Apyx Medical Corporation (APYX): BCG Matrix [Dec-2025 Updated]

You're looking at Apyx Medical Corporation right now and trying to map out where the money is actually being made, which is smart, because the company is defintely in a major shift. Honestly, the story is one of sharp contrasts: the Surgical Aesthetics segment is booming with over 30% growth in Q3 2025 and a high 64.4% gross margin from Advanced Energy, yet the old OEM business is shrinking by 17.6% year-over-year. Plus, the whole portfolio hinges on how well the brand new AYON Body Contouring System™, which just launched in September 2025, performs as a potential future Star. Dive below to see exactly where each piece of the Apyx Medical Corporation puzzle lands on the Boston Consulting Group Matrix.

Background of Apyx Medical Corporation (APYX)

You're looking at Apyx Medical Corporation (APYX) as of late 2025, a company that designs, develops, manufactures, and sells electrosurgical equipment and medical devices both in the United States and internationally. Honestly, the firm has been around a while, having been incorporated in 1982 and based in Clearwater, Florida; it was formerly known as Bovie Medical Corporation before changing its name in January 2019.

Apyx Medical Corporation focuses its efforts across two main segments: Advanced Energy and Original Equipment Manufacturing (OEM). The core of their proprietary technology is the helium plasma and radiofrequency platform, which they market under the brand name Renuvion® in the cosmetic surgery space and as J-Plasma® in the hospital surgical market. They also recently launched the AYON Body Contouring System™, which received its 510(k) clearance from the U.S. Food and Drug Administration (FDA).

Looking at the near-term performance, the company is clearly pushing its aesthetic offerings. For the three months ended September 30, 2025 (Q3 2025), Apyx Medical reported total revenue of $12.9 million, which was a 12.1% increase compared to the same quarter in 2024. This growth was heavily supported by the Surgical Aesthetics segment, where sales jumped 19.1%, driven by the commercial launch of AYON and increased single-use handpiece volume.

Still, not everything is firing on all cylinders. While domestic sales grew by 19.7% in Q3 2025, international sales actually slipped by 4.0%. Furthermore, the OEM segment saw a 17.6% decline in sales for the same quarter. To be fair, the company is showing progress on the bottom line; the net loss for Q3 2025 narrowed significantly to $(2.0) million, an improvement from the $(4.7) million loss reported in Q3 2024.

Management is definitely feeling confident about the trajectory, especially with the new product momentum. Following the Q3 results, Apyx Medical Corporation raised its full-year 2025 total revenue guidance to a range of $50.5 million to $52.5 million. This compares to the $48.1 million they brought in for the entire year of 2024. The company also recently announced plans to raise capital via a public offering of common stock in November 2025, signaling a need for investment to support expansion in the growing body contouring market.

Apyx Medical Corporation (APYX) - BCG Matrix: Stars

You're looking at the engine room of Apyx Medical Corporation's current growth trajectory; these are the products and segments that command high market share in rapidly expanding areas. For Apyx Medical Corporation, the Surgical Aesthetics business, anchored by Renuvion and the new AYON Body Contouring System™, clearly fits this Star profile. Stars consume cash to fuel their growth, but they are the future Cash Cows if market growth slows while they maintain leadership.

The momentum in this area is quite clear when you look at the recent figures. Specifically, the domestic side of the Surgical Aesthetics segment showed exceptional performance, growing over 30% in the third quarter of 2025 compared to the prior year period. This indicates strong adoption of their platform equipment and consumables in the U.S. market, which is exactly what you want to see from a Star product line.

The consumable revenue stream, which is crucial for recurring revenue, also shows underlying strength. For instance, the U.S. Renuvion single-use handpiece revenue saw a 14% growth in the first quarter of 2025 compared to the same period last year. This recurring revenue component helps offset some of the cash burn associated with scaling a high-growth business unit.

