Apyx Medical Corporation (APYX) 10-Year Financial Performance & Capital Metrics

APYX • • Industrial / General

HealthcareMedical DevicesSurgical & Minimally Invasive DevicesSurgical Energy & Ablation Systems

AboutApyx Medical Corporation, an energy technology company, develops, manufactures, and sells medical devices in the cosmetic and surgical markets worldwide. The company operates in two segments, Advanced Energy and Original Equipment Manufacturing (OEM). It offers Helium Plasma Generator for delivery of RF energy and helium to cut, coagulate and ablate soft tissue during open and laparoscopic surgical procedures. The company offers Renuvion branded products for the cosmetic surgery market that enable plastic surgeons, fascial plastic surgeons, and cosmetic physicians to provide controlled heat to the tissue to achieve their desired results; and J-Plasma branded products for the hospital surgical market. It also develops, manufactures, and sells disposable hand pieces, and OEM generators and accessories. The company was formerly known as Bovie Medical Corporation and changed its name to Apyx Medical Corporation in January 2019. Apyx Medical Corporation was incorporated in 1982 and is based in Clearwater, Florida.Show more

Revenue $48M -8.1%
EBITDA -$18M -10.1%
Net Income -$23M -25.4%
EPS (Diluted) -0.66 -22.2%
Gross Margin 61.04% -5.4%
EBITDA Margin -37.93% -19.9%
Operating Margin -39.18% -18.8%
Net Margin -48.78% -36.5%
ROE -113.74% -96.7%
ROIC -65.54% -27.0%
Debt/Equity 2.70 +89.1%
Interest Coverage -3.19 +54.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 93 (top 7%)
✓Strong 5Y sales CAGR of 11.2%

✗Weaknesses

✗High debt to equity ratio of 2.7x
✗Weak Piotroski F-Score: 2/9
✗Negative free cash flow

Price & Volume

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Growth Metrics

Revenue CAGR

10Y5.68%

5Y11.24%

3Y-0.29%

TTM-1.32%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM48.88%

EPS CAGR

10Y-

5Y-

3Y-

TTM59.9%

ROCE

10Y Avg-27.77%

5Y Avg-33.26%

3Y Avg-37.69%

Latest-31.25%

Peer Comparison

Surgical Energy & Ablation Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	Debt/Equity
BDMDBaird Medical Investment Holdings Limited	45.91M	1.25	2.55	17.74%	33.62%	33%	0.53
IVFINVO Fertility, Inc.	12.29M	0.81	-0.03	116.25%	-417.01%	-495.09%	0.78
AEMDAethlon Medical, Inc.	2.64M	2.71	-0.03			-0.2%	0.13
HYPDHyperion DeFi, Inc.	27.38M	3.35	-0.06	14.14%	-73.86%	-36.05%
NAOVNanoVibronix, Inc.	1.59M	1.46	-0.11	12.05%	-133.04%	-8.41%	0.19
ALURAllurion Technologies Inc.	23.21M	1.89	-0.16	-39.94%	-251.56%
RBOTVicarious Surgical Inc.	18.48M	2.86	-0.27			-380.42%	0.30
TELATELA Bio, Inc.	44.09M	0.99	-0.74	18.56%	-50.61%	-25.05%	1.51

