Apyx Medical (APYX) 10-Q 8 Nov 24 2024 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Nov. 06, 2024
Document Information [Line Items]
Entity Central Index Key	0000719135
Entity Registrant Name	Apyx Medical Corp
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-31885
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	11-2644611
Entity Address, Address Line One	5115 Ulmerton Road
Entity Address, City or Town	Clearwater
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33760
City Area Code	727
Local Phone Number	384-2323
Title of 12(b) Security	Common Stock
Trading Symbol	APYX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		34,643,886

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 28,013	$ 43,652
Trade accounts receivable, net of allowance of $750 and $608	13,036	14,023
Inventories, net of provision for obsolescence of $930 and $875	9,000	9,923
Prepaid expenses and other current assets	2,109	2,764
Total current assets	52,158	70,362
Property and equipment, net of accumulated depreciation and amortization of $3,889 and $3,522	1,905	1,915
Operating lease right-of-use assets	4,820	5,162
Finance lease right-of-use assets	53	69
Other assets	1,785	1,732
Total assets	60,721	79,240
LIABILITIES AND EQUITY
Accounts payable	1,914	2,712
Accrued expenses and other current liabilities	7,291	9,661
Current portion of operating lease liabilities	330	347
Current portion of finance lease liabilities	20	20
Total current liabilities	9,555	12,740
Long-term debt, net of debt discounts and issuance costs	33,853	33,185
Long-term operating lease liabilities	4,606	4,896
Long-term finance lease liabilities	38	53
Long-term contract liabilities	1,271	1,246
Other liabilities	201	198
Total liabilities	49,524	52,318
EQUITY
Preferred stock, $0.001 par value; 10,000,000 shares authorized; 0 issued and outstanding as of September 30, 2024 and December 31, 2023	0	0
Common stock, $0.001 par value; 75,000,000 shares authorized; 34,643,926 issued and outstanding as of September 30, 2024, and 34,643,888 issued and outstanding as of December 31, 2023	35	35
Additional paid-in capital	84,289	81,114
Accumulated deficit	(73,283)	(54,448)
Total stockholders’ equity	11,041	26,701
Non-controlling interest	156	221
Total equity	11,197	26,922
Total liabilities and equity	$ 60,721	$ 79,240

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Allowance for credit loss	$ 750	$ 608
Provision for obsolescence	930	875
Accumulated depreciation	$ 3,889	$ 3,522
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized (in shares)	10,000,000	10,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	75,000,000	75,000,000
Common stock, issued (in shares)	34,643,926	34,643,888
Common stock, outstanding (in shares)	34,643,926	34,643,888

