Apyx Medical Corp. (NASDAQ: APYX) reported Q4 EPS of ($0.16), $0.03 better than the analyst estimate of ($0.19). Revenue for the quarter came in at $8.38 million versus the consensus estimate of $7.86 million.

Fourth Quarter 2019 Financial Summary:

• Total Q4 revenue from continuing operations of $8.4 million, up 41% year-over-year.
  • Advanced Energy revenue of $6.9 million, up 58% year-over-year.
  • OEM revenue of $1.5 million, down 4% year-over-year.
• Total Q4 GAAP net loss from continuing operations of $5.4 million versus total GAAP net loss from continuing operations of $3.9 million for the fourth quarter of 2018.
• Total Q4 adjusted EBITDA loss from continuing operations of $4.8 million versus adjusted EBITDA loss from continuing operations of $4.6 million for 2018.

Fourth Quarter 2019 Highlights:

• On October 14, 2019, the Company announced that it had initiated subject enrollment in a U.S. Investigational Device Exemption clinical study evaluating the use of its Renuvion technology in skin laxity procedures in the neck and submental region.
• On October 14, 2019, the Company announced that it received U.S. Food and Drug Administration 510(k) clearance to market and sell the Apyx Plasma/RFHandpiece, a new addition to the Renuvion product family.
• On December 3, 2019, the Company announced that it had initiated subject enrollment in a U.S. Investigational Device Exemption clinical study evaluating the use of its Renuvion technology in dermal resurfacing procedures.

Management Comments:

“We are excited to bring 2019 to a strong close, with revenue growth of 58% in our Advanced Energy business during the fourth quarter, which was fueled by high demand for our Helium Plasma Technology products from customers in the U.S. cosmetic surgery market as well as our international distributors,” said Charlie Goodwin, President and Chief Executive Officer. “In addition to our impressive fourth quarter sales performance, we were also pleased to announce the initiation of enrollment in two new clinical studies evaluating use of our Renuvion technology in dermal resurfacing procedures and skin laxity procedures during the fourth quarter, which represent important milestones in our journey to obtain new clinical indications for specific cosmetic surgery procedures.”

Mr. Goodwin continued: “In 2019, we achieved Advanced Energy revenue growth of 73% by successfully executing on our growth strategy to expand our share of the $1.5 billion market opportunity we are targeting in the U.S. and satisfy the increasing global demand for our technology. We are monitoring the crisis caused by the spread of the novel coronavirus (COVID-19) and are dedicated to protecting the health and safety of our employees, patients, surgeon customers and international distributor partners around the world. Given the challenges and uncertainties posed by the ongoing global pandemic, we will not be providing full year 2020 financial guidance at this time. In lieu of full year 2020 financial guidance, we are providing expectations for the first quarter of 2020. Assuming a more normalized business environment prevails at the time of our first quarter results conference call in May, we plan to provide updated expectations at that time. Importantly, with $58.8 million in cash on the balance sheet as of December 31, 2019, the Company is well positioned to fund our strategic growth initiatives for a number of years.”

GUIDANCE:

Apyx Medical Corp. sees Q1 2020 revenue of $5-5.6 million, versus the consensus of $7.86 million.

For earnings history and earnings-related data on Apyx Medical Corp. (APYX) click here.