.2 m ≈ | -13.5 m ≈ | -22.7 m ≈ | -16.6 m ≈ | -18.2 m ≈ | -5.8 m ≈ | SEC (XBRL)· 10 Mar 2026derived |
| Interest expense | 46.0 k | 10.0 k | 15.0 k | 2.5 m | 5.9 m | 5.6 m | SEC (XBRL)· 10 Mar 2026verified |
| Pre-tax income | -19.4 m | -14.8 m | -22.9 m | -21.3 m | -23.3 m | -10.8 m | SEC (XBRL)· 10 Mar 2026verified |
| Income tax | -7.5 m | 380.0 k | 367.0 k | -2.4 m | 252.0 k | 270.0 k | SEC (XBRL)· 10 Mar 2026verified |
| Net income | -11.9 m | -15.2 m | -23.2 m | -18.7 m | -23.5 m | -11.2 m | SEC (XBRL)· 10 Mar 2026verified |
| Diluted EPS | -0.35 | -0.44 | -0.67 | -0.54 | -0.66 | -0.27 | SEC (XBRL)· 10 Mar 2026verified |
| Weighted average diluted shares | 34.2 m | 34.3 m | 34.5 m | 34.6 m | — | — | SEC (XBRL)· 21 Mar 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 41.9 m | 30.9 m | 10.2 m | 43.7 m | 31.7 m | 31.7 m | SEC (XBRL)· 10 Mar 2026verified |
| Receivables | 8.4 m | 13.0 m | 10.6 m | 14.0 m | 15.5 m | 16.8 m | SEC (XBRL)· 10 Mar 2026verified |
| Inventories | 4.1 m | 6.8 m | 11.8 m | 9.9 m | 7.6 m | 8.6 m | SEC (XBRL)· 10 Mar 2026verified |
| Current assets | 66.1 m | 60.7 m | 43.0 m | 70.4 m | 56.4 m | 58.5 m | SEC (XBRL)· 10 Mar 2026verified |
| Property, plant & equipment, net | 6.5 m | 6.6 m | 6.8 m | 1.9 m | 2.0 m | 2.4 m | SEC (XBRL)· 10 Mar 2026verified |
| Total assets | 74.1 m | 68.7 m | 51.8 m | 79.2 m | 64.8 m | 66.8 m | SEC (XBRL)· 10 Mar 2026verified |
| Accounts payable | 1.5 m | 2.6 m | 2.7 m | 2.7 m | 2.6 m | 3.1 m | SEC (XBRL)· 10 Mar 2026verified |
| Short-term debt | — | — | 0 | — | — | — | SEC (XBRL)· 11 May 2023verified |
| Long-term debt | — | — | 0 | 33.2 m | 33.9 m | 34.8 m | SEC (XBRL)· 10 Mar 2026verified |
| Current liabilities | 9.2 m | 13.2 m | 11.9 m | 12.7 m | 10.7 m | 11.7 m | SEC (XBRL)· 10 Mar 2026verified |
| Total liabilities | 10.3 m | 14.7 m | 14.0 m | 52.3 m | 50.5 m | 52.0 m | SEC (XBRL)· 10 Mar 2026verified |
| Equity | 63.9 m | 54.0 m | 37.8 m | 26.9 m | 14.3 m | 14.8 m | SEC (XBRL)· 10 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -16.1 m | -10.4 m | -20.3 m | -5.2 m | -18.0 m | -8.0 m | SEC (XBRL)· 10 Mar 2026verified |
| Capex | 581.0 k | 723.0 k | 1.0 m | 533.0 k | 722.0 k | 1.1 m | SEC (XBRL)· 10 Mar 2026verified |
| Free cash flow | -16.6 m ≈ | -11.2 m ≈ | -21.3 m ≈ | -5.8 m ≈ | -18.8 m ≈ | -9.1 m ≈ | SEC (XBRL)· 10 Mar 2026derived |
| Investing cash flow | -581.0 k | -723.0 k | -1.0 m | 6.7 m | -722.0 k | -1.1 m | SEC (XBRL)· 10 Mar 2026verified |
| Financing cash flow | -73.0 k | 24.0 k | 217.0 k | 32.2 m | 6.7 m | 9.6 m | SEC (XBRL)· 10 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 43.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 128.9 m USD
Key indicators
Coverage and freshness
Score by group
44% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -19.0% | 37 (vs peers) | 24% |
| Net margin · Quality | -14.8% | 49 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 5.9% | 49 (on a fixed band) | 19% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -0.6x | 0 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 5.7x | 100 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -8.6% | 0 (on a fixed band) | 19% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial49/100 · 1/2 factors with a value
- Quality41/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Apyx Medical Corp (APYX). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 52.8 m USD in 2025; YoY growth 9.9%; net margin -14.8%; ROE -96.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 5.7x
What contradicts it
- Interest coverage: -0.6x
- FCF yield: -8.6%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Surgical & Medical Instruments & Apparatus (SIC 3841) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SYKStryker Corp | 129.3 bn | 36.2 | 16.0% | 13.8% | +11.2% | −8% / +15% |
| MMM3m Company | 100.2 bn | 28.9 | 80.8% | 14.0% | +1.5% | +13% / +134% |