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	29.52M	36.63M	38.88M	16.69M	28.23M	27.71M	48.52M	44.51M	52.35M	48.1M
Revenue Growth %	0.07%	0.24%	0.06%	-0.57%	0.69%	-0.02%	0.75%	-0.08%	0.18%	-0.08%
Cost of Goods Sold+	16.96M	18.71M	19.12M	5.89M	9.14M	10.21M	14.92M	15.38M	18.59M	18.74M
COGS % of Revenue	0.57%	0.51%	0.49%	0.35%	0.32%	0.37%	0.31%	0.35%	0.36%	0.39%
Gross Profit+	12.56M	17.91M	19.76M	10.79M	19.09M	17.5M	33.6M	29.13M	33.76M	29.36M
Gross Margin %	0.43%	0.49%	0.51%	0.65%	0.68%	0.63%	0.69%	0.65%	0.64%	0.61%
Gross Profit Growth %	0.4%	0.43%	0.1%	-0.45%	0.77%	-0.08%	0.92%	-0.13%	0.16%	-0.13%
Operating Expenses+	19.54M	21.71M	23.5M	23.65M	39.96M	37.59M	48.05M	52.69M	51.02M	48.2M
OpEx % of Revenue	0.66%	0.59%	0.6%	1.42%	1.42%	1.36%	0.99%	1.18%	0.97%	1%
Selling, General & Admin	17.38M	19.09M	21.05M	21.18M	36.23M	33.67M	43.73M	48.15M	48.87M	43.13M
SG&A % of Revenue	0.59%	0.52%	0.54%	1.27%	1.28%	1.21%	0.9%	1.08%	0.93%	0.9%
Research & Development	2.16M	2.62M	2.46M	2.47M	3.73M	3.92M	4.32M	4.54M	4.84M	5.08M
R&D % of Revenue	0.07%	0.07%	0.06%	0.15%	0.13%	0.14%	0.09%	0.1%	0.09%	0.11%
Other Operating Expenses	0	0	0	-203K	0	0	0	0	-2.69M	0
Operating Income+	-6.99M	-3.79M	-5.26M	-13.6M	-20.87M	-20.08M	-14.45M	-23.56M	-17.26M	-18.84M
Operating Margin %	-0.24%	-0.1%	-0.14%	-0.82%	-0.74%	-0.72%	-0.3%	-0.53%	-0.33%	-0.39%
Operating Income Growth %	-0.19%	0.46%	-0.39%	-1.58%	-0.53%	0.04%	0.28%	-0.63%	0.27%	-0.09%
EBITDA+	-6.17M	-3.06M	-4.57M	-12.93M	-20.11M	-19.2M	-13.54M	-22.67M	-16.57M	-18.25M
EBITDA Margin %	-0.21%	-0.08%	-0.12%	-0.77%	-0.71%	-0.69%	-0.28%	-0.51%	-0.32%	-0.38%
EBITDA Growth %	-0.24%	0.5%	-0.49%	-1.83%	-0.56%	0.05%	0.29%	-0.67%	0.27%	-0.1%
D&A (Non-Cash Add-back)	812K	734K	696K	669K	754K	887K	903K	890K	692K	599K
EBIT	-5.19M	-3.73M	-13.7M	-14.59M	-19.83M	-19.36M	-14.81M	-22.9M	-18.8M	-17.4M
Net Interest Income+	-158K	-158K	-136K	512K	1.38M	195K	1K	142K	-1.56M	-4.3M
Interest Income	0	0	0	616K	1.39M	241K	11K	157K	921K	1.61M
Interest Expense	158K	158K	136K	104K	8K	46K	10K	15K	2.48M	5.91M
Other Income/Expense	1.64M	-94K	-8.57M	-1.09M	1.03M	674K	-372K	651K	-4.02M	-4.46M
Pretax Income+	-5.34M	-3.89M	-5.22M	-13.27M	-19.84M	-19.41M	-14.82M	-22.91M	-21.28M	-23.31M
Pretax Margin %	-0.18%	-0.11%	-0.13%	-0.8%	-0.7%	-0.7%	-0.31%	-0.51%	-0.41%	-0.48%
Income Tax+	25K	64K	-156K	-3.78M	-130K	-7.5M	380K	367K	-2.43M	252K
Effective Tax Rate %	1%	1.02%	0.97%	-4.82%	0.99%	0.61%	1.02%	1.01%	0.88%	1.01%
Net Income+	-5.37M	-3.95M	-5.06M	64.01M	-19.71M	-11.9M	-15.17M	-23.18M	-18.71M	-23.46M
Net Margin %	-0.18%	-0.11%	-0.13%	3.84%	-0.7%	-0.43%	-0.31%	-0.52%	-0.36%	-0.49%
Net Income Growth %	0.69%	0.26%	-0.28%	13.65%	-1.31%	0.4%	-0.28%	-0.53%	0.19%	-0.25%
Net Income (Continuing)	-5.37M	-11.55M	-13.68M	-10.78M	-19.71M	-11.91M	-15.2M	-23.28M	-18.85M	-23.56M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	138K	305K	211K	221K	125K
EPS (Diluted)+	-0.19	-0.14	-0.16	1.86	-0.58	-0.35	-0.44	-0.67	-0.54	-0.66
EPS Growth %	0.8%	0.26%	-0.14%	12.63%	-1.31%	0.4%	-0.26%	-0.52%	0.19%	-0.22%
EPS (Basic)	-0.22	-0.14	-0.16	1.93	-0.58	-0.35	-0.44	-0.67	-0.54	-0.66
Diluted Shares Outstanding	27.75M	27.45M	31.43M	34.37M	34.07M	34.21M	34.33M	34.52M	34.62M	35.54M
Basic Shares Outstanding	24.33M	27.43M	31.42M	33.19M	34.07M	34.21M	34.33M	34.52M	34.62M	35.54M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	22.04M	26.54M	22.55M	89.52M	76.66M	66.09M	60.74M	42.97M	70.36M	56.44M
Cash & Short-Term Investments	11.8M	14.46M	9.95M	78.14M	58.81M	41.91M	30.87M	10.19M	43.65M	31.74M
Cash Only	11.8M	14.46M	9.95M	16.47M	58.81M	41.91M	30.87M	10.19M	43.65M	31.74M
Short-Term Investments	0	0	0	61.68M	0	0	0	0	0	0
Accounts Receivable	2.92M	4.73M	4.86M	5.08M	9.22M	17.33M	21.16M	18.25M	14.02M	15.48M
Days Sales Outstanding	36.17	47.17	45.59	111.12	119.19	228.24	159.21	149.62	97.77	117.46
Inventory	5.96M	6.16M	6.53M	5.21M	5.05M	4.05M	6.78M	11.8M	9.92M	7.56M
Days Inventory Outstanding	128.18	120.12	124.57	322.82	201.65	144.86	165.86	279.99	194.83	147.31
Other Current Assets	0	779K	3.03M	130K	375K	0	0	2.74M	2.76M	1.66M
Total Non-Current Assets+	9.41M	8.57M	8.44M	6.09M	8.01M	8.02M	7.98M	8.8M	8.88M	8.4M
Property, Plant & Equipment	6.81M	6.45M	6.41M	5.79M	7.62M	7.21M	6.87M	7.59M	7.15M	6.74M
Fixed Asset Turnover	4.33x	5.68x	6.07x	2.88x	3.70x	3.84x	7.06x	5.87x	7.33x	7.14x
Goodwill	185K	185K	185K	185K	0	0	0	0	0	0
Intangible Assets	1.83M	1.73M	1.69M	6K	0	0	0	0	0	0
Long-Term Investments	123K	0	-187K	-150K	0	0	0	0	0	0
Other Non-Current Assets	430K	212K	159K	114K	391K	807K	1.11M	1.22M	1.73M	1.66M
Total Assets+	31.45M	35.11M	30.99M	95.61M	84.68M	74.11M	68.72M	51.77M	79.24M	64.84M
Asset Turnover	0.94x	1.04x	1.25x	0.17x	0.33x	0.37x	0.71x	0.86x	0.66x	0.74x
Asset Growth %	0.27%	0.12%	-0.12%	2.09%	-0.11%	-0.12%	-0.07%	-0.25%	0.53%	-0.18%
Total Current Liabilities+	4.12M	5.27M	5.97M	7.7M	12.24M	9.15M	13.21M	11.85M	12.74M	10.72M
Accounts Payable	1.21M	1.61M	1.58M	1.42M	2.44M	1.51M	2.63M	2.67M	2.71M	2.62M
Days Payables Outstanding	26.12	31.33	30.22	88.14	97.35	54.03	64.38	63.35	53.25	50.93
Short-Term Debt	239K	239K	239K	0	140K	0	0	0	0	0
Deferred Revenue (Current)	0	0	0	0	1000K	0	533K	853K	488K	693K
Other Current Liabilities	2.12M	2.6M	2.38M	3.8M	-2.5M	811K	2.12M	0	1.54M	0
Current Ratio	5.35x	5.03x	3.77x	11.62x	6.26x	7.22x	4.60x	3.63x	5.52x	5.26x
Quick Ratio	3.90x	3.87x	2.68x	10.95x	5.85x	6.78x	4.09x	2.63x	4.74x	4.56x
Cash Conversion Cycle	138.22	135.96	139.95	345.81	223.49	319.07	260.69	366.27	239.36	213.84
Total Non-Current Liabilities+	3.92M	3.62M	2.98M	140K	1.18M	1.1M	1.51M	2.13M	39.58M	39.79M
Long-Term Debt	3.07M	2.83M	2.6M	140K	0	0	0	0	33.19M	33.89M
Capital Lease Obligations	0	0	0	0	656K	312K	18K	543K	4.95M	4.52M
Deferred Tax Liabilities	564K	564K	368K	150K	0	0	0	0	0	0
Other Non-Current Liabilities	285K	217K	20K	0	519K	166K	166K	181K	198K	259K
Total Liabilities	8.04M	8.89M	8.96M	7.84M	13.42M	10.25M	14.71M	13.98M	52.32M	50.51M
Total Debt+	3.31M	3.07M	2.83M	140K	1.13M	676K	305K	796K	38.5M	38.76M
Net Debt	-8.49M	-11.38M	-7.12M	-16.33M	-57.68M	-41.24M	-30.57M	-9.4M	-5.15M	7.02M
Debt / Equity	0.14x	0.12x	0.13x	0.00x	0.02x	0.01x	0.01x	0.02x	1.43x	2.70x
Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Interest Coverage	-44.22x	-24.00x	-38.71x	-130.77x	-2608.63x	-436.59x	-1444.80x	-1570.80x	-6.96x	-3.19x
Total Equity+	23.4M	26.22M	22.03M	87.77M	71.26M	63.86M	54.01M	37.79M	26.92M	14.34M
Equity Growth %	3.99%	0.12%	-0.16%	2.98%	-0.19%	-0.1%	-0.15%	-0.3%	-0.29%	-0.47%
Book Value per Share	0.84	0.96	0.70	2.55	2.09	1.87	1.57	1.09	0.78	0.40
Total Shareholders' Equity	23.4M	26.22M	22.03M	87.77M	71.26M	63.72M	53.7M	37.58M	26.7M	14.21M
Common Stock	27K	31K	33K	34K	34K	34K	34K	35K	35K	38K
Retained Earnings	-19.48M	-23.43M	-28.5M	35.51M	14.52M	2.62M	-12.55M	-35.73M	-54.45M	-77.91M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-6.87M	-7.27M	-6.71M	-6.36M	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	138K	305K	211K	221K	125K

