apyx20260630

apyx20260630_10q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026

or

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number: 001-31885

APYX MEDICAL CORPORATION

(Exact name of registrant as specified in its charter)

Delaware			11-2644611
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

5115 Ulmerton Road, Clearwater, FL 33760

(Address of principal executive offices, zip code)

(727) 384-2323

(Registrant’s telephone number)

Securities Registered Pursuant to Section 12 (b) of the Act:

Title of each class			Trading symbol(s)			Name of each exchange on which registered
Common Stock			APYX			Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes: ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes: ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐

Non-accelerated filer	☒	Smaller reporting company	☒

		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes: ☐ No ☒

As of August 5, 2026, 42,124,023 shares of the registrant’s $0.001 par value common stock were outstanding.

Table of Contents

APYX MEDICAL CORPORATION

INDEX TO QUARTERLY REPORT ON FORM 10-Q

For the quarterly period ended June 30, 2026

		Page
Part I.	Financial Information	2

Item 1.	Condensed Consolidated Financial Statements (Unaudited)	2
	Condensed Consolidated Balance Sheets at June 30, 2026 and December 31, 2025	2
	Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025	3
	Condensed Consolidated Statements of Changes in Equity for the three and six months ended June 30, 2026 and 2025	4
	Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025	5
	Notes to Condensed Consolidated Financial Statements	6

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	15
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	23
Item 4.	Controls and Procedures	23

Part II.	Other Information	24

Item 1.	Legal Proceedings	24
Item 1A.	Risk Factors	24
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	24
Item 3.	Defaults Upon Senior Securities	24
Item 4.	Mine Safety Disclosures	24
Item 5.	Other Information	24
Item 6.	Exhibits	25
	Signatures	26

Table of Contents

PART I. Financial Information

ITEM 1. Condensed Consolidated Financial Statements

APYX MEDICAL CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)

	*June 30, 2026*
	*(Unaudited)*			*December 31, 2025*
ASSETS
Current assets:
Cash and cash equivalents	$	27,617		$	31,740
Trade accounts receivable, net of allowance of $1,070 and $1,020		13,614			16,776
Inventories, net of provision for obsolescence of $1,181 and $1,207		10,747			8,602
Prepaid expenses and other current assets		1,177			1,353
Total current assets		53,155			58,471
Property and equipment, net of accumulated depreciation and amortization of $4,519 and $4,293		2,110			2,371
Operating lease right-of-use assets		4,014			4,218
Finance lease right-of-use assets		17			28
Other assets		1,776			1,752
Total assets	$	61,072		$	66,840
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	2,190		$	3,058
Accrued expenses and other current liabilities		6,692			8,214
Current portion of operating lease liabilities		451			407
Current portion of finance lease liabilities		21			21
Total current liabilities		9,354			11,700
Long-term debt, net of debt discounts and issuance costs		35,328			34,849
Long-term operating lease liabilities		3,828			4,051
Long-term finance lease liabilities		2			12
Long-term contract liabilities		1,134			1,050
Other liabilities		336			347
Total liabilities		49,982			52,009
EQUITY
Preferred stock, $0.001 par value; 10,000,000 shares authorized; 0 issued and outstanding as of June 30, 2026 and December 31, 2025		—			—
Common stock, $0.001 par value; 75,000,000 shares authorized; 42,116,330 issued and outstanding as of June 30, 2026, and 41,785,946 issued and outstanding as of December 31, 2025		42			42
Additional paid-in capital		105,094			103,620
Accumulated deficit		(94,473	)		(89,122	)
Total stockholders’ equity		10,663			14,540
Non-controlling interest		427			291
Total equity		11,090			14,831
Total liabilities and equity	$	61,072		$	66,840

The accompanying notes are an integral part of the condensed consolidated financial statements.

