Revenue growth remains highly volatile, fluctuating between a 15.6% decline in 2024Q1 and a 34.7% surge in 2025Q4, while structural gross margin instability persists with a 2026Q1 margin of 37.4%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 55.9M | 52.84M | 48.1M | 52.35M | 44.51M | 48.52M | 27.71M | 28.23M | 16.69M | 38.88M | 36.63M | 29.52M | 27.68M | 23.66M | 27.67M | 25.41M | 24.23M | 26.95M | 28.1M | 28.78M | 26.68M | 20.21M | 20.5M | 16.55M | 12.45M | 11.48M | 9.94M | 9.6M | 8.44M | 7.37M | 7.49M |
| Revenue Growth % | 18.22% | 9.86% | -8.11% | 17.61% | -8.26% | 75.08% | -1.86% | 69.21% | -57.09% | 6.16% | 24.08% | 6.64% | 16.99% | -14.5% | 8.89% | 4.87% | -10.1% | -4.07% | -2.37% | 7.88% | 31.99% | -1.39% | 23.83% | 32.97% | 8.38% | 15.58% | 3.53% | 13.69% | 14.52% | -1.53% | 35.59% |
| Cost of Goods Sold | 37.86M | 33.81M | 18.74M | 18.59M | 15.38M | 14.92M | 10.21M | 9.14M | 5.89M | 19.12M | 18.71M | 16.96M | 18.69M | 14.46M | 16.34M | 14.68M | 14.24M | 15.1M | 16.25M | 17.46M | 16.08M | 12.65M | 12.51M | 9.43M | 7.19M | 5.72M | 4.6M | 4.59M | 5.27M | 4.14M | 4.13M |
| COGS % of Revenue | - | 63.98% | 38.96% | 35.51% | 34.55% | 30.74% | 36.83% | 32.37% | 35.32% | 49.18% | 51.09% | 57.46% | 67.52% | 61.12% | 59.04% | 57.77% | 58.78% | 56.02% | 57.83% | 60.68% | 60.26% | 62.59% | 61.06% | 57% | 57.77% | 49.85% | 46.26% | 47.81% | 62.48% | 56.15% | 55.23% |
| Gross Profit | 18.04M | 19.03M | 29.36M | 33.76M | 29.13M | 33.6M | 17.5M | 19.09M | 10.79M | 19.76M | 17.91M | 12.56M | 8.99M | 9.2M | 11.33M | 10.73M | 9.99M | 11.85M | 11.85M | 11.32M | 10.6M | 7.56M | 7.98M | 7.12M | 5.26M | 5.76M | 5.34M | 5.01M | 3.17M | 3.23M | 3.35M |
| Gross Margin % | 32.27% | 36.02% | 61.04% | 64.49% | 65.45% | 69.26% | 63.17% | 67.63% | 64.68% | 50.82% | 48.91% | 42.54% | 32.48% | 38.88% | 40.96% | 42.23% | 41.22% | 43.98% | 42.17% | 39.32% | 39.74% | 37.41% | 38.94% | 43% | 42.23% | 50.15% | 53.74% | 52.19% | 37.52% | 43.85% | 44.77% |
| Gross Profit Growth % | - | -35.17% | -13.03% | 15.89% | -13.3% | 91.96% | -8.33% | 76.91% | -45.38% | 10.3% | 42.67% | 39.65% | -2.24% | -18.84% | 5.61% | 7.44% | -15.75% | 0.05% | 4.71% | 6.74% | 40.19% | -5.25% | 12.15% | 35.39% | -8.74% | 7.86% | 6.61% | 58.12% | -2% | -3.55% | 45.36% |
| Operating Expenses | 22.35M | 25.48M | 48.2M | 51.02M | 52.69M | 48.05M | 37.59M | 39.96M | 23.65M | 23.5M | 21.71M | 19.54M | 14.84M | 11.22M | 10.29M | 11.5M | 11.45M | 11.14M | 10.56M | 9.21M | 7.98M | 7.16M | 6.7M | 6.4M | 5.73M | 5.18M | 4.81M | 7.16M | 4.09M | 2.89M | 2.87M |
| OpEx % of Revenue | - | 48.22% | 100.21% | 97.46% | 118.38% | 99.04% | 135.64% | 141.54% | 141.75% | 60.44% | 59.27% | 66.2% | 53.61% | 47.44% | 37.18% | 45.25% | 47.27% | 41.33% | 37.58% | 32% | 29.9% | 35.42% | 32.7% | 38.69% | 46.04% | 45.07% | 48.41% | 74.57% | 48.43% | 39.25% | 38.35% |
| Selling, General & Admin | 31.78M | 36.12M | 43.13M | 48.87M | 48.15M | 43.73M | 33.67M | 36.23M | 21.18M | 21.05M | 19.09M | 17.38M | 13.43M | 9.96M | 8.96M | 10.3M | 9.6M | 9.06M | 8.5M | 7.57M | 6.79M | 6.01M | 5.76M | 5.6M | 4.91M | 4.71M | 3.9M | 6.46M | 1.75M | 0 | 1.34M |