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-5.79M	-2.84M	-3.7M	-21.01M	-18.48M	-16.07M	-10.45M	-20.28M	-5.25M	-18.05M
Operating CF Margin %	-0.2%	-0.08%	-0.1%	-1.26%	-0.65%	-0.58%	-0.22%	-0.46%	-0.1%	-0.38%
Operating CF Growth %	-12.88%	0.51%	-0.31%	-4.67%	0.12%	0.13%	0.35%	-0.94%	0.74%	-2.44%
Net Income	-5.37M	-3.95M	-5.06M	64.01M	-19.71M	-11.91M	-15.2M	-23.28M	-18.85M	-23.56M
Depreciation & Amortization	812K	734K	696K	669K	754K	887K	903K	890K	692K	599K
Stock-Based Compensation	575K	809K	871K	1.52M	3.58M	4.21M	5.09M	6.7M	5.11M	4.01M
Deferred Taxes	-25K	25K	-196K	-368K	0	0	0	0	0	0
Other Non-Cash Items	-1.62M	209K	503K	-68.45M	215K	996K	603K	628K	2.25M	2.15M
Working Capital Changes	-157K	-664K	-516K	-18.4M	-3.32M	-10.25M	-1.84M	-5.22M	5.54M	-1.25M
Change in Receivables	-933K	-1.88M	-303K	-382K	-3.79M	-558K	-4.9M	1.92M	3.97M	-2.04M
Change in Inventory	-102K	-379K	-870K	-881K	-2.37M	615K	-2.86M	-5.57M	1.46M	2.26M
Change in Payables	-189K	392K	-23K	-224K	1.05M	-965K	1.15M	67K	25K	-63K
Cash from Investing+	-921K	-286K	-624K	29.3M	60.54M	-581K	-723K	-1.01M	6.73M	-722K
Capital Expenditures	-421K	-286K	-624K	-363K	-1.3M	-581K	-723K	-1.01M	-533K	-722K
CapEx % of Revenue	0.01%	0.01%	0.02%	0.02%	0.05%	0.02%	0.01%	0.02%	0.01%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	0	0	29.66M	0	0	-195K	0	-147K	0
Cash from Financing+	12.78M	5.77M	-179K	-2.49M	147K	-73K	24K	217K	32.17M	6.75M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	1.49M	184K	60K	202K	207K	148K	195K	0	-5.59M	-235K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-6.21M	-3.12M	-4.33M	-21.37M	-19.78M	-16.65M	-11.17M	-21.29M	-5.78M	-18.77M
FCF Margin %	-0.21%	-0.09%	-0.11%	-1.28%	-0.7%	-0.6%	-0.23%	-0.48%	-0.11%	-0.39%
FCF Growth %	-4.93%	0.5%	-0.39%	-3.94%	0.07%	0.16%	0.33%	-0.91%	0.73%	-2.25%
FCF per Share	-0.22	-0.11	-0.14	-0.62	-0.58	-0.49	-0.33	-0.62	-0.17	-0.53
FCF Conversion (FCF/Net Income)	1.08x	0.72x	0.73x	-0.33x	0.94x	1.35x	0.69x	0.87x	0.28x	0.77x
Interest Paid	0	158K	136K	104K	8K	46K	10K	15K	1.94M	4.75M
Taxes Paid	0	27K	32K	13.28M	325K	82K	111K	128K	329K	382K

