Apyx Medical Corp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Apyx Medical Corp has filed its Q1 2024 10-Q report, detailing financial performance and corporate information.</b>

AI Summary

Apyx Medical Corp (APYX) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Apyx Medical Corp filed its 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on December 31st. Apyx Medical Corp was formerly known as BOVIE MEDICAL Corp and AN CON GENETICS INC. The company is incorporated in Delaware and headquartered in Clearwater, Florida.

Why It Matters

For investors and stakeholders tracking Apyx Medical Corp, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial data, enabling them to assess the company's performance and make informed investment decisions. Understanding the company's historical name changes and corporate structure provides context for its evolution and potential strategic shifts.

Risk Assessment

Risk Level: low — Apyx Medical Corp shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative developments, indicating a low level of immediate risk from this document alone.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to identify any emerging trends or specific performance indicators.

Key Numbers

• 2024-03-31 — Reporting Period End Date (10-Q filing)
• 2024-05-09 — Filing Date (10-Q filing)
• 2024-01-01 — Quarter Start Date (Q1 2024)
• 2023-12-31 — Previous Fiscal Year End (Balance Sheet comparison)

Key Players & Entities

• Apyx Medical Corp (company) — Filer
• BOVIE MEDICAL Corp (company) — Former company name
• AN CON GENETICS INC (company) — Former company name
• Delaware (jurisdiction) — State of incorporation
• Clearwater, Florida (location) — Business address

FAQ

Industry Context

Apyx Medical Corp operates in the surgical and medical instruments and apparatus industry (SIC 3841).

Regulatory Implications

The filing is a standard 10-Q, adhering to regulations set forth by the Securities and Exchange Commission (SEC) for public companies.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow trends.
2. Review the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' section for insights into performance drivers.
3. Check for any new risk factors or updates to existing ones disclosed in the filing.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q
• 2024-05-09: Filing Date — Date the 10-Q was officially filed with the SEC

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, providing the initial quarterly financial data for the year.

Key Financial Figures

• $0.001 — , 34,643,926 shares of the registrant's $0.001 par value common stock were outstanding

Filing Documents

• apyx-20240331.htm (10-Q) — 677KB
• a2024q110-kexhibit311.htm (EX-31.1) — 11KB
• a2024q110-kexhibit312.htm (EX-31.2) — 11KB
• a2024q110-kexhibit321.htm (EX-32.1) — 6KB
• a2024q110-kexhibit322.htm (EX-32.2) — 6KB
• apyx-20240331_g1.jpg (GRAPHIC) — 116KB
• 0000719135-24-000026.txt (&nbsp;) — 4160KB
• apyx-20240331.xsd (EX-101.SCH) — 27KB
• apyx-20240331_cal.xml (EX-101.CAL) — 55KB
• apyx-20240331_def.xml (EX-101.DEF) — 83KB
• apyx-20240331_lab.xml (EX-101.LAB) — 344KB
• apyx-20240331_pre.xml (EX-101.PRE) — 231KB
• apyx-20240331_htm.xml (XML) — 450KB

Financial Information

Part I. Financial Information 2

Condensed Consolidated Financial Statements (Unaudited)

Item 1. Condensed Consolidated Financial Statements (Unaudited) 2 Condensed Consolidated Balance Sheets at March 31, 2024 and December 31, 2023 2 Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 3 Condensed Consolidated Statements of Changes in Equity for the three months ended March 31, 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 5 Notes to Condensed Consolidated Financial Statements 6

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 13

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 21

Controls and Procedures

Item 4. Controls and Procedures 22

Other Information

Part II. Other Information 23

Legal Proceedings

Item 1. Legal Proceedings 23

Risk Factors

Item 1A. Risk Factors 24

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 25

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 25

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 25

Other Information

Item 5. Other Information 25

Exhibits

Item 6. Exhibits 26

Signatures

Signatures 27 1 Table of Contents

Financial Information

PART I. Financial Information

Condensed Consolidated Financial Statements

ITEM 1. Condensed Consolidated Financial Statements APYX MEDICAL CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share data) March 31, 2024 (Unaudited) December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 37,282 $ 43,652 Trade accounts receivable, net of allowance of $ 605 and $ 608 12,487 14,023 Inventories, net of provision for obsolescence of $ 880 and $ 875 9,795 9,923 Prepaid expenses and other current assets 2,362 2,764 Total current assets 61,926 70,362 Property and equipment, net of accumulated depreciation and amortization of $ 3,642 and $ 3,522 1,779 1,915 Operating lease right-of-use assets 5,049 5,162 Finance lease right-of-use assets 64 69 Other assets 1,893 1,732 Total assets $ 70,711 $ 79,240 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 2,103 $ 2,712 Accrued expenses and other current liabilities 8,077 9,661 Current portion of operating lease liabilities 356 347 Current portion of finance lease liabilities 20 20 Total current liabilities 10,556 12,740 Long-term debt, net of debt discounts and issuance costs 33,406 33,185 Long-term operating lease liabilities 4,795 4,896 Long-term finance lease liabilities 48 53 Long-term contract liabilities 1,252 1,246 Other liabilities 194 198 Total liabilities 50,251 52,318 EQUITY Preferred Stock, $ 0.001 par value; 10,000,000 shares authorized; 0 issued and outstanding as of March 31, 2024 and December 31, 2023 — — Common stock, $ 0.001 par value; 75,000,000 shares authorized; 34,643,926 issued and outstanding as of March 31, 2024 and 34,643,888 issued and outstanding as of December 31, 2023 35 35 Additional paid-in capital 82,242 81,114 Accumulated deficit ( 62,024 ) ( 54,448 ) Total stockholders' equity 20,253 26,701 Non-controlling interest 207 221 Total equity 20,460 26,922 Total liabilities and equity $ 70,711 $ 79,240 The accompanying notes are an integral part of the condensed consoli

MANAGEMENT'S DISCUSSION AND ANALYSIS OF

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

. Management's Discussion and Analysis of Financial Condition and Results of Operations

ITEM 2 . Management's Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis in conjunction with our financial statements and related notes contained elsewhere in this report and with the audited consolidated financial statements and footnotes as of and for the year ended December 31, 2023 contained within our Annual Repor

View Full Filing

View this 10-Q filing on SEC EDGAR