Here are 1-2 brief analogies to describe Apyx Medical:

• CoolSculpting for skin tightening: Apyx Medical specializes in devices for skin tightening and body contouring, similar to how CoolSculpting is known for non-invasive fat reduction, but using its proprietary Renuvion helium plasma technology.
• An aesthetic medical device company similar to InMode: Apyx Medical develops and sells medical devices for aesthetic and surgical applications, much like InMode, but focuses on its unique Renuvion helium plasma technology for soft tissue coagulation and skin tightening.

• Renuvion® Cosmetic Technology: A proprietary helium plasma technology used by aesthetic surgeons to tighten skin and subdermal tissue with minimal invasiveness.
• J-Plasma® Medical Technology: The same underlying helium helium plasma technology, specifically marketed for general surgical applications like coagulation and tissue ablation in various procedures.
• Electrosurgical Generators and Accessories: A comprehensive line of traditional electrosurgical products used for cutting, coagulation, desiccation, and fulguration of tissue across various surgical specialties.

Apyx Medical (APYX) sells primarily to other companies within the healthcare sector.

Due to the fragmented nature of its customer base, Apyx Medical does not disclose specific major corporate customer names (especially public companies) that would account for a significant portion of its revenue. Instead, its customer base consists of numerous healthcare providers and distributors. The major categories of its business-to-business (B2B) customers include:

• U.S. Healthcare Professionals and their Practices: This primarily includes individual plastic surgeons, cosmetic surgeons, and dermatologists, along with their associated private practices, clinics, and surgical facilities that purchase and utilize Apyx Medical's advanced energy products like Renuvion. These professionals and their practices operate as business entities.
• International Distributors: Outside the U.S., Apyx Medical typically sells its products through a network of independent distributors who then market and sell to healthcare professionals and facilities in their respective regions. These distributors are distinct business entities.
• Hospitals and Ambulatory Surgery Centers: These medical facilities purchase Apyx Medical's equipment for use in various surgical and cosmetic procedures performed by their staff or visiting physicians. These are institutional business customers.

• null

Charles D. Goodwin, President and Chief Executive Officer

Charles D. Goodwin was appointed President and Chief Executive Officer of Apyx Medical in December 2017. He brings over 25 years of experience in the healthcare industry. Prior to joining Apyx Medical, Mr. Goodwin served as the Chief Executive Officer of MIS Implants Technologies, Inc., a privately held company specializing in dental implants. He also spent over 11 years at Olympus/Gyrus ACMI in various commercial and leadership capacities, where he was a key contributor to the successful sale of Gyrus ACMI to Olympus for $2.2 billion in 2008 and assisted in the acquisition of American Cytoscope Makers (ACMI) for $500 million in 2005. Mr. Goodwin has been instrumental in transforming Apyx Medical from a surgical device manufacturer to an aesthetics company, including the sale of rights to several core products for $97 million.

Matt Hill, Chief Financial Officer

Matt Hill was appointed Chief Financial Officer of Apyx Medical, effective December 4, 2023. He has over 30 years of financial and operational experience, with more than 20 years in the healthcare industry, including serving as CFO for four publicly traded healthcare companies. Before joining Apyx Medical, Mr. Hill was the CFO of PDS Biotech, a clinical-stage immunotherapy company, and prior to that, he was CFO of Strata Skin Sciences from 2018 to 2021. His experience also includes CFO roles at Velcera, Inc. (pet medication) and EP MedSystems (cardiac electrophysiology products), and he was a Senior Manager at Grant Thornton LLP, an international accounting and consulting firm. Mr. Hill holds a Bachelor of Science in Accounting from Lehigh University.

Moshe Citronowicz, Senior Vice President

Moshe Citronowicz serves as Senior Vice President at Apyx Medical. He joined the company in October 1993 as Vice President of Operations and held the role of Chief Operating Officer until November 2011. Mr. Citronowicz has experience across various manufacturing and high-technology industries, starting his career in the United States in 1978.

Shawn Roman, Chief Operating Officer

Shawn Roman is the Chief Operating Officer of Apyx Medical. He joined the company in October 2014 and previously served as Vice President of Research & Development since June 2015, where he was responsible for new product and technology development and clinical research for the Renuvion product portfolio. Before Apyx Medical, Mr. Roman was the Engineering Manager and then General Manager of the Co-Innovation Florida location of Coorstek Medical. He spent over 14 years in product development roles, including Vice President of Research and Development, with the craniomaxillofacial division of what is now Zimmer Biomet. Mr. Roman holds a Bachelor of Science in Mechanical Engineering from the University of Florida and a Bachelor of Physics from Jacksonville University.

The key risks to Apyx Medical (APYX) largely revolve around regulatory compliance, ongoing financial performance challenges, and intense market competition.