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-38.22%	-15.92%	-20.98%	116.59%	-24.78%	-17.61%	-25.74%	-50.51%	-57.83%	-113.74%
Return on Invested Capital (ROIC)	-60.62%	-19.12%	-26.54%	-23.62%	-36.82%	-83.22%	-47.05%	-68.18%	-51.6%	-65.54%
Gross Margin	42.54%	48.91%	50.82%	64.68%	67.63%	63.17%	69.26%	65.45%	64.49%	61.04%
Net Margin	-18.19%	-10.78%	-13.02%	383.61%	-69.79%	-42.93%	-31.27%	-52.09%	-35.75%	-48.78%
Debt / Equity	0.14x	0.12x	0.13x	0.00x	0.02x	0.01x	0.01x	0.02x	1.43x	2.70x
Interest Coverage	-44.22x	-24.00x	-38.71x	-130.77x	-2608.63x	-436.59x	-1444.80x	-1570.80x	-6.96x	-3.19x
FCF Conversion	1.08x	0.72x	0.73x	-0.33x	0.94x	1.35x	0.69x	0.87x	0.28x	0.77x
Revenue Growth	6.64%	24.08%	6.16%	-57.09%	69.21%	-1.86%	75.08%	-8.26%	17.61%	-8.11%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024
Advanced Energy	-	-	13.07M	22.68M	22.21M	42.98M	36.8M	43.38M	38.61M
Advanced Energy Growth	-	-	-	73.52%	-2.04%	93.50%	-14.38%	17.88%	-11.01%
OEM	-	-	3.62M	5.56M	5.5M	5.53M	7.71M	8.97M	9.5M
OEM Growth	-	-	-	53.65%	-1.12%	0.64%	39.32%	16.35%	5.90%
Electrosurgical	20.9M	25.73M	-	-	-	-	-	-	-
Electrosurgical Growth	-	23.09%	-	-	-	-	-	-	-
Cauteries	7.1M	7.14M	-	-	-	-	-	-	-
Cauteries Growth	-	0.56%	-	-	-	-	-	-	-
Other	8.63M	3.58M	-	-	-	-	-	-	-
Other Growth	-	-58.49%	-	-	-	-	-	-	-
Lighting	-	2.44M	-	-	-	-	-	-	-
Lighting Growth	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	32.05M	33.15M	12.86M	19.58M	18.81M	32.98M	31.21M	38.34M	34.02M
UNITED STATES Growth	-	3.42%	-61.21%	52.31%	-3.94%	75.31%	-5.37%	22.87%	-11.27%
Non-US	-	5.74M	3.83K	8.65M	8.9M	15.54M	13.3M	14M	14.08M
Non-US Growth	-	-	-99.93%	225892.69%	2.87%	74.59%	-14.39%	5.28%	0.54%
International	4.58M	-	-	-	-	-	-	-	-
International Growth	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Apyx Medical Corporation (APYX) reported $47.9M in revenue for fiscal year 2024. This represents a 89% increase from $25.4M in 2011.

