Apyx Medical Corporation

Total revenue for the second quarter of 2026 increased 22% to $13.9 million from $11.4 million a year ago. Surgical Aesthetics revenue increased 28% to $12.4 million, while OEM revenue declined 12% to $1.5 million. Gross profit rose 25% to $8.9 million and gross margin improved to 63.9% from 62.3%. Operating loss was $1.8 million versus a loss of $2.6 million last year; net loss attributable to stockholders was $3.2 million, or $0.07 per share, versus $3.8 million, or $0.09 per share. Adjusted EBITDA loss was $0.7 million versus $2.0 million. Cash and cash equivalents were $27.6 million at June 30, 2026, and operating cash burn was $3.5 million for the quarter. Full-year 2026 guidance was reiterated for total revenue of $59.0 million to $60.0 million, with Surgical Aesthetics revenue of $54.0 million to $55.0 million, OEM revenue of about $5.0 million, gross margin of 62% to 63%, and operating expenses not to exceed $45.0 million.

Charlie Goodwin emphasized that AYON is now in its fourth consecutive quarter of sales and is gaining awareness and demand in the U.S. body contouring market. He framed the opportunity around GLP-1-driven weight loss creating more patients with loose skin and broader contouring needs, positioning AYON as an integrated platform for fat removal, tissue contraction, and elective aesthetic treatment. He also highlighted clinical publications supporting Renuvion and said the company is seeing disciplined execution and growing physician engagement.

Matt Hill focused on the quarter’s financial progress and mix-driven margin improvement. He said gross profit improved to $8.9 million and gross margin reached 63.9%, but also noted tariffs that began affecting the business in the second half of 2025. He reiterated that cash was $27.6 million, operating cash use was $3.5 million, and the company believes it has sufficient liquidity into 2028 based on AYON uptake, working capital management, and cost controls. He also reaffirmed full-year guidance and said OEM revenue is expected to continue declining over time as the company focuses on Surgical Aesthetics.

Analysts focused on AYON adoption, Power Lipo, gross margin, tariffs, and recurring revenue. Management said AYON is attracting customers who have never used Renuvion before, that the vast majority of AYON buyers are expected to take Power Lipo (management said north of 95%), and that Power Lipo is embedded in guidance. On margins, management said first units of Power Lipo are costlier and expects manufacturing efficiency to improve over time. On tariffs, management said refunds are possible but no amount is known and any refunds are not included in guidance. For recurring revenue, management said the Power Lipo handpieces are reusable but have a useful life, and that recurring revenue also includes about $100 of tubings and canisters per case.