Apyx Medical Inc (APYX) 2026 Q1 法說會逐字稿

Ladies and gentlemen, good morning, and welcome to Apyx Medical first quarter 2026 earnings conference call. (Operator Instructions)

各位女士、先生，早安，歡迎參加 Apyx Medical 2026 年第一季財報電話會議。(接線員指示)

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jeremy Feffer from LifeSci Advisors. Please go ahead.

提醒各位，本次會議將被錄音。現在我很榮幸介紹本次會議主持人——來自 LifeSci Advisors 的 Jeremy Feffer。請開始。

Thank you, and welcome, everyone, to our first quarter 2026 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 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.

謝謝，並歡迎各位參加我們 2026 年第一季財報電話會議。代表公司出席本次電話會議的有：Apyx 執行長 Charlie Goodwin，以及財務長 Matt Hill。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，該等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（SEC）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 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.

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。該等非 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頁面的財報新聞稿中。

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

現在我想把電話會議交給 Apyx Medical 總裁兼執行長 Charlie Goodwin 先生。請開始。

Thank you, Jeremy, and thank you all for joining us today. For 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 first quarter 2026 financial results, along with our updated 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 first quarter 2026 performance. We reported total quarterly revenue of $12.5 million compared to $9.4 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 2026 年第一季財務結果，並提供我們更新後的 2026 全年財測指引。之後我們將開放各位提問。我先從 2026 年第一季表現的幾項重點摘要開始。我們本季總營收為 1,250 萬美元，去年同期為 940 萬美元。

This growth was driven by a 36% increase in sales of our Surgical Aesthetics products to $10.7 million for the first quarter, which was primarily attributable to the continued strong sales ramp of our AYON body contouring system in the US demand for single-use handpieces worldwide and increase in Renuvion generator sales internationally.

此一成長主要由我們外科醫美（Surgical Aesthetics）產品銷售成長 36% 所帶動，第一季達 1,070 萬美元；其主要歸因於 AYON 身體雕塑系統在美國持續強勁的銷售爬坡、全球一次性手把（handpieces）需求，以及國際市場 Renuvion 產生器銷售增加。

This represents our second full quarter of AYON sales following its full commercial launch in September 2025. Notably, while demand from our existing generator and Renuvion customer base continues to be strong, we are also generating a steady increase in engagement from new accounts, reflecting growing market awareness of AYON and increasing confidence in the breadth of its capabilities. Importantly, we continue to believe adoption remains in the early stages. Over these past several months, I have been very pleased by how the commercial program for AYON has quickly ramped up activity.

這是 AYON 於 2025 年 9 月全面商業化上市後的第二個完整銷售季度。值得注意的是，除了既有產生器與 Renuvion 客戶群的需求仍然強勁之外，我們也持續看到新客戶帳戶的互動穩定增加，反映市場對 AYON 的認知度提升，以及對其能力廣度的信心增強。重要的是，我們仍然認為其採用仍處於早期階段。在過去幾個月中，我對 AYON 的商業化計畫能迅速提升活動量感到非常滿意。

Our team has risen to the occasion and executed a disciplined, high-quality launch focused on training and workflow integration to achieve customer success. We are also pleased the release of AYON has coincided so well with the continued rapid adoption of GLP-1s. As of early 2026, roughly 1 in 8 US adults report have taken a GLP-1 according to KFF health tracking polls and RAND reports. While approximately 6% of adults are currently using them, projections indicate that demand will continue to grow with estimates suggesting around 30 million Americans could be using GLP-1 treatments by 2030.

我們的團隊把握住機會，執行一個聚焦於訓練與工作流程整合、以確保客戶成功為目標的嚴謹且高品質的上市計畫。我們也很高興 AYON 的推出，恰好與 GLP-1 類藥物持續快速普及的趨勢高度契合。根據 KFF 健康追蹤民調與 RAND 報告，截至 2026 年初，大約每 8 位美國成年人中就有 1 位表示曾使用過 GLP-1。雖然目前約有 6% 的成年人正在使用，但預測顯示需求將持續成長，估計到 2030 年可能約有 3,000 萬名美國人使用 GLP-1 治療。

The rapid weight loss that occurs using these drugs can lead to significant loose and lax skin that can only be effectively managed using a surgical intervention, and we believe Renuvion and AYON are the most advanced and effective method for treating loose and lax skin through body contouring. In addition to our revenue growth, we remain proud of the lean operating structure we implemented just over a year ago, which has materially reduced our operating expenses and cash burn.