Apyx Medical Corporation (APYX) saw revenue decline by 8.1% over the past year.

Apyx Medical Corporation (APYX) reported a net loss of $14.5M for fiscal year 2024.

Dividend & Returns

Apyx Medical Corporation (APYX) has a return on equity (ROE) of -113.7%. Negative ROE indicates the company is unprofitable.

Apyx Medical Corporation (APYX) had negative free cash flow of $9.5M in fiscal year 2024, likely due to heavy capital investments.

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Apyx Medical Corporation (APYX) 10-Year Financial Performance & Capital Metrics

APYX • • Industrial / General

HealthcareMedical DevicesSurgical & Minimally Invasive DevicesSurgical Energy & Ablation Systems

Revenue $48M -8.1%
EBITDA -$18M -10.1%
Net Income -$23M -25.4%
EPS (Diluted) -0.66 -22.2%
Gross Margin 61.04% -5.4%
EBITDA Margin -37.93% -19.9%
Operating Margin -39.18% -18.8%
Net Margin -48.78% -36.5%
ROE -113.74% -96.7%
ROIC -65.54% -27.0%
Debt/Equity 2.70 +89.1%
Interest Coverage -3.19 +54.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 93 (top 7%)
✓Strong 5Y sales CAGR of 11.2%

✗Weaknesses

✗High debt to equity ratio of 2.7x
✗Weak Piotroski F-Score: 2/9
✗Negative free cash flow

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y5.68%

5Y11.24%

3Y-0.29%

TTM-1.32%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM48.88%

EPS CAGR

10Y-

5Y-

3Y-

TTM59.9%

ROCE

10Y Avg-27.77%

5Y Avg-33.26%

3Y Avg-37.69%

Latest-31.25%

Peer Comparison

Surgical Energy & Ablation Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	Debt/Equity
BDMDBaird Medical Investment Holdings Limited	45.91M	1.25	2.55	17.74%	33.62%	33%	0.53
IVFINVO Fertility, Inc.	12.29M	0.81	-0.03	116.25%	-417.01%	-495.09%	0.78
AEMDAethlon Medical, Inc.	2.64M	2.71	-0.03			-0.2%	0.13
HYPDHyperion DeFi, Inc.	27.38M	3.35	-0.06	14.14%	-73.86%	-36.05%
NAOVNanoVibronix, Inc.	1.59M	1.46	-0.11	12.05%	-133.04%	-8.41%	0.19
ALURAllurion Technologies Inc.	23.21M	1.89	-0.16	-39.94%	-251.56%
RBOTVicarious Surgical Inc.	18.48M	2.86	-0.27			-380.42%	0.30
TELATELA Bio, Inc.	44.09M	0.99	-0.74	18.56%	-50.61%	-25.05%	1.51