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Sales	$ 11,487,000	$ 11,976,000	$ 33,880,000	$ 37,687,000
Cost of sales	4,533,000	3,998,000	13,484,000	12,857,000
Gross profit	6,954,000	7,978,000	20,396,000	24,830,000
Research and development	1,142,000	1,409,000	3,963,000	4,037,000
Professional services	1,648,000	1,831,000	5,318,000	5,165,000
Salaries and related costs	3,508,000	4,534,000	12,886,000	14,329,000
Selling, general and administrative	4,291,000	4,841,000	14,026,000	15,474,000
Total other costs and expenses	10,589,000	12,615,000	36,193,000	39,005,000
Gain on sale-leaseback	0	0	0	2,692,000
Loss from operations	(3,635,000)	(4,637,000)	(15,797,000)	(11,483,000)
Interest income	378,000	248,000	1,312,000	478,000
Interest expense	(1,431,000)	(585,000)	(4,254,000)	(1,362,000)
Other income (expense), net	24,000	(19,000)	2,000	622,000
Total other expense, net	(1,029,000)	(356,000)	(2,940,000)	(262,000)
Loss before income taxes	(4,664,000)	(4,993,000)	(18,737,000)	(11,745,000)
Income tax expense (benefit)	60,000	(318,000)	163,000	(2,519,000)
Net loss	(4,724,000)	(4,675,000)	(18,900,000)	(9,226,000)
Net loss attributable to non-controlling interest	(21,000)	(46,000)	(65,000)	(120,000)
Net loss attributable to stockholders	$ (4,703,000)	$ (4,629,000)	$ (18,835,000)	$ (9,106,000)
Loss per share:
Basic and diluted (in dollars per share)	$ (0.14)	$ (0.13)	$ (0.54)	$ (0.26)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Noncontrolling Interest [Member]	Total
Balance (in shares) at Dec. 31, 2022	34,598,000
Balance at Dec. 31, 2022	$ 35	$ 73,282	$ (35,735)	$ 211	$ 37,793
Stock based compensation	0	1,367	0	0	1,367
Proceeds received from issuance of warrants	0	586	0	0	586
Net loss	$ 0	0	(3,483)	(49)	(3,532)
Balance (in shares) at Mar. 31, 2023	34,598,000
Balance at Mar. 31, 2023	$ 35	75,235	(39,218)	162	36,214
Balance (in shares) at Dec. 31, 2022	34,598,000
Balance at Dec. 31, 2022	$ 35	73,282	(35,735)	211	37,793
Net loss					(9,226)
Balance (in shares) at Sep. 30, 2023	34,644,000
Balance at Sep. 30, 2023	$ 35	78,154	(44,841)	238	33,586
Balance (in shares) at Mar. 31, 2023	34,598,000
Balance at Mar. 31, 2023	$ 35	75,235	(39,218)	162	36,214
Stock based compensation	0	1,482	0	0	1,482
Net loss	$ 0	0	(994)	(25)	(1,019)
Shares issued on stock options exercised for cash (in shares)	25,000
Shares issued on stock options exercised for cash	$ 0	56	0	0	56
Shares issued on net settlement of stock options (in shares)	6,000
Balance (in shares) at Jun. 30, 2023	34,629,000
Balance at Jun. 30, 2023	$ 35	76,773	(40,212)	137	36,733
Stock based compensation	0	1,351	0	0	1,351
Net loss	$ 0	0	(4,629)	(46)	(4,675)
Shares issued on stock options exercised for cash (in shares)	10,000
Shares issued on stock options exercised for cash	$ 0	30	0	0	30
Shares issued on net settlement of stock options (in shares)	5,000
Contributions from non-controlling interest	$ 0	0	0	147	147
Balance (in shares) at Sep. 30, 2023	34,644,000
Balance at Sep. 30, 2023	$ 35	78,154	(44,841)	238	33,586
Balance (in shares) at Dec. 31, 2023	34,644,000
Balance at Dec. 31, 2023	$ 35	81,114	(54,448)	221	26,922
Stock based compensation	0	1,128	0	0	1,128
Net loss	$ 0	0	(7,576)	(14)	(7,590)
Balance (in shares) at Mar. 31, 2024	34,644,000
Balance at Mar. 31, 2024	$ 35	82,242	(62,024)	207	20,460
Balance (in shares) at Dec. 31, 2023	34,644,000
Balance at Dec. 31, 2023	$ 35	81,114	(54,448)	221	26,922
Net loss					$ (18,900)
Shares issued on stock options exercised for cash (in shares)					569
Balance (in shares) at Sep. 30, 2024	34,644,000
Balance at Sep. 30, 2024	$ 35	84,289	(73,283)	156	$ 11,197
Balance (in shares) at Mar. 31, 2024	34,644,000
Balance at Mar. 31, 2024	$ 35	82,242	(62,024)	207	20,460
Stock based compensation	0	1,050	0	0	1,050
Net loss	$ 0	0	(6,556)	(30)	(6,586)
Balance (in shares) at Jun. 30, 2024	34,644,000
Balance at Jun. 30, 2024	$ 35	83,292	(68,580)	177	14,924
Stock based compensation	0	997	0	0	997
Net loss	$ 0	0	(4,703)	(21)	(4,724)
Balance (in shares) at Sep. 30, 2024	34,644,000
Balance at Sep. 30, 2024	$ 35	$ 84,289	$ (73,283)	$ 156	$ 11,197

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net loss	$ (18,900)	$ (9,226)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	457	540
Provision for inventory obsolescence	61	229
Loss (gain) on disposal of property and equipment	48	(2,656)
Stock based compensation	3,175	4,200
Allowance for credit losses	146	176
Non-cash lease expense	86	56
Non-cash interest expense	668	354
Changes in operating assets and liabilities:
Trade receivables	879	(2,192)
Prepaid expenses and other assets	542	(698)
Income tax receivables	0	7,545
Inventories	902	401
Accounts payable	(819)	(613)
Accrued and other liabilities	(2,355)	(1,153)
Net cash used in operating activities	(15,110)	(3,037)
Cash flows from investing activities
Purchases of property and equipment	(477)	(440)
Proceeds from sale of property and equipment	0	7,267
Net cash (used in) provided by investing activities	(477)	6,827
Cash flows from financing activities
Proceeds from stock option exercises	0	86
Proceeds from long-term debt	0	9,289
Payment of debt issuance costs	0	(1,754)
Proceeds from debt allocated to warrants	0	586
Repayment of finance lease liabilities	(15)	(32)
Contributions from non-controlling interest	0	147
Net cash (used in) provided by financing activities	(15)	8,322
Effect of exchange rates on cash	(37)	(170)
Net change in cash and cash equivalents	(15,639)	11,942
Cash and cash equivalents, beginning of period	43,652	10,192
Cash and cash equivalents, end of period	28,013	22,134
Cash paid for:
Interest	3,579	834
Income taxes	211	261
Non cash activities:
Right-of-use assets capitalized and operating lease liabilities recognized upon execution of lease	$ 0	$ 4,917