1. Regulatory Scrutiny and Off-Label Use of Products

Apyx Medical faces significant risks related to regulatory compliance, particularly concerning the use of its Helium Plasma Technology (marketed as Renuvion and J-Plasma). In March 2022, the U.S. Food and Drug Administration (FDA) issued a Safety Communication warning against the off-label use of these products in dermal resurfacing procedures. Although the devices were cleared for general soft tissue cutting, coagulation, and ablation, some physicians were using them for aesthetic skin procedures, leading to reports of serious adverse events such as second and third-degree burns, infection, nerve damage, and significant bleeding. This FDA warning led to a substantial drop in Apyx Medical's stock price and resulted in slowed demand for its technology. While the company has since received 510(k) clearances for specific dermal resurfacing and skin contraction procedures in 2022, the impact of the initial communication continues to affect demand and utilization. Furthermore, class-action lawsuits have been filed alleging that Apyx Medical made misleading statements regarding off-label use and the resulting adverse events, which contributed to regulatory scrutiny and negatively impacted financial results. The global regulatory environment remains unpredictable and stringent, meaning any non-compliance could lead to product bans, recalls, civil or criminal penalties, and restrictions on marketing and sales.

2. Recurring Net Losses and Cash Outflows

Apyx Medical has a history of incurring recurring net losses and cash outflows from operations, with expectations that these losses will continue in the near term. For the fiscal year ended December 31, 2024, the company reported an operating loss of $18.8 million and utilized $18.0 million in cash from operations. As of December 31, 2024, Apyx Medical had $31.7 million in cash and cash equivalents. Analysis of the company's financial health suggests that its balance sheet is "far from match-fit," with total liabilities (both short and long-term) exceeding its cash and near-term receivables. The company also experienced negative free cash flow of $10 million over the twelve months leading up to September 2025. While the probability of bankruptcy is currently estimated to be under 30%, these financial metrics highlight ongoing challenges in achieving sustained profitability and maintaining a robust financial position.

3. Intense Competition in the Aesthetics Market

The aesthetics market for energy-based medical devices is highly competitive, posing a continuous risk to Apyx Medical's market share and growth. Although Apyx Medical currently holds a unique position with its helium-based plasma and retractable blade products, it faces competition from companies offering radiofrequency (RF) based, argon plasma, and CO2 laser technologies in its target markets. Despite Apyx Medical's long history and unique Helium Plasma Technology, the competitive landscape demands ongoing innovation and effective market penetration. The reduced demand for its technology following the FDA Safety Communication further exacerbates the challenges of competing effectively and gaining broader market adoption for its products.

Apyx Medical primarily operates in the surgical aesthetics and hospital surgical markets with its advanced energy products. The addressable market sizes for its main products and services are as follows:

• AYON Body Contouring System and Renuvion (Surgical Aesthetics): The U.S. market opportunity for the AYON Body Contouring System, which integrates Renuvion's tissue contraction capabilities, is estimated to be over $1 billion. A significant opportunity within this market is also presented by the more than 15 million patients using GLP-1 drugs who may require treatment for loose and lax skin following rapid weight loss. The company is also expanding Renuvion into China, which is noted as the third-largest market for aesthetic surgery.
• J-Plasma (Hospital Surgical Market): Null
• OEM (Original Equipment Manufacturing): Null

• Commercial Launch and Adoption of the AYON Body Contouring System: Apyx Medical initiated the full U.S. commercial launch of its AYON Body Contouring System at the end of Q3 2025, with demand for pre-orders exceeding expectations. This all-in-one system integrates advanced modalities for aesthetic surgical procedures, including fat removal, closed-loop contouring, tissue contraction, and electrosurgical capabilities. The successful market reception and accelerating adoption of AYON are anticipated to be a significant driver of revenue.
• Expansion of AYON's Label to Include Power Liposuction: The company submitted a 510(k) premarket notification to the U.S. FDA in October 2025 for a label expansion of the AYON system to include power liposuction. Upon receiving this clearance, expected in Q1 2026, the new functionality can be activated in already installed AYON systems, solidifying its position as a fully integrated body contouring platform and potentially enhancing market appeal and usage.
• International Expansion, Particularly in China: Apyx Medical marked a significant milestone in its global expansion strategy with the launch of Renuvion in China in July 2025. China represents the world's second-largest and fastest-growing medical aesthetics market, offering substantial revenue potential through a distribution agreement with GlamMoon Medical Technology. The company is also planning further international expansion into regions such as Europe, the Middle East, and Brazil.
• Growth in Sales of Single-Use Handpieces: Increased sales volume of single-use handpieces for both Renuvion and the newly launched AYON system, in domestic and international markets, is expected to contribute to revenue growth. The accelerated adoption and expanded user base of AYON are specifically projected to drive sales growth of these disposable components.

Share Issuance

• On November 22, 2022, Apyx Medical filed a shelf registration statement allowing for the potential sale of up to $100 million in securities, including an at-the-market (ATM) facility for up to $40 million, which had not been utilized as of March 13, 2025.
• In the fourth quarter of 2024, the company completed a $7.0 million registered direct offering, issuing 3,000,000 shares of common stock and 2,934,690 pre-funded warrants.

Inbound Investments

• In the fourth quarter of 2024, Apyx Medical strengthened its balance sheet by closing a $7.0 million registered direct offering with a healthcare-focused fund.

Outbound Investments

• As of July 29, 2025, Apyx Medical had not made any investments in or acquisitions of other companies. [cite: 8 in prior output]

Capital Expenditures

• In 2020, Apyx Medical reduced capital expenditures as part of its cost-cutting measures during the COVID-19 pandemic. [cite: 13 in prior output]
• Net cash used for purchases of property and equipment, representing capital expenditures, was $1.0 million in 2022 and $0.7 million in 2021.
• For the first quarter of 2024, purchases of property and equipment amounted to $35,000, following $110,000 in the first quarter of 2023.