Apyx Medical Corp Files Q2 2024 10-Q

TL;DR

Apyx Medical Corp dropped its Q2 2024 10-Q. Check financials.

AI Summary

Apyx Medical Corp filed its 10-Q for the period ending June 30, 2024, reporting on its financial performance. The company, formerly known as Bovie Medical Corp, is based in Clearwater, Florida, and operates in the surgical and medical instruments sector. This filing provides an update on its financial position and operational activities for the second quarter of 2024.

Why It Matters

This filing provides investors and stakeholders with the latest financial and operational details for Apyx Medical Corp, crucial for understanding the company's performance and future prospects.

Risk Assessment

Risk Level: medium — As a medical device company, Apyx Medical Corp faces inherent risks related to product development, regulatory approvals, market competition, and potential litigation.

Key Players & Entities

• Apyx Medical Corp (company) — Filer of the 10-Q
• Bovie Medical Corp (company) — Former name of Apyx Medical Corp
• Clearwater, Florida (location) — Business address of Apyx Medical Corp
• June 30, 2024 (date) — End of the reporting period
• August 8, 2024 (date) — Filing date of the 10-Q

FAQ

Key Financial Figures

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

Filing Documents

• apyx-20240630.htm (10-Q) — 911KB
• a2024q210-kexhibit311.htm (EX-31.1) — 11KB
• a2024q210-kexhibit312.htm (EX-31.2) — 11KB
• a2024q210-kexhibit321.htm (EX-32.1) — 6KB
• a2024q210-kexhibit322.htm (EX-32.2) — 6KB
• apyx-20240630_g1.jpg (GRAPHIC) — 116KB
• 0000719135-24-000038.txt ( ) — 4840KB
• apyx-20240630.xsd (EX-101.SCH) — 28KB
• apyx-20240630_cal.xml (EX-101.CAL) — 58KB
• apyx-20240630_def.xml (EX-101.DEF) — 88KB
• apyx-20240630_lab.xml (EX-101.LAB) — 359KB
• apyx-20240630_pre.xml (EX-101.PRE) — 238KB
• apyx-20240630_htm.xml (XML) — 650KB

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 June 30, 2024 and December 31, 2023 2 Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023 3 Condensed Consolidated Statements of Changes in Equity for the three and six months ended June 30, 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 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 16

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 25

Controls and Procedures

Item 4. Controls and Procedures 26

Other Information

Part II. Other Information 27

Legal Proceedings

Item 1. Legal Proceedings 27

Risk Factors

Item 1A. Risk Factors 28

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 29

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 29

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 29

Other Information

Item 5. Other Information 29

Exhibits

Item 6. Exhibits 30

Signatures

Signatures 31 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) June 30, 2024 (Unaudited) December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 32,678 $ 43,652 Trade accounts receivable, net of allowance of $ 650 and $ 608 12,709 14,023 Inventories, net of provision for obsolescence of $ 916 and $ 875 9,324 9,923 Prepaid expenses and other current assets 1,960 2,764 Total current assets 56,671 70,362 Property and equipment, net of accumulated depreciation and amortization of $ 3,783 and $ 3,522 1,918 1,915 Operating lease right-of-use assets 4,935 5,162 Finance lease right-of-use assets 59 69 Other assets 1,811 1,732 Total assets $ 65,394 $ 79,240 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 2,348 $ 2,712 Accrued expenses and other current liabilities 7,958 9,661 Current portion of operating lease liabilities 313 347 Current portion of finance lease liabilities 20 20 Total current liabilities 10,639 12,740 Long-term debt, net of debt discounts and issuance costs 33,628 33,185 Long-term operating lease liabilities 4,697 4,896 Long-term finance lease liabilities 43 53 Long-term contract liabilities 1,271 1,246 Other liabilities 192 198 Total liabilities 50,470 52,318 EQUITY Preferred stock, $ 0.001 par value; 10,000,000 shares authorized; 0 issued and outstanding as of June 30, 2024 and December 31, 2023 — — Common stock, $ 0.001 par value; 75,000,000 shares authorized; 34,643,926 issued and outstanding as of June 30, 2024, and 34,643,888 issued and outstanding as of December 31, 2023 35 35 Additional paid-in capital 83,292 81,114 Accumulated deficit ( 68,580 ) ( 54,448 ) Total stockholders' equity 14,747 26,701 Non-controlling interest 177 221 Total equity 14,924 26,922 Total liabilities and equity $ 65,394 $ 79,240 The accompanying notes are an integral part of the condensed consoli

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View this 10-Q filing on SEC EDGAR