Apyx Medical Corp (APYX) 2025 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Apyx Medical third quarter 2025 earnings conference call. (Operator Instructions) This call is being recorded on Thursday, November 6, 2025. I would now like to turn the conference over to Jeremy Feffer, LifeSci advisor. Please go ahead, sir.

女士們、先生們，早安，歡迎參加 Apyx Medical 2025 年第三季財報電話會議。（操作員指示）本次通話於2025年11月6日星期四錄音。現在我將把會議交給生命科學顧問傑里米·費弗。請繼續，先生。

Thank you and welcome everyone to our third quarter 2025 earnings call. Representing the company on the call are Charlie Goodwin, Chief Executive Officer, and Matt Hill, Chief Financial Officer of Apyx. Before we begin, I would like to remind everyone that our remarks and responses to your questions today may contain forward-looking statements that are based on the current expectations of management and involve inherent risks

謝謝大家參加我們2025年第三季財報電話會議。代表公司參加電話會議的是 Apyx 的執行長 Charlie Goodwin 和財務長 Matt Hill。在正式開始之前，我想提醒各位，我們今天所做的發言和對各位問題的回答可能包含基於管理層當前預期並涉及固有風險的前瞻性陳述。

and uncertainties that could cause actual results to differ materially from those indicated, including, without limitation, those identified in the risk factors section of our most recent annual report on Form 10k, our most recent 10Q filing, and the company's other filings with the Securities and Exchange Commission. Such factors may be updated from time to time in our filings with the SEC, which are available on our website.

以及可能導致實際結果與預期結果有重大差異的不確定性，包括但不限於我們在最新的 10-K 表格年度報告、最新的 10-Q 文件以及公司向美國證券交易委員會提交的其他文件中「風險因素」部分所列的風險。這些因素可能會不時更新，我們會在提交給美國證券交易委員會的文件中進行說明，這些文件可在我們的網站上查閱。

We undertake no obligation to publicly update or revise our forward-looking statements as a result of new information, future events, or otherwise. This call will also include references to certain financial measures that are not calculated in accordance with generally accepted accounting principles, or GAAP. We generally refer to these as non-GAAP financial measures.

我們不承擔因新資訊、未來事件或其他原因而公開更新或修改前瞻性聲明的義務。本次電話會議也將提及一些不符合公認會計原則（GAAP）計算的財務指標。我們通常將這些稱為非GAAP財務指標。

Reconciliations of those non-GAAP financial measures to the most comparable measures calculated and presented in accordance with GAAP are available in the earnings press release on the investor relations portion of our website. I would now like to turn the call over to Mr. Charles Goodwin, Apyx Medical's President and Chief Executive Officer. Please go Ahead.

這些非GAAP財務指標與依照GAAP計算和列報的最可比較指標的調節表，可在我們網站投資者關係部分的獲利新聞稿中找到。現在我謹將電話轉交給 Apyx Medical 的總裁兼執行長 Charles Goodwin 先生。請繼續。

Thank you, Jeremy, and thank you all for joining us today For our usual format on these quarterly calls, I will start with a review of our performance over the past several months, and then I will turn the call over to Matt for a review of our third quarter financial results, as well as our updated full year 2025 guidance. We will then open the call for your questions.

謝謝傑里米，也感謝各位今天參加我們的電話會議。按照我們季度電話會議的慣例，我將首先回顧一下我們過去幾個月的業績，然後我會把電話交給馬特，讓他回顧我們第三季度的財務業績，以及我們更新後的2025年全年業績指引。接下來我們將開放提問環節。

But before I jump into the numbers, I'm excited to share an important update about the evolution of our company and our continued commitment to innovation and meaningful outcomes for our customers and their patients. With the development, clearance, and launch of the Aon body contouring system, one thing has become clear.

但在我深入探討具體數字之前，我很高興與大家分享一個關於我們公司發展歷程的重要更新，以及我們對創新和為客戶及其患者帶來有意義成果的持續承諾。隨著 Aon 塑形系統的研發、批准和上市，有一件事變得很清楚了。

Our identity and the way we present this segment of our business must evolve to reflect who we are today and where we are going tomorrow. That is why we are officially announcing the rebranding of our advanced energy segment, which will now be identified as surgical aesthetics. This is not just about a new name. It's about better aligning our brand with our mission and the durable and transformational results that our surgical products deliver.

我們的身份以及我們展示這部分業務的方式必須不斷發展，以反映我們今天的面貌和未來的發展方向。因此，我們正式宣布對我們的先進能量業務進行品牌重塑，該業務現在將被稱為外科美容。這不只是換個名字的問題。這關乎如何更好地將我們的品牌與我們的使命以及我們的外科產品所帶來的持久和變革性成果相契合。

Let me begin with a review of our third quarter performance. We reported total revenue of $12.9 million compared to $11.5 million in the same period last year. This growth was driven by a $1.8 million increase in sales of our surgical aesthetics products to $11.1 million for the third quarter.

首先，讓我回顧一下我們第三季的業績。我們公佈的總收入為 1,290 萬美元，而去年同期為 1,150 萬美元。這一成長主要得益於我們外科美容產品銷售額的增加，第三季銷售額達到 1,110 萬美元，增幅達 180 萬美元。

This is the result of an increase in US sales of over 30% for the quarter and reflects initial sales from our commercial launch of our A on body contouring system during the quarter, as well as increased volume of single-use handpieces in both domestic and international markets. Overall, the Aon soft launch, which took place throughout much of the summer and the full commercial launch in September, have been overwhelmingly successful.

