One-glance verdict
Not enough data
Fair value unavailable
Not enough cash-flow history to value this one with our method.
Fundamentals snapshot
Apyx Medical Corporation
APYX · NMS · Healthcare · Medical Devices
Current price
$2.96
52-week range
$2.01 - $5.08
Market cap
$124.69M
Balance sheet
Distressed
-1.15x Concerning
Net debt $12.01M. Interest coverage shows how many times profit covers the interest bill.
What stands out
1 Reward
1 Risk
1 rewards · 1 risks
- Reward Revenue grew 10.5% last year.
- Risk Return on equity was -90.7% last year — the company lost money on shareholders' equity.
What this company does
Apyx Medical Corporation
Apyx Medical sells high-tech surgical tools that use a special helium plasma technology for cosmetic procedures and in operating rooms. The company makes its money selling both the main device and, more importantly, the disposable handpieces that doctors need to buy for every new patient. This matters because the repeat sales of disposable parts can create a steady stream of recurring revenue (predictable income from repeat customers), making the business less dependent on one-time equipment purchases.
How the company got here
Founded in 1982 as Bovie Medical Corporation, the company initially focused on a range of electrosurgical products. A major turning point came in 2018 when it sold its original core business and Bovie brand to fully concentrate on its advanced energy technology. This strategic shift led to a rebranding in 2019 to Apyx Medical Corporation, highlighting its new focus on the cosmetic surgery market and its innovative helium plasma technology.
What it actually does
Apyx Medical creates medical devices that use a special kind of energy technology for cosmetic and surgical procedures. Imagine a doctor using a very precise tool that combines helium gas and radiofrequency energy to heat and cool tissue very quickly. This technology is used to help tighten skin and for other surgical applications like cutting and controlling bleeding. Their main products are sold under the brand names Renuvion® for cosmetic surgery and J-Plasma® for general hospital surgery.
Surgical Aesthetics
This is the company's largest and primary business area, making up the vast majority of its sales. It sells systems like Renuvion® and the newer AYON™ Body Contouring System directly to plastic surgeons and cosmetic physicians. These doctors pay for a main generator unit and then continue to buy single-use handheld pieces for each patient procedure, creating an ongoing revenue stream (income a company receives from its business activities). This segment is focused on the growing market for minimally invasive cosmetic treatments to tighten loose skin.
Original Equipment Manufacturing (OEM)
This is a smaller part of Apyx Medical's business. In this segment, the company uses its expertise in energy-based technology to design and manufacture products for other medical device companies. Essentially, other companies pay Apyx to create specific generators or accessories that they then sell under their own brand names. While this is not the main focus, it provides an additional source of income by leveraging the technology they've already developed.
What management is betting on now
The company's main strategy is to become the leader in the surgical aesthetics market. They are heavily focused on increasing the adoption of their Renuvion® and AYON™ systems, particularly for treating loose skin after weight loss, which they see as a major growth opportunity. This involves getting more surgeons to use their devices, expanding sales internationally into new markets like South Korea, and continuing to get regulatory approvals (official permission from bodies like the FDA) for new uses of their technology. They are also concentrating on selling more of the single-use handpieces that are required for each procedure, which drives repeat business.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$-4.59M
FY2024 Q4
$-3.18M
FY2025 Q1
$-757.00K
FY2025 Q2
$-1.50M
FY2025 Q3
$-4.05M
FY2025 Q4
$-2.81M
FY2026 Q1
$-632.00K
FY2026 Q2
$-3.56M
Revenue
$13.88M
Net income
$-3.24M
Diluted EPS
—
Operating cash flow
$-3.49M
Free cash flow
$-3.56M
Fetching…
Sources
Revenue
$12.49M
Net income
$-2.11M
Diluted EPS
—
Operating cash flow
$-572.00K
Free cash flow
$-632.00K
Fetching…
Sources
Revenue
$19.16M
Net income
$-1.30M
Diluted EPS
—
Operating cash flow
$-2.53M
Free cash flow
$-2.81M
Fetching…
Sources
Revenue
$12.88M
Net income
$-1.98M
Diluted EPS
—
Operating cash flow
$-3.54M
Free cash flow
$-4.05M
Fetching…
Sources
Revenue
$11.37M
Net income
$-3.78M
Diluted EPS
—
Operating cash flow
$-1.23M
Free cash flow
$-1.50M
Fetching…
Sources
Revenue
$9.43M
Net income
$-4.15M
Diluted EPS
—
Operating cash flow
$-702.00K
Free cash flow
$-757.00K
Fetching…
Sources
Revenue
$14.22M
Net income
$-4.63M
Diluted EPS
—
Operating cash flow
$-2.94M
Free cash flow
$-3.18M
Fetching…
Sources
Revenue
$11.49M
Net income
$-4.70M
Diluted EPS
—
Operating cash flow
$-4.44M
Free cash flow
$-4.59M
Fetching…
Sources
Is it cheap or expensive?
Fair value — vs current price $2.96
We couldn't calculate a fair value right now.
Is it drowning in debt?
Distressed
Net debt $12.0M. Interest coverage -1.2x.
Net debt
$12.01M
Interest coverage
-1.15x
Apyx Medical Corporation's profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 2 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Distressed
Worse cushion
Baseline
Better cushion
APYX
BASELINE
Apyx Medical Corporation
Total debt $39.63M Interest coverage -1.15x This is the baseline the peer rows are being compared against.
Total debt $6.77M Interest coverage -18.28x Neither company has much profit cushion over interest right now.
Total debt $16.27M Interest coverage -2.98x Neither company has much profit cushion over interest right now.
Total debt $4.45M Interest coverage 3.42x This peer still has a real interest-payment cushion, while APYX does not.
What you should know
The case for and against APYX
1 Reward
1 Risk
Rewards
-
Revenue grew 10.5% last year.
Risks
-
Return on equity was -90.7% last year — the company lost money on shareholders' equity.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
—
Forward P/E
-11.47x
P/B
11.70x
P/S
2.13x
EV/EBITDA
-49.77x
PEG ratio
0.59x
Profitability
How much profit each dollar creates
Gross margin
63.5%
Operating margin
-13.0%
Net margin
-14.8%
ROE
-90.7%
ROA
-3.7%
Health
Liquidity and balance-sheet strength
Debt / equity
3.57x
Current ratio
5.68x
Quick ratio
4.41x
Total debt
$39.63M
Total cash
$27.62M
Growth
How the business has been compounding
Revenue TTM
$58.41M
Revenue 5Y CAGR
2.2%
EPS TTM
-0.20
EPS 5Y CAGR
—
Cash flow
How much cash the business throws off
Operating CF TTM
$-10.13M
Free CF TTM
$-9.12M
FCF margin
-15.6%
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
—