Apyx Medical (APYX) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 2025 revenue of $19.2M, up 35% year-over-year, driven by AYON system launch and strong U.S. demand.

• Full-year 2025 revenue grew 9.9% to $52.8M from $48.1M in 2024.

• Net loss for Q4 2025 narrowed to $1.3M ($0.03/share) from $4.6M ($0.12/share); full-year net loss reduced to $11.2M from $23.5M.

• Adjusted EBITDA turned positive at $0.7M in Q4 2025 versus a $2.2M loss in Q4 2024.

• Maintained lean operations following restructuring, reducing cash burn and supporting investment in growth.

Financial highlights

• Q4 2025 revenue rose to $19.2M from $14.2M year-over-year; surgical aesthetics segment up 38% to $16.7M.

• OEM segment sales increased 16% to $2.5M in Q4; domestic revenue up 42%, international up 15%.

• Gross profit increased to $12M in Q4; gross margin was 62.6%.

• Operating expenses flat at $12M in Q4; full-year operating expenses decreased to $39.5M from $48.2M.

• Cash and equivalents at year-end: $31.7M.

Outlook and guidance

• 2026 revenue guidance: $57.5M–$58.5M, up 9–11% year-over-year.

• Surgical aesthetics segment expected to grow 17–19% to $53M–$54M; OEM revenue to decline to $4.5M.

• Gross margin projected at 61–62%; operating expenses not to exceed $45M.

• Plan to be cash flow positive by Q4 2026.