使用這些藥物所造成的快速減重，可能導致明顯的皮膚鬆弛與下垂，而這通常只能透過外科介入才能有效處理；我們相信 Renuvion 與 AYON 是透過身體雕塑治療皮膚鬆弛與下垂最先進且最有效的方法。除了營收成長之外，我們也持續以一年前導入的精實營運架構為傲，該架構已實質降低我們的營運費用與現金消耗。

Those changes have strengthened our financial position and given us the flexibility to selectively reinvest in high-return growth initiatives, including the continued rollout of AYON and our broader surgical aesthetic strategy. Through the launch of AYON, we have expanded our customer relationships beyond individual technologies to a more comprehensive presence in the surgical suite, supporting a wider range of procedures and workflows. As I have mentioned previously, this is a groundbreaking body contouring offering designed by leading surgeons to address many of the challenges and limitations of existing systems.

這些變革強化了我們的財務狀況，並讓我們能更有彈性地選擇性再投資於高報酬的成長計畫，包括持續推進 AYON 的上市推廣，以及我們更廣泛的外科醫美策略。透過 AYON 的推出，我們已將與客戶的關係從單一技術擴展為在手術室內更全面的佈局，支援更廣泛的手術類型與工作流程。如我先前提到的，這是一項由頂尖外科醫師設計的突破性身體雕塑方案，旨在解決現有系統的多項挑戰與限制。

AYON is differentiated by its ability to integrate multiple core body contouring modalities on a single platform. allowing surgeons to streamline procedures, reduce equipment complexity and support optimal patient outcomes. As a result, we are seeing strong market receptivity, reinforcing our view that AYON is addressing a meaningful unmet need and adoption remains in the early stages.

AYON 的差異化在於其能在單一平台上整合多種核心身體雕塑治療模式，使外科醫師得以簡化手術流程、降低設備複雜度，並支持最佳的病患治療結果。因此，我們看到市場反應強勁，進一步印證我們的看法：AYON 正在滿足一項重要的未被滿足需求，而其採用仍處於早期階段。

Building on this success and expanding upon the AYON suite of offerings even further, we anticipate FDA 510 clearance for the AYON platform to include power liposuction sometime this quarter. This is a core modality in modern body contouring procedures, and this clearance meaningfully expands AYON's functionality so that it now supports multiple advanced fat removal modalities on one platform.

在此成功基礎上，並進一步擴充 AYON 產品組合，我們預期本季度某個時間點可取得 FDA 510(k) 核准，使 AYON 平台納入動力抽脂（power liposuction）功能。這是現代身體雕塑手術中的核心治療模式，而該核准將實質擴展 AYON 的功能，使其能在同一平台上支援多種先進的脂肪移除模式。

Importantly, we believe this further differentiates AYON in the market and broadens its addressable customer base. When cleared, our strategy for bringing the power liposuction functionality live, our team is implementing a limited commercial launch of power liposuction with highly targeted early adopters. Over the coming months, this program will serve as a critical proving ground to refine training, optimize utilization and evaluate the end-to-end customer experience. As we did with our AYON system in advance of its full launch, we will take a disciplined approach before scaling commercial implementation. We look forward to sharing further updates on this program as this program progresses.

重要的是，我們相信這將進一步強化 AYON 在市場上的差異化，並擴大其可服務的客戶基礎。在獲准後，針對如何啟用動力抽脂功能，我們團隊將以高度鎖定的早期採用者為對象，推動動力抽脂的有限度商業化上市。在接下來幾個月中，該計畫將作為關鍵的驗證場域，用以精進訓練、最佳化使用率，並評估端到端的客戶體驗。如同我們在 AYON 系統全面上市前所採取的作法，我們將在擴大商業化導入之前，維持嚴謹且有紀律的推進方式。隨著該計畫推進，我們也期待與各位分享更多最新進展。

Looking beyond the US we have tremendous opportunities following key regulatory approvals over just the past few quarters, including Renuvion in Asia. In South Korea, we experienced solid interest around the Apyx One Console and single-use handpieces immediately following our regulatory approval in December of 2025.

