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Apyx Medical Corporation (APYX-3.95%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in sales to $11,487,000 from $11,976,000 in the same quarter the previous year. The decrease is attributed to lower average selling prices of generators to domestic customers and fewer upgrades to the Apyx One Console.
Cost of sales for the quarter was $4,533,000, representing 39.5% of sales, compared to 33.4% in the same quarter of the previous year. This increase in cost ratio is due to a change in sales mix and geographic distribution.
The company reported a gross profit of $6,954,000 for the quarter, compared to $7,978,000 in the previous year, with the decline attributed to decreased sales and changes in sales mix.
Research and development expenses decreased to $1,142,000 from $1,409,000, primarily due to lower compensation and benefits costs.
Professional services expenses decreased to $1,648,000 from $1,831,000, primarily due to decreases in accounting and audit fees.
Salaries and related costs decreased to $3,508,000 from $4,534,000, primarily due to a decrease in bonus expenses.
Selling, general, and administrative expenses decreased to $4,291,000 from $4,841,000, primarily due to decreases in commissions and advertising expenses.
Net loss for the quarter was $4,724,000, compared to a net loss of $4,675,000 in the previous year.
Cash used in operating activities was $15,110,000, while cash used in investing activities was $477,000.
Apyx had a working capital of $42,603,000 as of September 30, 2024. The company plans to continue funding operations through existing cash and sales, with additional financing if necessary.
The filing also details a recent amendment to the Perceptive Credit Agreement, which includes revised financial covenants and the issuance of 150,000 shares of common stock to Perceptive.
The company undertook a cost-saving restructuring in November 2024, reducing its workforce by nearly 25% and making other cost-saving measures to decrease losses and achieve cash-flow breakeven.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Apyx Medical Corporation quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.