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. BASIS OF PRESENTATION Apyx Medical Corporation (“Company”, “Apyx”, “it” and similar terms) was incorporated in 1982, 5115 33760. The Company is an advanced energy technology company with a passion for elevating people’s lives through innovative products, including its Helium Plasma Platform Technology products marketed and sold as Renuvion® 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 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 based upon 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 December 31, 2023 not Reclassifications The Company has reclassified certain amounts presented in the prior period to conform to the current period presentation. These amounts primarily relate to management salaries that were previously included within salaries and related costs and are now included within research and development. These reclassifications had no 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 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 terms acceptable. 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 November 2024, $4.3 $0.6 fourth 2024 one 2024, eight five $0.5 In addition to the organizational changes, the Company has identified other direct cost savings it anticipates achieving in 2025. $40 APYX MEDICAL CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued (Unaudited)

Note 2 - Recent Accounting Pron

Note 2 - Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
New Accounting Pronouncements, Policy [Policy Text Block]	2. RECENT ACCOUNTING PRONOUNCEMENTS In November 2023, 2023 07, Segment Reporting (Topic 280 not December 15, 2023, December 15, 2024. In December 2023, 2023 09, Income Taxes (Topic 740 December 15, 2024. No

Note 3 - Inventories

Note 3 - Inventories	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Inventory Disclosure [Text Block]	NOTE 3. INVENTORIES Inventories consisted of the following: September 30, December 31, (In thousands) 2024 2023 Raw materials $ 4,078 $ 4,112 Work in process 2,434 2,257 Finished goods 3,418 4,429 Gross inventories 9,930 10,798 Less: provision for obsolescence (930 ) (875 ) Inventories, net $ 9,000 $ 9,923

Note 4 - Accrued Expenses and O

Note 4 - Accrued Expenses and Other Current Liabilities	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	NOTE 4. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consisted of the following: September 30, December 31, (in thousands) 2024 2023 Accrued payroll $ 1,259 $ 829 Accrued bonuses — 1,545 Accrued commissions 641 1,489 Accrued product warranties 458 445 Accrued product liability claim insurance deductibles 3,036 3,521 Accrued professional fees 485 518 Short-term contract liabilities 499 488 Other accrued expenses and current liabilities 913 826 Total accrued expenses and other current liabilities $ 7,291 $ 9,661

Note 5 - Debt

Note 5 - Debt	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Debt Disclosure [Text Block]	NOTE 5. DEBT The Company’s outstanding debt with Perceptive Credit Holdings IV, LP (“Perceptive”) (as initial lender and administrative agent) (“Perceptive Credit Agreement”) at September 30, 2024 December 31, 2023 one SOFR September 30, 2024 three nine September 30, 2024 three nine September 30, 2023 A $7.5 million delayed draw loan is available until December 31, 2024, On November 7, 2024, twelve 2024, 2025, 2026 2027, September 30, 2024. $45.0 2025 2026, September 30, 2024, In connection with the amendment to the Perceptive Credit Agreement, the Company issued Perceptive 150,000 shares of its common stock. The Company is in the process of determining the proper accounting treatment for the amendment to the Perceptive Credit Agreement, including the issuance of the shares of common stock. In connection with the Company’s initial loan under the Perceptive Credit Agreement, the Company issued Perceptive warrants to purchase up to 1,250,000 shares of its common stock, with an exercise price of $2.43 per share. The Company’s term loan under the Perceptive Credit Agreement, net consists of the following: September 30, December 31, (In thousands) 2024 2023 Term loan $ 37,500 $ 37,500 Unamortized debt issuance costs (1,045 ) (1,240 ) Unamortized debt discount (2,602 ) (3,075 ) Term loan, net $ 33,853 $ 33,185 As of September 30, 2024 (In thousands) 2024 $ — 2025 — 2026 — 2027 2,216 2028 35,284 Total repayments $ 37,500

Note 6 - China Joint Venture

Note 6 - China Joint Venture	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Noncontrolling Interest Disclosure [Text Block]	NOTE 6. CHINA JOINT VENTURE In 2019, June 2023, September 30, 2024 Changes in the Company’s ownership investment in the China JV were as follows: Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2024 2023 2024 2023 Beginning interest in China JV $ 184 $ 142 $ 229 $ 219 Contributions — 153 — 153 Net loss attributable to Apyx (22 ) (48 ) (67 ) (125 ) Ending interest in China JV $ 162 $ 247 $ 162 $ 247