放眼美國以外市場，隨著過去幾個季度取得的關鍵法規核准（包括 Renuvion 在亞洲的核准），我們擁有龐大的機會。在南韓，我們於 2025 年 12 月取得法規核准後，Apyx One Console 與一次性手把立即獲得穩健的市場興趣。

As a reminder, South Korea represents an attractive market for Surgical Aesthetics and early customer interest and initial purchase activity reinforce our confidence in the long-term opportunity there. While it is still in the early stages, the initial customer demand for our generators and handpieces exceeded expectations, and we look forward to building on this initial momentum. To summarize, our long-term vision is simple: to walk into every surgical center and see an AYON at the center of the operating room, I believe we are off to an excellent start.

提醒一下，南韓對外科醫美而言是一個具吸引力的市場，而早期客戶的興趣與初期採購活動進一步強化了我們對當地長期機會的信心。雖然仍處於早期階段，但客戶對我們發生器與手持器的初期需求超出預期，我們期待在這股初始動能上持續推進。總結而言，我們的長期願景很簡單：走進每一家外科中心，都能在手術室的核心位置看到一台 AYON；我相信我們已經有了一個非常出色的開始。

I will now turn the call over to Matt for a review of our first quarter 2026 financial results in more detail, along with our updated financial guidance for 2026.

接下來我將把電話交給 Matt，由他更詳細地回顧我們 2026 年第一季的財務結果，並說明我們更新後的 2026 年財務指引。

Thank you, Charlie. Before I get started, please note that all references to our first quarter financial results will be on a GAAP and a year-over-year basis, unless noted otherwise. As Charlie mentioned, total revenue for the first quarter of '26 increased 32% to $12.5 million compared to $9.4 million in the prior year period. Revenue for Surgical Aesthetics segment increased 36% or $2.8 million to $10.7 million compared to $7.9 million for the prior year period. As Charlie referenced, this growth was driven by sales of AYON as we commenced our commercial launch towards the end of the third quarter of 2025, increased sales of generators internationally and increased volume of single-use handpieces in both domestic and international markets.

謝謝你，Charlie。在我開始之前，請注意，除非另有說明，所有對第一季財務結果的提及皆以 GAAP 口徑並以年對年為基礎。如 Charlie 所提，26 年第一季總營收較去年同期成長 32%，達 1,250 萬美元，去年同期為 940 萬美元。外科醫美事業部營收成長 36%，或增加 280 萬美元，達 1,070 萬美元，去年同期為 790 萬美元。如 Charlie 所指出，這項成長主要由 AYON 銷售所帶動（我們於 2025 年第三季末開始商業化上市）、國際市場發生器銷售增加，以及一次性手持器在國內與國際市場的出貨量提升所驅動。

These increases were partially offset by decreases in domestic sales of generators. Turning to the OEM segment. Sales increased 14% or approximately $0.2 million to $1.8 million for the first quarter of '26 compared to $1.5 million for the first quarter of '25. The increase in OEM sales was due to increases in sales volumes to existing customers, while OEM segment sales increased for the 3-month period with an increased focus on Surgical Aesthetics, we expect the OEM segment revenue will decrease for the year and that this trend will continue over time. Domestic revenue increased 20% year-over-year to $8.1 million and international revenue increased 63% year-over-year to $4.4 million for the first quarter of 2026.

上述增幅部分被國內發生器銷售下滑所抵銷。接著談 OEM 事業部。26 年第一季銷售較 25 年第一季成長 14%，約增加 20 萬美元，至 180 萬美元；去年同期為 150 萬美元。OEM 銷售增加主要來自對既有客戶的銷售量提升；然而，儘管在更聚焦外科醫美的情況下，OEM 事業部在該 3 個月期間的銷售有所增加，我們預期 OEM 事業部全年營收將下滑，且此趨勢將隨時間延續。2026 年第一季國內營收年增 20% 至 810 萬美元，國際營收年增 63% 至 440 萬美元。

As a reminder, the medical device industry typically experiences some seasonality, with revenue trends generally lowest in the first and the third quarters and strongest in the second and fourth. Gross profit for the first quarter '26 increased 40% to $7.9 million compared with $5.7 million in the prior year period. Gross profit margin for the first quarter of '26 increased to 63.5% compared to 60.1% in the prior year period. The increase in gross margin for the 3 months ended March 31, 2026, from the prior year period is primarily attributable to mix between our segments, with the Surgical Aesthetics comprising a higher percentage of total sales and product mix within our OEM segment. This was partially offset by geographic mix with international sales comprising a higher percentage of total sales and tariffs that began affecting us in the second half of 2025.

