Q4 2024 Apyx Medical Corp Earnings Call Transcript
Key Points
- Apyx Medical Corp (APYX) reported stronger-than-expected sales in its advanced energy segment, with a 30% growth compared to the sequential third quarter of 2024.
- The company has successfully executed a direct-to-consumer marketing strategy, surpassing media placement goals by 187% and exceeding impressions goals by over 13,000%.
- Apyx Medical Corp (APYX) has submitted its 510(K) for the AYON Body Contouring System to the FDA ahead of schedule, positioning it as a game changer for surgeons.
- The restructuring program announced in November 2024 is expected to result in annualized future cost savings of approximately $4.3 million.
- The company strengthened its balance sheet by completing a registered direct offering with net proceeds of approximately $6.8 million and amending its credit agreement.
- Total revenue for the fourth quarter of 2024 decreased by 3% compared to the same period last year.
- The OEM segment sales decreased by 16% in the fourth quarter of 2024 compared to the previous year.
- International revenue decreased by 8% year over year, indicating challenges in markets outside the United States.
- Cash and cash equivalents decreased from $43.7 million as of December 31, 2023, to $31.7 million as of December 31, 2024.
- The company anticipates OEM revenue to decrease in 2025, returning to more normalized customer ordering and order fulfillment.
Greetings. Welcome to the Apyx Medical fourth quarter and full year 2024 conference call. (Operator Instructions) As a reminder, this conference is being recorded.
It's now my pleasure to introduce Jeremy Feffer with Investor Relations. Jeremy, you may begin.
Thank you and welcome everyone to our fourth quarter and full year 2024 earnings call. Representing the company on the call are Charlie Goodwin, Chief Executive Officer; and Matt Hill, Chief Financial Officer of Apyx.
Before we begin, I would like to remind everyone that our remarks and responses to your questions today may contain forward-looking statements that are based on the current expectations of management and involve inherent risks and uncertainties that could cause actual results to differ materially from those indicated, including without limitation, those identified in the risk factors section of our most recent annual report on Form 10-K, our most recent 10-Q filing, and the company's other filings with the Securities
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