Table of Contents

APYX MEDICAL CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands, except per share data)

	*Three Months Ended*						*Six Months Ended*
	*June 30,*						*June 30,*
	*2026*			*2025*			*2026*			*2025*
Sales, net	$	13,884		$	11,373		$	26,374		$	20,803
Cost of sales		5,014			4,290			9,579			8,055
Gross profit		8,870			7,083			16,795			12,748
Other costs and expenses:
Research and development		793			824			1,558			1,628
Professional services		1,224			1,496			2,466			2,861
Salaries and related costs		3,374			3,072			6,627			6,153
Selling, general and administrative		5,285			4,265			8,861			7,731
Total other costs and expenses		10,676			9,657			19,512			18,373
Loss from operations		(1,806	)		(2,574	)		(2,717	)		(5,625	)
Interest income		250			278			494			582
Interest expense		(1,394	)		(1,393	)		(2,763	)		(2,769	)
Other income, net		2			—			38			—
Total other expense, net		(1,142	)		(1,115	)		(2,231	)		(2,187	)
Loss before income taxes		(2,948	)		(3,689	)		(4,948	)		(7,812	)
Income tax expense		124			49			267			98
Net loss		(3,072	)		(3,738	)		(5,215	)		(7,910	)
Net loss attributable to non-controlling interest		171			40			136			18
Net loss attributable to stockholders	$	(3,243	)	$	(3,778	)	$	(5,351	)	$	(7,928	)

Loss per share:
Basic and diluted	$	(0.07	)	$	(0.09	)	$	(0.12	)	$	(0.19	)

The accompanying notes are an integral part of the condensed consolidated financial statements.

Table of Contents

APYX MEDICAL CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Unaudited)

(In thousands)

					*Additional*					*Non-*
	*Common Stock*				*Paid-In*		*Accumulated*			*controlling*			*Total*
	*Shares*		*Par Value*		*Capital*		*Deficit*			*Interest*			*Equity*
Balance at December 31, 2024		37,794	$	38	$	92,083	$	(77,911	)	$	125		$	14,335
Contributions from non-controlling interest		—		—		—		—			30			30
Stock-based compensation		—		—		451		—			—			451
Net loss		—		—		—		(4,150	)		(22	)		(4,172	)
Balance at March 31, 2025		37,794	$	38	$	92,534	$	(82,061	)	$	133		$	10,644
Contributions from non-controlling interest		—		—		—		—			30			30
Stock-based compensation		—		—		520		—			—			520
Net (loss) income		—		—		—		(3,778	)		40			(3,738	)
Balance at June 30, 2025		37,794	$	38	$	93,054	$	(85,839	)	$	203		$	7,456

					*Additional*					*Non-*
	*Common Stock*				*Paid-In*		*Accumulated*			*controlling*
	*Shares*		*Par Value*		*Capital*		*Deficit*			*Interest*			*Total*
Balance at December 31, 2025		41,786	$	42	$	103,620	$	(89,122	)	$	291		$	14,831
Shares issued on stock options exercises for cash		49		—		88		—			—			88
Shares issued on net settlement of stock options		33		—		—		—			—			—
Stock-based compensation		—		—		312		—			—			312
Net loss		—		—		—		(2,108	)		(35	)		(2,143	)
Balance at March 31, 2026		41,868	$	42	$	104,020	$	(91,230	)	$	256		$	13,088
Shares issued on net settlement of stock options		98		—		—		—			—			—
Stock-based compensation		150		—		1,074		—			—			1,074
Net (loss) income		—		—		—		(3,243	)		171			(3,072	)
Balance at June 30, 2026		42,116	$	42	$	105,094	$	(94,473	)	$	427		$	11,090

The accompanying notes are an integral part of the condensed consolidated financial statements.