提醒一下，醫療器材產業通常具有一定季節性，營收趨勢一般在第一季與第三季最低，在第二季與第四季最強。26 年第一季毛利較去年同期成長 40% 至 790 萬美元，去年同期為 570 萬美元。26 年第一季毛利率提升至 63.5%，去年同期為 60.1%。截至 2026 年 3 月 31 日止 3 個月的毛利率較去年同期提升，主要歸因於事業部組合（外科醫美占總銷售比重提高）以及 OEM 事業部內的產品組合變化。上述因素部分被地理組合所抵銷（國際銷售占總銷售比重提高），以及自 2025 年下半年開始對我們產生影響的關稅。

Operating expenses were relatively flat year-over-year with $8.8 million for the first quarter of '26 compared to $8.7 million for the prior year period. This was due to a combined $0.3 million increase in selling, general and administrative expenses and salaries and related costs, which was offset by a combined $0.2 million decrease in research and development and professional services expenses. Loss from operations was $0.9 million compared with a loss from operations of $3.1 million for the first quarter of 2025. Net loss attributable to stockholders was $2.1 million or $0.05 per share for the first quarter of '26 compared with $4.2 million or $0.10 per share in the prior year period. Adjusted EBITDA loss was $0.3 million for the first quarter of '26 compared to an adjusted EBITDA loss of $2.4 million in the first quarter of '25.

營業費用年對年大致持平，26 年第一季為 880 萬美元，去年同期為 870 萬美元。主要原因為銷售、一般及行政費用以及薪資與相關成本合計增加 30 萬美元，但被研發費用與專業服務費用合計減少 20 萬美元所抵銷。營業損失為 90 萬美元，相較之下 2025 年第一季營業損失為 310 萬美元。歸屬於股東之淨損為 210 萬美元，或每股 0.05 美元；去年同期為 420 萬美元，或每股 0.10 美元。調整後 EBITDA 虧損為 30 萬美元，26 年第一季相較於 25 年第一季調整後 EBITDA 虧損 240 萬美元。

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 March 31, 2026, cash used in operating activities decreased to $0.6 million compared to $0.7 million used in the prior year period. As of March 31, 2026, the company had cash and cash equivalents of $31.1 million. We believe based on our projections, including the uptake of the AYON platform, working capital management and our strict cost controls will yield cash through 2027. Turning to our '26 guidance.

提醒一下，我們在財報新聞稿中提供了從歸屬於股東之淨損到非 GAAP 調整後 EBITDA 虧損的詳細調節表。截至 2026 年 3 月 31 日止 3 個月，用於營運活動的現金降至 60 萬美元，去年同期為 70 萬美元。截至 2026 年 3 月 31 日，公司持有現金及約當現金 3,110 萬美元。我們相信，根據我們的預測（包括 AYON 平台的採用進展）、營運資金管理以及嚴格的成本控管，將可使現金支撐至 2027 年。接下來談我們 26 年的指引。

For the 12 months ended December 31, 2026, we announced an upward revision to our expected total revenue to be in the range of $59 million to $60 million, up from the previous guidance of $57.5 million to $58.5 million. This is compared with $52.8 million reported for the year ended December 31, 2025. Our revenue guidance assumes Surgical Aesthetics segment revenue in the range of $54 million to $55 million, up from the previous guidance of $53 million to $54 million. This is compared with approximately $45.3 million reported for the year ended December 31, 2025. OEM revenue is now expected to be approximately $5 million, up from the previous guidance of $4.5 million.

