Apyx Medical Corp. (APYX) Tops Q4 EPS by 7c, Revenues Beat; Offers FY21 Revenues Guidance Below Consensus
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Apyx Medical Corp. (NASDAQ: APYX) reported Q4 EPS of ($0.04), $0.07 better than the analyst estimate of ($0.11). Revenue for the quarter came in at $11.5 million versus the consensus estimate of $9.62 million.
Fourth Quarter 2020 Financial Summary:
- Total revenue of $11.5 million, up 36.8% year-over-year.
- Advanced Energy revenue of $9.9 million, up 44.0% year-over-year.
- OEM revenue of $1.6 million, up 4.0% year-over-year.
- Net loss of $1.5 million, compared to net loss of $5.4 million for the fourth quarter of 2019.
- Adjusted EBITDA loss of $0.7 million, compared to adjusted EBITDA loss of $4.8 million for the fourth quarter of 2019.
“Our team brought 2020 to a strong finish by achieving 44% year-over-year revenue growth in the fourth quarter, despite the continued impacts related to the COVID-19 pandemic,” said Charlie Goodwin, President and Chief Executive Officer. “In the fourth quarter, we were pleased to see strong, utilization-based demand in the U.S., with handpiece sales increasing 80%, coupled with 75% year-over-year growth in handpiece sales to our international customers. While demand for our generators in the U.S. continued to be affected by the softer capital equipment purchasing environment due to COVID-19, international generator sales increased 88% year-over-year, driven by demand from several of the new countries that we entered during 2020. In addition to our strong sales performance, we also reported solid margin improvements driven by our efforts to reduce the per unit manufacturing costs of our Advanced Energy handpieces, as well as our focus on reducing discretionary spending in response to the challenging operating environment. Lastly, we delivered important progress with respect to our two U.S. IDE clinical studies, which are designed support our pursuit of new clinical indications for target cosmetic surgery procedures."
Mr. Goodwin continued: “We introduced full year 2021 financial guidance which calls for revenue growth in the range of 32% to 40% year-over-year, driven by Advanced Energy growth of 45% to 55% year-over-year. Importantly, our guidance assumes that strong handpiece demand from global customers will be the largest contributor to our year-over-year growth, coupled with measured improvement in the capital equipment environment as we move through the year. Our team remains focused on providing unparalleled service and support to our existing customers, while continuing to educate potential new accounts on the benefits of our Renuvion technology via virtual means. We will also continue to advance our long-term strategic initiatives to raise awareness and facilitate the adoption of our Renuvion technology in the cosmetic surgery market. Longer term, we believe Apyx Medical is poised to deliver strong, sustained growth and improving profitability, with an expanded global addressable market opportunity, a strong balance sheet and our truly differentiated Helium Plasma Technology.”
Apyx Medical Corp. sees FY2021 revenue of $36.7-38.7 million, versus the consensus of $39.15 million.
For earnings history and earnings-related data on Apyx Medical Corp. (APYX) click here.
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