這是由於本季度美國銷售額成長超過 30%，反映了本季我們推出 A 型塑形系統後取得的商業銷售業績，以及國內和國際市場一次性手柄銷量的增加。總體而言，Aon 在整個夏季的大部分時間裡進行的試營運以及 9 月的全面商業營運都取得了巨大的成功。

We are thrilled with the market's feedback we're receiving, which has translated in both pre-sales and now initial deliveries, which I will get into more in a moment. I want to note that this growth was offset slightly by a decline in our OEM revenue for the third quarter. We reported $1.8 million down from $2.2 million in the same period last year.

我們對收到的市場回饋感到非常興奮，這已經轉化為預售和現在的首批交付，我稍後會詳細介紹。我想指出的是，第三季 OEM 收入的下降略微抵消了這一增長。我們報告稱，收入為 180 萬美元，低於去年同期的 220 萬美元。

This decline was anticipated and is due to reduced sales volumes to existing customers, including Symmetry Surgical, under our 10-year generator manufacturing and supply agreement. Strategically, we have shifted our focus and manufacturing resource from OEM towards our surgical aesthetic segment, particularly the Aon launch, as we believe this segment represents the future of the company.

這一下滑是可以預料的，是由於現有客戶（包括 Symmetry Surgical）根據我們為期 10 年的發電機製造和供應協議而減少的銷售量所致。從策略上講，我們已將重心和生產資源從 OEM 轉移到外科美容領域，特別是 Aon 的推出，因為我們相信該領域代表了公司的未來。

It is worth highlighting that we made this tremendous progress while emerging from the significant cost reduction and restructuring announced in November 2024. I am proud to share that these efforts have resulted in a leaner operating structure and a meaningful reduction in our cash burn. These improvements have strengthened our overall financial health, giving us the flexibility to invest in A and our broader growth strategy with greater confidence.

值得強調的是，我們在2024年11月宣布大幅削減成本和重整計畫後，取得了這一巨大進展。我很自豪地宣布，這些努力使我們的營運結構更加精簡，現金消耗也顯著減少。這些改進增強了我們的整體財務狀況，使我們能夠更靈活、更有信心地投資於 A 以及我們更廣泛的成長策略。

While restructurings are always challenging, I want to express my sincere gratitude to the employees here at Apyx. It is encouraging to reflect on the positive outcome driven by our team's dedication and perseverance. Let me now provide a more detailed overview of our progress.

雖然重組總是充滿挑戰，但我還是要向Apyx的員工表達我真誠的感謝。看到團隊的奉獻和堅持不懈最終取得了積極成果，令人倍感鼓舞。現在讓我更詳細地概述一下我們所取得的進展。

It is amazing to think that only about 6 months ago we received FDA clearance for the Aon system and soon after began to realize the significant impact this system could have on the market. For those who may not be fully up to date, let me provide a brief overview of Aon and why it's generating such a strong market response and why we believe it will help shape the future of aesthetic surgery.

令人難以置信的是，就在大約 6 個月前，我們的 Aon 系統獲得了 FDA 的批准，此後不久，我們就開始意識到該系統可能對市場產生重大影響。對於那些可能不太了解情況的人，讓我簡要概述一下Aon，以及它為何能引起如此強烈的市場反響，以及我們為何相信它將有助於塑造整形外科的未來。

Aon is a groundbreaking body contouring system designed by leading surgeons to address many of the challenges and limitations they experience with current systems in the market. And please keep in mind that most existing systems on the market are limited to a single function while a seamlessly integrates fat removal, closed loop contouring, tissue contraction,

Aon 是一款突破性的塑形系統，由頂尖外科醫生設計，旨在解決他們在使用市場上現有系統時遇到的許多挑戰和限制。請記住，市面上大多數現有系統僅限於單一功能，而該系統則無縫整合了脂肪去除、閉環塑形、組織收縮等功能。

and electrosurgical capabilities, empowering surgeons to deliver the most comprehensive body contouring treatments available with advanced features like lift technology for real-time adjustments and renuvian for enhanced tissue contraction. A sets a new standard in surgical care, streamlining procedures and maximizing patient outcomes.

以及電外科手術功能，使外科醫生能夠提供最全面的塑形治療，並具備即時調整的提拉技術和增強組織收縮的 renuvian 等先進功能。A 為外科護理樹立了新的標準，簡化了流程，最大限度地提高了患者的治療效果。

The result is a system that combines precision, versatility, and innovation in an all in one platform with unmatched return on investment. And don't just take our word for it. As part of our soft launch, we initiated an ambassador program with key opinion leaders in critical geographies throughout the US. Many of these leading surgeons are now actively discussing how Aon delivers consistent and reliable performance,

最終形成的系統將精準性、多功能性和創新性集於一身，打造出一個具有無與倫比的投資回報率的一體化平台。別光聽我們說。作為試營運的一部分，我們啟動了一項大使計劃，在美國各地的關鍵地區聘請了關鍵意見領袖。許多頂尖外科醫生現在積極探討安聯集團如何提供持續可靠的服務。

with several of them contributing at our workshops and clinical symposia supporting the broader commercial launch. The feedback has been incredible from the start, which we attribute to the system really filling a void in the market that nothing else has come close to addressing. Just last month, we hosted a virtual KOL event for investors and analysts featuring comments from world renowned general and plastic surgeon, Dr. Paul Vanek.