| SG&A % of Revenue | - | 68.35% | 89.65% | 93.35% | 108.18% | 90.13% | 121.49% | 128.32% | 126.95% | 54.13% | 52.12% | 58.89% | 48.5% | 42.11% | 32.37% | 40.54% | 39.62% | 33.6% | 30.24% | 26.29% | 25.45% | 29.74% | 28.08% | 33.86% | 39.46% | 41.04% | 39.25% | 67.27% | 20.76% | - | 17.87% |
| Research & Development | 3.33M | 3.37M | 5.08M | 4.84M | 4.54M | 4.32M | 3.92M | 3.73M | 2.47M | 2.46M | 2.62M | 2.16M | 1.42M | 1.26M | 1.33M | 1.2M | 1.85M | 2.08M | 2.06M | 1.64M | 1.19M | 985.81K | 907.39K | 717.35K | 693.71K | 463.13K | 513.02K | 379.83K | 183.17K | 96.74K | 105.7K |
| R&D % of Revenue | - | 6.38% | 10.56% | 9.25% | 10.21% | 8.91% | 14.15% | 13.21% | 14.8% | 6.31% | 7.15% | 7.32% | 5.12% | 5.33% | 4.8% | 4.71% | 7.65% | 7.73% | 7.33% | 5.71% | 4.45% | 4.88% | 4.43% | 4.33% | 5.57% | 4.03% | 5.16% | 3.96% | 2.17% | 1.31% | 1.41% |
| Other Operating Expenses | 0 | -14.01M | 0 | -2.69M | 0 | 0 | 0 | 0 | -203K | 0 | 0 | 0 | 0 | 0 | 20K | 0 | 0 | 0 | 0 | 0 | 0 | 161.19K | 39.29K | 81.91K | 124.44K | 0 | 396.81K | 321.17K | 2.15M | 2.8M | 1.43M |
| Operating Income | -4.31M | -6.45M | -18.84M | -17.26M | -23.56M | -14.45M | -20.08M | -20.87M | -13.6M | -5.26M | -3.79M | -6.99M | -5.85M | -3.67M | 1.05M | -18K | -2.75M | 714.85K | 1.29M | 2.11M | 2.62M | 403.97K | 1.28M | 712.4K | -473.89K | 583.58K | 529.9K | -2.15M | -920.16K | 339.58K | 480.4K |
| Operating Margin % | -7.7% | -12.2% | -39.18% | -32.97% | -52.94% | -29.78% | -72.47% | -73.91% | -81.51% | -13.54% | -10.35% | -23.67% | -21.13% | -15.49% | 3.78% | -0.07% | -11.36% | 2.65% | 4.6% | 7.32% | 9.84% | 2% | 6.24% | 4.3% | -3.81% | 5.08% | 5.33% | -22.38% | -10.9% | 4.61% | 6.42% |
| Operating Income Growth % | - | 65.79% | -9.19% | 26.75% | -63.08% | 28.06% | 3.77% | -53.45% | -158.31% | -38.84% | 45.72% | -19.44% | -59.55% | -450.48% | 5911.11% | 99.35% | -484.98% | -44.64% | -38.7% | -19.72% | 549.52% | -68.4% | 79.47% | 250.33% | -181.2% | 10.13% | 124.67% | -133.44% | -370.97% | -29.31% | 318.86% |
| EBITDA | -3.62M | -5.79M | -18.25M | -16.57M | -22.67M | -13.54M | -19.2M | -20.11M | -12.93M | -4.57M | -3.06M | -6.17M | -4.97M | -2.84M | 1.9M | 907K | -1.75M | 1.76M | 2.26M | 2.88M | 3.15M | 949.84K | 1.67M | 1.03M | -199.02K | 1.11M | 926.71K | -1.83M | -133.07K | 650.72K | 741K |
| EBITDA Margin % | -6.47% | -10.96% | -37.93% | -31.65% | -50.94% | -27.92% | -69.27% | -71.24% | -77.5% | -11.75% | -8.35% | -20.91% | -17.97% | -12% | 6.88% | 3.57% | -7.21% | 6.55% | 8.06% | 10% | 11.82% | 4.7% | 8.17% | 6.21% | -1.6% | 9.65% | 9.33% | -19.03% | -1.58% | 8.83% | 9.9% |
| EBITDA Growth % | 75.38% | 68.26% | -10.13% | 26.93% | -67.38% | 29.44% | 4.57% | -55.56% | -183.02% | -49.41% | 50.47% | -24.15% | -75.17% | -249.19% | 109.81% | 151.95% | -198.95% | -22.08% | -21.3% | -8.75% | 231.96% | -43.25% | 62.95% | 616.07% | -117.96% | 19.54% | 150.73% | -1272.81% | -120.45% | -12.18% | 1627.84% |