就截至 2026 年 12 月 31 日止 12 個月而言，我們宣布上調預期總營收至 5,900 萬至 6,000 萬美元區間，高於先前指引的 5,750 萬至 5,850 萬美元。相較之下，截至 2025 年 12 月 31 日止年度的營收為 5,280 萬美元。我們的營收指引假設外科醫美事業部營收為 5,400 萬至 5,500 萬美元，高於先前指引的 5,300 萬至 5,400 萬美元。相較之下，截至 2025 年 12 月 31 日止年度約為 4,530 萬美元。OEM 營收目前預期約為 500 萬美元，高於先前指引的 450 萬美元。

This is compared with approximately $7.5 million for the year ended December 31, 2025. We now, depending on product and geographic mix, anticipate gross margins of approximately 62% to 63% for the year and total operating expenses not to exceed $45 million. This completes our prepared remarks. Charlie and I will now open the call for questions.

相較之下，截至 2025 年 12 月 31 日止年度約為 750 萬美元。目前我們預期，視產品與地理組合而定，全年毛利率約為 62% 至 63%，且全年總營業費用不超過 4,500 萬美元。以上為我們準備好的發言。接下來 Charlie 和我將開放提問。

(Operator Instructions)

（接線員指示）

David Turkaly, Citizens.

David Turkaly，Citizens。

Hey, good morning, guys. Congrats on the quarter and the guide. Charlie, just upfront really quick. I heard Matt say the US generator sale decrease. And I noticed in the press release, you kind of pulled out a comment that said where AYON was not part of the sale.

嘿，各位早安。恭喜本季表現以及指引。Charlie，我先快速問一下。我聽到 Matt 說美國的發生器銷售下滑。而且我注意到在新聞稿中，你們特別拉出了一段評論，提到其中 AYON 並未包含在該筆銷售中。

I just want to be clear because it seems like everything was really strong. Can you explain that detail that's there, like exactly what you're saying in the press release?

我只是想確認清楚，因為看起來一切都非常強勁。你能解釋一下你們新聞稿裡提到的那個細節嗎？也就是說，你們到底在新聞稿中具體想表達什麼？

Yeah, it's a good question, Dave. Basically, when we're selling AYON's now, we're counting those as AYON sales and not generator sales, even though if they're a brand-new customer, they would have a generator with them or if they're an RS3 upgrade, they would need to upgrade to the Apyx One. We don't capture those generators separately. We count it all as an AYON sale now.

是的，這是個好問題，Dave。基本上，當我們現在銷售 AYON 時，我們把它們計為 AYON 銷售，而不是發電機（generator）銷售；即使如果是全新客戶，他們會隨機搭配一台發電機，或如果是 RS3 升級，他們也需要升級到 Apyx One。我們不會把那些發電機另外單獨統計。我們現在把它全部都算作 AYON 的銷售。

So more than anything else, it's just the geography. You're going to see that in the US as we continue more people are going to buy full AYON systems as opposed to just buying generators as they were before.

所以最主要的因素其實就是地理區域。你會看到在美國，隨著我們持續推進，會有更多人購買完整的 AYON 系統，而不是像以前那樣只買發電機。

Thanks for that. Thanks for clarifying that. And then as we look -- obviously, OUS was really strong. You called out South Korea. Will you bring AYON there? I think Apyx One is there right now, but is that the plan? And any color on sort of OUS rollout with that system?

謝謝你。謝謝你澄清這點。接著我們來看——很明顯，海外（OUS）表現非常強勁。你特別提到了南韓。你們會把 AYON 帶到那裡嗎？我想 Apyx One 現在已經在那裡了，但這是計畫的一部分嗎？另外，關於該系統在海外（OUS）的推廣進度，你能否提供一些補充說明？

Yeah, If you look at the international business, it was a good, obviously, quarter for the international business. And as Matt and I both said, it was strength on handpieces, both from an international and a domestic perspective, but new generator sales and new upticks in South Korea, in particular, for outside the United States. And yes, we are working on registering AYON outside the United States, obviously. And so we will be working on various countries throughout this year.

是的，如果你看國際業務，這顯然是國際業務表現不錯的一季。而且如同 Matt 和我都提到的，手柄（handpieces）在國際與美國本土兩方面都呈現強勁；同時，在美國以外的市場，新的發電機銷售以及南韓尤其出現新的上升動能。是的，我們也正在推動 AYON 在美國以外的註冊，這點很明顯。因此今年我們會在多個國家推進相關工作。

And as we make progress on that, we will obviously let the investors know of what we're doing there. But yes, we plan to have AYON registered everywhere in the world at some point in time.

