Apyx Medical Inc (NASDAQ: APYX) is a medical device company that develops and sells energy-based surgical equipment for the cosmetic surgery market. Revenue comes from selling capital equipment generators and single-use handpieces and accessories to surgeons, supported by an international distributor network. The company's core technology is Helium Plasma Technology, commercialized through its Surgical Aesthetics segment, which targets procedures such as liposuction and surgical lifts. Manufacturing of generators and single-use handpieces occurs at a wholly owned subsidiary, Apyx Bulgaria, EOOD, located in Sofia, Bulgaria, with contract component manufacturing sourced from Ningbo, China. As of December 31, 2025, the company employed 205 full-time employees worldwide. Apyx carried approximately $31.7 million in cash and cash equivalents as of December 31, 2025, with a Perceptive Credit Agreement carrying financial covenants tied to Surgical Aesthetics segment revenue targets of $37.0 million for full-year 2025 and $52.4 million for 2026.

Revenue model

Transactional sales of capital equipment generators and single-use handpieces and accessories to cosmetic surgeons, sold through a direct sales force in the U.S. and an international distributor network. The company also generates revenue through OEM generators and related accessories manufactured at its Bulgarian subsidiary.

Products and services

Helium Plasma Technology-based surgical aesthetic generators, AYON equipment (commercially launched in the second half of 2025), single-use handpieces and accessories, and OEM generators and related accessories.

Customers and end markets

Cosmetic and aesthetic surgeons performing procedures including liposuction and surgical lifts. End market is the global cosmetic surgery market, with demand driven by social media influence, appearance trends, and disposable income growth. Per the ISAPS 2024 Global Survey, liposuction remains a top-two aesthetic surgical procedure globally.

Value-chain role

Medical device manufacturer and seller. Designs products internally, manufactures at Apyx Bulgaria in Sofia, sources contract components from Ningbo, China, and distributes through a direct U.S. sales force and international distributor network. Also provides clinical support specialists and surgeon training programs.

Geographic exposure

Operations in the United States and Bulgaria (Apyx Bulgaria, EOOD, Sofia). Contract component manufacturing in Ningbo, China. International sales through distributor network. Apyx Bulgaria also distributes directly to customers in certain international markets.

Source: SEC 10-K, filed 2026-03-10

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