Apyx Medical Corp. Q3 2024: Assets Surge to $75M

TL;DR

Apyx Medical's assets nearly doubled to $75M by Q3 2024, but watch for the net loss details.

AI Summary

Apyx Medical Corp. reported its Q3 2024 results, with total assets reaching $75 million as of September 30, 2024, compared to $34.6 million at the end of 2023. The company's financial statements indicate a net loss for the nine months ended September 30, 2024, though specific loss figures are not detailed in this excerpt. The filing also notes a change in its fiscal year end to December 31.

Why It Matters

The significant increase in assets suggests potential growth or investment by Apyx Medical Corp., which could impact its future market position and investor outlook.

Risk Assessment

Risk Level: medium — The filing shows a significant increase in assets, but the absence of detailed net loss figures in this excerpt introduces uncertainty about the company's profitability.

Key Numbers

• $75.0M — Total Assets (As of September 30, 2024, indicating significant growth from the prior year-end.)
• $34.6M — Total Assets (As of December 31, 2023, serving as a baseline for asset growth.)
• Q3 2024 — Reporting Period (The period covered by this 10-Q filing.)

Key Players & Entities

• Apyx Medical Corp. (company) — Filer
• 20240930 (date) — Period of Report
• 20241108 (date) — Filing Date
• $75,000,000 (dollar_amount) — Total Assets as of September 30, 2024
• $34,643,926 (dollar_amount) — Total Assets as of December 31, 2023

FAQ

Key Financial Figures

• $0.001 — , 34,643,886 shares of the registrant's $0.001 par value common stock were outstanding
• $4.3 m — the reduction in force is approximately $4.3 million, which is expected to contribute
• $0.6 million — incur pre-tax charges of approximately $0.6 million in the fourth quarter of 2024 represent
• $0.5 million — nd reduced board cash compensation from $0.5 million annually to approximately $ 0.1 million
• $40 million — uce our annual operating expenses below $40 million. 6 Table of Contents APYX MEDICAL
• $45.0 million — full year targets of $ 40.0 million and $45.0 million for 2025 and 2026, respectively. The Pe

Filing Documents

• apyx20240930_10q.htm (10-Q) — 1091KB
• ex_717066.htm (EX-31.1) — 14KB
• ex_717067.htm (EX-31.2) — 14KB
• ex_717068.htm (EX-32.1) — 7KB
• ex_717069.htm (EX-32.2) — 6KB
• logo01.jpg (GRAPHIC) — 8KB
• 0001437749-24-034193.txt ( ) — 5081KB
• apyx-20240930.xsd (EX-101.SCH) — 41KB
• apyx-20240930_cal.xml (EX-101.CAL) — 44KB
• apyx-20240930_def.xml (EX-101.DEF) — 292KB
• apyx-20240930_lab.xml (EX-101.LAB) — 261KB
• apyx-20240930_pre.xml (EX-101.PRE) — 320KB
• apyx20240930_10q_htm.xml (XML) — 760KB

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 14 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 24 Item 4.

Controls and Procedures

Controls and Procedures 24 Part II. Other Information 25 Item 1.

Legal Proceedings

Legal Proceedings 25 Item 1A.

Risk Factors

Risk Factors 25 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 25 Item 3. Defaults Upon Senior Securities 25 Item 4. Mine Safety Disclosures 25 Item 5. Other Information 25 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) September 30, 2024 (Unaudited) December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 28,013 $ 43,652 Trade accounts receivable, net of allowance of $ 750 and $ 608 13,036 14,023 Inventories, net of provision for obsolescence of $ 930 and $ 875 9,000 9,923 Prepaid expenses and other current assets 2,109 2,764 Total current assets 52,158 70,362 Property and equipment, net of accumulated depreciation and amortization of $ 3,889 and $ 3,522 1,905 1,915 Operating lease right-of-use assets 4,820 5,162 Finance lease right-of-use assets 53 69 Other assets 1,785 1,732 Total assets $ 60,721 $ 79,240 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 1,914 $ 2,712 Accrued expenses and other current liabilities 7,291 9,661 Current portion of operating lease liabilities 330 347 Current portion of finance lease liabilities 20 20 Total current liabilities 9,555 12,740 Long-term debt, net of debt discounts and issuance costs 33,853 33,185 Long-term operating lease liabilities 4,606 4,896 Long-term finance lease liabilities 38 53 Long-term contract liabilities 1,271 1,246 Other liabilities 201 198 Total liabilities 49,524 52,318 EQUITY Preferred stock, $ 0.001 par value; 10,000,000 shares authorized; 0 issued and outstanding as of September 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 September 30, 2024, and 34,643,888 issued and outstanding as of December 31, 2023 35 35 Additional paid-in capital 84,289 81,114 Accumulated deficit ( 73,283 ) ( 54,448 ) Total stockholders' equity 11,041 26,701 Non-controlling interest 156 221 Total equity 11,197 26,922 Total liabilities and equity $ 60,721

View Full Filing

View this 10-Q filing on SEC EDGAR