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	29.52M	36.63M	38.88M	16.69M	28.23M	27.71M	48.52M	44.51M	52.35M	48.1M
Revenue Growth %	0.07%	0.24%	0.06%	-0.57%	0.69%	-0.02%	0.75%	-0.08%	0.18%	-0.08%
Cost of Goods Sold+	16.96M	18.71M	19.12M	5.89M	9.14M	10.21M	14.92M	15.38M	18.59M	18.74M
COGS % of Revenue	0.57%	0.51%	0.49%	0.35%	0.32%	0.37%	0.31%	0.35%	0.36%	0.39%
Gross Profit+	12.56M	17.91M	19.76M	10.79M	19.09M	17.5M	33.6M	29.13M	33.76M	29.36M
Gross Margin %	0.43%	0.49%	0.51%	0.65%	0.68%	0.63%	0.69%	0.65%	0.64%	0.61%
Gross Profit Growth %	0.4%	0.43%	0.1%	-0.45%	0.77%	-0.08%	0.92%	-0.13%	0.16%	-0.13%
Operating Expenses+	19.54M	21.71M	23.5M	23.65M	39.96M	37.59M	48.05M	52.69M	51.02M	48.2M
OpEx % of Revenue	0.66%	0.59%	0.6%	1.42%	1.42%	1.36%	0.99%	1.18%	0.97%	1%
Selling, General & Admin	17.38M	19.09M	21.05M	21.18M	36.23M	33.67M	43.73M	48.15M	48.87M	43.13M
SG&A % of Revenue	0.59%	0.52%	0.54%	1.27%	1.28%	1.21%	0.9%	1.08%	0.93%	0.9%
Research & Development	2.16M	2.62M	2.46M	2.47M	3.73M	3.92M	4.32M	4.54M	4.84M	5.08M
R&D % of Revenue	0.07%	0.07%	0.06%	0.15%	0.13%	0.14%	0.09%	0.1%	0.09%	0.11%
Other Operating Expenses	0	0	0	-203K	0	0	0	0	-2.69M	0
Operating Income+	-6.99M	-3.79M	-5.26M	-13.6M	-20.87M	-20.08M	-14.45M	-23.56M	-17.26M	-18.84M
Operating Margin %	-0.24%	-0.1%	-0.14%	-0.82%	-0.74%	-0.72%	-0.3%	-0.53%	-0.33%	-0.39%
Operating Income Growth %	-0.19%	0.46%	-0.39%	-1.58%	-0.53%	0.04%	0.28%	-0.63%	0.27%	-0.09%
EBITDA+	-6.17M	-3.06M	-4.57M	-12.93M	-20.11M	-19.2M	-13.54M	-22.67M	-16.57M	-18.25M
EBITDA Margin %	-0.21%	-0.08%	-0.12%	-0.77%	-0.71%	-0.69%	-0.28%	-0.51%	-0.32%	-0.38%
EBITDA Growth %	-0.24%	0.5%	-0.49%	-1.83%	-0.56%	0.05%	0.29%	-0.67%	0.27%	-0.1%
D&A (Non-Cash Add-back)	812K	734K	696K	669K	754K	887K	903K	890K	692K	599K
EBIT	-5.19M	-3.73M	-13.7M	-14.59M	-19.83M	-19.36M	-14.81M	-22.9M	-18.8M	-17.4M
Net Interest Income+	-158K	-158K	-136K	512K	1.38M	195K	1K	142K	-1.56M	-4.3M
Interest Income	0	0	0	616K	1.39M	241K	11K	157K	921K	1.61M
Interest Expense	158K	158K	136K	104K	8K	46K	10K	15K	2.48M	5.91M
Other Income/Expense	1.64M	-94K	-8.57M	-1.09M	1.03M	674K	-372K	651K	-4.02M	-4.46M
Pretax Income+	-5.34M	-3.89M	-5.22M	-13.27M	-19.84M	-19.41M	-14.82M	-22.91M	-21.28M	-23.31M
Pretax Margin %	-0.18%	-0.11%	-0.13%	-0.8%	-0.7%	-0.7%	-0.31%	-0.51%	-0.41%	-0.48%
Income Tax+	25K	64K	-156K	-3.78M	-130K	-7.5M	380K	367K	-2.43M	252K
Effective Tax Rate %	1%	1.02%	0.97%	-4.82%	0.99%	0.61%	1.02%	1.01%	0.88%	1.01%
Net Income+	-5.37M	-3.95M	-5.06M	64.01M	-19.71M	-11.9M	-15.17M	-23.18M	-18.71M	-23.46M
Net Margin %	-0.18%	-0.11%	-0.13%	3.84%	-0.7%	-0.43%	-0.31%	-0.52%	-0.36%	-0.49%
Net Income Growth %	0.69%	0.26%	-0.28%	13.65%	-1.31%	0.4%	-0.28%	-0.53%	0.19%	-0.25%
Net Income (Continuing)	-5.37M	-11.55M	-13.68M	-10.78M	-19.71M	-11.91M	-15.2M	-23.28M	-18.85M	-23.56M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	138K	305K	211K	221K	125K
EPS (Diluted)+	-0.19	-0.14	-0.16	1.86	-0.58	-0.35	-0.44	-0.67	-0.54	-0.66
EPS Growth %	0.8%	0.26%	-0.14%	12.63%	-1.31%	0.4%	-0.26%	-0.52%	0.19%	-0.22%
EPS (Basic)	-0.22	-0.14	-0.16	1.93	-0.58	-0.35	-0.44	-0.67	-0.54	-0.66
Diluted Shares Outstanding	27.75M	27.45M	31.43M	34.37M	34.07M	34.21M	34.33M	34.52M	34.62M	35.54M
Basic Shares Outstanding	24.33M	27.43M	31.42M	33.19M	34.07M	34.21M	34.33M	34.52M	34.62M	35.54M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	22.04M	26.54M	22.55M	89.52M	76.66M	66.09M	60.74M	42.97M	70.36M	56.44M
Cash & Short-Term Investments	11.8M	14.46M	9.95M	78.14M	58.81M	41.91M	30.87M	10.19M	43.65M	31.74M
Cash Only	11.8M	14.46M	9.95M	16.47M	58.81M	41.91M	30.87M	10.19M	43.65M	31.74M
Short-Term Investments	0	0	0	61.68M	0	0	0	0	0	0
Accounts Receivable	2.92M	4.73M	4.86M	5.08M	9.22M	17.33M	21.16M	18.25M	14.02M	15.48M
Days Sales Outstanding	36.17	47.17	45.59	111.12	119.19	228.24	159.21	149.62	97.77	117.46
Inventory	5.96M	6.16M	6.53M	5.21M	5.05M	4.05M	6.78M	11.8M	9.92M	7.56M
Days Inventory Outstanding	128.18	120.12	124.57	322.82	201.65	144.86	165.86	279.99	194.83	147.31
Other Current Assets	0	779K	3.03M	130K	375K	0	0	2.74M	2.76M	1.66M
Total Non-Current Assets+	9.41M	8.57M	8.44M	6.09M	8.01M	8.02M	7.98M	8.8M	8.88M	8.4M
Property, Plant & Equipment	6.81M	6.45M	6.41M	5.79M	7.62M	7.21M	6.87M	7.59M	7.15M	6.74M
Fixed Asset Turnover	4.33x	5.68x	6.07x	2.88x	3.70x	3.84x	7.06x	5.87x	7.33x	7.14x
Goodwill	185K	185K	185K	185K	0	0	0	0	0	0
Intangible Assets	1.83M	1.73M	1.69M	6K	0	0	0	0	0	0
Long-Term Investments	123K	0	-187K	-150K	0	0	0	0	0	0
Other Non-Current Assets	430K	212K	159K	114K	391K	807K	1.11M	1.22M	1.73M	1.66M
Total Assets+	31.45M	35.11M	30.99M	95.61M	84.68M	74.11M	68.72M	51.77M	79.24M	64.84M
Asset Turnover	0.94x	1.04x	1.25x	0.17x	0.33x	0.37x	0.71x	0.86x	0.66x	0.74x
Asset Growth %	0.27%	0.12%	-0.12%	2.09%	-0.11%	-0.12%	-0.07%	-0.25%	0.53%	-0.18%
Total Current Liabilities+	4.12M	5.27M	5.97M	7.7M	12.24M	9.15M	13.21M	11.85M	12.74M	10.72M
Accounts Payable	1.21M	1.61M	1.58M	1.42M	2.44M	1.51M	2.63M	2.67M	2.71M	2.62M
Days Payables Outstanding	26.12	31.33	30.22	88.14	97.35	54.03	64.38	63.35	53.25	50.93
Short-Term Debt	239K	239K	239K	0	140K	0	0	0	0	0
Deferred Revenue (Current)	0	0	0	0	1000K	0	533K	853K	488K	693K
Other Current Liabilities	2.12M	2.6M	2.38M	3.8M	-2.5M	811K	2.12M	0	1.54M	0
Current Ratio	5.35x	5.03x	3.77x	11.62x	6.26x	7.22x	4.60x	3.63x	5.52x	5.26x
Quick Ratio	3.90x	3.87x	2.68x	10.95x	5.85x	6.78x	4.09x	2.63x	4.74x	4.56x
Cash Conversion Cycle	138.22	135.96	139.95	345.81	223.49	319.07	260.69	366.27	239.36	213.84
Total Non-Current Liabilities+	3.92M	3.62M	2.98M	140K	1.18M	1.1M	1.51M	2.13M	39.58M	39.79M
Long-Term Debt	3.07M	2.83M	2.6M	140K	0	0	0	0	33.19M	33.89M
Capital Lease Obligations	0	0	0	0	656K	312K	18K	543K	4.95M	4.52M
Deferred Tax Liabilities	564K	564K	368K	150K	0	0	0	0	0	0
Other Non-Current Liabilities	285K	217K	20K	0	519K	166K	166K	181K	198K	259K
Total Liabilities	8.04M	8.89M	8.96M	7.84M	13.42M	10.25M	14.71M	13.98M	52.32M	50.51M
Total Debt+	3.31M	3.07M	2.83M	140K	1.13M	676K	305K	796K	38.5M	38.76M
Net Debt	-8.49M	-11.38M	-7.12M	-16.33M	-57.68M	-41.24M	-30.57M	-9.4M	-5.15M	7.02M
Debt / Equity	0.14x	0.12x	0.13x	0.00x	0.02x	0.01x	0.01x	0.02x	1.43x	2.70x
Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Interest Coverage	-44.22x	-24.00x	-38.71x	-130.77x	-2608.63x	-436.59x	-1444.80x	-1570.80x	-6.96x	-3.19x
Total Equity+	23.4M	26.22M	22.03M	87.77M	71.26M	63.86M	54.01M	37.79M	26.92M	14.34M
Equity Growth %	3.99%	0.12%	-0.16%	2.98%	-0.19%	-0.1%	-0.15%	-0.3%	-0.29%	-0.47%
Book Value per Share	0.84	0.96	0.70	2.55	2.09	1.87	1.57	1.09	0.78	0.40
Total Shareholders' Equity	23.4M	26.22M	22.03M	87.77M	71.26M	63.72M	53.7M	37.58M	26.7M	14.21M
Common Stock	27K	31K	33K	34K	34K	34K	34K	35K	35K	38K
Retained Earnings	-19.48M	-23.43M	-28.5M	35.51M	14.52M	2.62M	-12.55M	-35.73M	-54.45M	-77.91M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-6.87M	-7.27M	-6.71M	-6.36M	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	138K	305K	211K	221K	125K