Here's a quick look at how the key growth drivers for this segment stacked up in the first half of the year:

The high-margin nature of the Advanced Energy segment, which houses Surgical Aesthetics, is helping to lift the company's overall profitability profile. The total gross margin for Apyx Medical Corporation reached 64.4% in the third quarter of 2025, an improvement from 60.5% in the prior year period, largely due to the favorable mix shift toward this higher-margin Surgical Aesthetics business. This margin expansion is a key indicator that the Star segment is becoming more efficient as it scales.

Furthermore, Renuvion maintains a strong market position in the minimally invasive skin tightening space. You should definitely factor in the market tailwinds related to patient trends. Specifically, the company is positioned to capitalize on increased demand stemming from the post-GLP-1 weight loss patient trend, as Renuvion addresses the loose skin that often follows significant weight reduction. This external factor provides a sustained, high-growth environment for this product line to solidify its leadership before the market matures.

The investment thesis for Apyx Medical Corporation's Stars involves continuing to fund their promotion and placement. You can see the commitment to this strategy:

• Domestic Surgical Aesthetics sales increased by over 30% in Q3 2025.
• U.S. Renuvion single-use handpiece revenue grew 14% in Q1 2025.
• The segment's success drove the total gross margin to 64.4% in Q3 2025.
• Market tailwinds from GLP-1 related weight loss support demand.

Finance: draft 13-week cash view by Friday.

Apyx Medical Corporation (APYX) - BCG Matrix: Cash Cows

The Cash Cow quadrant represents established business units or products with a high market share in a mature market, generating more cash than they consume. For Apyx Medical Corporation, the core Renuvion technology and its associated consumables within the Surgical Aesthetics segment fit this profile, providing the necessary financial foundation.

The Surgical Aesthetics segment, which encompasses Renuvion and the new AYON Body Contouring System, is guided to contribute $43 million to $45 million of the total projected FY2025 revenue, which management has guided to be in the range of $50.5 million to $52.5 million. This segment's significant contribution to the overall revenue base underscores its established position.

The recurring revenue stream from Renuvion single-use handpieces sold to the established domestic customer base is a key characteristic of a Cash Cow. While the specific dollar amount of this recurring stream isn't itemized separately, the segment's performance reflects this base. For instance, U.S. single-use handpiece revenue grew by 14% in the first quarter of 2025 compared with the same period last year. Furthermore, the entire Surgical Aesthetics segment saw its revenue increase by 19.1% for the three months ended September 30, 2025.

The core Renuvion technology itself is supported by a substantial body of evidence, suggesting market acceptance and maturity. The technology has over 90 evidence-based clinical publications supporting its use. This level of clinical validation helps maintain market share without requiring excessive promotional spending, aligning with the low-growth, high-share Cash Cow strategy.

As a snapshot of the segment's current performance, the Advanced Energy segment, which includes Renuvion, reported revenue of approximately $9.7 million for the second quarter ended June 30, 2025. Management's FY2025 guidance for the Advanced Energy segment is set between $42.0 million to $44.0 million.

The installed base of the Apyx One Console and Renuvion generators in U.S. surgical centers represents the infrastructure supporting this cash flow. The company noted that in the second quarter of 2025, preorders for the AYON system, which includes an Apyx One Console, led to an upward revision of the full-year revenue guidance.

The financial contribution of this established product line can be summarized:

Investments into supporting infrastructure, such as the launch of the Apyx One Console, are aimed at improving efficiency and supporting the existing revenue stream. The company is focused on maintaining this productivity, as evidenced by the increased FY2025 total revenue guidance to $50.0 million to $52.0 million based on strong pre-sales of the AYON system.

Apyx Medical Corporation (APYX) - BCG Matrix: Dogs

You're looking at the segment of Apyx Medical Corporation (APYX) that the company is actively managing down, which squarely fits the profile of a BCG Matrix Dog: low market share in a low-growth or declining area, where expensive turn-arounds are generally avoided.

The Original Equipment Manufacturing (OEM) segment is clearly being de-emphasized. This is a strategic move to concentrate capital and operational focus on the higher-potential Surgical Aesthetics business, particularly the AYON Body Contouring System launch. Honestly, when a company signals it's shifting resources away from a segment, it's a strong indicator that the segment is a Dog, not a future Star or Cash Cow.

