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what it is
Apyx makes surgical tools that use helium plasma to cut and treat tissue in cosmetic and hospital procedures.
how it gets paid
Last year Apyx made $53M in revenue. Renuvion cosmetic surgery was the main engine at $24M, or 45% of sales.
why it's growing
Revenue grew 9.9% last year. Revenue was up 162% vs. prior year. Gross margin was 62.5%.
what just happened
Revenue hit $34M, but EPS was still -$0.41.
At a glance
C+ balance sheet — struggling to keep the lights on
55/100 earnings predictability — expect surprises
-$0.66 fy2024 eps est
$2B fy2026 rev est
12.2% operating margin
xvary composite: 30/100 — weak
What they do
Apyx makes surgical tools that use helium plasma to cut and treat tissue in cosmetic and hospital procedures.
Apyx sells into surgery rooms where doctors hate relearning tools. FDA-cleared → already approved for U.S. use → so what: your buyer can adopt faster. With 220 employees and $53M in sales, every surgeon who sticks is a real win.
How they make money
$53M
annual revenue · their business grew +9.9% last year
Renuvion cosmetic surgery
$24M
J-Plasma hospital surgery
$14M
AYON body contouring
$9M
Accessories and other
$6M
The products that matter
surgical aesthetics platform
AYON
tied to the 9–11% 2026 growth plan
Management linked recent momentum to AYON, and the company is guiding total 2026 revenue to $57.5M–$58.5M. This snapshot does not break out AYON revenue separately, so the bet is adoption, not disclosure depth.
growth focus
helium plasma device platform
Renuvion
core product behind the $13.8M Q4 revenue beat
Renuvion is the engine of the story. Q4 2025 revenue hit a record $13.8M, and management said the device drove the quarter. Without continued traction here, a $53M company does not suddenly become a cleaner growth story.
core revenue driver
legacy energy systems business
Advanced Energy
$10M–$12M implied 2026 revenue
This piece looks flat while Surgical Aesthetics is expected to grow. In human-speak: one segment is the upside pitch, the other is the ballast.
steady, not exciting
Key numbers
$53M
TTM revenue
Sales are bigger than the debt pile but not by much. You are looking at a $53M business with $39M of debt.
12.2%
operating margin
That means the business lost 12 cents before interest and taxes for every $1 it sold.
$39M
long-term debt
Debt is almost three quarters of annual revenue, which leaves little room for a bad year.
1.6
beta
A 10% market move can land as a 16% stock move. You own a wilder ride than the index.
Financial health
C+
strength
- balance sheet grade C+ — weak — may struggle to fund operations
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $39M (20% of capital)
C+ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for APYX right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue hit $34M, but EPS was still -$0.41.
Revenue was up 162% vs. prior year. Gross margin was 62.5%, which means the product side is not the problem.
$34M
revenue
-$0.41
eps
62.5%
gross margin
gross margin
62.5% gross margin means the company kept $0.625 of each sales dollar before overhead. The problem is everything after that.
source: company earnings report, 2026
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What could go wrong
the #1 risk is continued equity destruction despite better device sales. a medtech company can post record quarterly revenue and still be in trouble if losses and financing risk keep outrunning the growth story.
med
losses are still eating the business
Net margin is -30.35%. In plain English: Apyx loses about $0.30 for every $1 it brings in.
If revenue grows but losses do not narrow, the turnaround narrative becomes accounting theater instead of operating progress.
med
the balance sheet is not built for long mistakes
Balance sheet strength is C+, long-term debt is $39M, and return on equity sits at -151%.
That combination means bad quarters matter more here than they do at a better-capitalized device company.
med
guidance is positive, but not by much
Management is guiding to $57.5M–$58.5M in 2026 revenue versus a current $53M base.
That is only a few million dollars of extra sales. Miss by a little, and the entire comeback pitch starts looking premature.
med
the stock itself can become the risk
Beta is 1.6, price stability is 5/100, and the 52-week range runs from $1 to $4.
Volatility this high can force narrative changes before fundamentals have time to settle. Welcome to small-cap medtech.
Apyx needs revenue growth, margin discipline, and financing stability to improve at the same time. Right now you only have partial evidence on the first one.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
Q1 2026 earnings
Estimated for thursday, may 7, 2026. One quarter will not settle the story, but it will tell you whether the $57.5M–$58.5M full-year target still looks real.
metric
net margin versus gross margin
Gross margin is 62.5%. Net margin is -30.35%. If that gap does not narrow, product traction is not translating into a healthier company.
trend
AYON and Renuvion adoption
Management is hiring around AYON and leaning on Renuvion momentum. You want to see repeated revenue follow-through, not one record quarter doing all the storytelling.
risk
balance-sheet breathing room
C+ balance sheet grade and $39M of long-term debt leave little room for a stall. If growth wobbles, financing risk becomes the headline again.
Analyst rankings
earnings predictability
55 / 100
in human-speak, analysts think the quarterly numbers can get weird. this is not a smooth operator.
risk rank
5
Safer than roughly 5% of stocks in the dataset. That is the opposite of a defensive name.
price stability
5 / 100
The stock itself adds risk. You are not buying calm here.
source: institutional data
Institutional activity
institutional ownership data for APYX is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$4
current price
n/a
target midpoint · n/a from current
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