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-5.79M	-2.84M	-3.7M	-21.01M	-18.48M	-16.07M	-10.45M	-20.28M	-5.25M	-18.05M
Operating CF Margin %	-0.2%	-0.08%	-0.1%	-1.26%	-0.65%	-0.58%	-0.22%	-0.46%	-0.1%	-0.38%
Operating CF Growth %	-12.88%	0.51%	-0.31%	-4.67%	0.12%	0.13%	0.35%	-0.94%	0.74%	-2.44%
Net Income	-5.37M	-3.95M	-5.06M	64.01M	-19.71M	-11.91M	-15.2M	-23.28M	-18.85M	-23.56M
Depreciation & Amortization	812K	734K	696K	669K	754K	887K	903K	890K	692K	599K
Stock-Based Compensation	575K	809K	871K	1.52M	3.58M	4.21M	5.09M	6.7M	5.11M	4.01M
Deferred Taxes	-25K	25K	-196K	-368K	0	0	0	0	0	0
Other Non-Cash Items	-1.62M	209K	503K	-68.45M	215K	996K	603K	628K	2.25M	2.15M
Working Capital Changes	-157K	-664K	-516K	-18.4M	-3.32M	-10.25M	-1.84M	-5.22M	5.54M	-1.25M
Change in Receivables	-933K	-1.88M	-303K	-382K	-3.79M	-558K	-4.9M	1.92M	3.97M	-2.04M
Change in Inventory	-102K	-379K	-870K	-881K	-2.37M	615K	-2.86M	-5.57M	1.46M	2.26M
Change in Payables	-189K	392K	-23K	-224K	1.05M	-965K	1.15M	67K	25K	-63K
Cash from Investing+	-921K	-286K	-624K	29.3M	60.54M	-581K	-723K	-1.01M	6.73M	-722K
Capital Expenditures	-421K	-286K	-624K	-363K	-1.3M	-581K	-723K	-1.01M	-533K	-722K
CapEx % of Revenue	0.01%	0.01%	0.02%	0.02%	0.05%	0.02%	0.01%	0.02%	0.01%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	0	0	29.66M	0	0	-195K	0	-147K	0
Cash from Financing+	12.78M	5.77M	-179K	-2.49M	147K	-73K	24K	217K	32.17M	6.75M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	1.49M	184K	60K	202K	207K	148K	195K	0	-5.59M	-235K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-6.21M	-3.12M	-4.33M	-21.37M	-19.78M	-16.65M	-11.17M	-21.29M	-5.78M	-18.77M
FCF Margin %	-0.21%	-0.09%	-0.11%	-1.28%	-0.7%	-0.6%	-0.23%	-0.48%	-0.11%	-0.39%
FCF Growth %	-4.93%	0.5%	-0.39%	-3.94%	0.07%	0.16%	0.33%	-0.91%	0.73%	-2.25%
FCF per Share	-0.22	-0.11	-0.14	-0.62	-0.58	-0.49	-0.33	-0.62	-0.17	-0.53
FCF Conversion (FCF/Net Income)	1.08x	0.72x	0.73x	-0.33x	0.94x	1.35x	0.69x	0.87x	0.28x	0.77x
Interest Paid	0	158K	136K	104K	8K	46K	10K	15K	1.94M	4.75M
Taxes Paid	0	27K	32K	13.28M	325K	82K	111K	128K	329K	382K

