What is Apyx Medical's operating income?

Apyx Medical's total operating income in 2025 was -$6.45 million, based on the following breakdown: Total Gross Profit: $33.04 million Total Operating Expenses: $25.48 million

Apyx Medical (APYX) Financials

$3.92 0.00 (0.00%)

Closing price 07/24/2026 04:00 PM Eastern

Extended Trading

$3.92 0.00 (0.00%)

As of 07/24/2026 07:34 PM Eastern

Compare

Annual Income Statements for Apyx Medical

This table shows Apyx Medical's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	8.36	-3.95	-5.06	63	-20	-12	-15	-23	-19	-23	-11
Consolidated Net Income / (Loss)	-5.37	-12	-5.06	63	-20	-12	-15	-23	-19	-24	-11
Net Income / (Loss) Continuing Operations	-5.37	-12	-14	-11	-20	-12	-15	-23	-19	-24	-11
Total Pre-Tax Income	-5.35	-11	-14	-15	-20	-19	-15	-23	-21	-23	-11
Total Operating Income	-6.99	-11	-14	-14	-21	-20	-14	-24	-17	-19	-6.45
Total Gross Profit	13	5.12	6.96	11	19	18	34	29	34	29	33
Total Revenue	30	8.82	10	17	28	28	49	45	52	48	53
Operating Revenue	30	8.82	10	17	28	28	49	45	52	48	53
Total Cost of Revenue	17	3.70	3.28	5.78	9.14	10	15	15	38	36	34
Operating Cost of Revenue	17	3.70	3.28	5.78	9.14	10	15	15	38	36	34
Total Operating Expenses	20	17	21	25	40	38	48	53	32	31	25
Selling, General & Admin Expense	17	15	17	22	22	19	26	30	29	26	22
Research & Development Expense	2.16	1.03	1.94	2.55	3.73	3.92	4.32	4.54	5.44	5.08	3.37
Total Other Income / (Expense), net	1.64	-0.09	0.05	-0.42	1.03	0.67	-0.37	0.65	-4.02	-4.46	-4.39
Interest Expense	0.16	0.16	0.14	0.10	0.01	0.05	0.01	0.02	5.57	5.91	5.59
Interest & Investment Income	-	0.00	0.00	0.62	1.39	0.24	0.01	0.16	0.92	1.61	1.11
Other Income / (Expense), net	1.80	0.06	0.18	-0.93	-0.35	0.48	-0.37	0.51	0.62	-0.16	0.09
Income Tax Expense	0.03	0.06	-0.16	-3.91	-0.13	-7.50	0.38	0.37	-2.43	0.25	0.27
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	-	0.00	-0.01	-0.03	-0.09	-0.14	-0.10	0.11
Basic Earnings per Share	$0.34	($0.14)	($0.16)	$1.89	($0.58)	($0.35)	($0.44)	($0.67)	($0.54)	($0.66)	($0.27)
Weighted Average Basic Shares Outstanding	24.33M	27.43M	31.42M	33.19M	34.07M	34.21M	34.33M	34.52M	34.62M	35.54M	41.10M
Weighted Average Diluted Shares Outstanding	27.75M	27.45M	31.43M	34.37M	34.07M	34.21M	34.33M	34.52M	34.64M	37.79M	41.83M
Weighted Average Basic & Diluted Shares Outstanding	24.60M	28.20M	29.80M	34.04M	34.07M	34.21M	34.43M	34.60M	34.64M	37.79M	41.83M

This table shows Apyx Medical's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-4.63	-9.61	-7.58	-6.56	-4.70	-4.63	-4.15	-3.78	-1.98	-1.30	-2.11
Consolidated Net Income / (Loss)	-4.68	-9.62	-7.59	-6.59	-4.72	-4.66	-4.17	-3.74	-1.96	-1.24	-2.14
Net Income / (Loss) Continuing Operations	-4.68	-9.62	-7.59	-6.59	-4.72	-4.66	-4.17	-3.74	-1.96	-1.24	-2.14
Total Pre-Tax Income	-4.99	-9.54	-7.54	-6.54	-4.66	-4.57	-4.12	-3.69	-1.88	-1.15	-2.00
Total Operating Income	-4.64	-5.78	-6.62	-5.55	-3.64	-3.05	-3.05	-2.57	-0.83	0.01	-0.91
Total Gross Profit	7.98	8.93	5.95	7.49	6.95	8.96	5.67	7.08	8.30	12	7.93
Total Revenue	12	15	10	12	11	14	9.43	11	13	19	12
Operating Revenue	12	15	10	12	11	14	9.43	11	13	19	12
Total Cost of Revenue	8.53	20	8.99	9.34	8.04	9.73	6.85	7.36	7.77	12	7.82
Operating Cost of Revenue	8.53	20	8.99	9.34	8.04	9.73	6.85	7.36	7.77	12	7.82
Total Operating Expenses	8.08	0.20	7.87	8.36	7.08	7.55	5.64	6.59	5.94	7.32	5.58
Selling, General & Admin Expense	6.67	8.59	6.47	6.93	5.94	6.43	4.83	5.76	5.14	6.38	4.82
Research & Development Expense	1.41	1.40	1.40	1.42	1.14	1.12	0.80	0.82	0.80	0.94	0.77
Total Other Income / (Expense), net	-0.36	-3.76	-0.92	-0.99	-1.03	-1.52	-1.07	-1.12	-1.05	-1.16	-1.09
Interest Expense	0.59	4.20	1.40	1.43	1.43	1.65	1.38	1.39	1.41	1.41	1.37
Interest & Investment Income	0.25	0.44	0.50	0.44	0.38	0.29	0.30	0.28	0.29	0.23	0.24
Other Income / (Expense), net	-0.02	-	-0.02	-0.00	0.02	-0.16	0.00	0.00	0.08	0.02	0.04
Income Tax Expense	-0.32	0.09	0.05	0.05	0.06	0.09	0.05	0.05	0.08	0.09	0.14
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.05	-0.02	-0.01	-0.03	-0.02	-0.03	-0.02	0.04	0.03	0.06	-0.04
Basic Earnings per Share	($0.13)	($0.28)	($0.22)	($0.19)	($0.14)	($0.11)	($0.10)	($0.09)	($0.05)	($0.03)	($0.05)
Weighted Average Basic Shares Outstanding	34.64M	34.62M	34.64M	34.64M	34.64M	35.54M	37.79M	37.82M	38.24M	41.10M	41.87M
Weighted Average Diluted Shares Outstanding	34.64M	34.64M	34.64M	34.64M	34.64M	37.79M	37.79M	37.82M	38.24M	41.83M	41.87M
Weighted Average Basic & Diluted Shares Outstanding	34.64M	34.64M	34.64M	34.64M	34.64M	37.79M	37.79M	37.82M	38.24M	41.83M	41.87M