Note 7 - Earnings (Loss) Per Sh

Note 7 - Earnings (Loss) Per Share	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Earnings Per Share [Text Block]	NOTE 7. EARNINGS (LOSS) PER SHARE Basic earnings (loss) per share (“basic EPS”) is computed by dividing the net income or loss by the weighted average number of common shares outstanding for the reporting period. Diluted earnings (loss) per share (“diluted EPS”) gives effect to all dilutive potential shares outstanding. As the Company is in a net loss position for all periods presented, all potential shares outstanding are anti-dilutive. The following table provides the computation of basic and diluted loss per share. Three Months Ended Nine Months Ended September 30, September 30, (in thousands, except per share data) 2024 2023 2024 2023 Numerator: Net loss attributable to stockholders $ (4,703 ) $ (4,629 ) $ (18,835 ) $ (9,106 ) Denominator: Weighted average shares outstanding - basic and diluted 34,644 34,642 34,644 34,614 Loss per share: Basic and diluted $ (0.14 ) $ (0.13 ) $ (0.54 ) $ (0.26 ) Anti-dilutive instruments excluded from diluted loss per common share: Options 8,257 7,713 8,257 7,713 Warrants 1,500 250 1,500 250

Note 8 - Stock-Based Compensati

Note 8 - Stock-Based Compensation	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	NOTE 8. STOCK-BASED COMPENSATION Under the Company’s stock option plans, the Board of Directors may 718, Compensation - Stock Compensation The Company recognized approximately $997,000 and $3,175,000, respectively, in stock-based compensation expense during the three nine September 30, 2024 three nine September 30, 2023 Stock option activity is summarized as follows: Weighted average Number of options exercise price Outstanding at December 31, 2023 7,342,883 $ 6.31 Granted 1,587,929 2.26 Exercised (569 ) 2.50 Canceled and forfeited (673,653 ) 6.61 Outstanding at September 30, 2024 8,256,590 $ 5.51 The Company allows stock option holders to exercise stock-based awards by surrendering stock-based awards with an intrinsic value equal to the cumulative exercise price of the stock-based awards being exercised, referred to as net settlements. These surrenders are included in stock options exercised in the options rollforward above. There were no such exercises for the three September 30, 2024 three September 30, 2023 nine September 30, 2024 2023 Common shares required to be issued upon the exercise of stock options would be issued from authorized and unissued shares. The Company calculated the grant date fair value of options granted in 2024 2024 2024 Grants Strike price 1.02 - 2.42 Risk-free rate 3.9% - 4.2% Expected dividend yield — Expected volatility 92.1% - 95.1% Expected term (in years) 6

Note 9 - Income Taxes

Note 9 - Income Taxes	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE 9. INCOME TAXES Income tax expense (benefit) was approximately $60,000 and $(318,000) with effective tax rates of (1.3)% and 6.4% for the three September 30, 2024 2023 three September 30, 2024 three September 30, 2023, Income tax expense (benefit) was approximately $163,000 and $(2,519,000) with effective tax rates of (0.9)% and 21.4% for the nine September 30, 2024 2023 nine September 30, 2024 nine September 30, 2023 January 2023 2018 2020

Note 10 - Commitments and Conti

Note 10 - Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	10. COMMITMENTS AND CONTINGENCIES Litigation The medical device industry is characterized by frequent claims and litigation, and the Company may may The Company is involved in a number of legal actions relating to the use of its Helium Plasma Platform Technology, which actions are being defended by the Company’s insurance carrier-appointed counsel. The outcomes of these legal actions are not may not not one not The Company accrues a liability in its condensed consolidated financial statements for these actions when a loss is known or considered probable and the amount can be reasonably estimated. If the reasonable estimate of a known or probable loss is a range, and no not may During 2022, two 2023, ten March 2024, two 2022. During March 2024, 2023, 510k 2023 Purchase Commitments At September 30, 2024 twelve

Note 11 - Related Party Transac

Note 11 - Related Party Transactions	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	NOTE 11. RELATED PARTY TRANSACTIONS Two relatives of Nikolay Shilev, Apyx Bulgaria’s Managing Director, are considered related parties. Teodora Shileva, Mr. Shilev’s spouse, is an employee of the Company working in the accounting department. Svetoslav Shilev, Mr. Shilev’s son, is a quality manager in the quality assurance department. The partner in the Company’s China JV is also a supplier to the Company. For the three September 30, 2024 2023 nine September 30, 2024 2023 September 30, 2024 December 31, 2023

