Apyx Medical Corp. (NASDAQ: APYX) reported Q1 EPS of ($0.14), in-line with the analyst estimate of ($0.14). Revenue for the quarter came in at $8.6 million versus the consensus estimate of $7.84 million.

First Quarter 2021 Financial Summary:

• Total revenue of $8.6 million, up 72.9% year-over-year.
  • Advanced Energy revenue of $7.7 million, up 92.2% year-over-year.
  • OEM revenue of $1.0 million, down 3.3% year-over-year.
• Net loss of $4.9 million, compared to net loss of $2.0 million for the first quarter of 2020. Net loss in the first quarter of 2020 included an income tax benefit of $4.9 million.
• Adjusted EBITDA loss of $3.4 million, compared to adjusted EBITDA loss of $5.8 million for the first quarter of 2020.
• As of March 31, 2021, the Company had cash and cash equivalents of $39.5 million, compared to $41.9 million as of December 31, 2020. As of March 31, 2021, the Company had working capital of $53.3 million, including expected cash tax refunds of approximately $7.5 million the Company expects to receive during 2021 related to the net operating loss carrybacks resulting from the 2020 CARES Act.

Management Comments:

“I would like to commend our team on their exceptional efforts during the quarter, which enabled us to achieve first quarter revenue results that exceeded our expectations, driven by strong global sales of our Advanced Energy products,” said Charlie Goodwin, President and Chief Executive Officer. “In spite of the continued impacts of the COVID-19 pandemic, we continued to see healthy utilization of our Helium Plasma Technology in the U.S. and key international markets, resulting in total handpiece growth in excess of 100% year-over-year. We were also excited to see global generator sales increase by more than 80% year-over-year, which was driven by strong demand in both the U.S. and our existing international markets. Importantly, we complemented our strong global sales performance in the first quarter with notable margin improvements, due in part to our efforts to reduce the per unit manufacturing costs of our Advanced Energy handpieces and managing our discretionary spending appropriately given the current operating environment.”

Mr. Goodwin continued: “We are raising our full year 2021 financial guidance today to reflect the encouraging adoption and utilization trends that we have seen and confidence in our outlook for the balance of the year. With a strong balance sheet, a multi-billion dollar potential market opportunity and innovative technology supported by an expanding portfolio of evidence, Apyx Medical remains very well-positioned to deliver strong revenue growth and improving financial performance. We look forward to delivering exceptional performance as the world continues to recover from the effects of COVID, while continuing to lay the foundation for our future growth.”

GUIDANCE:

Apyx Medical Corp. sees Q2 2021 revenue of $37.6-39.7 million, versus the consensus of $37.82 million.

The Company is updating financial guidance for the year ending December 31, 2021 to:

• Total revenue in the range of $37.6 million to $39.7 million, representing growth of 36% to 43% year-over-year, compared to total revenue of $27.7 million for the year ended December 31, 2020.
  • Total revenue guidance assumes:
    • Advanced Energy revenue in the range of approximately $33.1 million to $35.2 million, representing growth of 49% to 59% year-over-year, compared to Advanced Energy revenue of $22.2 million for the year ended December 31, 2020. The Advanced Energy revenue range assumes that U.S. growth is only driven by contributions from Renuvion sales related to its use as a sub-dermal coagulator following liposuction procedures and that international growth is driven primarily by demand in existing international markets.
    • OEM revenue of approximately $4.4 million, representing a decline of 20% year-over-year, compared to $5.5 million for the year ended December 31, 2020.
• Net loss attributable to stockholders in the range of $20.3 million to $18.0 million, compared to net loss attributable to stockholders of $11.9 million for the year ended December 31, 2020. Net loss for the year ended December 31, 2020 included an income tax benefit of $7.7 million.
• Adjusted EBITDA loss in the range of $14.1 million to $11.5 million, compared to adjusted EBITDA loss of $14.5 million for the year ended December 31, 2020.

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