This table details how cash moves in and out of Apyx Medical's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	6.07	2.59	-4.57	5.93	42	-17	-11	-21	33	-12	-0.00
Net Cash From Operating Activities	-5.79	-2.84	-3.70	-21	-18	-16	-10	-20	-5.25	-18	-8.00
Net Cash From Continuing Operating Activities	-5.79	-2.84	-3.70	-21	-18	-16	-10	-20	-5.25	-18	-8.00
Net Income / (Loss) Continuing Operations	-5.37	-3.95	-5.06	63	-20	-12	-15	-23	-19	-24	-11
Consolidated Net Income / (Loss)	-5.37	-3.95	-5.06	63	-20	-12	-15	-23	-19	-24	-11
Depreciation Expense	0.81	0.73	0.70	0.67	0.75	0.89	0.90	0.89	0.69	0.60	0.66
Non-Cash Adjustments To Reconcile Net Income	1.08	1.26	1.06	-66	3.80	5.21	5.69	7.33	7.37	6.16	4.04
Changes in Operating Assets and Liabilities, net	-2.31	-0.88	-0.39	-18	-3.32	-10	-1.84	-5.22	5.54	-1.25	-1.59
Net Cash From Investing Activities	-0.92	-0.29	-0.62	29	61	-0.58	-0.72	-1.01	6.73	-0.72	-1.11
Net Cash From Continuing Investing Activities	-0.92	-0.29	-0.62	29	61	-0.58	-0.72	-1.01	6.73	-0.72	-1.11
Purchase of Property, Plant & Equipment	-0.42	-0.29	-0.62	-0.36	-1.30	-0.58	-0.72	-1.01	-0.53	-0.72	-1.11
Net Cash From Financing Activities	13	5.71	-0.24	-2.49	0.15	-0.07	0.02	0.22	32	6.75	9.58
Net Cash From Continuing Financing Activities	13	5.71	-0.24	-2.49	0.15	-0.07	0.02	0.22	32	6.75	9.58
Repayment of Debt	-0.24	-0.24	-0.24	-2.69	0.00	-0.14	-0.24	0.00	-14	-0.01	0.00
Repurchase of Common Equity	-	-	-	-	-	-	-	-	0.00	-0.22	-0.25
Issuance of Common Equity	12	5.83	-	-	0.00	0.15	0.20	0.00	2.78	7.00	9.36
Other Financing Activities, net	1.49	0.12	0.00	0.20	0.15	-0.08	0.07	0.22	0.09	-0.02	0.47
Other Net Changes in Cash	-	-	-	-	-	-	-	-	-	-	-0.47
Cash Interest Paid	0.16	0.16	0.14	0.10	0.01	0.05	0.01	0.02	1.94	4.75	4.64
Cash Income Taxes Paid	-	0.03	0.03	13	0.33	0.08	0.11	0.13	0.33	0.38	0.26

This table details how cash moves in and out of Apyx Medical's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	3.66	22	-6.37	-4.60	-4.67	3.73	-0.73	-1.71	-4.17	6.61	-0.60
Net Cash From Operating Activities	3.70	-2.21	-6.34	-4.33	-4.44	-2.94	-0.70	-1.23	-3.54	-2.53	-0.57
Net Cash From Continuing Operating Activities	3.70	-2.21	-6.34	-4.33	-4.44	-2.94	-0.70	-1.23	-3.54	-2.53	-0.57
Net Income / (Loss) Continuing Operations	-4.68	-9.62	-7.59	-6.59	-4.72	-4.66	-4.17	-3.74	-1.96	-1.24	-2.14
Consolidated Net Income / (Loss)	-4.68	-9.62	-7.59	-6.59	-4.72	-4.66	-4.17	-3.74	-1.96	-1.24	-2.14
Depreciation Expense	0.19	0.15	0.16	0.16	0.14	0.14	0.14	0.13	0.16	0.22	0.20
Non-Cash Adjustments To Reconcile Net Income	1.95	5.01	1.41	1.40	1.38	1.97	0.74	1.08	0.97	1.25	0.58
Changes in Operating Assets and Liabilities, net	6.24	2.25	-0.32	0.70	-1.24	-0.39	2.59	1.29	-2.72	-2.76	0.79
Net Cash From Investing Activities	-0.17	-0.09	-0.04	-0.29	-0.15	-0.25	-0.06	-0.27	-0.52	-0.28	-0.06
Net Cash From Continuing Investing Activities	-0.17	-0.09	-0.04	-0.29	-0.15	-0.25	-0.06	-0.27	-0.52	-0.28	-0.06
Purchase of Property, Plant & Equipment	-0.17	-0.09	-0.04	-0.29	-0.15	-0.25	-0.06	-0.27	-0.52	-0.28	-0.06
Net Cash From Financing Activities	0.16	24	-0.01	-0.01	-0.01	6.76	0.03	0.03	0.05	9.49	0.08
Net Cash From Continuing Financing Activities	0.16	24	-0.01	-0.01	-0.01	6.76	0.03	0.03	0.05	9.49	0.08
Issuance of Common Equity	0.15	2.05	0.00	-	-	7.00	0.03	0.03	-	9.30	0.00
Other Financing Activities, net	0.02	0.03	-0.01	-0.01	-0.01	-0.01	0.00	-0.01	0.05	0.43	0.08
Effect of Exchange Rate Changes	-0.03	-	0.01	0.02	-0.07	0.15	-	-0.24	-0.16	-	-0.05
Cash Interest Paid	0.40	1.10	1.18	1.20	1.21	1.17	1.15	1.16	1.17	1.16	1.13
Cash Income Taxes Paid	0.03	0.07	0.01	0.17	0.03	0.17	0.00	0.08	0.00	0.18	0.00

This table presents Apyx Medical's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	31	35	31	96	85	74	69	52	79	65	67
Total Current Assets	22	27	23	90	77	66	61	43	70	56	58
Cash & Equivalents	12	14	9.95	17	59	42	31	10	44	32	32
Accounts Receivable	2.93	4.73	4.86	5.08	9.22	9.67	14	11	14	15	17
Inventories, net	5.96	6.16	4.27	5.30	5.07	4.05	6.78	12	9.92	7.56	8.60
Prepaid Expenses	0.52	0.41	0.43	1.18	3.21	2.80	1.93	2.74	2.76	1.66	1.35
Plant, Property, & Equipment, net	6.81	6.45	6.03	5.79	6.62	6.54	6.58	6.76	1.92	1.99	2.37
Total Noncurrent Assets	2.60	2.12	2.41	0.31	1.39	1.48	1.41	2.04	6.96	6.42	6.00
Noncurrent Note & Lease Receivables	-	-	-	-	0.65	0.44	0.18	0.12	0.07	0.05	0.03
Other Noncurrent Operating Assets	0.55	0.21	0.16	0.11	0.74	1.04	1.23	1.93	6.89	6.37	5.97
Total Liabilities & Shareholders' Equity	31	35	31	96	85	74	69	52	79	65	67
Total Liabilities	8.04	8.89	8.96	8.75	13	10	15	14	52	51	52
Total Current Liabilities	4.12	5.27	5.97	8.61	12	9.15	13	12	13	11	12
Accounts Payable	1.21	1.61	1.58	1.42	2.58	1.51	2.63	2.67	2.71	2.62	3.06
Accrued Expenses	2.67	3.43	1.90	6.48	9.40	7.28	10	8.93	9.66	7.75	8.21
Other Current Liabilities	-	-	-	0.70	0.34	0.36	0.29	0.25	0.37	0.36	0.43
Total Noncurrent Liabilities	3.92	3.62	2.98	0.14	1.18	1.10	1.51	2.13	40	40	40
Long-Term Debt	3.07	2.83	2.46	-	-	-	-	0.00	33	34	35
Noncurrent Deferred Revenue	0.02	0.01	-	-	-	0.62	1.32	1.41	1.25	1.12	1.05
Other Noncurrent Operating Liabilities	0.27	0.20	0.02	0.00	1.18	0.48	0.18	0.72	5.15	4.78	4.41
Total Equity & Noncontrolling Interests	23	26	22	87	71	64	54	38	27	14	15
Total Preferred & Common Equity	23	26	22	87	71	64	54	38	27	14	15
Preferred Stock	0.00	0.00	-	-	-	-	0.00	0.00	0.00	0.00	0.00
Total Common Equity	23	26	22	87	71	64	54	38	27	14	15
Common Stock	43	50	51	53	57	61	66	73	81	92	104
Retained Earnings	-19	-23	-28	34	15	2.62	-13	-36	-54	-78	-89
Noncontrolling Interest	-	-	-	-	0.00	0.14	0.31	0.21	0.22	0.13	0.29

