Apyx Medical Corp (NASDAQ: APYX)

Apyx Medical Corporation is a surgical aesthetics company that develops and markets innovative energy based devices for cosmetic and hospital surgical markets. Its core products include the Helium Plasma Platform Technology sold as Renuvion for cosmetic surgery and the hospital surgical system for hospital procedures, as well as the FDA cleared AYON Body Contouring System that combines fat removal, tissue contraction and electrosurgical functions in a single platform. The company focuses on delivering minimally invasive solutions that enable surgeons to achieve precise tissue effects with reduced thermal damage. Its product portfolio is designed to address a range of aesthetic and surgical needs from skin tightening to fat removal and body contouring. The company also generates revenue through original equipment manufacturing agreements, designing and producing electrosurgical generators and accessories for other medical device manufacturers under long term contracts.

Revenue is derived primarily from the sale of Renuvion, the hospital surgical system and AYON systems and their associated single use handpieces and accessories to physicians, cosmetic surgery clinics and surgical centers. In the United States these products are sold through a direct sales force, while internationally the company relies on a distributor network. In 2025 the Surgical Aesthetics segment accounted for approximately 85.8 percent of total revenue while the OEM segment contributed the remaining 14.2 percent. Revenue from consumables such as handpieces and accessories provides a recurring component to the overall sales model. Additionally, the OEM segment contributes revenue by manufacturing and supplying electrosurgical equipment and related components to partners such as Symmetry Surgical under a ten year supply agreement.

The company operates through the following segments: Surgical Aesthetics and OEM.

• Surgical Aesthetics: This segment encompasses the Helium Plasma Technology platforms Renuvion and the hospital surgical system, the AYON Body Contouring System, and related disposable handpieces and accessories, supported by a global sales force, clinical support team, training and marketing initiatives. The segment pursues geographic expansion through regulatory clearances in key markets such as China and Europe, and invests in educational programs to increase surgeon adoption of its technology.

• OEM: This segment focuses on the design, development and manufacture of electrosurgical generators and associated accessories for external medical device manufacturers under long term supply agreements, exemplified by the Manufacturing and Supply Agreement with Symmetry Surgical. The OEM business leverages the company’s expertise in electro surgery to produce components that meet the specifications of larger device makers while maintaining cost effective production.

Apyx Medical Corporation holds a leading niche position in the surgical aesthetics market due to its proprietary helium plasma technology, which is the only FDA cleared device offering controlled heat delivery for tissue contraction and skin tightening. The company’s competitive advantages stem from its long history of innovation, a robust intellectual property portfolio (41 U. S. patents and 61 foreign patents), high product quality backed by ISO 13485 certified manufacturing, and a dedicated global medical affairs team that provides clinical support to surgeons. Key competitors in the broader body contouring space include established liposuction manufacturers such as Solta Medical (a part of Bausch Health Companies, Inc.) and MicroAire Surgical Instruments, although none offer helium based plasma technology. The company believes its focus on surgical solutions provides a competitive edge over non invasive alternatives because surgical procedures tend to deliver more durable and transformative results for patients.

The company’s customers are primarily physicians, cosmetic surgery practices and surgical centers in the United States that purchase Renuvion, the hospital surgical system and AYON systems through its direct sales force. Outside the United States, products are distributed via a network of international distributors serving similar provider segments. The OEM segment serves medical device manufacturers that outsource production of electrosurgical components, with Symmetry Surgical cited as a representative partner. In addition, hospital surgical departments represent a notable customer group for the hospital surgical system, which is used in a variety of operative procedures requiring precise energy delivery.