Apyx Medical (NASDAQ:APYX) reported record fourth-quarter revenue and highlighted early commercial traction for its AYON body contouring system during its fourth quarter and full year 2025 earnings call. Management said the quarter marked the first full period of AYON sales following the system’s full commercial launch in September 2025, and that demand and incoming orders have exceeded internal expectations.
AYON launch drives record quarterly revenue
CEO Charlie Goodwin said Apyx generated fourth-quarter revenue of $19.2 million, up from $14.2 million in the prior-year quarter, calling the result “a very telling moment” as enthusiasm around AYON began to show up in reported financial performance. Surgical aesthetics revenue increased 38% to $16.7 million, which Goodwin attributed primarily to AYON system sales.
Regulatory updates and planned label expansion
Management reiterated plans to expand AYON’s labeling to include power liposuction. Goodwin said the company submitted a follow-up 510(k) application during the fourth quarter and has since had “productive discussions” with the FDA. Based on that progress, Apyx now expects market clearance in mid-2026.
Goodwin emphasized that, if cleared, the company expects to be able to activate the power liposuction function on systems already in the field and launch power-assisted liposuction handpieces as an additional revenue opportunity.
In response to an analyst question about whether the power-assisted liposuction handpieces were included in 2026 guidance, management said the company does not typically forecast contributions from items it does not yet have clearance for. Console sales were implied in the outlook, while handpieces related to the label expansion would represent upside if and when cleared.
Market dynamics: GLP-1 adoption and body contouring demand
Goodwin pointed to rapid adoption of GLP-1 drugs for weight loss as a key driver influencing the aesthetics market. He said more patients are experiencing skin laxity after significant weight loss and may seek procedures to address loose or lax skin once weight-loss goals are reached. Goodwin positioned Apyx’s Renuvion system—available both as a standalone product and as part of AYON—as an option for that patient population, and said the company believes it is “best in class” for treating skin laxity.
Goodwin added that the company sees the shift in patient outcomes and spending related to GLP-1-driven weight loss as a significant opportunity, describing it as unlike anything the weight loss and plastic surgery markets have experienced in recent history.
Fourth-quarter financial results and cash position
CFO Matt Hill said total fourth-quarter revenue rose 35% year over year to $19.2 million. Surgical aesthetics revenue increased 38% to $16.7 million, driven by AYON sales and higher volume of single-use handpieces in both domestic and international markets. Hill noted the growth was partially offset by decreases in domestic generator sales (including Apyx One console upgrades where AYON was not part of the net sale) and international upgrades.
Hill reported OEM segment sales of $2.5 million for the quarter, up 16% year over year, citing increased volume to existing customers, including Symmetry Surgical under a 10-year generator manufacturing and supply agreement. Domestic revenue increased 42% to $15.0 million and international revenue increased 15% to $4.2 million. Hill also reminded listeners that the medical device industry typically experiences seasonality, with the second and fourth quarters often strongest.
- Gross profit: $12.0 million, up from $9.0 million; gross margin of 62.6% versus 63.0%
- Operating expenses: $12.0 million, flat year over year
- Income from operations: $11,000 versus a $3.0 million operating loss in the prior-year quarter
- Net loss attributable to stockholders: $1.3 million, or $0.03 per share, compared with a $4.6 million loss, or $0.12 per share
- Adjusted EBITDA: $0.7 million, compared with an adjusted EBITDA loss of $2.2 million
On cash flow, Hill said cash used in operating activities was $2.5 million for the three months ended Dec. 31, 2025, compared with $2.9 million in the prior-year period. For the full year, cash used in operating activities improved to $8.0 million from $18.7 million in 2024. Apyx ended 2025 with $31.7 million in cash and cash equivalents, unchanged from year-end 2024. Hill said the company believes its projections, including AYON uptake, working capital management, and continued cost controls, support having cash “through 2027.”
2026 outlook: higher surgical aesthetics revenue, lower OEM
For 2026, Apyx guided total revenue to a range of $57.5 million to $58.5 million, representing roughly 9% to 11% growth versus 2025. The company expects surgical aesthetics segment revenue of $53.0 million to $54.0 million (up 17% to 19% year over year) and OEM revenue of about $4.5 million, down from $7.5 million in 2025, reflecting what Hill said was a decision to focus resources on surgical aesthetics.
Apyx expects gross margins of approximately 61% to 62% and total operating expenses not to exceed $45 million. Hill said the company was encouraged by the impact of cost-cutting measures taken in the fourth quarter of 2024 and noted operating expenses declined to $39.5 million in 2025 from $48.2 million in 2024 and $53.7 million in 2023.
During the Q&A, Hill said the company’s plan is to be cash flow positive “no later than the fourth quarter of 2026.” He also addressed gross margin assumptions, saying guidance is intended to be conservative and will be influenced by factors including the mix between the OEM segment and surgical aesthetics, as well as geographic mix.
On sales execution, Goodwin said the company is adding sales talent and adjusting territories, noting that AYON has improved Apyx’s ability to recruit experienced personnel. He said investments in the commercial organization will be measured and aligned with growth, and that the company does not plan to reverse prior restructuring progress.
Goodwin also provided color on the early AYON customer mix, saying roughly 80% of fourth-quarter AYON sales came from existing Renuvion platform users upgrading to AYON, while about 20% were new customers. He cited a list price of about $360,000 for AYON, describing it as the Apyx One generator plus complementary components, and said the integrated offering provides value and workflow benefits for surgeons.
About Apyx Medical (NASDAQ:APYX)
Apyx Medical (NASDAQ: APYX) is a medical device company focused on the development and commercialization of energy-based solutions for surgical and aesthetic applications. The company’s product portfolio includes devices that utilize radiofrequency energy, cold plasma and proprietary technologies designed to deliver precise thermal control and tissue treatment. Its key offerings encompass the J-Plasma technology under the Renuvion brand, which is primarily used for subdermal skin tightening and aesthetic procedures, and its portfolio of advanced energy medical devices for general surgery, gynecology and dermatology.
Leveraging its dual focus on surgical and aesthetic markets, Apyx Medical serves physicians and healthcare providers across North America, Europe and select international regions.