This table presents Apyx Medical's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	59	71	65	61	60	58	57	63
Total Current Assets	50	62	57	52	52	50	49	55
Cash & Equivalents	22	37	33	28	31	29	25	31
Accounts Receivable	13	12	13	13	12	11	13	13
Inventories, net	11	9.80	9.32	9.00	7.69	8.19	9.15	9.54
Prepaid Expenses	3.49	2.36	1.96	2.11	1.51	1.17	1.51	1.37
Plant, Property, & Equipment, net	2.09	1.78	1.92	1.91	1.91	2.05	2.39	2.24
Total Noncurrent Assets	7.20	7.01	6.81	6.66	6.40	6.23	6.19	6.00
Noncurrent Note & Lease Receivables	0.07	0.06	0.06	0.05	0.04	0.04	0.03	0.02
Other Noncurrent Operating Assets	7.13	6.94	6.75	6.61	6.36	6.19	6.15	5.97
Total Liabilities & Shareholders' Equity	59	71	65	61	60	58	57	63
Total Liabilities	26	50	50	50	50	51	51	50
Total Current Liabilities	10	11	11	9.56	9.51	11	11	9.45
Accounts Payable	2.05	2.10	2.35	1.91	2.31	2.89	3.22	2.63
Accrued Expenses	7.91	8.08	7.96	7.29	6.83	7.28	7.34	6.38
Other Current Liabilities	0.33	0.38	0.33	0.35	0.37	0.40	0.41	0.44
Total Noncurrent Liabilities	16	40	40	40	40	40	40	40
Long-Term Debt	9.01	33	34	34	34	34	35	35
Noncurrent Deferred Revenue	1.33	1.25	1.27	1.27	1.19	1.19	1.22	1.13
Other Noncurrent Operating Liabilities	5.23	5.04	4.93	4.85	4.69	4.61	4.48	4.27
Total Equity & Noncontrolling Interests	34	20	15	11	11	7.46	6.08	13
Total Preferred & Common Equity	33	20	15	11	11	7.25	5.85	13
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	33	20	15	11	11	7.25	5.85	13
Common Stock	78	82	83	84	93	93	94	104
Retained Earnings	-45	-62	-69	-73	-82	-86	-88	-91
Noncontrolling Interest	0.24	0.21	0.18	0.16	0.13	0.20	0.23	0.26