Note 12 - Geographic and Segmen

Note 12 - Geographic and Segment Information	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	NOTE 12. GEOGRAPHIC AND SEGMENT INFORMATION Operating segments are aggregated into reportable segments only if they exhibit similar economic characteristics. In addition to similar economic characteristics, the Company also considers the following factors in determining the reportable segments: the nature of business activities, the management structure directly accountable to its chief operating decision maker for operating and administrative activities, availability of discrete financial information and information presented to the Board of Directors and investors. Asset information is not not not The Company’s reportable segments are disclosed as principally organized and managed as two not no Summarized financial information with respect to reportable segments is as follows: Three Months Ended September 30, 2024 (In thousands) Advanced Energy OEM Corporate & Other Total Sales $ 9,288 $ 2,199 $ — $ 11,487 (Loss) income from operations (469 ) 373 (3,539 ) (3,635 ) Interest income — — 378 378 Interest expense — — (1,431 ) (1,431 ) Other income, net — — 24 24 Income tax expense — — 60 60 Three Months Ended September 30, 2023 (In thousands) Advanced Energy OEM Corporate & Other Total Sales $ 9,836 $ 2,140 $ — $ 11,976 Income (loss) from operations (63 ) 591 (5,165 ) (4,637 ) Interest income — — 248 248 Interest expense — — (585 ) (585 ) Other loss, net — — (19 ) (19 ) Income tax benefit — — (318 ) (318 ) Nine Months Ended September 30, 2024 (In thousands) Advanced Energy OEM Corporate & Other Total Sales $ 26,507 $ 7,373 $ — $ 33,880 (Loss) income from operations (5,105 ) 1,566 (12,258 ) (15,797 ) Interest income — — 1,312 1,312 Interest expense — — (4,254 ) (4,254 ) Other income, net — — 2 2 Income tax expense — — 163 163 Nine Months Ended September 30, 2023 (In thousands) Advanced Energy OEM Corporate & Other Total Sales $ 31,248 $ 6,439 $ — $ 37,687 (Loss) income from operations (950 ) 1,795 (12,328 ) (11,483 ) Interest income — — 478 478 Interest expense — — (1,362 ) (1,362 ) Other income, net — — 622 622 Income tax benefit — — (2,519 ) (2,519 ) International sales represented approximately 32.2% and 30.8% of total revenues for the three nine September 30, 2024 three nine September 30, 2023 Sales by geographic region, based on the customer's “ship to” location on the invoice, are as follows: Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2024 2023 2024 2023 Sales by Domestic and International Domestic $ 7,793 $ 8,652 $ 23,459 $ 27,660 International 3,694 3,324 10,421 10,027 Total $ 11,487 $ 11,976 $ 33,880 $ 37,687

Note 13 - Subsequent Events

Note 13 - Subsequent Events	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Subsequent Events [Text Block]	NOTE 13. SUBSEQUENT EVENTS On November 7, 2024, $.001 On November 7, 2024, 5. During November 2024, 1.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]		5. None.
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Note 3 - Inventories (Tables)

Note 3 - Inventories (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Inventory, Current [Table Text Block]	September 30, December 31, (In thousands) 2024 2023 Raw materials $ 4,078 $ 4,112 Work in process 2,434 2,257 Finished goods 3,418 4,429 Gross inventories 9,930 10,798 Less: provision for obsolescence (930 ) (875 ) Inventories, net $ 9,000 $ 9,923

Note 4 - Accrued Expenses and_2

Note 4 - Accrued Expenses and Other Current Liabilities (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]	September 30, December 31, (in thousands) 2024 2023 Accrued payroll $ 1,259 $ 829 Accrued bonuses — 1,545 Accrued commissions 641 1,489 Accrued product warranties 458 445 Accrued product liability claim insurance deductibles 3,036 3,521 Accrued professional fees 485 518 Short-term contract liabilities 499 488 Other accrued expenses and current liabilities 913 826 Total accrued expenses and other current liabilities $ 7,291 $ 9,661

Note 5 - Debt (Tables)

Note 5 - Debt (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Debt [Table Text Block]	September 30, December 31, (In thousands) 2024 2023 Term loan $ 37,500 $ 37,500 Unamortized debt issuance costs (1,045 ) (1,240 ) Unamortized debt discount (2,602 ) (3,075 ) Term loan, net $ 33,853 $ 33,185
Schedule of Maturities of Long-Term Debt [Table Text Block]	(In thousands) 2024 $ — 2025 — 2026 — 2027 2,216 2028 35,284 Total repayments $ 37,500

Note 6 - China Joint Venture (T

Note 6 - China Joint Venture (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Noncontrolling Interest [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2024 2023 2024 2023 Beginning interest in China JV $ 184 $ 142 $ 229 $ 219 Contributions — 153 — 153 Net loss attributable to Apyx (22 ) (48 ) (67 ) (125 ) Ending interest in China JV $ 162 $ 247 $ 162 $ 247

Note 7 - Earnings (Loss) Per _2

Note 7 - Earnings (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, (in thousands, except per share data) 2024 2023 2024 2023 Numerator: Net loss attributable to stockholders $ (4,703 ) $ (4,629 ) $ (18,835 ) $ (9,106 ) Denominator: Weighted average shares outstanding - basic and diluted 34,644 34,642 34,644 34,614 Loss per share: Basic and diluted $ (0.14 ) $ (0.13 ) $ (0.54 ) $ (0.26 ) Anti-dilutive instruments excluded from diluted loss per common share: Options 8,257 7,713 8,257 7,713 Warrants 1,500 250 1,500 250

