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APYX Nasdaq· Apyx Medical Corporation
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APYX Nasdaq· Apyx Medical Corporation
Earnings report Q3 2023

APYX Medical Corporation Reports Strong Revenue Growth in Latest Quarter

Segments of revenue

APYX Medical Corporation reported total revenue of $11.98 million for the three months ended September 30, 2023, representing a significant increase of 31.4% compared to the same period in the previous year. The company's Advanced Energy segment experienced robust sales growth of 38.9%, contributing approximately $2.8 million to the overall revenue increase. The OEM segment also saw a modest increase in sales of 5.2%, contributing approximately $106,000 to the total revenue.

Strengths

APYX Medical Corporation demonstrated strong financial performance in the latest quarter, driven by the impressive growth in its Advanced Energy segment. The company's management attributes the increase in revenue to changes in the sales mix between the two segments. Additionally, APYX experienced a notable increase in domestic sales, which grew by 23.7% compared to the same period last year. This growth indicates a strong demand for the company's products within the domestic market.

Challenges

Despite the overall positive performance, APYX Medical Corporation faced some challenges in the latest quarter. The company reported a loss from operations of $4.64 million, although this was an improvement compared to the loss of $5.78 million in the same period last year. Additionally, the company incurred significant costs and expenses, including research and development, professional services, and salaries, which impacted its profitability.

Noteworthy

APYX Medical Corporation's gross profit for the three months ended September 30, 2023, increased by 38.6% to $7.98 million, compared to $5.76 million in the same period last year. The gross profit margin also improved to 66.6% from 63.2% in the previous year, primarily due to changes in the sales mix between the Advanced Energy and OEM segments.

Summary

APYX Medical Corporation delivered a strong performance in the latest quarter, with a significant increase in revenue driven by the growth in the Advanced Energy segment. The company's domestic sales also experienced notable growth, indicating a strong market demand. However, APYX faced challenges in terms of operational losses and significant expenses. Overall, the company's financial performance reflects its ability to capitalize on market opportunities and maintain a competitive position in the medical industry.

Source documents

Form 10-Q  filed on Nov 09, 2023
98 pages scanned

Reference data

Company financials Q3 revenue 14.7M
Analyst estimates Q3 EPS beat by 76.40%
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