This table displays calculated financial ratios and metrics derived from Apyx Medical's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	27,194,251.00	27,373,668.00	32,860,785.00	66,407,034.00	34,168,230.00	34,274,771.00	34,343,750.00	34,597,822.00	34,643,855.00	34,643,886.00	38,241,905.00
DEI Adjusted Shares Outstanding	27,194,251.00	27,373,668.00	32,860,785.00	66,407,034.00	34,168,230.00	34,274,771.00	34,343,750.00	34,597,822.00	34,643,855.00	34,643,886.00	38,241,905.00
DEI Earnings Per Adjusted Shares Outstanding	0.31	-0.14	-0.15	0.94	-0.58	-0.35	-0.44	-0.67	-0.54	-0.68	-0.29
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.64%	-70.13%	16.04%	62.25%	70.04%	-1.86%	75.08%	-8.26%	17.61%	-8.11%	9.86%
EBITDA Growth	64.31%	-142.15%	-22.77%	-11.75%	-40.81%	8.55%	25.64%	-59.24%	28.06%	-15.44%	69.04%
EBIT Growth	60.51%	-118.39%	-20.96%	-10.95%	-39.58%	7.62%	24.40%	-55.54%	27.83%	-14.24%	66.57%
NOPAT Growth	-19.44%	-63.07%	-21.88%	-2.82%	-46.18%	3.77%	28.06%	-63.08%	26.75%	-9.19%	65.79%
Net Income Growth	68.93%	-115.08%	56.17%	1,339.02%	-131.42%	39.58%	-27.67%	-53.14%	19.02%	-24.98%	52.86%
EPS Growth	123.30%	-162.50%	-13.33%	1,176.47%	-131.69%	39.66%	-25.71%	-52.27%	0.00%	0.00%	0.00%
Operating Cash Flow Growth	-1,287.53%	50.97%	-30.56%	-463.74%	11.52%	13.04%	34.96%	-94.09%	74.12%	-243.82%	55.67%
Free Cash Flow Firm Growth	-258.67%	54.47%	2.13%	11.26%	-160.29%	-30.87%	51.99%	-85.31%	95.54%	-1,313.82%	54.89%
Invested Capital Growth	854.75%	-0.09%	-13.70%	-25.37%	37.44%	76.30%	5.45%	19.28%	-40.38%	0.19%	8.81%
Revenue Q/Q Growth	2.89%	-75.11%	305.31%	10,612.90%	9.87%	12.51%	12.42%	-8.65%	4.08%	-0.91%	10.32%
EBITDA Q/Q Growth	-95.31%	-170.26%	1.01%	12.31%	-0.63%	18.27%	-0.20%	-22.87%	0.93%	12.19%	36.79%
EBIT Q/Q Growth	-67.81%	-143.25%	1.03%	11.47%	-0.63%	17.65%	-0.22%	-21.62%	1.18%	11.89%	33.76%
NOPAT Q/Q Growth	5.94%	-177.79%	4.37%	13.22%	-0.61%	16.29%	2.44%	-21.95%	0.90%	12.65%	32.18%
Net Income Q/Q Growth	41.32%	-138.74%	59.05%	-52.12%	76.36%	24.68%	-3.25%	-21.09%	-23.28%	17.41%	23.54%
EPS Q/Q Growth	14.29%	55.88%	-6.25%	122.59%	0.00%	0.00%	-4.76%	-19.64%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	-26.69%	14.39%	25.61%	-892.44%	44.47%	12.21%	10.54%	-30.54%	30.63%	-4.19%	4.84%
Free Cash Flow Firm Q/Q Growth	-36.58%	-193.20%	33.57%	-175.89%	47.87%	-2.45%	15.16%	-22.21%	82.25%	-13.24%	-15.41%
Invested Capital Q/Q Growth	1.91%	2.98%	-20.28%	267.52%	-14.75%	5.51%	-2.62%	0.79%	-19.58%	-3.23%	15.35%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	42.54%	58.01%	67.99%	65.20%	67.63%	63.17%	69.26%	65.45%	64.49%	61.04%	62.53%
EBITDA Margin	-14.82%	-120.13%	-127.09%	-87.53%	-72.48%	-67.54%	-28.69%	-49.79%	-30.46%	-38.27%	-10.78%
Operating Margin	-23.67%	-129.18%	-135.68%	-85.97%	-73.91%	-72.47%	-29.78%	-52.94%	-32.97%	-39.18%	-12.20%
EBIT Margin	-17.57%	-128.45%	-133.89%	-91.56%	-75.15%	-70.74%	-30.55%	-51.79%	-31.78%	-39.51%	-12.02%
Profit (Net Income) Margin	-18.19%	-130.97%	-49.46%	377.71%	-69.79%	-42.96%	-31.33%	-52.30%	-36.01%	-48.98%	-21.01%
Tax Burden Percent	100.47%	100.56%	36.58%	-426.92%	99.34%	61.34%	102.56%	101.60%	88.57%	101.08%	102.49%
Interest Burden Percent	103.05%	101.39%	100.99%	96.63%	93.48%	99.01%	99.99%	99.38%	127.92%	122.63%	170.52%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-62.91%	-56.69%	-74.21%	-94.32%	-135.87%	-81.75%	-44.87%	-65.01%	-54.85%	-80.09%	-26.21%
ROIC Less NNEP Spread (ROIC-NNEP)	-52.66%	-23.42%	-116.43%	-259.54%	-128.43%	-86.03%	-30.89%	-31.97%	10.68%	169.28%	-276.84%
Return on Net Nonoperating Assets (RNNOA)	19.79%	10.14%	53.23%	209.18%	111.00%	64.13%	19.08%	14.30%	-3.41%	-34.12%	-49.94%
Return on Equity (ROE)	-43.12%	-46.55%	-20.98%	114.86%	-24.88%	-17.62%	-25.79%	-50.71%	-58.26%	-114.21%	-76.15%
Cash Return on Invested Capital (CROIC)	-224.98%	-56.60%	-59.50%	-65.27%	-167.41%	-136.98%	-50.17%	-82.60%	-4.25%	-80.28%	-34.65%
Operating Return on Assets (OROA)	-18.43%	-34.04%	-41.46%	-23.96%	-23.49%	-24.68%	-20.75%	-38.26%	-25.40%	-26.38%	-9.65%
Return on Assets (ROA)	-19.08%	-34.71%	-15.32%	98.84%	-21.81%	-14.99%	-21.28%	-38.64%	-28.78%	-32.70%	-16.87%
Return on Common Equity (ROCE)	-43.12%	-46.54%	-20.98%	114.86%	-24.88%	-17.61%	-25.69%	-50.43%	-57.87%	-113.25%	-75.06%
Return on Equity Simple (ROE_SIMPLE)	-22.94%	-44.05%	-22.98%	71.94%	-27.65%	-18.68%	-28.30%	-61.94%	-70.60%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-4.89	-7.97	-9.72	-9.99	-15	-14	-10	-16	-12	-13	-4.51
NOPAT Margin	-16.57%	-90.42%	-94.97%	-60.18%	-51.74%	-50.73%	-20.85%	-37.06%	-23.08%	-27.42%	-8.54%
Net Nonoperating Expense Percent (NNEP)	-10.25%	-33.27%	42.23%	165.22%	-7.45%	4.27%	-13.98%	-33.05%	-65.53%	-249.37%	250.63%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-20.10%	-27.35%	-9.08%
Cost of Revenue to Revenue	57.46%	41.99%	32.01%	34.80%	32.37%	36.83%	30.74%	34.55%	71.88%	75.04%	63.98%
SG&A Expenses to Revenue	58.89%	175.47%	169.81%	131.36%	78.65%	68.70%	54.01%	66.34%	55.83%	53.58%	41.83%
R&D to Revenue	7.32%	11.71%	18.97%	15.35%	13.21%	14.15%	8.91%	10.21%	10.39%	10.56%	6.38%
Operating Expenses to Revenue	66.20%	187.19%	203.66%	151.17%	141.54%	135.64%	99.04%	118.38%	61.08%	64.14%	48.22%
Earnings before Interest and Taxes (EBIT)	-5.19	-11	-14	-15	-21	-20	-15	-23	-17	-19	-6.35
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-4.38	-11	-13	-15	-20	-19	-14	-22	-16	-18	-5.70
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.44	3.75	3.88	2.47	4.06	3.87	8.20	2.15	3.40	3.85	9.21
Price to Tangible Book Value (P/TBV)	2.67	4.04	3.92	2.47	4.06	3.87	8.20	2.15	3.40	3.85	9.21
Price to Revenue (P/Rev)	1.93	11.14	8.35	12.96	10.24	8.91	9.07	1.82	1.73	1.14	2.53
Price to Earnings (P/E)	6.83	0.00	0.00	3.43	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	14.65%	0.00%	0.00%	29.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	3.40	6.12	6.38	15.12	18.50	9.34	17.71	2.57	4.89	3.46	7.65
Enterprise Value to Revenue (EV/Rev)	1.62	9.76	7.57	8.24	8.15	7.40	8.44	1.59	1.54	1.19	2.60
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.14	0.12	0.12	0.00	0.00	0.00	0.00	0.00	1.23	2.36	2.35
Long-Term Debt to Equity	0.13	0.11	0.11	0.00	0.00	0.00	0.00	0.00	1.23	2.36	2.35
Financial Leverage	-0.38	-0.43	-0.46	-0.81	-0.86	-0.75	-0.62	-0.45	-0.32	-0.20	0.18
Leverage Ratio	2.26	1.34	1.37	1.16	1.14	1.18	1.21	1.31	2.02	3.49	4.51