Note 8 - Stock-Based Compensa_2

Note 8 - Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Share-Based Payment Arrangement, Option, Activity [Table Text Block]	Weighted average Number of options exercise price Outstanding at December 31, 2023 7,342,883 $ 6.31 Granted 1,587,929 2.26 Exercised (569 ) 2.50 Canceled and forfeited (673,653 ) 6.61 Outstanding at September 30, 2024 8,256,590 $ 5.51
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	2024 Grants Strike price 1.02 - 2.42 Risk-free rate 3.9% - 4.2% Expected dividend yield — Expected volatility 92.1% - 95.1% Expected term (in years) 6

Note 12 - Geographic and Segm_2

Note 12 - Geographic and Segment Information (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended September 30, 2024 (In thousands) Advanced Energy OEM Corporate & Other Total Sales $ 9,288 $ 2,199 $ — $ 11,487 (Loss) income from operations (469 ) 373 (3,539 ) (3,635 ) Interest income — — 378 378 Interest expense — — (1,431 ) (1,431 ) Other income, net — — 24 24 Income tax expense — — 60 60 Three Months Ended September 30, 2023 (In thousands) Advanced Energy OEM Corporate & Other Total Sales $ 9,836 $ 2,140 $ — $ 11,976 Income (loss) from operations (63 ) 591 (5,165 ) (4,637 ) Interest income — — 248 248 Interest expense — — (585 ) (585 ) Other loss, net — — (19 ) (19 ) Income tax benefit — — (318 ) (318 ) Nine Months Ended September 30, 2024 (In thousands) Advanced Energy OEM Corporate & Other Total Sales $ 26,507 $ 7,373 $ — $ 33,880 (Loss) income from operations (5,105 ) 1,566 (12,258 ) (15,797 ) Interest income — — 1,312 1,312 Interest expense — — (4,254 ) (4,254 ) Other income, net — — 2 2 Income tax expense — — 163 163 Nine Months Ended September 30, 2023 (In thousands) Advanced Energy OEM Corporate & Other Total Sales $ 31,248 $ 6,439 $ — $ 37,687 (Loss) income from operations (950 ) 1,795 (12,328 ) (11,483 ) Interest income — — 478 478 Interest expense — — (1,362 ) (1,362 ) Other income, net — — 622 622 Income tax benefit — — (2,519 ) (2,519 )
Revenue from External Customers by Geographic Areas [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2024 2023 2024 2023 Sales by Domestic and International Domestic $ 7,793 $ 8,652 $ 23,459 $ 27,660 International 3,694 3,324 10,421 10,027 Total $ 11,487 $ 11,976 $ 33,880 $ 37,687

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation (Details Textual) $ in Millions	1 Months Ended
	Nov. 30, 2024 USD ($)	Nov. 01, 2024	Oct. 31, 2024 USD ($)	Sep. 30, 2024 USD ($)
Board of Directors, Annual Cash Compensation, Liability				$ 0.5
Subsequent Event [Member]
Percentage of Workforce		25%
Savings From Reduction in Workforce	$ 4.3
Number of Directors		5	8
Board of Directors, Annual Cash Compensation, Liability			$ 0.1

Note 3 - Inventories - Inventor

Note 3 - Inventories - Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Raw materials	$ 4,078	$ 4,112
Work in process	2,434	2,257
Finished goods	3,418	4,429
Gross inventories	9,930	10,798
Less: provision for obsolescence	(930)	(875)
Inventories, net	$ 9,000	$ 9,923

Note 4 - Accrued Expenses and_3

Note 4 - Accrued Expenses and Other Current Liabilities - Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accrued payroll	$ 1,259	$ 829
Accrued bonuses	0	1,545
Accrued commissions	641	1,489
Accrued product warranties	458	445
Accrued product liability claim insurance deductibles	3,036	3,521
Accrued professional fees	485	518
Short-term contract liabilities	499	488
Other accrued expenses and current liabilities	913	826
Total accrued expenses and other current liabilities	$ 7,291	$ 9,661

Note 5 - Debt (Details Textual)

Note 5 - Debt (Details Textual) - USD ($)		3 Months Ended		9 Months Ended
	Nov. 07, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2026	Dec. 31, 2025
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]				Secured Overnight Financing Rate (SOFR) [Member]
Subsequent Event [Member] | Perceptive [Member]
Stock Issued During Period, Shares, New Issues (in shares)	150,000
Perceptive Credit Agreement [Member] | Perceptive Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)		1,250,000		1,250,000
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)		$ 2.43		$ 2.43
Line of Credit [Member] | Perceptive Credit Agreement [Member]
Debt Instrument, Interest Rate Floor, Percent				5%
Debt Instrument, Basis Spread on Variable Rate				7%
Line of Credit Facility, Interest Rate at Period End		12.20%		12.20%
Amortization of Debt Issuance Costs		$ 66,000	$ 61,000	$ 195,000	$ 149,000
Amortization of Debt Discount (Premium)		159,000	$ 84,000	473,000	$ 205,000
Debt Instrument, Covenant, Twelve Month Net Revenue Target, Remainder of Current Period		38,300,000		38,300,000
Line of Credit [Member] | Perceptive Credit Agreement [Member] | Forecast [Member]
Debt Instrument, Maximum Operating Expense Covenant						$ 45,000,000	$ 40,000,000
Line of Credit [Member] | Perceptive Credit Agreement [Member] | Subsequent Event [Member]
Debt Instrument, Covenant, Twelve Month Net Revenue Target, Year One	$ 34,400,000
Debt Instrument, Covenant, Twelve Month Net Revenue Target, Year Two	37,000,000
Debt Instrument, Covenant, Twelve Month Net Revenue Target, Year Three	52,400,000
Debt Instrument, Covenant, Twelve Month Net Revenue Target, Year Four	60,300,000
Debt Instrument, Minimum Cash Balance	$ 3,000,000
Line of Credit [Member] | Perceptive Credit Agreement Delayed Draw Loan Member
Line of Credit Facility, Maximum Borrowing Capacity		$ 7,500,000		$ 7,500,000

