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Apyx Medical Corporation (APYX+3.20%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenue of $48.1 million, a decrease of 8.1% compared to the previous year. The Advanced Energy segment contributed $38.6 million, down 11.0% from the prior year, while the OEM segment saw a 5.9% increase to $9.5 million.
The company reported a loss from operations of $18.8 million, compared to a loss of $17.3 million in the previous year. Net loss for the year was $23.6 million, compared to a net loss of $18.9 million in the prior year.
Apyx Medical ended the year with $31.7 million in cash and cash equivalents, down from $43.7 million at the end of 2023. The company used $18.0 million of cash in operations during the year.
The company undertook a cost-saving restructuring in November 2024, reducing its U.S. workforce by nearly 25% and eliminating bonuses for the year. These actions are expected to save approximately $4.3 million annually.
On November 7, 2024, Apyx Medical amended its Perceptive Credit Agreement, reducing revenue targets and introducing a maximum operating expense covenant. The company also completed a $7.0 million registered direct offering.
Apyx Medical announced the submission of a 510(k) premarket notification to the FDA for the AYON Body Contouring System, which aims to provide comprehensive body contouring solutions.
The company continues to face challenges in the aesthetic space due to economic uncertainty and the impact of GLP-1 medications on the market. Despite these challenges, Apyx Medical remains focused on expanding its product offerings and market reach.
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 annual 10-K report dated March 13, 2025. To report an error, please email earnings@qz.com.