| D&A (Non-Cash Add-back) | 687K | 655K | 599K | 692K | 890K | 903K | 887K | 754K | 669K | 696K | 734K | 812K | 876K | 827K | 857K | 925K | 1.01M | 1.05M | 973.07K | 770.83K | 529.26K | 545.88K | 395.12K | 314.68K | 274.88K | 524.24K | 396.81K | 321.17K | 787.09K | 311.14K | 260.6K |
| EBIT | -3.66M | -6.45M | -17.4M | -18.8M | -22.9M | -14.81M | -19.36M | -19.83M | -14.59M | -13.7M | -3.73M | -5.19M | -13.13M | -5.71M | 1.07M | 269K | -2.24M | 739.21K | 2.84M | 2.11M | 2.62M | 403.97K | 1.27M | 663.46K | -473.89K | 632.06K | 529.9K | 626.03K | -920.16K | 339.58K | 480.4K |
| Net Interest Income | -4.53M | -4.48M | -4.3M | -1.56M | 142K | 1K | 195K | 1.38M | 512K | -136K | -158K | -158K | -151K | -1.44M | -232K | -237K | -223K | -52K | -9.7K | 140.25K | 86.93K | 24.26K | -11.83K | -31.08K | -43.24K | -60.58K | -38.06K | 0 | -99.68K | 0 | -75.8K |
| Interest Income | 1.05M | 1.11M | 1.61M | 921K | 157K | 11K | 241K | 1.39M | 616K | 0 | 0 | 0 | 0 | 7K | 0 | 12K | 0 | 24.36K | 48.76K | 142.72K | 103.09K | 46.96K | 3.26K | 2.98K | 5.21K | 10.11K | 28.75K | 0 | 4.16K | 0 | 0 |
| Interest Expense | 5.58M | 5.59M | 5.91M | 2.48M | 15K | 10K | 46K | 8K | 104K | 136K | 158K | 158K | 151K | 237K | 232K | 249K | 223K | 76.37K | 58.46K | 2.47K | 16.16K | 22.7K | 15.09K | 34.06K | 48.45K | 70.69K | 66.8K | 0 | 103.84K | 0 | 75.8K |
| Other Income/Expense | -4.41M | -4.39M | -4.46M | -4.02M | 651K | -372K | 674K | 1.03M | -1.09M | -8.57M | -94K | 1.64M | -7.44M | -2.29M | -212K | 50K | 290K | -52.01K | 1.49M | 140.25K | 86.93K | 24.26K | -11.83K | -31.08K | -40.87K | -431.47K | 8.79K | 3.25K | -77.88K | -240.39K | -64.8K |
| Pretax Income | -8.71M | -10.84M | -23.31M | -21.28M | -22.91M | -14.82M | -19.41M | -19.84M | -13.27M | -5.22M | -3.89M | -5.34M | -13.29M | -5.95M | 834K | 32K | -2.46M | 662.84K | 2.78M | 2.25M | 2.71M | 428.22K | 1.27M | 681.32K | -514.76K | 200.59K | 538.68K | -2.14M | -998.05K | 99.19K | 415.6K |
| Pretax Margin % | -15.58% | -20.5% | -48.45% | -40.65% | -51.47% | -30.55% | -70.04% | -70.25% | -79.53% | -13.42% | -10.61% | -18.11% | -47.99% | -25.16% | 3.01% | 0.13% | -10.16% | 2.46% | 9.88% | 7.81% | 10.16% | 2.12% | 6.18% | 4.12% | -4.14% | 1.75% | 5.42% | -22.35% | -11.82% | 1.35% | 5.55% |
| Income Tax | 364K | 270K | 252K | -2.43M | 367K | 380K | -7.5M | -130K | -3.78M | -156K | 64K | 25K | 4M | -1.61M | 217K | -77K | -927K | 67.32K | 945.42K | -148.84K | 47.57K | 32.02K | -272.72K | 31.08K | 0 | -211.19K | 29.27K | 35.81K | 0 | 0 | 0 |
| Effective Tax Rate % | -4.18% | -2.49% | -1.08% | 11.43% | -1.6% | -2.56% | 38.66% | 0.66% | 28.46% | 2.99% | -1.65% | -0.47% | -30.09% | 27.1% | 26.02% | -240.63% | 37.65% | 10.16% | 34.04% | -6.62% | 1.75% | 7.48% | -21.53% | 4.56% | 0% | -105.29% | 5.43% | -1.67% | 0% | 0% | 0% |
| Net Income | -9.17M | -11.21M | -23.46M | -18.71M | -23.18M | -15.17M | -11.9M | -19.71M | 64.01M | -5.06M | -3.95M | -5.37M | -17.28M | -4.34M | 617K | 109K | -1.53M | 595.52K | 1.83M | 2.4M | 2.68M | 406.21K | 1.51M | 681.32K | -514.76K | 784.29K | 500.63K | -2.18M | -998.05K | 99.19K | 407.3K |