Note 5 - Debt - Schedule of Ter

Note 5 - Debt - Schedule of Term Loan (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Term loan, net	$ 33,853	$ 33,185
Secured Debt [Member] | Term Loan [Member]
Term loan	37,500	37,500
Unamortized debt issuance costs	(1,045)	(1,240)
Unamortized debt discount	(2,602)	(3,075)
Term loan, net	$ 33,853	$ 33,185

Note 5 - Debt - Schedule of Lon

Note 5 - Debt - Schedule of Long-Term Debt Maturities (Details) $ in Thousands	Sep. 30, 2024 USD ($)
2024	$ 0
2025	0
2026	0
2027	2,216
2028	35,284
Total repayments	$ 37,500

Note 6 - China Joint Venture (D

Note 6 - China Joint Venture (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jun. 01, 2023	Dec. 31, 2019
Corporate Joint Venture [Member]
Joint Venture, Required Capital Contribution					$ 255,000	$ 357,000
Joint Venture, Increase from Capital Contributions	$ 0	$ 153,000	$ 0	$ 153,000
China JV Partner [Member]
Ownership Interest, Percent						51%

Note 6 - China Joint Venture -

Note 6 - China Joint Venture - Rollforward of Joint Venture (Details) - Corporate Joint Venture [Member] - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Beginning interest in China JV	$ 184,000	$ 142,000	$ 229,000	$ 219,000
Contributions	0	153,000	0	153,000
Net loss attributable to Apyx	(22,000)	(48,000)	(67,000)	(125,000)
Ending interest in China JV	$ 162,000	$ 247,000	$ 162,000	$ 247,000

Note 7 - Earnings (Loss) Per _3

Note 7 - Earnings (Loss) Per Share - Schedule of Earnings (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net loss attributable to stockholders	$ (4,703)	$ (4,629)	$ (18,835)	$ (9,106)
Weighted average shares outstanding - basic and diluted (in shares)	34,644	34,642	34,644	34,614
Basic and diluted (in dollars per share)	$ (0.14)	$ (0.13)	$ (0.54)	$ (0.26)
Share-Based Payment Arrangement, Option [Member]
Options (in shares)	8,257	7,713	8,257	7,713
Warrant [Member]
Options (in shares)	1,500	250	1,500	250

Note 8 - Stock-Based Compensa_3

Note 8 - Stock-Based Compensation (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement, Expense	$ 997,000	$ 1,351,000	$ 3,175,000	$ 4,200,000
Stock Issued During Period, Shares, Stock Swaps (in shares)	0	5,338	38	11,033
Stock Issued During Period, Shares, Stock Swaps Equity Instruments Received (in shares)		6,662	531	10,967

Note 8 - Stock-Based Compensa_4

Note 8 - Stock-Based Compensation - Summary of Stock Options (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Outstanding, options (in shares) | shares	7,342,883
Outstanding, weighted average exercise price (in dollars per share) | $ / shares	$ 6.31
Granted, options (in shares) | shares	1,587,929
Strike price (in dollars per share) | $ / shares	$ 2.26
Exercised, options (in shares) | shares	(569)
Exercised, weighted average exercise price (in dollars per share) | $ / shares	$ 2.5
Canceled and forfeited, options (in shares) | shares	(673,653)
Canceled and forfeited, weighted average exercise price (in dollars per share) | $ / shares	$ 6.61
Outstanding, options (in shares) | shares	8,256,590
Outstanding, weighted average exercise price (in dollars per share) | $ / shares	$ 5.51

Note 8 - Stock-Based Compensa_5

Note 8 - Stock-Based Compensation - Fair Value Assumptions (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares
Strike price (in dollars per share)	$ 2.26
Risk-free rate, minimum	3.90%
Risk-free rate, maximum	4.20%
Expected dividend yield	0%
Expected volatility, minimum	92.10%
Expected volatility, maximum	95.10%
Expected term (in years) (Year)	6 years
Minimum [Member]
Strike price (in dollars per share)	$ 1.02
Maximum [Member]
Strike price (in dollars per share)	$ 2.42

