Apyx Medical NASDAQ: APYX reported first quarter 2026 revenue of $12.5 million, up from $9.4 million in the prior-year period, driven primarily by growth in its Surgical Aesthetics business and continued momentum from the company’s AYON body contouring system, which launched commercially in September 2025.
AYON ramp and Surgical Aesthetics growth
Chief Executive Officer Charlie Goodwin said first quarter results reflected “continued strong sales ramp of our AYON body contouring system in the U.S., demand for single-use handpieces worldwide, and increase in Renuvion generator sales internationally.” Surgical Aesthetics revenue rose 36% year over year to $10.7 million.
Goodwin noted the quarter marked the company’s “second full quarter of AYON sales following its full commercial launch in September 2025.” He added that while demand from Apyx’s existing customer base remained strong, the company is also seeing “a steady increase in engagement from new accounts,” which he attributed to rising market awareness and growing confidence in AYON’s capabilities. Goodwin said the company continues to view adoption as early-stage.
During the Q&A, Goodwin clarified that U.S. generator sales declined in part due to how the company is now classifying transactions. When Apyx sells AYON systems, it counts them as AYON sales rather than generator sales, even if the sale includes a generator component for a new customer or an upgrade to the Apyx One console. “We don’t capture those generators separately,” he said. “We count it all as an AYON sale now.”
Goodwin also characterized the AYON rollout as still in its earliest innings. “If we’re looking at AYON sales in the U.S., and this is the baseball game, we’re just in the top of the first inning,” he said.
Power liposuction label expansion expected this quarter
Goodwin said the company anticipates FDA 510(k) clearance “sometime this quarter” for the AYON platform to include power liposuction, which he described as a “core modality in modern body contouring procedures.” He said the expansion would broaden AYON’s functionality by supporting multiple fat-removal modalities on a single platform and expand its addressable customer base.
Following clearance, Apyx plans to implement a limited commercial launch with targeted early adopters to refine training, optimize utilization, and evaluate the customer experience before scaling. Goodwin said the company will take a “disciplined approach” similar to its strategy ahead of AYON’s full launch.
Goodwin told analysts that lack of power-assisted liposuction has been an adoption factor for some surgeons. “There are people that are waiting for power lipo before they get AYON because some doctors do not use ultrasonic liposuction,” he said, adding that the approval would “round out the liposuction capabilities of AYON.”
International momentum and regulatory progress
Apyx highlighted strong international performance in the quarter. Chief Financial Officer Matt Hill said international revenue increased 63% year over year to $4.4 million, while domestic revenue rose 20% to $8.1 million.
Goodwin cited early traction in South Korea following regulatory approval in December 2025. He said the company saw “solid interest around the Apyx One Console and single-use handpieces immediately following our regulatory approval,” adding that initial demand “exceeded expectations.”
On plans to bring AYON outside the U.S., Goodwin said the company is working on registrations in various countries and intends to provide updates as progress is made. “We plan to have AYON registered everywhere in the world at some point in time,” he said. When asked about timing, Goodwin said he could not provide a specific timeline given country-by-country regulatory variability, but outlined priority regions including Europe, Latin America (specifically Brazil and Colombia), the Middle East, and key markets in Asia.
Margins, expenses, and cash position
Hill reported gross profit of $7.9 million, up from $5.7 million a year earlier. Gross margin increased to 63.5% from 60.1%, which Hill attributed primarily to segment mix, with Surgical Aesthetics making up a greater share of sales, as well as product mix within OEM. He said the margin improvement was “partially offset by geographic mix,” with international sales comprising a higher portion of revenue, and by tariffs that began affecting the company in the second half of 2025.
Operating expenses were relatively flat at $8.8 million compared with $8.7 million in the prior-year period. Hill said the change reflected higher selling, general and administrative expenses and salaries, offset by lower research and development and professional services expenses.
Loss from operations narrowed to $0.9 million from $3.1 million. Net loss attributable to stockholders was $2.1 million, or $0.05 per share, compared with $4.2 million, or $0.10 per share, a year earlier. Adjusted EBITDA loss improved to $0.3 million from an Adjusted EBITDA loss of $2.4 million.
Cash used in operating activities was $0.6 million, compared with $0.7 million in the prior-year period. As of March 31, 2026, Apyx had $31.1 million in cash and cash equivalents. Hill said the company believes its projections, including AYON uptake, working capital management, and cost controls, “will yield cash through 2027.”
Raised 2026 guidance and commentary on demand drivers
Apyx raised its full-year 2026 revenue outlook. Hill said the company now expects total revenue of $59 million to $60 million, up from prior guidance of $57.5 million to $58.5 million. The updated forecast compares with $52.8 million reported for full-year 2025.
- Surgical Aesthetics revenue: $54 million to $55 million (previously $53 million to $54 million), compared with approximately $45.3 million in 2025.
- OEM revenue: approximately $5 million (previously $4.5 million), compared with approximately $7.5 million in 2025.
- Gross margin: approximately 62% to 63% depending on product and geographic mix.
- Operating expenses: not to exceed $45 million.
Hill noted that while OEM revenue increased in the quarter to $1.8 million from $1.5 million due to higher volume with existing customers, the company expects OEM revenue to decrease for the year and over time as Apyx focuses on Surgical Aesthetics.
Management also discussed demand trends tied to GLP-1 weight-loss drugs. Goodwin said the company believes rapid GLP-1 adoption is creating a growing need for solutions to treat loose and lax skin after weight loss, and that Renuvion and AYON are positioned to address that need in surgical body contouring. When asked about current procedure demand amid macro and geopolitical concerns, Goodwin said, “From a demand perspective, we’re still seeing patients coming into practices and wanting these procedures.”
On tariffs, Goodwin said the company assumed tariffs would remain in place through the rest of the year and that they are reflected in guidance. He added that Apyx’s manufacturing footprint in Sofia, Bulgaria and Clearwater, Florida has helped the company “minimize the tariff impact so far.”
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.
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