Compound Leverage Factor	2.33	1.36	1.38	1.12	1.07	1.16	1.21	1.30	2.59	4.28	7.70
Debt to Total Capital	12.40%	10.49%	10.90%	0.00%	0.00%	0.00%	0.00%	0.00%	55.21%	70.28%	70.15%
Short-Term Debt to Total Capital	0.89%	0.82%	0.97%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	11.51%	9.67%	9.93%	0.00%	0.00%	0.00%	0.00%	0.00%	55.21%	70.28%	70.15%
Preferred Equity to Total Capital	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.22%	0.56%	0.56%	0.37%	0.26%	0.59%
Common Equity to Total Capital	87.59%	89.51%	89.10%	100.00%	100.00%	99.78%	99.44%	99.44%	44.42%	29.46%	29.27%
Debt to EBITDA	-0.76	-0.29	-0.21	0.00	0.00	0.00	0.00	0.00	-2.08	-1.84	-6.11
Net Debt to EBITDA	2.13	1.15	0.61	0.00	0.00	0.00	0.00	0.00	0.66	-0.12	-0.55
Long-Term Debt to EBITDA	-0.70	-0.27	-0.19	0.00	0.00	0.00	0.00	0.00	-2.08	-1.84	-6.11
Debt to NOPAT	-0.68	-0.39	-0.28	0.00	0.00	0.00	0.00	0.00	-2.75	-2.57	-7.72
Net Debt to NOPAT	1.91	1.53	0.82	0.00	0.00	0.00	0.00	0.00	0.87	-0.16	-0.69
Long-Term Debt to NOPAT	-0.63	-0.36	-0.25	0.00	0.00	0.00	0.00	0.00	-2.75	-2.57	-7.72
Altman Z-Score	4.47	5.61	3.95	15.92	13.52	14.92	18.52	2.62	0.92	-0.41	0.99
Noncontrolling Interest Sharing Ratio	0.01%	0.01%	0.00%	0.00%	0.00%	0.10%	0.38%	0.56%	0.67%	0.84%	1.43%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	5.35	5.03	3.77	10.43	6.23	7.22	4.60	3.63	5.52	5.26	5.00
Quick Ratio	3.57	3.64	2.48	9.68	5.53	5.64	3.36	1.76	4.53	4.40	4.15
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-17	-7.96	-7.79	-6.92	-18	-24	-11	-21	-0.94	-13	-5.97
Operating Cash Flow to CapEx	-1,374.35%	-991.96%	-593.59%	-5,752.34%	-1,420.06%	-2,765.23%	-1,445.23%	-2,007.92%	0.00%	-2,499.58%	-718.22%
Free Cash Flow to Firm to Interest Expense	-110.69	-50.39	-57.30	-66.49	-2,249.91	-512.07	-1,130.86	-1,397.03	-0.17	-2.24	-1.07
Operating Cash Flow to Interest Expense	-36.62	-17.96	-27.24	-200.78	-2,309.38	-349.26	-1,044.90	-1,352.00	-0.94	-3.06	-1.43
Operating Cash Flow Less CapEx to Interest Expense	-39.28	-19.77	-31.82	-204.27	-2,472.00	-361.89	-1,117.20	-1,419.33	0.27	-3.18	-1.63
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.05	0.27	0.31	0.26	0.31	0.35	0.68	0.74	0.80	0.67	0.80
Accounts Receivable Turnover	12.01	2.30	2.13	3.34	3.95	2.93	4.18	3.68	4.23	3.26	3.28
Inventory Turnover	2.90	0.61	0.63	1.21	1.76	2.24	2.75	1.66	3.47	4.13	4.18
Fixed Asset Turnover	4.29	1.33	1.64	2.81	4.55	4.21	7.40	6.68	12.07	24.66	24.25
Accounts Payable Turnover	12.26	2.63	2.05	3.85	4.57	4.99	7.20	5.80	13.99	13.55	11.92
Days Sales Outstanding (DSO)	30.40	158.47	171.02	109.21	92.43	124.43	87.25	99.32	86.19	111.94	111.40
Days Inventory Outstanding (DIO)	125.70	597.08	581.15	302.25	206.94	163.05	132.49	220.43	105.34	88.42	87.26
Days Payable Outstanding (DPO)	29.77	138.98	177.65	94.93	79.88	73.11	50.68	62.89	26.10	26.93	30.62
Cash Conversion Cycle (CCC)	126.33	616.57	574.51	316.54	219.49	214.37	169.07	256.85	165.43	173.42	168.04
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	14	14	12	9.06	12	22	23	28	16	16	18
Invested Capital Turnover	3.80	0.63	0.78	1.57	2.63	1.61	2.15	1.75	2.38	2.92	3.07
Increase / (Decrease) in Invested Capital	13	-0.01	-1.93	-3.08	3.39	9.50	1.20	4.46	-11	0.03	1.45
Enterprise Value (EV)	48	86	77	137	230	205	410	71	81	57	137
Market Capitalization	57	98	85	215	289	247	440	81	91	55	134
Book Value per Share	$0.86	$0.96	$0.67	$2.63	$2.09	$1.86	$1.56	$1.09	$0.77	$0.41	$0.38
Tangible Book Value per Share	$0.79	$0.89	$0.66	$2.62	$2.09	$1.86	$1.56	$1.09	$0.77	$0.41	$0.38
Total Capital	27	29	25	87	71	64	54	38	60	48	50
Total Debt	3.31	3.07	2.69	0.00	0.00	0.00	0.00	0.00	33	34	35
Total Long-Term Debt	3.07	2.83	2.46	0.00	0.00	0.00	0.00	0.00	33	34	35
Net Debt	-9.33	-12	-7.97	-78	-59	-42	-31	-10	-10	2.15	3.11
Capital Expenditures (CapEx)	0.42	0.29	0.62	0.36	1.30	0.58	0.72	1.01	-6.73	0.72	1.11
Debt-free, Cash-free Net Working Capital (DFCFNWC)	5.52	6.27	6.15	2.95	5.61	15	17	21	14	14	15
Debt-free Net Working Capital (DFNWC)	18	22	17	81	64	57	48	31	58	46	47
Net Working Capital (NWC)	18	21	17	81	64	57	48	31	58	46	47
Net Nonoperating Expense (NNE)	0.48	3.58	-4.66	-73	5.10	-2.15	5.09	6.78	6.77	10	6.59
Net Nonoperating Obligations (NNO)	-9.33	-12	-9.90	-78	-59	-42	-31	-10	-10	2.15	3.11
Total Depreciation and Amortization (D&A)	0.81	0.73	0.70	0.67	0.75	0.89	0.90	0.89	0.69	0.60	0.66
Debt-free, Cash-free Net Working Capital to Revenue	18.69%	71.11%	60.04%	17.77%	19.87%	54.21%	34.34%	47.02%	26.69%	29.06%	28.44%
Debt-free Net Working Capital to Revenue	61.52%	243.86%	164.29%	489.15%	228.16%	205.46%	97.97%	69.92%	110.07%	95.05%	88.51%
Net Working Capital to Revenue	60.71%	241.15%	161.95%	489.15%	228.16%	205.46%	97.97%	69.92%	110.07%	95.05%	88.51%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.34	($0.14)	($0.16)	$1.93	($0.58)	($0.35)	($0.44)	($0.67)	($0.54)	($0.66)	($0.27)
Adjusted Weighted Average Basic Shares Outstanding	24.33M	27.43M	31.42M	33.19M	34.07M	34.32M	34.33M	34.52M	34.62M	35.54M	41.10M
Adjusted Diluted Earnings per Share	$0.24	($0.15)	($0.17)	$1.86	($0.58)	($0.35)	($0.44)	($0.67)	($0.54)	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	27.75M	27.45M	31.43M	34.37M	34.07M	34.32M	34.33M	34.52M	34.62M	37.79M	41.83M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$1.86	$0.00	($0.35)	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	27.05M	30.86M	33.02M	34.04M	34.17M	34.21M	34.43M	34.60M	34.64M	37.79M	41.83M
Normalized Net Operating Profit after Tax (NOPAT)	-4.89	-7.97	-9.72	-9.99	-15	-14	-10	-16	-14	-13	-4.51
Normalized NOPAT Margin	-16.57%	-90.42%	-94.97%	-60.18%	-51.74%	-50.73%	-20.85%	-37.06%	-26.68%	-27.42%	-8.54%
Pre Tax Income Margin	-18.11%	-130.24%	-135.22%	-88.47%	-70.25%	-70.04%	-30.55%	-51.47%	-40.65%	-48.45%	-20.50%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-32.83	-71.70	-100.75	-146.18	-2,652.50	-426.17	-1,482.10	-1,536.87	-2.99	-3.22	-1.14
NOPAT to Interest Expense	-30.95	-50.47	-71.47	-96.09	-1,826.04	-305.61	-1,011.36	-1,099.56	-2.17	-2.23	-0.81
EBIT Less CapEx to Interest Expense	-35.49	-73.51	-105.34	-149.67	-2,815.13	-438.80	-1,554.40	-1,604.20	-1.78	-3.34	-1.34
NOPAT Less CapEx to Interest Expense	-33.62	-52.28	-76.06	-99.58	-1,988.66	-318.24	-1,083.66	-1,166.89	-0.96	-2.36	-1.01
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.95%	-2.23%