Note 9 - Income Taxes (Details

Note 9 - Income Taxes (Details Textual) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Jan. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Expense (Benefit)		$ 60,000	$ (318,000)	$ 163,000	$ (2,519,000)
Effective Income Tax Rate Reconciliation, Percent		(1.30%)	6.40%	(0.90%)	21.40%
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense	$ 2,100,000

Note 10 - Commitments and Con_2

Note 10 - Commitments and Contingencies (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2024	Mar. 31, 2024
Purchase Obligation			$ 2,700,000
Product Liability Litigation [Member]
Loss Contingency, Loss in Period		$ 1,450,000
Product Liability Litigation [Member] | Minimum [Member]
Loss Contingency, Estimate of Possible Loss				$ 1,450,000
Product Liability Litigation [Member] | Maximum [Member]
Loss Contingency, Estimate of Possible Loss				1,950,000
Renuvion Product Liability [Member]
Loss Contingency, Loss in Period	$ 1,300,000
Renuvion Product Liability [Member] | Minimum [Member]
Loss Contingency, Estimate of Possible Loss				1,300,000
Renuvion Product Liability [Member] | Maximum [Member]
Loss Contingency, Estimate of Possible Loss				$ 1,500,000

Note 11 - Related Party Trans_2

Note 11 - Related Party Transactions (Details Textual) - China JV Partner [Member] - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Accounts Payable	$ 30,000		$ 30,000		$ 82,000
Purchase From Supplier [Member]
Related Party Transaction, Purchases from Related Party	$ 189,000	$ 50,000	$ 282,000	$ 501,000

Note 12 - Geographic and Segm_3

Note 12 - Geographic and Segment Information (Details Textual)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Number of Reportable Segments			2
Geographic Concentration Risk [Member] | Revenue Benchmark [Member] | Non-US [Member]
Concentration Risk, Percentage	32.20%	27.80%	30.80%	26.60%

Note 12 - Geographic and Segm_4

Note 12 - Geographic and Segment Information - Reportable Segments (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Sales	$ 11,487,000	$ 11,976,000	$ 33,880,000	$ 37,687,000
(Loss) income from operations	(3,635,000)	(4,637,000)	(15,797,000)	(11,483,000)
Interest income	378,000	248,000	1,312,000	478,000
Interest expense	(1,431,000)	(585,000)	(4,254,000)	(1,362,000)
Other income, net	24,000	(19,000)	2,000	622,000
Income Tax Expense (Benefit)	60,000	(318,000)	163,000	(2,519,000)
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member]
Sales	0	0	0	0
(Loss) income from operations	(3,539,000)	(5,165,000)	(12,258,000)	(12,328,000)
Interest income	378,000	248,000	1,312,000	478,000
Interest expense	(1,431,000)	(585,000)	(4,254,000)	(1,362,000)
Other income, net	24,000	(19,000)	2,000	622,000
Income Tax Expense (Benefit)	60,000	(318,000)	163,000	(2,519,000)
Advanced Energy [Member] | Operating Segments [Member]
Sales	9,288,000	9,836,000	26,507,000	31,248,000
(Loss) income from operations	(469,000)	(63,000)	(5,105,000)	(950,000)
Interest income	0	0	0	0
Interest expense	0	0	0	0
Other income, net	0	0	0	0
Income Tax Expense (Benefit)	0	0	0	0
OEM [Member] | Operating Segments [Member]
Sales	2,199,000	2,140,000	7,373,000	6,439,000
(Loss) income from operations	373,000	591,000	1,566,000	1,795,000
Interest income	0	0	0	0
Interest expense	0	0	0	0
Other income, net	0	0	0	0
Income Tax Expense (Benefit)	$ 0	$ 0	$ 0	$ 0

Note 12 - Geographic and Segm_5

Note 12 - Geographic and Segment Information - Geographic Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Sales	$ 11,487	$ 11,976	$ 33,880	$ 37,687
UNITED STATES
Sales	7,793	8,652	23,459	27,660
Non-US [Member]
Sales	$ 3,694	$ 3,324	$ 10,421	$ 10,027

Note 13 - Subsequent Events (De

Note 13 - Subsequent Events (Details Textual) - Subsequent Event [Member] $ / shares in Units, $ in Millions	Nov. 07, 2024 USD ($) $ / shares shares	Nov. 01, 2024	Oct. 31, 2024
Percentage of Workforce		25%
Number of Directors		5	8
Prefunded Warrants [Member]
Class of Warrant or Right, Outstanding (in shares)	2,934,690
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares	$ 0.001
Registered Direct Offering [Member]
Proceeds from Issuance or Sale of Equity | $	$ 7
Stock Issued During Period, Shares, New Issues (in shares)	3,000,000