Here are the hard numbers showing the contraction in this unit as of the third quarter of 2025:

The trend is unmistakable. The OEM segment sales for the third quarter of 2025 were reported at $1.8 million, representing a significant year-over-year decrease of 17.6% compared to the $2.2 million recorded in the third quarter of 2024. This quarterly performance directly informed the reduction in the full-year outlook.

The full-year 2025 OEM revenue guidance was officially lowered to approximately $7.5 million. This was a deliberate reduction of $500,000 from the prior guidance of $8.0 million, a move management made to align expectations with the strategic pivot.

The primary drivers for this decline are tied to specific customer relationships and the company's new direction:

• Sales volume decreases to existing OEM customers, including a specific mention of Symmetry Surgical under the existing 10-year generator manufacturing and supply agreement.
• The segment is now viewed as a non-core business that is being de-emphasized.
• Resources are being actively refocused on the Surgical Aesthetics segment, which management believes represents the future of Apyx Medical Corporation.

This unit is consuming management attention without delivering commensurate returns, making divestiture or continued minimization the logical path forward. It's about cutting losses and reallocating capital where the growth story-the AYON launch-is taking hold. Finance: draft the Q4 2025 cash flow forecast reflecting zero material growth assumption for OEM by next Tuesday.

Apyx Medical Corporation (APYX) - BCG Matrix: Question Marks

You're analyzing Apyx Medical Corporation's portfolio, and the Question Marks quadrant is where the company is placing its near-term bets for future growth, even though these areas currently consume cash without delivering substantial returns. These are products in high-growth markets where Apyx Medical Corporation is still fighting to secure a dominant market share.

The primary driver in this quadrant is the newly launched AYON Body Contouring System™. This system, which received its initial U.S. Food and Drug Administration (FDA) 510(k) clearance in May 2025, is positioned to capitalize on the expected surge in body contouring procedures following GLP-1 drug-induced weight loss. The full U.S. commercial launch began at the end of the third quarter of 2025, specifically in September 2025. Initial demand has been strong, with customer demand exceeding expectations for pre-orders. This launch momentum helped push the Surgical Aesthetics segment revenue to $11.1 million in the third quarter of 2025, a 19% increase year-over-year. The company subsequently raised its full-year 2025 revenue guidance to a range of $50.5 million to $52.5 million.

The strategy here is clear: invest heavily to convert this high-growth potential into market share, or risk it becoming a Dog. A key part of this investment is securing expanded functionality. Apyx Medical Corporation submitted a new 510(k) premarket notification to the FDA on October 13, 2025, seeking clearance to expand AYON's label to include power liposuction. If cleared, this would solidify AYON's position as the first fully integrated body contouring system.

The international market presents a mixed picture for Apyx Medical Corporation, illustrating the high-growth/low-share challenge. While the overall market potential, such as in China where Renuvion® sales were initiated, remains high, the recent performance shows a lag compared to domestic success. For the third quarter of 2025, international revenue decreased by 4.0%, reporting $3.5 million, which was offset by domestic Surgical Aesthetics sales increasing over 30% to reach $9.3 million. This disparity suggests that the new product adoption and market penetration are currently much stronger domestically than internationally, a classic Question Mark scenario.

The J-Plasma product line, marketed for hospital surgical applications, is another component that fits the Question Mark profile due to its lower capital priority. Management has affirmed a strategic shift, redirecting resources toward the Surgical Aesthetics segment, which is seen as the future of Apyx Medical Corporation.

• J-Plasma® is marketed for the hospital surgical market.
• Its effectiveness is supported by more than 90 clinical documents.
• The company's focus is on Surgical Aesthetics, not J-Plasma, for growth capital allocation.

To understand the cash burn and market performance supporting the investment decision, here is a look at the Q3 2025 figures:

The company is consuming cash, reporting a net loss of $2.0 million for the quarter, but the significant reduction in Adjusted EBITDA loss to $0.1 million, a 96% decrease, shows the heavy investment is being managed with improved operational efficiency.