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APYX MEDICAL CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

	*Six Months Ended June 30,*
	*2026*			*2025*
Cash flows from operating activities
Net loss	$	(5,215	)	$	(7,910	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		398			270
Provision for inventory obsolescence		95			172
Stock-based compensation		1,386			971
Allowance for credit losses		56			156
Non-cash lease expense		35			48
Non-cash interest expense		479			472
Changes in operating assets and liabilities:
Trade receivables		3,006			4,413
Prepaid expenses and other assets		146			434
Inventories		(2,156	)		(720	)
Accounts payable		(855	)		182
Accrued expenses and other liabilities		(1,437	)		(423	)
Net cash used in operating activities		(4,062	)		(1,935	)
Cash flows from investing activities
Purchases of property and equipment		(126	)		(320	)
Net cash used in investing activities		(126	)		(320	)
Cash flows from financing activities
Proceeds from stock option exercises		88			—
Repayment of finance lease liabilities		(10	)		(10	)
Contributions from non-controlling interest		—			60
Net cash provided by financing activities		78			50
Effect of exchange rates on cash		(13	)		(235	)
Net change in cash and cash equivalents		(4,123	)		(2,440	)
Cash and cash equivalents, beginning of period		31,740			31,741
Cash and cash equivalents, end of period	$	27,617		$	29,301
Cash paid for:
Interest	$	2,284		$	2,300
Income taxes	$	166		$	76

The accompanying notes are an integral part of the condensed consolidated financial statements.

Table of Contents

APYX MEDICAL CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 1. BASIS OF PRESENTATION

Apyx Medical Corporation (“Company”, “Apyx”, “it” and similar terms) was incorporated in 1982, under the laws of the State of Delaware and has its principal executive office at 5115 Ulmerton Road, Clearwater, FL 33760.

The Company is a surgical aesthetics company with a passion for elevating people’s lives through innovative products, including its Helium Plasma Platform Technology products marketed and sold as Renuvion^® and the AYON Body Contouring System^TM in the cosmetic surgery market and J-Plasma^® in the hospital surgical market. Renuvion and J-Plasma offer surgeons a unique ability to provide controlled heat to tissue to achieve their desired results. The AYON Body Contouring System^TM is an FDA-cleared, surgeon-designed body contouring system that combines precision, versatility, and innovation in an all-in-one platform. It seamlessly integrates fat removal, closed loop contouring, and Renuvion’s tissue contraction and electrosurgical capabilities, empowering surgeons to deliver comprehensive body contouring treatments for patients. The Company also leverages its deep expertise and decades of experience in unique waveforms through OEM agreements with other medical device manufacturers.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with Securities and Exchange Commission (“SEC”) rules that permit reduced disclosure for interim periods. For a more complete discussion of significant accounting policies and certain other information, please refer to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. In the opinion of management these condensed consolidated financial statements reflect all adjustments that are necessary for a fair presentation of results of consolidated operations and financial condition for the interim periods shown, including normal recurring accruals and other items. The results for the interim periods are not necessarily indicative of results for the full year.

Reclassifications

The Company has reclassified certain amounts presented in the prior period to conform to the current period presentation. These reclassifications had no impact on previously reported net loss, accumulated deficit or cash flows for the periods presented.

Liquidity

The Company has incurred recurring net losses and cash outflows from operations and anticipates that losses will continue, at least, in the near term. The Company plans to continue to fund its operations and capital funding needs through existing cash, sales of its products and, if necessary, additional equity and/or debt financing. However, the Company cannot be certain that additional financing will be available when needed or that, if available, financing will be obtained on acceptable terms. The sale of additional equity would result in dilution to its stockholders. Incurring additional debt financing would result in further debt service obligations, and the instruments governing such debt could provide for operating and financing covenants that would restrict operations. If the Company is unable to raise additional capital in sufficient amounts or on acceptable terms, it may be necessary to delay, limit, reduce, or terminate sales, marketing and product development. Any of these actions could harm the business, results of operations and prospects.

Recent Business Developments

On May 11, 2026, the Company announced it had received expanded 510(k) clearance from the U.S. Food and Drug Administration (th