| BSXBoston Scientific Corporation | 66.4 bn | 19.4 | 14.3% | 16.6% | +19.9% | −55% / −18% |
| BDXBecton, Dickinson And Company | 57.0 bn | 63.2 | 3.8% | 4.0% | +8.2% | +37% / +13% |
| RMDResMed Inc. | 33.8 bn | 21.9 | 26.4% | 27.8% | +9.9% | −6% / +52% |
| DXCMDexcom, Inc. | 33.0 bn | 34.8 | 37.7% | 19.4% | +15.6% | +39% / −23% |
| WSTWest Pharmaceutical Services, Inc. | 28.5 bn | 45.9 | 21.2% | 18.8% | +6.3% | +47% / +17% |
| GMEDGlobus Medical, Inc. | 10.9 bn | 20.8 | 11.8% | 17.0% | +16.7% | −11% / +81% |
| PODDInsulet Corporation | 10.8 bn | 25.4 | 28.9% | 13.4% | +30.7% | −52% / −17% |
| TFXTeleflex Incorporated | 6.4 bn | — | -28.9% | -45.8% | +17.2% | +33% / −33% |
| MMSIMerit Medical Systems Inc | 5.4 bn | 33.7 | 9.8% | 9.9% | +11.8% | +3% / +25% |
| IRTCiRhythm Holdings, Inc. | 4.3 bn | — | -9.6% | -1.7% | +26.2% | −31% / +53% |
| ICUIIcu Medical Inc | 4.2 bn | 140.0 | 1.4% | 1.4% | −6.3% | +13% / +91% |
| NVCRNovoCure Limited | 1.6 bn | — | -35.2% | -16.8% | +8.3% | +6% / +10% |
| TNDMTandem Diabetes Care, Inc. | 1.3 bn | — | -48.0% | -6.1% | +7.9% | −14% / −11% |
| ATECAlphatec Holdings, Inc. | 1.2 bn | — | -1,888.0% | -10.3% | +25.0% | −65% / −34% |
| MDXGMimedx Group, Inc. | 478.6 m | — | -8.5% | -6.3% | +20.0% | −52% / −58% |
| BWAYBrainsway Ltd. | 415.5 m | 212.2 | 5.6% | 7.1% | +29.0% | +21% / +238% |
| SSIISs Innovations International, Inc. | 380.7 m | — | -26.1% | -23.7% | +105.7% | −72% / unavailable |
| CLPTClearPoint Neuro, Inc. | 278.6 m | — | -167.5% | -79.4% | +17.8% | −40% / +51% |
| TMCITreace Medical Concepts, Inc. | 271.8 m | — | -72.0% | -29.0% | +1.6% | +40% / −52% |
| PROFProfound Medical Corp. | 251.3 m | — | -73.5% | -171.6% | +50.7% | +4% / −37% |
| APYXApyx Medical Corp | 128.9 m | — | -96.4% | -14.8% | +9.9% | −3% / +20% |
| LUCDLucid Diagnostics Inc. | 79.3 m | — | -556.3% | -959.8% | +8.3% | −63% / −74% |
| MBOTMicrobot Medical Inc. | 71.9 m | — | -32.9% | — | unavailable | −56% / −15% |
1- and 3-year price returns: for APYX from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Apyx Medical is a surgical aesthetics company that sells the Renuvion helium plasma platform and the AYON body contouring system for cosmetic surgery, along with J-Plasma for hospital surgery. The US commercial launch of AYON and strong second quarter 2026 sales growth make its progress relevant now, while the company remains loss-making and depends on further financing if results do not hold.
SWOT
Strengths
- Renuvion is the only FDA-approved device for treating loose skin after liposuction, and the company has a broad patent base and clinical evidence.
- AYON offers an integrated body contouring platform that can reduce the number of devices a surgeon needs, supporting adoption.
- Surgical Aesthetics sales are growing quickly and gross margin has improved, showing a better product mix.
Weaknesses
- The company has recurring net losses and uses cash in operating activities.
- Dependence on single-use handpieces and a relatively small product range makes revenue sensitive to shifts in demand.
- The company has limited financial resources compared with large competitors, which may constrain its expansion.
Opportunities
- The launch of power liposuction and international expansion could open new market segments.
- Growing interest in body contouring, supported by GLP-1 drugs, could raise demand for Renuvion and AYON.
- The China joint venture and local approvals could accelerate sales in new markets.
Threats
- Larger competitors could launch similar products or cut prices.
- Tariffs, inflation and supply chain instability could affect margins and deliveries.
- Tighter financing or higher interest rates could reduce the ability of doctors and patients to pay for treatments.
Risks
- Need for additional capitalhigh
The company has said it may need additional financing through equity or debt, which could dilute shareholders or restrict operations.