This table displays calculated financial ratios and metrics derived from Apyx Medical's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	34,643,855.00	34,643,855.00	34,643,926.00	34,643,926.00	34,643,926.00	34,643,886.00	37,793,886.00	37,793,886.00	37,819,478.00	38,241,905.00	41,829,226.00
DEI Adjusted Shares Outstanding	34,643,855.00	34,643,855.00	34,643,926.00	34,643,926.00	34,643,926.00	34,643,886.00	37,793,886.00	37,793,886.00	37,819,478.00	38,241,905.00	41,829,226.00
DEI Earnings Per Adjusted Shares Outstanding	-0.13	-0.28	-0.22	-0.19	-0.14	-0.13	-0.11	-0.10	-0.05	-0.03	-0.05
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	31.40%	16.26%	-15.63%	-10.47%	-4.08%	-3.00%	-7.95%	-6.39%	12.10%	34.75%	32.45%
EBITDA Growth	20.19%	2.58%	-19.69%	-1,131.05%	22.44%	45.43%	55.04%	54.71%	82.92%	108.08%	76.90%
EBIT Growth	19.96%	3.33%	-18.16%	-841.94%	22.44%	44.41%	54.02%	53.60%	79.06%	100.84%	71.32%
NOPAT Growth	19.80%	2.65%	-17.89%	-349.15%	21.61%	47.23%	53.88%	53.60%	77.11%	100.36%	70.14%
Net Income Growth	19.33%	-58.68%	-114.89%	-546.32%	-1.05%	51.59%	45.03%	43.24%	58.62%	73.38%	48.63%
EPS Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Growth	168.96%	51.17%	-237.11%	10.78%	-220.13%	-32.78%	88.93%	71.52%	20.36%	13.86%	18.52%
Free Cash Flow Firm Growth	147.95%	182.45%	183.07%	486.76%	-76.08%	-130.49%	-90.85%	-78.99%	2.63%	33.26%	-668.89%
Invested Capital Growth	-25.28%	-40.38%	-42.29%	-41.52%	-16.73%	0.19%	-17.03%	-21.13%	-8.72%	8.81%	23.82%
Revenue Q/Q Growth	-11.74%	22.43%	-30.13%	18.60%	-5.45%	23.81%	-33.69%	20.60%	13.22%	48.82%	-34.83%
EBITDA Q/Q Growth	-920.55%	-25.82%	-15.20%	16.78%	35.70%	11.48%	5.08%	16.17%	75.76%	141.89%	-371.37%
EBIT Q/Q Growth	-690.49%	-24.06%	-14.89%	16.40%	34.91%	11.08%	4.98%	15.63%	70.63%	103.57%	-3,340.74%
NOPAT Q/Q Growth	-275.47%	-24.56%	-14.53%	16.15%	34.47%	16.15%	-0.10%	15.63%	67.68%	101.32%	-8,381.82%
Net Income Q/Q Growth	-358.78%	-105.86%	21.13%	13.23%	28.27%	1.38%	10.45%	10.40%	47.70%	36.57%	-72.82%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	176.17%	-159.85%	-186.66%	31.73%	-2.56%	33.85%	76.10%	-75.64%	-186.78%	28.45%	77.39%
Free Cash Flow Firm Q/Q Growth	292.47%	93.16%	5.91%	-1.77%	-88.10%	-346.23%	131.78%	125.51%	-41.85%	-260.13%	-170.93%
Invested Capital Q/Q Growth	-24.63%	-19.58%	0.78%	-4.28%	7.33%	-3.23%	-16.54%	-9.01%	24.22%	15.35%	-5.03%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	66.62%	60.90%	58.07%	61.68%	60.54%	63.03%	60.07%	62.28%	64.43%	62.61%	63.45%
EBITDA Margin	-37.32%	-38.36%	-63.25%	-44.38%	-30.18%	-21.58%	-30.89%	-21.47%	-4.60%	1.29%	-5.39%
Operating Margin	-38.72%	-39.39%	-64.57%	-45.66%	-31.64%	-21.43%	-32.35%	-22.63%	-6.46%	0.06%	-7.29%
EBIT Margin	-38.88%	-39.39%	-64.78%	-45.67%	-31.44%	-22.58%	-32.35%	-22.63%	-5.87%	0.14%	-7.01%
Profit (Net Income) Margin	-39.04%	-65.64%	-74.09%	-54.21%	-41.12%	-32.76%	-44.24%	-32.87%	-15.18%	-6.47%	-17.16%
Tax Burden Percent	93.63%	100.91%	100.70%	100.77%	101.29%	101.95%	101.19%	101.33%	104.16%	108.20%	107.15%
Interest Burden Percent	107.24%	165.11%	113.58%	117.81%	129.16%	142.32%	135.14%	143.32%	248.28%	-4,244.44%	228.57%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-56.99%	-65.53%	-100.64%	-72.85%	-57.35%	-43.81%	-70.59%	-51.90%	-13.30%	0.12%	-18.54%
ROIC Less NNEP Spread (ROIC-NNEP)	-46.76%	-11.51%	-48.50%	-10.26%	2.49%	16.93%	465.28%	-116.29%	-31.22%	-47.31%	-61.14%
Return on Net Nonoperating Assets (RNNOA)	17.25%	3.67%	9.72%	1.72%	-0.40%	-3.41%	-11.37%	-31.25%	-27.67%	-8.53%	-18.20%
Return on Equity (ROE)	-39.74%	-61.86%	-90.92%	-71.14%	-57.75%	-47.22%	-81.96%	-83.15%	-40.97%	-8.41%	-36.74%
Cash Return on Invested Capital (CROIC)	-22.02%	-4.25%	-2.79%	-21.06%	-62.28%	-80.28%	-51.89%	-37.06%	-31.72%	-34.65%	-40.86%
Operating Return on Assets (OROA)	-34.09%	-31.48%	-51.27%	-35.03%	-25.40%	-15.08%	-23.38%	-17.04%	-4.76%	0.11%	-6.36%
Return on Assets (ROA)	-34.23%	-52.45%	-58.64%	-41.59%	-33.23%	-21.87%	-31.97%	-24.74%	-12.32%	-5.19%	-15.57%
Return on Common Equity (ROCE)	-39.49%	-61.45%	-90.33%	-70.71%	-57.25%	-46.83%	-81.06%	-81.74%	-40.05%	-8.29%	-36.14%
Return on Equity Simple (ROE_SIMPLE)	-45.85%	0.00%	-113.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-3.25	-4.04	-4.63	-3.88	-2.54	-2.13	-2.14	-1.80	-0.58	0.01	-0.64
NOPAT Margin	-27.10%	-27.58%	-45.20%	-31.96%	-22.15%	-15.00%	-22.65%	-15.84%	-4.52%	0.04%	-5.11%
Net Nonoperating Expense Percent (NNEP)	-10.22%	-54.03%	-52.14%	-62.59%	-59.84%	-60.74%	-535.87%	64.39%	17.93%	47.43%	42.61%
Return On Investment Capital (ROIC_SIMPLE)	-	-6.73%	-8.60%	-8.00%	-5.65%	-4.42%	-4.77%	-4.31%	-1.43%	0.02%	-1.32%
Cost of Revenue to Revenue	71.24%	138.04%	87.77%	76.86%	70.00%	68.38%	72.60%	64.73%	60.35%	61.74%	62.59%
SG&A Expenses to Revenue	55.71%	58.59%	63.17%	57.07%	51.70%	45.20%	51.23%	50.66%	39.89%	33.28%	38.57%
R&D to Revenue	11.77%	9.57%	13.64%	11.72%	9.94%	7.85%	8.53%	7.25%	6.22%	4.93%	6.12%
Operating Expenses to Revenue	67.48%	1.35%	76.81%	68.80%	61.64%	53.05%	59.76%	57.90%	46.11%	38.20%	44.70%
Earnings before Interest and Taxes (EBIT)	-4.66	-5.78	-6.64	-5.55	-3.61	-3.21	-3.05	-2.57	-0.76	0.03	-0.88
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-4.47	-5.62	-6.48	-5.39	-3.47	-3.07	-2.91	-2.44	-0.59	0.25	-0.67
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.32	3.40	2.33	3.15	3.89	3.85	4.93	11.72	13.84	9.21	12.03
Price to Tangible Book Value (P/TBV)	3.32	3.40	2.33	3.15	3.89	3.85	4.93	11.72	13.84	9.21	12.03
Price to Revenue (P/Rev)	2.20	1.73	0.93	0.95	0.89	1.14	1.09	1.83	1.69	2.53	2.76
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	4.79	4.89	2.62	3.00	2.87	3.46	4.00	7.21	5.83	7.65	9.31
Enterprise Value to Revenue (EV/Rev)	1.95	1.54	0.86	0.97	1.01	1.19	1.16	1.94	1.89	2.60	2.84
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.27	1.23	1.63	2.25	3.02	2.36	3.21	4.61	5.69	2.35	2.68
Long-Term Debt to Equity	0.27	1.23	1.63	2.25	3.02	2.36	3.21	4.61	5.69	2.35	2.68
Financial Leverage	-0.37	-0.32	-0.20	-0.17	-0.16	-0.20	-0.02	0.27	0.89	0.18	0.30
Leverage Ratio	1.51	2.02	2.25	2.47	2.68	3.49	4.21	5.52	6.83	4.51	5.19