其中幾位也參與了我們的研討會和臨床研討會，為更廣泛的商業推廣提供了支持。從一開始，反饋就非常積極，我們認為這是因為該系統真正填補了市場上的空白，而其他任何產品都無法與之媲美。就在上個月，我們為投資者和分析師舉辦了一場虛擬 KOL 活動，世界知名的普通外科醫生和整形外科醫生 Paul Vanek 博士發表了評論。

We were fortunate to have Dr. Vanek share several case studies using the A on system, followed by his general insights on the system's functionality and its potential impact on surgical practices. I encourage any of you that missed this event to visit our events page on our company website to listen to the replay, which is just a very compelling overview of the Aon capabilities.

我們很榮幸邀請到 Vanek 博士分享了幾個使用 A on 系統的案例研究，隨後他分享了對該系統功能及其對外科手術實踐的潛在影響的總體見解。我鼓勵錯過本次活動的各位訪問我們公司網站的活動頁面，收聽重播，重播內容對安聯集團的各項能力進行了非常精彩的概述。

One of the key points raised during the KOL event was the importance of Aon's integration with Renuvion Our innovative, minimally invasive surgical solution for treating loose and lax skin Renuvionvi provides durable transformational outcomes and is rapidly gaining traction among surgeons.

在 KOL 活動中提出的一個關鍵點是 Aon 與 Renuvion 整合的重要性。我們創新的微創手術解決方案 Renuvionvi 用於治療皮膚鬆弛，可提供持久的變革性效果，並且正在迅速獲得外科醫生的青睞。

We believe it represents the best-in-class option for treating loose skin and should be considered the new standard of care, particularly for patients experiencing skin laxity after significant weight loss, including those using GLP-1 medications. This expanding patient population presents a tremendous opportunity.

我們認為它是治療皮膚鬆弛的最佳選擇，應該被視為新的護理標準，特別是對於體重顯著減輕後出現皮膚鬆弛的患者，包括使用 GLP-1 藥物的患者。不斷增長的患者群體帶來了巨大的機會。

With more than $15 million people currently on GLP-1 drugs in the US alone, we're still in the early innings of this powerful market shift. we believe Apyx is uniquely positioned to meet this demand and help lead the aesthetic market into the next phase of growth. As I have said before, the major shifts in the market with the rapid adoption of GLP1s are unlike anything that we have seen in recent history,

光是在美國，目前就有超過1,500萬人正在服用GLP-1類藥物，我們仍處於這場強勁市場變革的早期階段。我們相信，Apyx憑藉其獨特的優勢，能夠滿足這項需求，並引領美容市場邁入下一個成長階段。正如我之前所說，GLP-1受體激動劑的快速普及為市場帶來了重大變化，這是我們近年來從未見過的。

and Renuvian has proven to be an exceptional treatment option for the skin laxity experienced by many of these patients. Combined with Aon's other features, we believe Apyx is further differentiated and has elevated our position in the surgical aesthetics market, thereby making us the trusted surgical partner in the next era of aesthetic care.

事實證明，Renuvian 是治療許多此類患者皮膚鬆弛問題的絕佳選擇。結合 Aon 的其他功能，我們相信 Apyx 進一步提升了我們的差異化優勢，提高了我們在外科美容市場的地位，從而使我們成為下一時代美容護理領域值得信賴的外科合作夥伴。

As I mentioned earlier, the full US launch of Aon began in September and has been highly successful to date. Our team was well positioned following the soft launch earlier this summer. And strong interest quickly translated into preorders ahead of the launch. I believe the launch and overall interest in Aon has exceeded all of my expectations across every metric.

正如我之前提到的，Aon在美國的全面推出始於9月，迄今為止非常成功。今年夏天早些時候的試營運之後，我們的團隊已經做好了充分的準備。強烈的市場興趣迅速轉化為產品發布前的預購訂單。我認為，Aon的上市以及整體市場反應在各方面都超出了我的預期。

I look forward to realizing our long-term vision of walking into almost every surgical practice and seeing an ion system at the center of the operating room. When we first introduced the Aon and talked about the initial capabilities, one of the commitments we made was the submission of an additional 510k to the FDA for the label expansion of Aeon to include power liposuction.

我期待著實現我們的長期願景，走進幾乎每一家外科診所，都能看到手術室的中心位置安裝了離子系統。當我們首次推出 Aon 並討論其初始功能時，我們所做的承諾之一是向 FDA 提交額外的 510k 申請，以擴展 Aon 的標籤，使其包含電動抽脂。

I am pleased that early last month our team submitted this follow-up application and anticipate receiving clearance in Q1 of 26. This is an important update as receiving market clearance for power liposuction will solidify Aeon's position as the first fully integrated. Body contouring system, positioning Aeon as the new gold standard in surgical aesthetics.

我很高興我們的團隊在上個月初提交了這份後續申請，預計將在 2026 年第一季獲得批准。這是一項重要的更新，因為獲得電動抽脂術的市場許可將鞏固 Aeon 作為首家完全一體化公司的地位。塑形系統，將 Aeon 定位為外科美容領域的新黃金標準。

I think it is important to note that upon receiving clearance from the FDA, we will be able to activate this function on A on systems already in the field. While we are still in the early stages of the launch, the market excitement is quickly turning into orders for A on. As a result, we are updating our revenue targets for 2025, which Matt will detail in a moment.

我認為需要指出的是，一旦獲得 FDA 的批准，我們將能夠在已投入使用的 A 型系統上啟動此功能。雖然我們仍處於產品發布的早期階段，但市場的熱情正在迅速轉化為 A 的訂單。因此，我們將更新 2025 年的收入目標，Matt 稍後會詳細介紹。

I will now turn the call over to Matt for a review of the third quarter 2025 financial results in more detail, along with our updated financial guidance for 2025.

現在我將把電話交給 Matt，讓他更詳細地回顧 2025 年第三季的財務業績，以及我們更新後的 2025 年財務預期。

Thank you, Charles. Before I get started, please note that all references to third quarter financial results will be on a GAAP and a year over year basis unless noted otherwise. As Charlie mentioned, total revenue for the third quarter 25' increased 12% to $12.9 million compared to $11.5 million in the prior year period.

謝謝你，查爾斯。在開始之前，請注意，除非另有說明，所有關於第三季度財務業績的引用都將按照美國通用會計準則 (GAAP) 和同比數據進行。正如查理所提到的，2025 年第三季總營收成長了 12%，達到 1,290 萬美元，而去年同期為 1,150 萬美元。

Revenue for surgical aesthetic segment increased 19% or $1.8 million to $11.1 million compared to the $9.3 million last year. As Charlie referenced, this growth was driven by sales of Aon as we commenced our commercial launch during the quarter and an increased volume of single-use handpieces in both domestic and international markets.

與去年的 930 萬美元相比，外科美容領域的收入成長了 19%，即 180 萬美元，達到 1,110 萬美元。正如查理所提到的，這一增長是由Aon的銷售額推動的，因為我們在本季度開始了商業推廣，以及國內和國際市場一次性手機數量的增加。

These increases were partially offset by decreases in domestic sales of generators, including upgrades to the Apyx 1 console, where the purchase of Aon was not part of the sale and upgrades to the Apyx I console in international markets. Turning to the OEM segment, sales decreased 18% or approximately $0.4 million to $1.8 million for the third quarter of 25.

這些成長部分被國內發電機銷售的下降所抵消，其中包括 Apyx 1 主機的升級（其中收購 Aon 不屬於銷售的一部分）以及國際市場上 Apyx I 控制台的升級。再來看 OEM 部門，2025 年第三季銷售額下降了 18%，約 40 萬美元，至 180 萬美元。

Compared to $2.2 million for the third quarter of 24'. The decrease in OEM sales was due to decrease in the sales volume to existing customers, including Symmetry Surgical under our 10-year generator manufacturing and supply agreement. Domestic revenue increased 20% year over year to $9.3 million and international revenue decreased 4% year over year to $3.5 million.

相比之下，2024 年第三季為 220 萬美元。OEM 銷售額下降是由於現有客戶的銷售量下降，其中包括根據我們 10 年發電機製造和供應協議與 Symmetry Surgical 簽訂的協議。國內營收年增 20% 至 930 萬美元，國際營收年減 4% 至 350 萬美元。

As a reminder, the medical device industry typically experiences some seasonality with revenue trends generally the lowest in the first and third quarters and strongest in the second and fourth. Gross profit for the third quarter 25' increased to $8.3 million compared with $7 million in the prior year period. Gross profit margin for the third quarter 25' increased to 64.4% compared to 60.5% in the prior year period.

需要提醒的是，醫療器材產業通常存在一定的季節性波動，收入趨勢通常在第一季和第三季最低，在第二季和第四季最高。2025年第三季毛利增至830萬美元，而上年同期為700萬美元。2025年第三季毛利率增至64.4%，而去年同期為60.5%。

With respect to tariffs, we continue to monitor trade policy and tariff announcements, including the recent executive orders issued by the US Federal Administration regarding tariffs on imports from various countries. At this time, the overall impact on our business related to these or any other tariffs that may be imposed remains uncertain and depends on multiple factors.

關於關稅問題，我們將繼續關注貿易政策和關稅公告，包括美國聯邦政府最近發布的關於對來自各國的進口商品徵收關稅的行政命令。目前，這些或其他可能徵收的關稅對我們業務的整體影響仍不確定，取決於多種因素。

Operating expenses decreased to $9.1 million for the third quarter 25' compared to $10.6 million in the prior year period. The decrease in operating expenses was driven by a $0.6 million decrease in selling general and administrative expenses, a $0.3 million decrease in research and development expenses. A $0.3 million decrease in salaries and related costs, and a $0.2 million decrease in professional services expenses.

2025年第三季營業費用減少至910萬美元，而去年同期為1,060萬美元。營運費用的減少主要得益於銷售一般及行政費用減少 60 萬美元，以及研發費用減少 30 萬美元。薪資及相關成本減少了 30 萬美元，專業服務費用減少了 20 萬美元。

We are pleased to see the results of the cost cutting measures taken in the fourth quarter of 24' in our current numbers. Loss from operations decreased $2.8 million or 77% to $0.8 million. Net loss attributable to stockholders was $2 million or $0.05 per share for the third quarter 25' compared to $4.7 million or $0.14 per share in the prior year period.

我們很高興看到2024年第四季採取的成本削減措施在我們目前的財務數據中取得了成效。營業虧損減少了 280 萬美元，降幅達 77%，至 80 萬美元。2025 年第三季歸屬於股東的淨虧損為 200 萬美元，即每股虧損 0.05 美元，而去年同期為 470 萬美元，即每股虧損 0.14 美元。

Adjusted even the loss decreased 96% to $0.1 million compared to $2.4 million in the third quarter of 24'. As a reminder, we provide a detailed reconciliation for net loss attributable to stockholders to non-GAAP adjusted EBITDA loss in our earnings press release.

經過調整後，虧損額比 2024 年第三季的 240 萬美元減少了 96%，降至 10 萬美元。再次提醒，我們在獲利新聞稿中提供了歸屬於股東的淨虧損與非GAAP調整後EBITDA虧損的詳細調節表。

For the three months ended September 30, 2025, cash used in operating activities decreased to $3.5 million compared to $4.4 million used in the prior year period. For the nine months ended September 30, 2025, cash used in operating activities decreased to $5.5 million compared to $15.1 million used in the prior year period.

截至 2025 年 9 月 30 日止的三個月，經營活動使用的現金減少至 350 萬美元，去年同期為 440 萬美元。截至 2025 年 9 月 30 日的九個月，經營活動使用的現金減少至 550 萬美元，去年同期為 1,510 萬美元。

We are pleased with the cash and working capital management in the first nine months of 2025, with cash burn returning to a lower but more normalized rate in the back half of the year as a result of the impacting changes in working capital as a result of the Aeon launch. As of September 30, 2025, the company had cash in cash equivalents of $25.1 million compared to $31.7 million as of December 31, 2024.

我們對 2025 年頭九個月的現金和營運資本管理感到滿意，由於 Aeon 的推出對營運資本產生了重大影響，下半年現金消耗速度將恢復到較低但更正常的水平。截至 2025 年 9 月 30 日，該公司擁有現金及現金等價物 2,510 萬美元，而截至 2024 年 12 月 31 日，該公司擁有現金及現金等價物 3,170 萬美元。

We believe based on our cash projections, including the uptake of the AO platform, working capital management, and our strict cost controls, we will yield cash through 2027. Turning to a review of our 25' guidance, which we updated in our third quarter 2025 financial results press release issued earlier today.

我們相信，根據我們的現金預測，包括 AO 平台的普及、營運資金管理以及我​​們嚴格的成本控制，我們將在 2027 年之前實現現金流。接下來，我們回顧我們 2025 年的業績指引，該指引已在今天稍早發布的 2025 年第三季財務業績新聞稿中進行了更新。

For the 12 months ending December 31, 2025, we expect total revenue in the range of $50.5 million to $52.5 million up from our previous range of $50 million to $52 million. We believe this increase shows the strength of the A ongoing commercial launch, especially when you look back at our original guidance of $47.6 million to $49.5 million for 25' or compared to the $48.1 million for the year ended December 31, 24'.

截至 2025 年 12 月 31 日的 12 個月內，我們預計總收入將在 5,050 萬美元至 5,250 萬美元之間，高於我們先前預測的 5,000 萬美元至 5,200 萬美元。我們認為這一增長表明 A 正在進行的商業推廣活動勢頭強勁，尤其是回顧我們最初對 2025 年 4760 萬美元至 4950 萬美元的預期，或與截至 2024 年 12 月 31 日的年度 4810 萬美元相比。

Our revenue guidance assumes surgical aesthetic segment revenue in the range of $43 million to $45 million up from the previous guidance of $42 million to $44 million. Again, since we initiated the soft launch of Aon this summer, we have increased expectations for original guidance of $39.1 million to $41 million. In addition, this is compared to the $38.6 million for the year ended December 31, 2024, reflecting current trends.

我們的營收預期是，外科美容業務的收入將在 4,300 萬美元至 4,500 萬美元之間，高於先前的 4,200 萬美元至 4,400 萬美元的預期。再次強調，自從我們今年夏天開始試營運 Aon 以來，我們已將最初的 3,910 萬美元預期提高到 4,100 萬美元。此外，與截至 2024 年 12 月 31 日的年度 3,860 萬美元相比，這一數字反映了當前的趨勢。

OM revenue is expected to come in at approximately $7.5 million down from the previous guidance of $8 million as the company focused resources on the surgical aesthetic segment. This is compared to the $9.5 million for the year ended December 31, 2024 For the purposes of clarity.

由於該公司將資源集中於外科美容領域，OM 收入預計將從先前的 800 萬美元預期降至約 750 萬美元。為了更清楚地說明，這與截至 2024 年 12 月 31 日止年度的 950 萬美元相比。

We increased the guidance in the surgical aesthetic segment by $1 million and decreased the guidance in the OEM segment by $500,000 from the guidance previously provided in our second quarter conference call. We now anticipate gross margins of approximately 61% for the year and total operating expenses not to exceed $40 million. This completes our prepared remarks. Charles and I will now open the call for questions. Operator.

我們將外科美容領域的業績預期提高了 100 萬美元，並將 OEM 領域的業績預期降低了 50 萬美元（此前我們在第二季度電話會議上提供的預期）。我們現在預計全年毛利率約為 61%，總營運費用不超過 4,000 萬美元。我們的發言稿到此結束。現在我和查爾斯將開始接受提問。操作員。

Thank you Ladies and gentlemen, we will now begin the question-and-answer session. (Operator Instructions) Your first question comes from Dave [Circhetti] with Citizens. Please go ahead.

女士們、先生們，謝謝大家，現在我們將開始問答環節。（操作員說明）您的第一個問題來自 Citizens 的 Dave [Circhetti]。請繼續。

Hey, good morning, and congrats on the launch and the spending progress. I just had a clarification one up front here. I know you said the generator sales were down, but I don't think I actually understood the explanation for why that wasn't. You said something about A on, but I just want to clarify that up front if I could.

嘿，早安，祝賀你們成功上線並取得良好的消費進展。我剛才這裡有個需要澄清的地方。我知道你說過發電機銷量下降了，但我不太明白為什麼實際銷量並沒有下降。你剛才提到了 A，但我想事先澄清一下。

Yeah, so it looks, we're changing obviously the way that we classify things because a on obviously has to have an Apyx one generator and if you think of our customer base we have customers that already have an Apyx one generator they can actually just buy the rest of Aon and have their existing Apyx1 generator integrated into Aon and then we have an installed base of RS3 generator.

是的，所以看起來，我們顯然正在改變我們對事物的分類方式，因為一個 Aon 顯然必須配備 Apyx one 發電機，如果你考慮我們的客戶群，我們有一些客戶已經擁有 Apyx one 發電機，他們實際上可以購買 Aon 的其餘部分，並將他們現有的 Apyx1 發電機集成到 Aon 中，然後我們還有 RS3 發電機的基礎。

Generators they need to upgrade to an Apyx one generator and then buy the rest of A on and then obviously if they don't have any of our Renewion technology they would need to buy all of Aon that would include an Apyx one and a and an a on with it and so we're obviously classifying those as just a on sales even though they have an Apyx one in them.

他們需要將發電機升級到 Apyx One 發電機，然後購買 Aon 的其餘產品。顯然，如果他們沒有任何我們的 Renewion 技術，他們就需要購買 Aon 的所有產品，其中包括 Apyx One 發電機和 Aon 發電機。因此，我們顯然將這些產品歸類為 Aon 銷售，即使它們內部裝有 Apyx One 發電機。

Got it. Thank you for that. And then I'm Trying to think about, the gross margin impact from this. I, you haven't, I don't know that you publicly commented on sort of, the ASPs or what the uptick might be here, but I guess I'm imagining that the handpiece and the capital might be premium to what you were selling in the past and.

知道了。謝謝。然後，我正在思考這會對毛利率產生什麼影響。我不知道你是否公開評論過平均售價或價格上漲的情況，但我猜想手把和資本的價格可能比你過去銷售的產品要高。

As we're looking forward, I don't know if you are comfortable giving any commentary, but I imagine there has to be a significant, gross margin uptick if that is the case, and I don't know if you can give any color, as we're all trying to look at the out years now, but how significant or how much of a, of an uptick do you do you anticipate as this, rollout continues? Thank you.

展望未來，我不知道您是否願意發表任何評論，但我認為如果情況屬實，毛利率必然會有顯著增長。我們現在都在展望未來幾年，所以不知道您是否能提供一些細節，但隨著這項計劃的繼續推進，您預計毛利率會增長到什麼程度？謝謝。

Yeah, no, thanks for the question, Dave, but you probably know what my answer is going to be in that we're not giving guidance out from either a revenue or a gross margin point of view. The only thing that I would say to that just to give you a little bit of color is, we've always said that. The surgical aesthetics business obviously, especially in the US has the highest gross margins anywhere.

不，謝謝你的提問，戴夫，但你可能已經知道我的答案了，那就是我們不會從收入或毛利率的角度給出任何指引。我唯一想補充的是，為了讓你們更清楚地了解情況，我們一直都是這麼說的。顯然，外科美容行業，尤其是在美國，擁有最高的毛利率。

So, the more we sell here of that, the better it is for the entire company, but we're not going to give any color or any guidance on what that is right now. Thanks a lot.

所以，我們在這裡賣得越多，對整個公司就越有利，但我們現在不會透露任何細節或提供任何指導。多謝。

Thank you The next question comes from SAM Eiber with BTIG. Please go ahead.

謝謝。下一個問題來自 BTIG 的 SAM Eiber。請繼續。

Thanks, good morning, everyone. Thanks for taking the questions. So clearly, a really exciting opportunity on, Aon and getting devices out in the market, but, I want to ask maybe about on the consumable side and maybe some pull through you can get on higher device utilization because of all the new capabilities that that aon has. So, I guess my question is, should we, also expect a big. Uptake in in consumables in addition to, capital sales next year.

謝謝大家，早安。謝謝您回答問題。顯然，對於 Aon 來說，這是一個非常令人興奮的機會，可以將設備推向市場。但是，我想問一下，在耗材方面，由於 Aon 擁有的所有新功能，或許可以透過提高設備利用率來獲得一些收益。所以，我想問的是，我們也應該期待一個大的…除了消費品外，明年資本銷售額也將成長。

So I think the uptake would come back from selling new units to people who don't have Renuvion technology today. I think for customers that are upgrading to Renuvion, they're using obviously Renuvion after their liposuction procedures today, so I don't know that you would necessarily see an uptick from the existing Base

所以我認為，透過向目前還沒有 Renuvion 技術的人銷售新設備，銷售將會回升。我認為，對於升級到 Renuvion 的客戶來說，他們顯然是在抽脂手術後使用 Renuvion，所以我不認為現有基礎用戶群的數量一定會增加。

but obviously adding new customers will certainly help that we had a good third quarter from a consumable standpoint both in the United States and internationally and obviously you know we're always focused on driving utilization so as we add more customers that's going to be the greatest driver of utilization in the future.

但顯然，增加新客戶肯定會有所幫助，從消耗品的角度來看，我們第三季度在美國和國際市場都取得了不錯的成績，而且顯然，你知道我們一直專注於提高利用率，因此，隨著我們增加更多客戶，這將是未來提高利用率的最大驅動力。

Okay, that's helpful. Maybe I can ask a follow-up on, the latest you're just seeing in the in the market environment, just getting a sense of, any changes to demand trends, GLP1 dynamics at play with just your latest thoughts on the market at this point. Thanks.

好的，這很有幫助。我可以進一步詢問一下，您最近在市場環境中觀察到的情況，例如需求趨勢的任何變化，以及GLP1動態的變化，並分享您目前對市場的最新看法。謝謝。

Yeah, look, I think that, I think it's consistent with what we've talked about before is we've always said that we believe the market has been disrupted from the GLP-1 drugs. We think that companies that have technologies that address skin laxity and address body contouring and are focused on the surgical side of things are going to be.

是的，你看，我認為這與我們之前討論過的觀點一致，那就是我們一直認為 GLP-1 藥物已經擾亂了市場。我們認為，那些擁有解決皮膚鬆弛和塑形技術，並且專注於外科手術的公司將會取得成功。

Where the action is at, and we obviously think the technologies that we have with A andrenuvion are going to be very well suited to this marketplace as we keep moving forward and as more people are taking these drugs and having the side effects from these drugs and then wanting to have treatment from these,

行動的焦點在於，我們顯然認為，隨著我們不斷前進，越來越多的人服用這些藥物並出現副作用，然後希望獲得治療，我們與 A andrenuvion 合作所擁有的技術將非常適合這個市場。

I think, the other side of it is it was McKinsey that just came out with a study that 63% of these patients that are on the GLP-1 drugs are new to aesthetics. And so I think we're just going to see, I think we're in the early innings of this drug, and I think, over the next decade it's going to be a very good time to be a plastic surgeon in the world, that's for sure.

我認為，另一方面，麥肯錫剛發布的一項研究表明，服用 GLP-1 藥物的患者中有 63% 是第一次接受美容治療。所以我覺得我們拭目以待，我認為我們還處於這種藥物的早期階段，而且我認為，在未來十年裡，對於世界上的整形外科醫生來說，這將是一個非常好的時期，這是肯定的。

Hello, SAM.

你好，SAM。

Yeah, that, that's it for me thanks for taking the questions guys.

好的，我的問題就這些了，謝謝大家回答我的問題。

Thank you. The next question comes from Alex Fuhrman with Lucid Capital Markets. Please go ahead, sir.

謝謝。下一個問題來自 Lucid Capital Markets 的 Alex Fuhrman。請繼續，先生。

Hello.

你好。

Hey guys Thanks for taking my question and congratulations on a really nice quarter and the launch of Aon. Wanted to ask you, Charlie, how much of your growth in the quarter was driven by the single-use handpieces and what's really driving that? Are you seeing more lipo procedures being performed or better attach rates for Renuvion, or are you perhaps starting to see more, stand-alone uses of Renewon as well?

大家好，感謝你們回答我的問題，恭喜你們本季業績斐然，並恭喜Aon成功上線。查理，我想問你，本季你的成長有多少是由一次性手把推動的？真正推動成長的因素是什麼？您是否看到抽脂手術的數量增加，或者 Renuvion 的植入率提高，或者您是否開始看到 Renewon 的獨立使用量增加？

Yeah, so I think that one thing that the quarter by quarter is always a tougher way to look at it, as I think last quarter we were down a bit. This quarter we were really strong, both the United States and internationally in the growth of handpieces. And I think the answer to your question is all of the above. So, we're obviously seeing, new, doctors come in to adopt the technology for the first time.

是的，所以我認為按季度來看待這個問題總是比較困難的，因為我認為上個季度我們略有下滑。本季度，無論是在美國還是在國際市場上，手機業務的成長都非常強勁。我認為你問題的答案是以上所有選項。所以，我們顯然看到，一些新的醫生開始首次採用這項技術。

We're seeing a higher attach rate from, patients that are coming into doctor's office and requesting renuvion and so after a body contouring procedure, they're going to use that. And then we are seeing it used on a standalone basis. And so I think the answer is all of the above for that. And again, as people are Looking for.

我們發現，前來就診的患者要求使用 Renuvion 的比例越來越高，他們在接受塑形手術後會使用 Renuvion。然後我們看到它被單獨使用。所以我認為答案是以上所有選項。再次強調，正如人們所尋找的。

Solutions to take care of their loose and lax skin, especially following the treatment of GLP-1, I think this is a trend that's going to play out for a lot of years to come.

針對皮膚鬆弛下垂的問題，特別是接受 GLP-1 治療後出現的問題，我認為這種趨勢將在未來許多年持續下去。

That makes a lot of sense. Appreciate your thoughts on that. Thanks, Charlie.

這很有道理。感謝您對此的看法。謝謝你，查理。

You bet, thank you.

當然，謝謝。

Thank you. The next question comes from Matt Hyatt with Craig Hallam. Please go ahead.

謝謝。下一個問題來自馬特·海亞特和克雷格·哈勒姆。請繼續。

Good morning Charlie, and congratulations on the strong quarter. Maybe, and I apologize if I missed this, but talking a little bit about the pipeline, so obviously you've gotten the initial launch out. Customers have adopted and are utilizing the platform. You've done some KOL events. They're helping kind of spread the word.

查理，早安，恭喜你本季業績出色。或許吧，如果我錯過了什麼，我深表歉意，但我想稍微談談產品線，顯然你們已經完成了初始版本發布。客戶已經接受並正在使用該平台。你參加過一些KOL活動。他們正在幫忙宣傳。

Are you seeing that pipeline, not just, grow, but maybe you're reaching an inflection point where it's accelerating faster? And if so, how are you able to kind of get those implementations done, with the team? Have you had to add to that team, to meet the demand or anything, any color along those lines would be helpful Thank you.

您是否看到該頻道不僅在成長，而且可能處於轉折點，成長速度正在加快？如果是這樣，你和團隊是如何完成這些實施工作的？為了滿足需求或其他原因，您是否需要擴充團隊？任何相關資訊將不勝感激。謝謝。

Yeah, obviously, we increased our guidance by a million dollars for surgical aesthetics in the 4th quarter and so, and you can see what that obviously you can do the math and translate to see what that works out to in the 4th quarter from a revenue perspective. And obviously that is on the back of and our expectations for Aon as far as pipeline I'm not going to comment too much about that

是的，很顯然，我們在第四季度將外科美容業務的預期收入提高了100萬美元，所以，你可以計算一下，看看從收入的角度來看，這在第四季度會產生什麼影響。顯然，這都取決於我們對怡安集團專案儲備的預期，對此我不便多加評論。

but the team has done an amazing job of get shoring up the supply chain, getting the supply chain to where it needs to be and being able to take advantage of the interest in the orders that we're getting with. That we're getting with a on as far as the installations go, we've got a third-party that is helping us do that and so that is that is taking away some of the burden from the existing employees and,

但是，團隊在鞏固供應鏈、使供應鏈達到應有的水平以及利用我們獲得的訂單量方面做得非常出色。至於安裝方面，我們有第三方公司協助我們完成這項工作，這減輕了現有員工的一些負擔。

but we're doing a really good job as a company of being able to make. These to get them installed and to get the doctors trained and get their staffs trained and get them up and running and so it's been, it's been a very good rollout of a new product and especially a product with this much technicality and sophistication in it and the team has just done an amazing job of that.

但是，作為一家公司，我們在製造方面做得非常出色。這些工作包括安裝設備、培訓醫生、培訓他們的員工，以及讓他們投入使用等等。因此，新產品的推出非常成功，尤其是一款技術含量高、結構複雜的產品，團隊在這方面做得非常好。

That's great. And maybe, and I realized it's early days and you're focused on the US market and rightfully so, but how should we be thinking about cadence of rolling Aon out internationally? Are there maybe one or two geographies that you'd like to target for 26' and remind us what that process is to bring Aon to the masses outside of the US Thank you.

那太棒了。也許，我知道現在還為時過早，你們專注於美國市場，這是理所當然的，但是我們該如何考慮Aon在國際上推廣的節奏呢？您是否希望在 26 年重點開拓一兩個地區，並提醒我們將 Aon 推向美國以外大眾市場的具體流程？謝謝。

Yeah, no, it's a good question, Matt, and we're not going to get specific on that on today's call, but obviously we want to have a registered everywhere in the world because it's not just a product for the United States, it's a product for every surgeon worldwide. Some of the bigger focus markets obviously would be Europe, the Middle East, Brazil, Latin America, some other countries in Latin America. Europe is all together,

是的，馬特，你問得好。我們今天的電話會議上不會具體討論這個問題，但顯然我們希望在世界各地都註冊，因為它不僅僅是美國的產品，而是全世界每一位外科醫生的產品。一些比較重點的市場顯然包括歐洲、中東、巴西、拉丁美洲以及拉丁美洲的其他一些國家。歐洲團結一致，

so Europe, you just need a CE mark, and once you get one, you get them all. There are some countries in the Middle East that actually accept, FDA, and so obviously those, we would probably start sometime next year there.

所以在歐洲，你只需要一個 CE 標誌，一旦你獲得一個，你就擁有了所有標誌。中東的一些國家確實接受FDA的認證，所以很顯然，我們可能會在明年某個時候開始在那裡開展業務。

And then, each individual country has its own registration process and we'll be starting those processes, in a lot of the countries so we'll talk more about that, when we get into 26' and we start doing that and you're right, our focus right now for the 3rd quarter and the fourth quarter is solely on the United States.

然後，每個國家都有自己的註冊流程，我們將在許多國家啟動這些流程，所以我們會在26號開始的時候詳細討論這個問題，你說得對，我們目前第三季和第四季的重點完全放在美國。

Got it. All right, thanks again.

知道了。好的，再次感謝。

Thank you.

謝謝。

Thank you. At this point, there are no further questions. I will now turn the call over to Charles Goodwin for closing remarks. Please go ahead, sir.

謝謝。至此，沒有其他問題了。現在我將把電話交給查爾斯‧古德溫，請他作總結發言。請繼續，先生。

Thank you everybody for attending the call. I want to thank the entire Apyx team for their dedication and tireless execution over the past three months. It has been an exciting time for the company as we see our plan turn into reality. We appreciate all the support we've received from our shareholders during this time, and I thank you all for attending.

感謝各位參加電話會議。我要感謝 Apyx 團隊全體成員在過去三個月的奉獻和不懈努力。對於公司而言，這是一個激動人心的時刻，因為我們看到我們的計劃正在一步步變為現實。我們感謝各位股東在此期間給予我們的所有支持，也感謝各位的出席。

Thank you, ladies and gentlemen. This concludes today's conference call. Thank you for your participation. You may now disconnect Goodbye.

謝謝各位女士、先生。今天的電話會議到此結束。感謝您的參與。現在您可以斷開連接了，再見。