- Compliance with credit covenantshigh
The Perceptive credit agreement sets revenue targets and expense limits; failure to meet them could trigger repayment obligations.
- Dependence on the AYON launchmedium
Growth depends largely on AYON adoption in the US, and a slower rollout than expected could slow results.
- Regulatory risksmedium
FDA and other approvals are needed to expand products, and delays or refusals could postpone launches.
- Protection of intellectual propertylow
Patents may be challenged or circumvented, and competitors could develop similar or superior technologies.
Investment thesis
What would need to be true (bull case)
- If AYON and Surgical Aesthetics sales growth continues, revenue could meet 2026 guidance and losses could narrow.
- The GLP-1 trend could generate more demand for contouring treatments and Renuvion, expanding the potential market.
- International expansion and approval of power liposuction could add new revenue sources in coming years.
What would break the thesis
- The company remains loss-making, and if cash declines faster than expected it could have to finance itself through dilution.
- The OEM segment is shrinking, and dependence on a small number of products could make revenue vulnerable.
- Competition from much larger firms could limit market share and put pressure on prices.
What to watch
- Quarterly results and growth pace of Surgical AestheticsQ3 2026
- Delivery against the 59.0 to 60.0 million USD revenue guidance2026
- Adoption of AYON power liposuction after the limited launch2026
- Cash position and the need for further financingnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Apyx Medical Corporation, based in Clearwater, Florida, operates in two segments: Surgical Aesthetics, which sells capital equipment and single-use handpieces, and OEM, which develops and manufactures products for other medical device makers. Its main products are Renuvion and AYON for aesthetic surgery, and J-Plasma for hospital surgery. The company manufactures most devices in Florida and at its Sofia, Bulgaria facility, and entered China through a joint venture with a 51% interest.
The company reduced operating expenses below 40 million USD in 2025 and guides to operating expenses of less than 45 million USD for 2026. It raised about 9.1 million USD net in November 2025 and has a shelf registration of up to 100 million USD, which could support financing if sales do not follow guidance.
Segments
Surgical Aesthetics
Surgical Aesthetics sold 45.3 million USD in 2025 and 12.4 million USD in the second quarter of 2026, a 28% increase. Growth reflects AYON, international Renuvion generator sales and higher domestic handpiece volume.
Market context
The cosmetic surgery market is growing steadily, supported by social media and rising disposable income. The company argues that GLP-1 drug use creates loose skin after weight loss, which could boost demand for body contouring and Renuvion treatments, although the effect on surgical volume remains uncertain.
Energy-based aesthetic devices are highly competitive and innovate quickly, and expansion into Asia and Europe depends on local regulatory approvals and distributor networks. International sales grew 40.9% in the first half of 2026, showing the potential of markets outside the US.
Trends
- GLP-1 drugs and loose skinmixed
Rapid weight loss from GLP-1 drugs can leave skin loose, which could increase demand for contouring treatments and Renuvion. In the near term, the company acknowledges the same drugs initially hurt revenue for plastic surgeons.
- Growth of body contouring surgerytailwind
Customized contouring that combines fat removal with tissue tightening is becoming a key direction in aesthetic surgery. The AYON platform is positioned for this segment, and the expansion into power liposuction could widen its offering.
- Tariff and supply chain pressureheadwind
Tariffs applied from the second half of 2025 reduced gross margin, and supply chain instability and cost inflation could affect future performance. The company says the impact remains uncertain.
- Customer access to financingheadwind
Doctors and patients who finance equipment or procedures depend on credit, and higher interest rates or tighter credit could reduce demand. The company notes that less available credit could weigh on revenue.
Competitive position
The company operates in a highly competitive energy-based aesthetics market where many rivals are well established and have greater financial resources. Its advantage rests on helium plasma technology, surgeon relationships and clinical evidence, though these could erode if competitors launch similar products.
Competition includes other energy device and liposuction system makers offering similar or alternative technologies. The company relies on its patent portfolio, which could be challenged, and on continued innovation to maintain its position.
- Energy-based aesthetic device makers
The company describes well-established rivals with greater financial resources, without naming them in the supplied sources.
- Liposuction system manufacturers
The sources mention competing liposuction technologies but do not identify specific firms.
- Providers of alternative body contouring technologies
Competition may come from alternative technologies that could capture share from the AYON platform.
- OEM manufacturers the company works with
These partners are also customers and could become competitors if they develop their own solutions.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report29 Sept 2026Other events · Financial statements and exhibits
- Current report07 Aug 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Current report24 Jul 2026Other events · Financial statements and exhibits
- Proxy statement26 Jun 2026
- Current report17 Jun 2026Material agreement · Financial statements and exhibits
- Current report21 May 2026Other events · Financial statements and exhibits
- Current report14 May 2026Other events · Financial statements and exhibits
- Current report11 May 2026Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Apyx Medical Corporation · 10 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Apyx Medical Corporation · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Apyx Medical Corporation · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.