Compound Leverage Factor	1.62	3.34	2.56	2.92	3.47	4.97	5.69	7.91	16.97	-191.63	11.86
Debt to Total Capital	21.15%	55.21%	62.02%	69.26%	75.15%	70.28%	76.23%	82.17%	85.06%	70.15%	72.83%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	21.15%	55.21%	62.02%	69.26%	75.15%	70.28%	76.23%	82.17%	85.06%	70.15%	72.83%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.56%	0.37%	0.38%	0.36%	0.35%	0.26%	0.30%	0.49%	0.57%	0.59%	0.53%
Common Equity to Total Capital	78.29%	44.42%	37.60%	30.37%	24.51%	29.46%	23.48%	17.34%	14.37%	29.27%	26.64%
Debt to EBITDA	-0.56	-2.08	-1.96	-1.53	-1.62	-1.84	-2.30	-2.89	-3.84	-6.11	-10.14
Net Debt to EBITDA	0.82	0.66	0.23	-0.04	-0.28	-0.12	-0.21	-0.43	-1.05	-0.55	-1.14
Long-Term Debt to EBITDA	-0.56	-2.08	-1.96	-1.53	-1.62	-1.84	-2.30	-2.89	-3.84	-6.11	-10.14
Debt to NOPAT	-0.74	-2.75	-2.61	-2.13	-2.24	-2.57	-3.19	-3.99	-5.20	-7.72	-11.64
Net Debt to NOPAT	1.08	0.87	0.30	-0.06	-0.39	-0.16	-0.29	-0.59	-1.42	-0.69	-1.31
Long-Term Debt to NOPAT	-0.74	-2.75	-2.61	-2.13	-2.24	-2.57	-3.19	-3.99	-5.20	-7.72	-11.64
Altman Z-Score	2.91	1.37	0.61	0.40	0.28	0.39	0.18	0.41	0.39	1.31	1.53
Noncontrolling Interest Sharing Ratio	0.61%	0.67%	0.65%	0.61%	0.88%	0.84%	1.09%	1.70%	2.25%	1.43%	1.64%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	4.87	5.52	5.87	5.33	5.46	5.26	5.45	4.72	4.44	5.00	5.80
Quick Ratio	3.44	4.53	4.71	4.27	4.30	4.40	4.49	3.84	3.47	4.15	4.65
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	3.68	7.10	7.52	7.39	0.88	-2.17	0.69	1.55	0.90	-1.45	-3.92
Operating Cash Flow to CapEx	2,124.14%	-2,378.49%	-18,117.14%	-1,497.92%	-2,901.96%	-1,198.78%	-1,276.36%	-465.28%	-681.31%	-920.00%	-953.33%
Free Cash Flow to Firm to Interest Expense	6.29	1.69	5.39	5.18	0.61	-1.31	0.50	1.11	0.64	-1.03	-2.86
Operating Cash Flow to Interest Expense	6.32	-0.53	-4.54	-3.03	-3.10	-1.78	-0.51	-0.89	-2.50	-1.80	-0.42
Operating Cash Flow Less CapEx to Interest Expense	6.02	-0.55	-4.57	-3.24	-3.21	-1.93	-0.55	-1.08	-2.87	-1.99	-0.46
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.88	0.80	0.79	0.77	0.81	0.67	0.72	0.75	0.81	0.80	0.91
Accounts Receivable Turnover	4.50	4.23	4.41	3.91	3.69	3.26	3.92	3.88	3.68	3.28	4.58
Inventory Turnover	1.87	3.47	4.06	4.60	4.60	4.13	3.88	3.65	3.49	4.18	4.04
Fixed Asset Turnover	11.30	12.07	25.95	24.30	24.28	24.66	25.64	23.46	22.31	24.25	26.97
Accounts Payable Turnover	10.56	13.99	20.98	18.82	23.52	13.55	15.40	12.20	12.35	11.92	14.10
Days Sales Outstanding (DSO)	81.12	86.19	82.73	93.41	98.80	111.94	93.13	94.00	99.17	111.40	79.65
Days Inventory Outstanding (DIO)	195.63	105.34	90.01	79.40	79.43	88.42	93.96	99.98	104.45	87.26	90.36
Days Payable Outstanding (DPO)	34.55	26.10	17.39	19.40	15.52	26.93	23.70	29.91	29.55	30.62	25.89
Cash Conversion Cycle (CCC)	242.20	165.43	155.35	153.41	162.71	173.42	163.40	164.06	174.07	168.04	144.12
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	20	16	17	16	17	16	14	13	16	18	17
Invested Capital Turnover	2.10	2.38	2.23	2.28	2.59	2.92	3.12	3.28	2.94	3.07	3.63
Increase / (Decrease) in Invested Capital	-6.92	-11	-12	-11	-3.42	0.03	-2.82	-3.35	-1.49	1.45	3.28
Enterprise Value (EV)	98	81	43	48	49	57	55	90	91	137	159
Market Capitalization	111	91	47	46	43	55	52	85	81	134	154
Book Value per Share	$0.96	$0.77	$0.58	$0.43	$0.32	$0.41	$0.28	$0.19	$0.15	$0.38	$0.31
Tangible Book Value per Share	$0.96	$0.77	$0.58	$0.43	$0.32	$0.41	$0.28	$0.19	$0.15	$0.38	$0.31
Total Capital	43	60	54	49	45	48	45	42	41	50	48
Total Debt	9.01	33	33	34	34	34	34	34	35	35	35
Total Long-Term Debt	9.01	33	33	34	34	34	34	34	35	35	35
Net Debt	-13	-10	-3.88	0.95	5.84	2.15	3.12	5.06	9.47	3.11	3.95
Capital Expenditures (CapEx)	0.17	0.09	0.04	0.29	0.15	0.25	0.06	0.27	0.52	0.28	0.06
Debt-free, Cash-free Net Working Capital (DFCFNWC)	18	14	14	13	15	14	11	10	13	15	14
Debt-free Net Working Capital (DFNWC)	40	58	51	46	43	46	42	39	38	47	45
Net Working Capital (NWC)	40	58	51	46	43	46	42	39	38	47	45
Net Nonoperating Expense (NNE)	1.43	5.58	2.96	2.70	2.18	2.53	2.04	1.94	1.37	1.25	1.51
Net Nonoperating Obligations (NNO)	-13	-10	-3.88	0.95	5.84	2.15	3.12	5.06	9.47	3.11	3.95
Total Depreciation and Amortization (D&A)	0.19	0.15	0.16	0.16	0.14	0.14	0.14	0.13	0.16	0.22	0.20
Debt-free, Cash-free Net Working Capital to Revenue	35.23%	26.69%	27.92%	27.24%	30.06%	29.06%	23.96%	21.60%	26.46%	28.44%	25.42%
Debt-free Net Working Capital to Revenue	79.24%	110.07%	101.82%	93.88%	87.77%	95.05%	89.54%	84.60%	78.93%	88.51%	81.12%
Net Working Capital to Revenue	79.24%	110.07%	101.82%	93.88%	87.77%	95.05%	89.54%	84.60%	78.93%	88.51%	81.12%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.13)	($0.28)	($0.22)	($0.19)	($0.14)	($0.11)	($0.10)	($0.09)	($0.05)	($0.03)	($0.05)
Adjusted Weighted Average Basic Shares Outstanding	34.64M	34.62M	34.64M	34.64M	34.64M	35.54M	37.79M	37.82M	38.24M	41.10M	41.87M
Adjusted Diluted Earnings per Share	($0.13)	$0.00	($0.22)	($0.19)	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	34.64M	34.64M	34.64M	34.64M	34.64M	37.79M	37.79M	37.82M	38.24M	41.83M	41.87M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	34.64M	34.64M	34.64M	34.64M	34.64M	37.79M	37.79M	37.82M	38.24M	41.83M	41.87M
Normalized Net Operating Profit after Tax (NOPAT)	-3.25	-4.04	-4.63	-3.88	-2.54	-2.13	-2.14	-1.80	-0.58	0.01	-0.64
Normalized NOPAT Margin	-27.10%	-27.58%	-45.20%	-31.96%	-22.15%	-15.00%	-22.65%	-15.84%	-4.52%	0.04%	-5.11%
Pre Tax Income Margin	-41.69%	-65.05%	-73.57%	-53.80%	-40.60%	-32.13%	-43.72%	-32.44%	-14.58%	-5.98%	-16.01%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-7.96	-1.37	-4.75	-3.89	-2.52	-1.94	-2.22	-1.85	-0.54	0.02	-0.64
NOPAT to Interest Expense	-5.55	-0.96	-3.32	-2.72	-1.78	-1.29	-1.55	-1.29	-0.41	0.01	-0.47
EBIT Less CapEx to Interest Expense	-8.26	-1.40	-4.78	-4.09	-2.63	-2.09	-2.26	-2.04	-0.90	-0.18	-0.68
NOPAT Less CapEx to Interest Expense	-5.85	-0.98	-3.34	-2.92	-1.89	-1.44	-1.59	-1.48	-0.78	-0.19	-0.51
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	-0.95%	0.00%	0.00%	0.00%	-2.23%	0.00%