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-38.22%	-15.92%	-20.98%	116.59%	-24.78%	-17.61%	-25.74%	-50.51%	-57.83%	-113.74%
Return on Invested Capital (ROIC)	-60.62%	-19.12%	-26.54%	-23.62%	-36.82%	-83.22%	-47.05%	-68.18%	-51.6%	-65.54%
Gross Margin	42.54%	48.91%	50.82%	64.68%	67.63%	63.17%	69.26%	65.45%	64.49%	61.04%
Net Margin	-18.19%	-10.78%	-13.02%	383.61%	-69.79%	-42.93%	-31.27%	-52.09%	-35.75%	-48.78%
Debt / Equity	0.14x	0.12x	0.13x	0.00x	0.02x	0.01x	0.01x	0.02x	1.43x	2.70x
Interest Coverage	-44.22x	-24.00x	-38.71x	-130.77x	-2608.63x	-436.59x	-1444.80x	-1570.80x	-6.96x	-3.19x
FCF Conversion	1.08x	0.72x	0.73x	-0.33x	0.94x	1.35x	0.69x	0.87x	0.28x	0.77x
Revenue Growth	6.64%	24.08%	6.16%	-57.09%	69.21%	-1.86%	75.08%	-8.26%	17.61%	-8.11%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024
Advanced Energy	-	-	13.07M	22.68M	22.21M	42.98M	36.8M	43.38M	38.61M
Advanced Energy Growth	-	-	-	73.52%	-2.04%	93.50%	-14.38%	17.88%	-11.01%
OEM	-	-	3.62M	5.56M	5.5M	5.53M	7.71M	8.97M	9.5M
OEM Growth	-	-	-	53.65%	-1.12%	0.64%	39.32%	16.35%	5.90%
Electrosurgical	20.9M	25.73M	-	-	-	-	-	-	-
Electrosurgical Growth	-	23.09%	-	-	-	-	-	-	-
Cauteries	7.1M	7.14M	-	-	-	-	-	-	-
Cauteries Growth	-	0.56%	-	-	-	-	-	-	-
Other	8.63M	3.58M	-	-	-	-	-	-	-
Other Growth	-	-58.49%	-	-	-	-	-	-	-
Lighting	-	2.44M	-	-	-	-	-	-	-
Lighting Growth	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	32.05M	33.15M	12.86M	19.58M	18.81M	32.98M	31.21M	38.34M	34.02M
UNITED STATES Growth	-	3.42%	-61.21%	52.31%	-3.94%	75.31%	-5.37%	22.87%	-11.27%
Non-US	-	5.74M	3.83K	8.65M	8.9M	15.54M	13.3M	14M	14.08M
Non-US Growth	-	-	-99.93%	225892.69%	2.87%	74.59%	-14.39%	5.28%	0.54%
International	4.58M	-	-	-	-	-	-	-	-
International Growth	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Apyx Medical Corporation (APYX) reported $47.9M in revenue for fiscal year 2024. This represents a 89% increase from $25.4M in 2011.

Apyx Medical Corporation (APYX) saw revenue decline by 8.1% over the past year.

Apyx Medical Corporation (APYX) reported a net loss of $14.5M for fiscal year 2024.

Dividend & Returns

Apyx Medical Corporation (APYX) has a return on equity (ROE) of -113.7%. Negative ROE indicates the company is unprofitable.

Apyx Medical Corporation (APYX) had negative free cash flow of $9.5M in fiscal year 2024, likely due to heavy capital investments.