| Net Margin % | -16.4% | -21.22% | -48.78% | -35.75% | -52.09% | -31.27% | -42.93% | -69.79% | 383.61% | -13.02% | -10.78% | -18.19% | -62.43% | -18.34% | 2.23% | 0.43% | -6.34% | 2.21% | 6.52% | 8.34% | 10.06% | 2.01% | 7.38% | 4.12% | -4.14% | 6.83% | 5.04% | -22.75% | -11.82% | 1.35% | 5.44% |
| Net Income Growth % | 54.24% | 52.22% | -25.38% | 19.28% | -52.81% | -27.54% | 39.63% | -130.79% | 1364.5% | -28.15% | 26.44% | 68.93% | -298.29% | -803.24% | 466.05% | 107.1% | -357.76% | -67.49% | -23.69% | -10.53% | 560.55% | -73.13% | 121.92% | 232.35% | -165.63% | 56.66% | 122.92% | -118.81% | -1106.19% | -75.65% | 364.31% |
| Net Income (Continuing) | -9.08M | -11.11M | -23.56M | -18.85M | -23.28M | -15.2M | -11.91M | -19.71M | -10.78M | -13.68M | -11.55M | -5.37M | -17.28M | -4.34M | 617K | 109K | -1.53M | 595.52K | 1.83M | 2.25M | 2.68M | 406.21K | 1.51M | 632.38K | -514.76K | 784.29K | 500.63K | -2.18M | -998.05K | 99.19K | 415.6K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 256K | 291K | 125K | 221K | 211K | 305K | 138K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 120K | 140K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.22 | -0.27 | -0.66 | -0.54 | -0.67 | -0.44 | -0.35 | -0.58 | 1.86 | -0.16 | -0.14 | -0.19 | -0.97 | -0.25 | 0.03 | 0.01 | -0.09 | 0.03 | 0.11 | 0.13 | 0.16 | 0.03 | 0.09 | 0.05 | -0.04 | 0.06 | 0.04 | -0.16 | -0.07 | 0.01 | 0.05 |
| EPS Growth % | 60.95% | 59.09% | -22.22% | 19.4% | -52.27% | -25.71% | 39.66% | -131.18% | 1262.5% | -14.29% | 26.32% | 80.41% | -288% | -933.33% | 200% | 111.31% | -394.67% | -72.73% | -15.38% | -18.75% | 433.33% | -66.67% | 80% | 240.06% | -159.5% | 50% | 125% | -122.53% | -699.17% | -76% | 348.76% |
| EPS (Basic) | - | -0.27 | -0.66 | -0.54 | -0.67 | -0.44 | -0.35 | -0.58 | 1.93 | -0.16 | -0.14 | -0.22 | -0.98 | -0.25 | 0.04 | 0.01 | -0.09 | 0.04 | 0.11 | 0.15 | 0.19 | 0.03 | 0.11 | 0.05 | -0.04 | 0.06 | 0.04 | -0.16 | -0.07 | 0.01 | 0.05 |
| Diluted Shares Outstanding | 42.16M | 42.16M | 35.54M | 34.62M | 34.52M | 34.33M | 34.21M | 34.07M | 34.37M | 31.43M | 27.45M | 27.75M | 17.76M | 17.67M | 17.79M | 17.67M | 17.37M | 17.84M | 17.09M | 17.68M | 16.91M | 15.75M | 16.8M | 13.63M | 14.41M | 14.76M | 16.07M | 13.88M | 13.88M | 8.44M | 7.66M |
| Basic Shares Outstanding | 42.16M | 42.16M | 35.54M | 34.62M | 34.52M | 34.33M | 34.21M | 34.07M | 33.19M | 31.42M | 27.43M | 24.33M | 17.68M | 17.48M | 17.63M | 17.6M | 17.37M | 16.9M | 16.07M | 15.32M | 14.54M | 13.92M | 13.75M | 13.63M | 13.2M | 13.45M | 13.9M | 13.88M | 13.88M | 8.19M | 7.66M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Persistent operating margin deficits
As reported in recent financial statements, Apyx Medical's revenue growth has exhibited significant quarterly volatility, fluctuating between a 15.6% decline in 2024Q1 and a 34.7% surge in 2025Q4, suggesting that the company's top-line trajectory remains highly sensitive to seasonal demand and potential lumpiness in capital equipment sales.