Financials Breakdown Chart

Key Financial Trends

Apyx Medical (NASDAQ: APYX) showed a mixed but still challenged financial picture in Q1 2026. Revenue improved modestly versus the prior quarter, but the company remained unprofitable, continued to burn cash from operations, and still carries a meaningful debt load. The latest quarter suggests some stabilization in the top line, but profitability and balance sheet pressure remain key issues for investors.

Revenue rebounded sequentially: Q1 2026 operating revenue rose to $12.5 million from $11.4 million in Q2 2025, showing a modest recovery after the prior quarter.
Gross profit improved from the prior quarter: Gross profit increased to $7.9 million in Q1 2026 from $7.1 million in Q2 2025, helped by better revenue and controlled cost of sales.
Cash balance remains sizable: Apyx ended Q1 2026 with $31.1 million in cash and equivalents, which provides some near-term liquidity cushion.
Operating cash burn narrowed: Net cash used in operating activities improved to a loss of $0.6 million in Q1 2026 from $2.5 million in Q4 2025, a meaningful quarter-over-quarter improvement.
Quarterly net loss improved: Net loss narrowed to $2.1 million in Q1 2026 from $1.2 million in Q4 2025? Actually, on a year-over-year and operating basis the company still posted a loss, but Q1 2026 was better than several prior quarters in terms of operating cash flow and revenue trend.
R&D spending stayed modest: Research and development expense was $0.8 million in Q1 2026, roughly in line with recent quarters, suggesting disciplined spending.
Share count was flat sequentially: Weighted average diluted shares were unchanged at 41.9 million in Q1 2026 versus Q4 2025, limiting additional dilution in the quarter.
Asset base is relatively stable: Total assets were $63.0 million, slightly above the prior quarter, while total liabilities were $49.9 million.
Debt remains a major obligation: Long-term debt was $35.1 million, which continues to pressure earnings because interest expense remains high.
Balance sheet leverage is still elevated: With total liabilities at $49.9 million against equity of $13.1 million, the company remains financially leveraged.
The company remained unprofitable: Apyx posted an operating loss of $0.9 million and a net loss of $2.1 million in Q1 2026.
Interest expense is still heavy: Interest expense was $1.4 million in Q1 2026, far exceeding interest income and continuing to weigh on bottom-line results.
Free cash flow remains negative: Even after non-cash adjustments, the business still used cash overall, with negative operating and investing cash flow in the quarter.
Year-over-year revenue growth has not been sustained: Revenue was still below the levels seen in early 2024, showing that the longer-term demand trend remains uneven.
Retained earnings remain deeply negative: Retained earnings were negative $91.2 million, reflecting a long history of accumulated losses.

Bottom line: Apyx Medical is showing signs of short-term stabilization, especially in revenue and operating cash flow, but the company is still not consistently profitable and remains burdened by debt and cumulative losses. For retail investors, the story is still highly dependent on whether management can sustain revenue growth while reducing losses and interest expense.

07/27/26 04:04 AM ETAI Generated. May Contain Errors.

Apyx Medical Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Apyx Medical's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Apyx Medical's net income appears to be on an upward trend, with a most recent value of -$11.11 million in 2025, rising from -$5.37 million in 2015. The previous period was -$23.56 million in 2024. Check out Apyx Medical's forecast to explore projected trends and price targets.

Apyx Medical's total operating income in 2025 was -$6.45 million, based on the following breakdown:

Total Gross Profit: $33.04 million
Total Operating Expenses: $25.48 million

Over the last 10 years, Apyx Medical's total revenue changed from $29.52 million in 2015 to $52.84 million in 2025, a change of 79.0%.

Apyx Medical's total liabilities were at $52.01 million at the end of 2025, a 3.0% increase from 2024, and a 546.6% increase since 2015.

In the past 10 years, Apyx Medical's cash and equivalents has ranged from $9.95 million in 2017 to $58.81 million in 2019, and is currently $31.74 million as of their latest financial filing in 2025.

Over the last 10 years, Apyx Medical's book value per share changed from 0.86 in 2015 to 0.38 in 2025, a change of -55.8%.

Related Companies

Financial statements for NASDAQ:APYX last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Unlock superior investment research and tools.

Get MarketBeat All Access

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Apyx Medical (APYX) Financials

Financials Breakdown Chart

Key Financial Trends

Apyx Medical Financials - Frequently Asked Questions

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Apyx Medical (APYX) Financials

Annual Income Statements for Apyx Medical

Quarterly Income Statements for Apyx Medical

Annual Cash Flow Statements for Apyx Medical

Quarterly Cash Flow Statements for Apyx Medical

Annual Balance Sheets for Apyx Medical

Quarterly Balance Sheets for Apyx Medical

Annual Metrics And Ratios for Apyx Medical

Quarterly Metrics And Ratios for Apyx Medical

Financials Breakdown Chart

Key Financial Trends

Apyx Medical Financials - Frequently Asked Questions

When does Apyx Medical's financial year end?

How has Apyx Medical's net income changed over the last 10 years?

What is Apyx Medical's operating income?

How has Apyx Medical's revenue changed over the last 10 years?

How much debt does Apyx Medical have?

How much cash does Apyx Medical have?

How has Apyx Medical's book value per share changed over the last 10 years?

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools