Apyx Medical Inc (APYX) 2025 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Apyx Medical fourth-quarter and full-year 2025 earnings conference call. (Operator Instructions)

各位女士、各位先生，早安，歡迎參加 Apyx Medical 2025 年第四季及全年財報電話會議。(接線員指示)

I would now like to turn a conference call over to Jeremy Feffer, LifeSci Advisors. Please go ahead.

現在我想將電話會議交給 LifeSci Advisors 的 Jeremy Feffer。請開始。

Thank you, and welcome, everyone, to our fourth quarter and full year 2025 earnings call. Representing the company on the call are Charlie Goodwin, Chief Executive Officer; and Matt Hill, Chief Financial Officer of Apyx.

謝謝，並歡迎各位參加我們 2025 年第四季及全年財報電話會議。代表公司出席本次電話會議的有：執行長 Charlie Goodwin，以及 Apyx 的財務長 Matt Hill。

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 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 10-K, our most recent 10-Q 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. We undertake no obligation to publicly update or revise our forward-looking statements as a result of new information, future events or otherwise.

在開始之前，我想提醒各位，我們今天的發言以及對各位提問的回應可能包含前瞻性陳述，這些陳述係基於管理層目前的預期，並涉及固有風險與不確定性，可能導致實際結果與所示內容存在重大差異，包括但不限於我們最近一期 Form 10-K 年報、最近一期 10-Q 季報，以及公司向美國證券交易委員會提交之其他文件中的「風險因素」章節所識別者。此等因素可能會不時在我們向 SEC 提交的文件中更新，相關文件可於我們網站查閱。除非因新資訊、未來事件或其他原因，我們不承擔公開更新或修訂任何前瞻性陳述之義務。

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. Reconciliations of these 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.

本次電話會議亦將提及若干未依一般公認會計原則（GAAP）計算之財務衡量指標。我們通常將其稱為非 GAAP 財務衡量指標。此等非 GAAP 財務衡量指標與依 GAAP 計算並呈列之最可比衡量指標之調節表，已載於我們網站投資人關係專區的財報新聞稿中。

I would now like to turn the call over to Mr. Charlie Goodwin, Apyx Medical's President and Chief Executive Officer.

現在我想將電話會議交給 Apyx Medical 總裁兼執行長 Charlie Goodwin 先生。

Thank you, Jeremy, and thank you all for joining us today. Per our usual format on these quarterly calls, I will begin with a review of our performance over the past several months and then turn the call over to Matt for a review of our fourth quarter and full year 2025 financial results, along with our guidance for full year 2026. We will then open the call for your questions. Let me begin with a review of a few key highlights from our fourth quarter and full year 2025 performance. We reported a record revenue of $19.2 million compared to $14.2 million in the same period last year.

謝謝你，Jeremy，也感謝各位今天加入我們。依照我們季度電話會議的一貫流程，我將先回顧過去幾個月的營運表現，接著把電話交給 Matt，請他回顧我們 2025 年第四季及全年財務結果，並提供 2026 年全年財測指引。之後我們將開放各位提問。我先從 2025 年第四季及全年表現的幾項重點亮點開始。我們公布營收創新高，達 1,920 萬美元，較去年同期的 1,420 萬美元成長。

This growth was driven by a 38% increase in sales of our surgical aesthetics products to $16.7 million for the fourth quarter, which was primarily attributable to sales of our AYON body contouring system. As many of you are aware, the fourth quarter represents the first full quarter of AYON sales following its full commercial launch in September of '25.

此一成長主要由我們外科醫美產品銷售在第四季成長 38% 至 1,670 萬美元所帶動，主要歸因於 AYON 身體塑形系統的銷售。如各位所知，第四季是 AYON 於 2025 年 9 月全面商業化上市後的第一個完整季度銷售期。

As a result, this is a very telling moment for us as a company as we begin to see the market excitement we have discussed over the past several quarters meaningfully reflected in our financial results. Looking back since unveiling AYON approximately one year ago when it was submitted for FDA clearance, we have seen a steady and consistent rise in market interest. Following market clearance in May of 2025, we initiated a soft launch that generated overwhelmingly positive feedback from the early adopters, and it quickly became clear to our team that this system was special and positioned us to have significant impact on the future of aesthetic surgery market. I am excited to report that this positive feedback has translated into strong market demand and sales following full launch, and we continue to ramp our operations to meet this demand. As I have mentioned previously, our team was well prepared for the full commercial launch, including strong preorders generated during soft launch.

因此，對我們公司而言，這是一個非常具指標性的時刻，因為我們開始看到過去幾個季度所討論的市場熱度，已在財務結果中明顯反映出來。回顧自約一年前我們揭露 AYON、並提交 FDA 核准（clearance）申請以來，我們看到市場興趣穩定且持續上升。在 2025 年 5 月取得上市許可後，我們啟動了試行上市（soft launch），早期採用者給予壓倒性正面回饋，團隊很快就清楚這套系統非常特別，並使我們有望對未來醫美外科市場產生重大影響。我很高興向各位報告，這些正面回饋在全面上市後已轉化為強勁的市場需求與銷售，我們也持續提升營運以滿足需求。如我先前提到的，我們團隊已為全面商業化上市做好充分準備，包括在試行上市期間取得的強勁預購訂單。

To date, the launch of AYON and the level of incoming interest from customers submitting orders has exceeded our expectations across every metric. As we look at the market's reaction to AYON, it is clear that the reception aligns with what this technology is designed to deliver, and we believe its adoption curve is still in the very early stages. AYON is a groundbreaking body contouring system designed by leading surgeons to address many of the challenges and limitations of existing systems. Unlike most systems on the market, which are limited to single function, AYON seamlessly integrates fat removal, closed-loop contouring, tissue contraction and electrosurgical capabilities, empowering surgeons to deliver the most comprehensive body contouring treatments available. With advanced features such as LIFT Technology for real-time adjustments and Renuvion for enhanced tissue contraction, AYON sets a new standard in surgical care by streamlining procedures and maximizing patient outcomes.

截至目前，AYON 的上市表現以及客戶下單所帶來的關注度，在各項指標上都超出我們的預期。從市場對 AYON 的反應來看，很明顯其接受度與這項技術的設計目標一致，我們也相信其採用曲線仍處於非常早期的階段。AYON 是一套突破性的身體塑形系統，由頂尖外科醫師設計，用以解決現有系統的多項挑戰與限制。不同於市面上多數僅具單一功能的系統，AYON 可無縫整合抽脂、閉環塑形、組織收縮與電外科功能，讓外科醫師能提供最全面的身體塑形療程。透過如 LIFT Technology 進行即時調整，以及 Renuvion 強化組織收縮等先進功能，AYON 透過簡化手術流程並最大化病患療效，為外科照護樹立新標準。

The result is a system that combines precision, versatility and innovation in an all-in-one platform, offering surgeons an unmatched return on investment. Importantly, the plastic surgery market has not seen a device with this level of advancement in many years. When we first introduced AYON and talked about the initial capabilities, we also committed to submitting a follow-up 510(k) for label expansion to include power liposuction. During the fourth quarter, our team submitted this follow-up application. Since then, we have engaged in productive discussions with the FDA.

其成果是一個將精準度、多功能性與創新整合於一體的全方位平台，為外科醫師提供無可匹敵的投資報酬。重要的是，整個整形外科市場已多年未見如此先進程度的裝置。當我們首次介紹 AYON 並談到其初始功能時，我們也承諾將提交後續 510(k) 申請，以擴增標示（label）範圍，納入動力抽脂（power liposuction）。在第四季期間，我們團隊已提交此後續申請。此後，我們已與 FDA 進行具建設性的討論。

And based on this progress, we now anticipate receiving market clearance in mid-2026. Achieving market clearance for power liposuction will further strengthen AYON's position as the first fully integrated body contouring system, positioning it as the new gold standard in surgical aesthetics. Importantly, upon receiving clearance, we will be able to activate this function on systems already in the field. We will also be able to launch our power-assisted liposuction handpieces and continue to expand our revenue.

基於目前的進展，我們現在預期將於 2026 年年中取得上市許可。取得動力抽脂的上市許可，將進一步鞏固 AYON 作為首個完全整合式身體塑形系統的地位，使其成為外科醫美的新黃金標準。重要的是，一旦取得許可，我們將能在已部署於市場端的系統上啟用此功能。我們也將能推出動力輔助抽脂手把（handpieces），並持續擴大營收。

With these continued enhancements to the platform and the strong feedback we are receiving from surgeons, AYON is well positioned to capitalize on the broader shifts occurring in the aesthetics market. At the same time, the market itself continues to evolve. Over the past year, we have seen the space begin to emerge from a period of softer demand and that renewed momentum we are seeing today looks very different from what drove the market just 5 years ago. As I have said on previous calls, one of the biggest new drivers of this shift is the rapid adoption of GLP-1 drugs for weight loss. A growing number of these patients are experiencing skin laxity after significant weight loss and after patients achieve their weight loss goals, we believe they will be seeking treatments for the resulting loose and lax skin.

隨著平台持續強化，以及我們從外科醫師端收到的強勁回饋，AYON 已具備良好條件，把握醫美市場正在發生的更廣泛結構性轉變。同時，市場本身也持續演變。過去一年，我們看到該領域開始走出需求較疲弱的時期，而我們今日所見的再度動能，與 5 年前推動市場的因素已大不相同。如我在先前電話會議所說，推動此一轉變的最大新動能之一，是 GLP-1 減重藥物的快速普及。越來越多此類患者在大幅減重後出現皮膚鬆弛；在患者達成減重目標後，我們相信他們將尋求治療因而產生的皮膚鬆垮與鬆弛問題。

This is where GLP-1 headwinds turn into tailwinds for companies uniquely positioned to provide the tools for those treatments like Apyx Medical.

這正是 GLP-1 的逆風轉為順風之處，對於像 Apyx Medical 這樣具備獨特定位、能提供相關治療工具的公司而言尤其如此。

Our Renuvion system, which is available as both a stand-alone offering and an integrated component of AYON has proven to be an exceptional treatment option for this type of skin laxity. We believe Renuvion is best-in-class and should be considered the new standard of care, particularly for patients experiencing loose or lax skin after rapid weight loss. With more than 15 million people currently on GLP-1 drugs in the U.S. alone, we believe we are still in the early innings of a powerful market shift. Apyx is uniquely positioned to help meet this demand and lead the aesthetics market into the next phase of growth.

我們的 Renuvion 系統可作為獨立產品提供，也可作為 AYON 的整合組件，已被證明是治療此類皮膚鬆弛的卓越選項。我們相信 Renuvion 為同級最佳（best-in-class），並應被視為新的照護標準，特別是對於快速減重後出現皮膚鬆垮或鬆弛的患者。僅在美國就有超過 1,500 萬人目前正在使用 GLP-1 藥物，我們相信這股強勁的市場轉變仍處於早期階段。Apyx 具備獨特優勢，可協助滿足此需求，並引領醫美市場進入下一階段成長。

I will close this thought by highlighting that the shift in patient results as well as the financial resources they are putting towards treatments being driven by the widespread adoption of GLP-1 drugs are unlike anything the weight loss and plastic surgery markets have experienced in recent history.

最後我想強調，由於 GLP-1 藥物的廣泛採用所帶動的患者治療成效變化，以及他們投入於相關療程的財務資源之轉變，與近年來減重與整形外科市場所經歷的任何情況都截然不同。

This shift represents a tremendous opportunity, and we are very fortunate to already have a solution in our portfolio that delivers best-in-class durable outcomes for these patients. As we look to take full advantage of this momentum behind our business, we are actively strengthening our commercial organization by acquiring high-caliber sales talent aligned with our next phase of growth. These new team members are expected to increase our ability to build market share as well as deepen our ability to support surgeons through training, onboarding and practice development, which we know are critical to accelerating market adoption. To be clear, these investments will be measured and aligned with our growth trajectory of our business. As a reminder, it is just over a year ago that we successfully implemented significant cost reduction and restructuring, and we have no plans to reverse the progress achieved through that effort.

這項轉變代表一個巨大的機會，而我們非常幸運的是，我們的產品組合中已經擁有一項解決方案，能為這些患者帶來同級最佳且具持久性的治療成效。為了充分把握推動我們業務的這股動能，我們正透過招募與我們下一階段成長相契合的高素質銷售人才，積極強化商業組織。預期這些新成員將提升我們擴大市占的能力，並加深我們透過訓練、到職導入與診所營運發展來支援外科醫師的能力；我們知道這些對於加速市場採用至關重要。需要明確指出的是，這些投資將以審慎方式進行，並與我們的業務成長軌跡保持一致。提醒一下，就在一年多前，我們成功推動了大幅度的成本削減與重整，我們沒有計畫逆轉該項努力所取得的進展。

We are proud of the restructuring efforts that have resulted in leaner operating structure and meaningfully reduced our cash burn.

我們為重整工作感到自豪，該等措施使營運架構更精實，並大幅降低了我們的現金消耗。

These improvements strengthened our overall financial health, giving us the flexibility to invest in AYON and our broader growth strategy with confidence. It is encouraging to reflect on the positive outcome driven by our team's dedication and perseverance. I will close my comments by saying how pleased I am by the progress we have made over these past several months since the launch in September. We believe we have just scratched the surface of the overall market for AYON, and we look forward to realizing our long-term vision of walking into almost every surgical practice and seeing an AYON system at the center of the operating room.

這些改善強化了我們整體的財務健康狀況，使我們能更有信心地投資於 AYON 以及更廣泛的成長策略。回顧在團隊的投入與堅持下所帶來的正面成果，令人振奮。最後我想說，自 9 月上市以來的這幾個月，我對我們所取得的進展感到非常滿意。我們相信 AYON 的整體市場我們才剛剛觸及表面，並期待實現我們的長期願景：走進幾乎每一家外科診所，都能看到一套 AYON 系統位於手術室的核心位置。

I will now turn the call over to Matt to review our fourth quarter and full year 2025 results in more detail, along with our financial guidance for 2026.

接下來我將把電話會議交給 Matt，由他更詳細地回顧我們 2025 年第四季與全年業績，以及我們對 2026 年的財務指引。

Thank you, Charlie.

謝謝你，Charlie。

Before I get started, please note all references to fourth quarter and full year financial results will be on a GAAP and year-over-year basis, unless noted otherwise. As Charlie mentioned, total revenue for the fourth quarter '25 increased 35% to $19.2 million compared to $14.2 million in the prior year period. Revenue for the Surgical Aesthetics segment increased 38% or $4.6 million to $16.7 million compared to $12.1 million for the prior year period. As Charlie referenced, this growth was driven by sales of AYON as the company commenced its commercial launch in September and increased volume of single-use handpieces in both domestic and international markets. These increases were partially offset by decreases in domestic sales of generators, including upgrades to the Apyx One Console, where the purchase of AYON was not part of the net sale and upgrades to the Apyx One Console in international markets.

在我開始之前，請注意，除非另有說明，所有對第四季與全年財務結果的提及，均以 GAAP 及年對年為基礎。如 Charlie 所提到，2025 年第四季總營收較去年同期成長 35%，達 1,920 萬美元，去年同期為 1,420 萬美元。外科美學（Surgical Aesthetics）部門營收較去年同期增加 38%，亦即增加 460 萬美元，達 1,670 萬美元，去年同期為 1,210 萬美元。如 Charlie 所述，該成長主要來自 AYON 的銷售（公司於 9 月開始商業化上市），以及國內與國際市場一次性使用手把（single-use handpieces）銷量增加。上述增幅部分被國內發電機（generators）銷售下滑所抵銷，其中包括升級至 Apyx One Console 的銷售（淨銷售中未包含購買 AYON）以及國際市場對 Apyx One Console 的升級。

Overall, Surgical Aesthetics sales domestically increased by nearly 50% from the prior year period. Turning to the OEM segment, sales increased 16% or approximately $0.3 million to $2.5 million for the fourth quarter of '25 compared to $2.1 million for the fourth quarter of '24. The increase in OEM sales was due to an increase in sales volume to existing customers, including Symmetry Surgical under our 10-year generator manufacturing and supply agreement. Domestic revenue increased 42% year-over-year to $15 million and international revenue increased 15% year-over-year to $4.2 million. As a reminder, the medical device industry typically experienced some seasonality with revenue trends generally lowest in the first and third quarters and strongest in the second and fourth.

整體而言，外科美學在國內的銷售較去年同期成長近 50%。再看 OEM 部門，2025 年第四季銷售較 2024 年第四季增加 16%，約增加 30 萬美元，達 250 萬美元，去年同期為 210 萬美元。OEM 銷售增加係因對既有客戶的銷售量提升所致，其中包括依據我們 10 年期發電機製造與供應協議向 Symmetry Surgical 的供貨。國內營收年對年成長 42% 至 1,500 萬美元，國際營收年對年成長 15% 至 420 萬美元。提醒一下，醫療器材產業的營收趨勢通常具有一定季節性，一般在第一季與第三季最低，在第二季與第四季最強。

Gross profit for the fourth quarter '25 increased to $12 million compared with $9 million in the prior year period. Gross profit margin for the fourth quarter '25 decreased to 62.6% compared to 63% in the prior year period. Operating expenses were flat year-over-year at $12 million for the fourth quarter '25 as well as the prior year period. There were certain shifts in the underlying expenses with $0.2 million decreases for selling, general and administrative expenses and research and development expenses, which were offset by $0.2 million increases in salaries and related costs and professional service expenses. Income from operations was $11,000 compared with a loss from operations of $3 million in the fourth quarter of '25.

2025 年第四季毛利增加至 1,200 萬美元，去年同期為 900 萬美元。2025 年第四季毛利率降至 62.6%，去年同期為 63%。2025 年第四季營業費用年對年持平，為 1,200 萬美元，與去年同期相同。費用結構內部出現若干變動：銷售、一般及行政費用與研發費用合計減少 20 萬美元，但被薪資及相關成本與專業服務費用合計增加 20 萬美元所抵銷。營業利益為 1.1 萬美元，相較之下，2025 年第四季營業損失為 300 萬美元。

Net loss attributable to stockholders was $1.3 million or $0.03 per share for the fourth quarter of '25 compared with $4.6 million or $0.12 per share in the prior year period. Adjusted EBITDA was $0.7 million compared to an adjusted EBITDA loss of $2.2 million in the fourth quarter of '24. As a reminder, we provide a detailed reconciliation from net loss attributable to stockholders to non-GAAP adjusted EBITDA loss in our earnings press release. For the 3 months ended December 31, 2025, cash used in operating activities decreased to $2.5 million compared with $2.9 million used in the prior year period. For the year ended December 31, 2025, cash used in operating activities decreased to $8 million compared to $18.7 million used in the prior year period.

2025 年第四季歸屬於股東的淨損為 130 萬美元，或每股 0.03 美元；去年同期為 460 萬美元，或每股 0.12 美元。調整後 EBITDA 為 70 萬美元，相較之下，2024 年第四季調整後 EBITDA 為虧損 220 萬美元。提醒一下，我們在財報新聞稿中提供了從歸屬於股東的淨損到非 GAAP 調整後 EBITDA 虧損的詳細調節表。截至 2025 年 12 月 31 日止三個月，營運活動使用的現金降至 250 萬美元，去年同期為 290 萬美元。截至 2025 年 12 月 31 日止年度，營運活動使用的現金降至 800 萬美元，去年同期為 1,870 萬美元。

We were pleased with the cash and working capital management in the full year 2025 with cash burn returning to a lower but more normalized rate in the back half of the year as a result of the impact of changes in working capital as a result of AYON's launch. As of December 31, 2025 and 2024, the company had cash and cash equivalents of $31.7 million. We believe based on our projections, including the uptake of the AYON platform, working capital management and our continued strict cost controls, we will yield cash through 2027.

我們對 2025 全年的現金與營運資金管理感到滿意；由於 AYON 上市所帶來的營運資金變動影響，年後半段的現金消耗回到較低但更正常化的水準。截至 2025 年與 2024 年 12 月 31 日，公司持有的現金及約當現金為 3,170 萬美元。我們相信，根據我們的預測（包括 AYON 平台的採用情況、營運資金管理以及持續嚴格的成本控制），我們將可維持現金至 2027 年。

Turning to our 2026 guidance. For the 12 months ended December 31, 2026, we expect total revenue in the range of $57.5 million to $58.5 million. This reflects approximately a 9% to 11% increase as compared to the full year of 2025. This is the result of an increase in sales in our Surgical Aesthetics segment and a decrease in sales in our OEM segment. Our revenue guidance assumes Surgical Aesthetics segment revenue in the range of $53 million to $54 million.

接著說明我們對 2026 年的指引。截至 2026 年 12 月 31 日止 12 個月，我們預期總營收介於 5,750 萬至 5,850 萬美元。相較 2025 全年，約代表 9% 至 11% 的成長。此係外科美學部門銷售增加與 OEM 部門銷售下降共同所致。我們的營收指引假設外科美學部門營收介於 5,300 萬至 5,400 萬美元。

This reflects a 17% to 19% increase compared to 2025 OEM revenue is expected to come in at approximately $4.5 million as compared to $7.5 million for 2025. This decrease continues to reflect our decision to focus our resources on the Surgical Aesthetics segment. We now anticipate gross margins of approximately 61% to 62% for the year and total operating expenses not to exceed $45 million. As Charlie mentioned, we are pleased to see the result of our cost-cutting measures taken in the fourth quarter of 2024 in our current numbers. We believe the company performance in 2025 reflects the great team we have here at Apyx.

這相較 2025 年反映 17% 至 19% 的成長；OEM 營收預期約為 450 萬美元，而 2025 年為 750 萬美元。此一下降持續反映我們將資源聚焦於外科美學部門的決策。我們目前預期全年毛利率約為 61% 至 62%，且總營業費用不超過 4,500 萬美元。如 Charlie 所提到，我們很高興在目前數字中看到 2024 年第四季採取的成本削減措施所帶來的成果。我們相信公司 2025 年的表現反映了 Apyx 這支優秀的團隊。

To summarize, in just one year, this team submitted for and received FDA clearance and subsequently launched a groundbreaking new product into a space with significant headwinds. Despite that backdrop, we delivered 10% overall sales growth and 17% growth in Surgical Aesthetics, achieving record sales in the fourth quarter. And we accomplished this while simultaneously reducing operating expenses to $39.5 million, down from $48.2 million in 2024 and $53.7 million in 2023.

總結而言，僅在一年內，這個團隊就向 FDA 提交申請並取得核准，隨後在面臨顯著逆風的市場環境中推出一款突破性新產品。儘管有此背景，我們仍實現整體銷售成長 10%，外科美學成長 17%，並在第四季創下銷售新高。同時，我們也將營業費用降至 3,950 萬美元，低於 2024 年的 4,820 萬美元與 2023 年的 5,370 萬美元。

As a result, we are excited to report positive EBITDA in the fourth quarter. Now we are projecting continued growth into 2026 as we continue to manage our expenses. It is indeed an exciting time here for Apyx.

因此，我們很高興報告第四季 EBITDA 轉為正值。在我們持續控管費用的同時，我們目前預期成長動能將延續至 2026 年。對 Apyx 而言，這確實是一個令人振奮的時刻。

This completes our prepared remarks. Charlie and I will now open the call for questions. Operator?

以上為我們事先準備的發言。接下來 Charlie 和我將開放提問。接線生？

(Operator Instructions) Dave Turkaly, Citizens.

(接線生指示) Citizens 的 Dave Turkaly。

Hey. Good morning, guys, and congrats. Charlie, I think I heard some commentary about a handpiece and CapEx sales, but I was wondering if we might be able to get a little more color maybe just even domestically. Obviously, we know the aesthetic growth rate in the quarter. But I was wondering if you could maybe give us color, I would imagine maybe capital is growing faster given AYON, but -- could you comment on directionally, which is growing faster and then maybe if CapEx is seeing a price uptick?

嗨。各位早安，恭喜你們。Charlie，我想我聽到一些關於手持器與資本支出（CapEx）銷售的評論，但我想知道是否能再多提供一些細節，甚至只談國內市場也可以。顯然我們知道本季醫美的成長率。但我想請你們談談：我猜資本設備在 AYON 帶動下成長更快——但你能否就方向性評論一下，哪一塊成長更快？另外，CapEx 是否出現價格上調？

When you say CapEx, do you mean handpieces? What do you mean by CapEx?

你說的 CapEx 是指手持器嗎？你所說的 CapEx 是什麼意思？

Capital, capital equipment. Just -- system sales.

資本、資本設備。就是——系統銷售。

Yes. Look, our growth in the fourth quarter was definitely driven by AYON, and that was our focus as a company. It was our focus as a sales team, especially in the United States was driving AYON systems. The whole organization was working hard to produce systems, and we were selling systems.

是的。你看，我們第四季的成長確實是由 AYON 所帶動，而這也是公司當時的重點。這也是我們銷售團隊的重點，尤其是在美國市場，主力在推動 AYON 系統。整個組織都在努力生產系統，而我們也在銷售系統。

And obviously, that was the driver of growth in the fourth quarter for us. Domestically, we grew almost 50% in the U.S., and I think it was 38% as a total company. And so it was on the back of AYON. It was on the back of this revolutionary platform for sure.

而很明顯地，這就是我們第四季成長的驅動因素。在國內市場，我們在美國成長了將近 50%，而以公司整體來看約為 38%。所以這是由 AYON 所帶動。毫無疑問，這是由這個革命性平台所帶動。

And I guess just as a follow-up, any pricing commentary that you give on that? I think you're able to sell that given the components at a higher price. But also sort of looking for maybe some commentary around new customers. Are you seeing is it mostly repeat folks that are upgrading to AYON that you know? Or is it -- any color on how many new customers are interested in the system? Thanks.

那我再追問一下，你們對定價有什麼可以分享的嗎？我想你們能夠因為其組件而以更高價格銷售。另外也想請你們談談新客戶的情況。你們看到的主要是既有客戶升級到 AYON 嗎？還是——能否分享一下有多少新客戶對這套系統有興趣？謝謝。

Yes. So it is a combination of both. It is a combination of people who already have the Renuvion platform, whether it be an Apyx One generator or an RS3 generator that would upgrade to AYON. And that was, I would say, probably about 80% of our sales in the fourth quarter, but there were still about 20% of new customers that were both new to the Renuvion platform and obviously, the AYON platform that purchased AYON. And so we're seeing a nice mix of both for sure, and we would expect that to continue.

是的。所以兩者都有。一部分是已經擁有 Renuvion 平台的客戶，不論是 Apyx One 產生器或 RS3 產生器，會升級到 AYON。我會說，第四季這大概占我們銷售的 80%，但仍有約 20% 是新客戶，他們不僅是 Renuvion 平台的新客戶，當然也是 AYON 平台的新客戶，並購買了 AYON。因此我們確實看到兩者都有不錯的組合，而且我們預期這種情況會持續。

As far as pricing goes, we haven't actually talked about the specific pricing other than the list price of AYON is about $360,000, and that is simply the list price of the Apyx One generator, plus all the competitors' components that make up AYON. And remember, we've said that we're able to bring it to the market at a much greater value buying it together than all the separate pieces. So there is a value proposition for the doctors to get an integrated system, along with the benefits that they get from the technologies that are in AYON and along with the benefits that they and their staff get from a workflow benefit of AYON.

就定價而言，除了 AYON 的牌價約為 36 萬美元之外，我們其實沒有談到更具體的價格；這個牌價基本上等於 Apyx One 產生器的牌價，加上構成 AYON 的所有競品組件。而且請記得，我們曾說過，相較於把所有零組件分開購買，整套一起買能以更高的價值帶到市場。因此，對醫師而言，取得一套整合式系統本身就有價值主張，再加上 AYON 內含技術帶來的效益，以及 AYON 在工作流程上為醫師與其團隊帶來的效益。

Sam Eiber, BTIG.

BTIG 的 Sam Eiber。

Hi. Good morning. Thanks for taking the questions here and congrats on a nice finish to the year. Charlie, sitting here, I guess, 6 months into the AYON launch, I guess, what's been going well? What's going better than expectations? What are some things that maybe you have to fine-tune? Would just love any updates on, I guess, what you're hearing from customers and then from the commercial reps out in the field?

嗨。早安。謝謝讓我提問，也恭喜你們在年底有個漂亮的收尾。Charlie，我想現在距離 AYON 上市大概 6 個月了，哪些進展得很順利？哪些表現超出預期？又有哪些地方可能需要再微調？很想聽聽你們從客戶端以及前線業務代表那邊收到的回饋更新。

Yes. No, it's a great question. And the great news is it's all good news. The customers love AYON. The one thing that they would like to have with AYON is the power-assisted handpiece, which we expect that definitely here in the first half of the year because that completes the liposuction portion of AYON.

是的。不，這是個很好的問題。而好消息是，全部都是好消息。客戶很喜歡 AYON。他們希望 AYON 能搭配的一項功能是動力輔助手持器（power-assisted handpiece），我們預期在今年上半年一定會推出，因為那將補齊 AYON 的抽脂（liposuction）部分。

And so there is no question that there are a lot of people that want the power-assisted portion. But the feedback from AYON itself has exceeded every expectation that we have had. The launch has gone incredibly well. Sure, there's been a couple of minor hiccups along the way, but the team has done an incredible job of dealing with those and making sure that everybody is happy with the system. And like we said in the prepared remarks that every metric that we had has been there and then some with AYON.

所以毫無疑問，有很多人想要動力輔助的那一部分。但就 AYON 本身而言，回饋已經超出我們所有的預期。上市推進得非常順利。當然，中間有出現幾個小狀況，但團隊處理得非常出色，並確保每個人都對系統感到滿意。而且如同我們在事先準備的發言中所說，AYON 在我們設定的每一項指標上都達標，甚至更好。

And remember, there is nothing like this system in the marketplace today. And so really haven't ran into a single surgeon that hasn't thought it's a great idea, hasn't really liked it and is going to consider how to bring this into their practice. And so we are just getting started. When you said 6 months, it's been 6 months since we basically got approval. But remember, we didn't start shipping the product until September.

而且請記得，目前市場上沒有任何系統能與之相比。因此我們真的還沒遇到哪位外科醫師不覺得這是個好主意、不喜歡它，並且不會考慮如何把它導入自己的診所。所以我們才剛剛開始。你提到 6 個月——那是從我們基本上取得核准開始算起的 6 個月。但請記得，我們直到 9 月才開始出貨。

And like I said, we're still waiting on the power-assisted handpiece to get that into the hands of the doctors to complete the liposuction offering for AYON.

而且如我所說，我們仍在等待動力輔助手持器，讓醫師能拿到它，以完成 AYON 的抽脂產品組合。

Yes. Very good. And maybe just a quick follow-up for Matt. I guess just thinking about the gross margin guidance, relative to 2025. Is it fair to think of that maybe is a little conservative considering the mix coming from OEM is going to be a little bit lighter next year? Just love to hear the puts and takes to the gross margin guidance. Thanks.

是的。非常好。那再快速追問 Matt 一題。我想就毛利率指引、相對於 2025 年來看。考量到明年 OEM 的組合占比會稍微降低，這樣的指引是否可以視為偏保守？也想聽聽毛利率指引背後的拉動因素與抵銷因素。謝謝。

Sam, great question. Yes, any time we're giving guidance, we're trying to be as conservative as possible. It will depend on -- the levers are the lower margins coming out of OEM as compared to the higher margins coming out of the Surgical Aesthetics segments, offset by sales mix geographically. So if we have higher sales in China, full year sales in China in 2026 as well. So there will be some geographic mix.

Sam，這是個好問題。是的，我們在提供指引時，任何時候都會盡可能保守。這將取決於——影響槓桿包括：OEM 的毛利率較低，相較之下外科醫美（Surgical Aesthetics）部門的毛利率較高；同時還會受到地理區域銷售組合的影響而相互抵銷。因此如果我們在中國的銷售更高，且 2026 年也會有中國的全年銷售。所以地理區域組合會帶來一些影響。

Okay, very helpful. Thanks for taking the questions, guys.

好的，很有幫助。謝謝你們回答問題，各位。

Alex Fuhrman, Lucid Capital Markets.

Lucid Capital Markets 的 Alex Fuhrman。

Hey, guys. Thanks very much for taking my question and congratulations on the strong AYON launch and a strong year in 2025. I wanted to ask about the new salespeople that you're adding. Can you talk a little bit about how you're dividing territory and incentivizing the sales force? And where do you see the most opportunity to leverage these new hires?

嗨，各位。非常感謝讓我提問，也恭喜 AYON 上市表現強勁，以及 2025 年表現亮眼。我想問你們正在新增的業務人員。你們能否談談如何劃分銷售區域，以及如何設計銷售團隊的激勵機制？另外，你們認為在哪些方面最有機會運用這些新聘人員來放大成效？

Yes. No, I appreciate the question. So as far as territories go, what we've done is we've just made some change in basically with some of the people that we have had. The nice thing with AYON is it definitely puts us in a position of strength as a company to go out and get some of the top talent in the industry. And obviously, we brought John Featherstone in to help us with that.

是的。不，我很感謝這個問題。就區域配置而言，我們所做的是，基本上針對我們現有的一些人員做了一些調整。AYON 的好處在於，它確實讓我們公司處於更有利的強勢位置，能夠走出去延攬業界頂尖人才。而且很明顯地，我們也把 John Featherstone 延攬進來協助我們做到這一點。

And for the -- if you look at the aesthetics industry and especially the surgical side of aesthetics, I don't know if there's a more exciting product or platform than AYON to be selling in the marketplace today. And so it really does put us in a strength as a company. We are no longer just a one technology company, but we've got a whole suite of offerings for body contouring.

而且就——如果你看醫美產業，尤其是醫美的外科端，我不知道在今天的市場上，是否有比 AYON 更令人興奮、也更值得銷售的產品或平台。因此，這確實讓我們公司處於強勢地位。我們不再只是一家單一技術的公司，而是擁有一整套身體塑形的產品組合。

And quite frankly, as we talked in the prepared remarks, with the change in the patient population and with the adoption of the GLP-1 drugs and the weight loss associated with that and the loose and lax skin as a result of that, body contouring becomes a huge part of the doctor's practice. And we think that AYON and Renuvion are uniquely positioned to help them with the tools to be able to take care of these patients. And so from our perspective, it's a perfect time to be out there getting the absolute best sales talent in the industry to execute this and to drive it for many years to come.

坦白說，正如我們在事先準備的發言中提到的，隨著病患族群的變化，以及 GLP-1 藥物的採用、相關的減重效果，並因此造成皮膚鬆弛與鬆垮，身體塑形就成為醫師診所業務中非常重要的一部分。我們認為 AYON 與 Renuvion 具備獨特優勢，能為醫師提供工具來照護這些病患。因此，從我們的角度來看，現在正是走出去招募業界最頂尖銷售人才、來執行並在未來多年推動這項業務的最佳時機。

Terrific. Really appreciate the thorough answer on that, Charlie. Thank you very much.

太好了。Charlie，非常感謝你對此提供如此完整的回答。非常謝謝。

(Operator Instructions) Matt Hewitt, Craig-Hallum.

(接線員指示) Matt Hewitt，Craig-Hallum。

Good morning. Thanks for taking the question. This is Tollef Kohrman on for Matt Hewitt. Can you remind us what countries AYON is approved in? And what your plans are for further expansion there? Thank you.

早安。謝謝讓我提問。我是代替 Matt Hewitt 的 Tollef Kohrman。可以提醒我們 AYON 已在哪些國家獲准嗎？以及你們接下來在那方面的擴張計畫是什麼？謝謝。

You asked about AYON specifically, correct?

你問的是 AYON 這個產品本身，對嗎？

Yes.

是的。

Yes. So right now, it's just the United States. There are a couple of countries outside the United States that take FDA. And obviously, it would be registered in there. There's a couple in the Middle East and the Caribbean, believe it or not.

是的。目前只有美國。美國以外有少數國家接受 FDA。而且很明顯地，我們也會在那些國家完成註冊。中東有幾個國家，還有加勒比海地區，信不信由你。

But other than that, we're still -- we still will this year be trying to register it in a lot of key countries outside the United States with obviously Europe, Brazil and Colombia being high on that list. So as we've talked about before, we are just getting started with this. And obviously, we've got a lot of areas throughout the world to get this registered and to get it sold in.

除此之外，我們今年仍會嘗試在美國以外許多關鍵國家進行註冊，其中歐洲、巴西與哥倫比亞會是清單上的優先項目。所以如同我們之前談過的，我們才剛開始推動這件事。而且很明顯地，全球還有很多地區需要完成註冊並開始銷售。

Awesome. And then with the liposuction label expansion now expected midyear, did you incorporate any contribution this year? Or does that represent upside? Thanks.

太棒了。另外，既然抽脂適應症標籤擴增現在預期在年中取得，你們今年是否已納入任何貢獻？還是這會代表上行空間？謝謝。

We typically do not forecast, if you will, for stuff that we don't have. So obviously, we will still be selling AYON consoles and those consoles were obviously implied in the guidance, if you will. But the handpieces itself, those will be on an upside basis.

一般來說，對於我們尚未取得的項目，我們通常不會把它納入預測。所以很明顯地，我們仍會銷售 AYON 主機，而這些主機也已在指引中隱含反映。但就手柄本身而言，那會屬於上行貢獻。

Great. Thank you very much.

很好。非常謝謝。

Kyle Bauser, Roth Capital Partners.

Kyle Bauser，Roth Capital Partners。

Hi. Good morning. Thanks for taking my questions. Maybe just on console sales. So obviously, AYON was a very big reason for the strong results to the end of the year last year. Just curious, going forward, are the majority of console sales AYON? Or are they still Renuvion? Just trying to get a sense of what that mix is or what you anticipated.

嗨。早安。謝謝讓我提問。我想先問主機銷售。很明顯地，AYON 是去年年底強勁表現的一個很大原因。我好奇的是，往後主機銷售的大多數會是 AYON 嗎？還是仍然是 Renuvion？只是想了解一下你們預期的組合占比。

Yes. So we actually still sell Renuvion only even in the United States where we have AYON. So if somebody just wants to acquire the skin tightening portions for their practice, we will obviously sell them standalone Renuvion.

是的。其實即使在我們已經有 AYON 的美國市場，我們仍然也會單獨銷售 Renuvion。所以如果有人只想為其診所購置皮膚緊緻的部分，我們當然會單獨賣給他們 Renuvion。

And obviously, outside the United States, we don't have AYON registered, and so we are selling stand-alone Renuvion outside the United States. And so we will always have both available to the marketplace because it's such an important part, especially to treat these new patients, the Renuvion handpiece.

而且很明顯地，在美國以外，我們尚未完成 AYON 的註冊，因此我們在美國以外銷售的是單機版 Renuvion。所以我們會一直讓兩者都能在市場上取得，因為這是非常重要的一部分，尤其是用來治療這些新病患的 Renuvion 手柄。

But as far as mix goes, in the U.S., I would imagine that more and more people will be acquiring Renuvion through AYON, if I had to guess. But outside the United States, it's obviously right now just Renuvion only.

但就組合占比而言，在美國，我猜想會有越來越多人透過 AYON 來取得 Renuvion。但在美國以外，目前很明顯地就只有 Renuvion。

Okay. Got it. That's helpful. And then, Matt, in your prepared remarks, sorry if I missed it, you mentioned something about 2027. I believe it was about being cash flow positive. Correct me if I'm wrong, just -- and related to that, what are some assumptions that we'll want to keep an eye on in order to kind of achieve reaching cash flow generation?

好的。了解。這很有幫助。另外，Matt，在你事先準備的發言中，抱歉如果我漏聽了，你提到 2027 年的某些事情。我記得是關於達到現金流轉正。如果我說錯請糾正我——以及延伸來說，為了達成現金流產生，我們應該關注哪些假設或關鍵因素？

Great question, Kyle. So from a perspective of cash flow, what we said is that we would have -- we would have cash through 2027, but the plan is that we would be cash flow positive no later than the fourth quarter of 2026.

好問題，Kyle。就現金流的角度來看，我們說的是我們會——我們會有足夠的現金支撐到 2027 年，但計畫是在 2026 年第四季之前（最晚不超過該季）達到現金流轉正。

Okay, great. Well, thanks for taking my questions and congrats on a nice finish to the year.

好的，很好。謝謝回答我的問題，也恭喜你們在年底有個漂亮的收尾。

Thank you.

謝謝。

Thank you.

謝謝。

There are no further questions at this time. I will now hand the call back over to Charlie Goodwin for the closing remarks.

目前沒有其他問題。我現在把電話交回給 Charlie Goodwin 進行結語。

Thank you, everybody, for attending the call. I want to thank the entire Apyx Medical team for their dedication and tireless execution throughout 2025 and as we enter what is expected to be an exciting period of growth for 2026 as we see our plan turn into reality. We appreciate all the support we have received from our shareholders during this time, and thank you all for attending today's call. Thank you.

謝謝各位參加本次電話會議。我要感謝 Apyx Medical 全體團隊在 2025 年期間的投入與不懈執行力；同時，當我們進入預期在 2026 年迎來令人振奮的成長期、並看到我們的計畫逐步化為現實之際，我也要向大家致謝。我們感謝股東在這段期間給予的所有支持，也謝謝各位參加今天的電話會議。謝謝。

Thank you. Ladies and gentlemen, the conference has now ended. Thank you all for joining. You may all disconnect your lines.

謝謝。各位女士、先生，本次電話會議到此結束。感謝各位加入。各位可以掛線離開。