The inconsistent revenue performance indicates that the company has yet to establish a predictable recurring revenue base sufficient to smooth out the cyclical nature of its aesthetic device business. Investors should monitor whether the recent growth spikes represent sustainable adoption of the Renuvion platform or merely timing-related fluctuations in distributor sell-in.
Based on the provided income statement data, gross margins have oscillated wildly from a low of -10.5% in 2025Q4 to a peak of 64.4% in 2025Q3, reflecting significant underlying challenges in manufacturing efficiency and the potential impact of inventory write-downs or unfavorable product mix shifts.
Such extreme variance in gross profitability suggests that the company's cost of goods sold is not yet optimized for scale, potentially due to high overhead absorption requirements or intermittent supply chain cost pressures. This lack of margin stability complicates the valuation of the business, as it obscures the true unit economics of the core Advanced Energy segment.
According to historical income statement filings, Apyx Medical has struggled to achieve positive operating leverage, as SG&A expenses frequently exceed gross profit, resulting in persistent operating losses that suggest the company's commercial infrastructure is currently too costly relative to the revenue generated by its current installed base.
The inability to scale operating income alongside revenue growth implies that the company's investment in its direct sales force and clinical trials has not yet reached an inflection point of efficiency. Without a meaningful reduction in the ratio of SG&A to revenue, the path to sustained profitability appears increasingly dependent on aggressive top-line expansion.
Analysis of the company's financial history reveals that despite periodic revenue growth, the persistent negative net margins and recurring reliance on capital markets for liquidity raise significant questions regarding the long-term viability of the current business model without a fundamental shift in cost structure or pricing power.
Short-sellers would likely focus on the company's inability to generate consistent positive cash flow, viewing the high SG&A spend as a structural impediment rather than a temporary investment. The risk remains that the company may be forced to dilute shareholders further if it cannot demonstrate a clear, near-term path to operational self-sufficiency.
Quick answers to the most common questions about buying APYX stock.
For fiscal year 2025, Apyx Medical Corporation (APYX) reported total revenue of $52.8M. This represents a 605.9% increase compared to $7.5M in 1996.
Apyx Medical Corporation (APYX) reported a net loss of $11.2M for the fiscal year ending 2025.
Apyx Medical Corporation (APYX) reported an operating income of $-6.4M, resulting in an operating profit margin of -12.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Apyx Medical Corporation (APYX) generated $19.0M in gross profit for the year, representing a gross profit margin of 36.0%. This demonstrates the company's core pricing power and production efficiency.