隨著我們在這方面取得進展，我們也會讓投資人了解我們在當地所做的事情。但沒錯，我們的計畫是在某個時間點讓 AYON 在全球各地都完成註冊。

Thank you.

謝謝。

Yes, thank you.

是的，謝謝。

Sam Eiber, BTIG.

Sam Eiber，BTIG。

Hi, good morning. Thanks for taking the questions here. Charlie, maybe a two-part question on AYON. First, maybe I can get your thoughts on where you think we are in this rollout in the launch. It sounds like maybe you're starting to expand beyond the existing group of Renuvion accounts.

嗨，早安。謝謝讓我在這裡提問。Charlie，關於 AYON 我有一個兩部分的問題。首先，想請你談談你認為我們目前在這次推廣與上市進程中處於什麼階段。聽起來你們可能正開始擴展到既有 Renuvion 客戶群之外。

And then just as a follow-up there on power-assisted liposuction, nice to hear that you're expecting label expansion this quarter. Has that been an impediment at all toward adoption? And with the label, could we expect some inflection thereafter? And how important is that going to be for surgeons?

接著作為追問，關於動力輔助抽脂（power-assisted liposuction），很高興聽到你們預期本季會有標籤（label）擴增。這是否曾在某種程度上成為採用上的阻礙？而在標籤更新後，我們是否可以預期之後會出現一些加速拐點？這對外科醫師會有多重要？

Yeah, no, it's a good question, and there's a lot in there. I'll try to unpack it for you. It's a multi-tiered question for sure. When we're talking about the existing Renuvion customers upgrading to AYON, we've actually just started with that.

是的，這確實是個好問題，而且裡面包含很多內容。我試著幫你拆解一下。這確實是一個多層次的問題。當我們談到既有 Renuvion 客戶升級到 AYON，其實我們才剛開始做這件事。

So that is a whole huge group of people that we have that could upgrade to AYON. And then obviously, to your point, it brings in a whole bunch of people that don't even have Renuvion at this time that could upgrade to that. And so we are -- if we're looking at AYON sales in the United States, and this is a baseball game, we're just in the top of the first inning. We're just basically getting started with this. As regards to power lipo, yes, to answer your question directly, there are people that are waiting for power lipo before they get AYON because some doctors do not use ultrasonic liposuction.

所以我們有一大群人可以升級到 AYON。然後如你所說，這也會帶來一大批目前根本還沒有 Renuvion 的人，他們也可能會採用並升級到那套系統。因此，如果我們看 AYON 在美國的銷售，把它比喻成一場棒球賽，我們才剛進到第一局上半。我們基本上才剛起步。至於動力抽脂（power lipo），是的，直接回答你的問題：確實有人在等動力抽脂功能到位後才會購買 AYON，因為有些醫師不使用超音波抽脂。

They only use power liposuction. So if you look at the market, you've got groups of doctors that use both ultrasonic and power. You've got doctors that use ultrasonic by itself and not power. And then you've got doctors that use power liposuction and not ultrasonic. And obviously, the doctors that use only power liposuction are waiting for that label and that product to be available before they would get AYON.

他們只使用動力抽脂。所以如果你看市場，有些醫師群體同時使用超音波與動力抽脂。也有醫師只用超音波、不用動力。還有醫師只用動力抽脂、不用超音波。很明顯，只使用動力抽脂的醫師會等到那個標籤與產品可用之後，才會購買 AYON。

So from our perspective, power lipo is a huge indication for us and a huge approval because it rounds out the liposuction capabilities of AYON that give doctors both modalities on the system as it is today. So we do see it as being very significant.

所以從我們的角度來看，動力抽脂對我們而言是一個非常重要的適應症，也是非常重要的核准，因為它能補齊 AYON 的抽脂能力，讓醫師在現有系統上同時擁有兩種模式。因此我們確實認為它會非常關鍵。

Okay. That's really helpful. Maybe I can just use my follow-up here on the demand environment. It sounds like consumables globally were up in the quarter. You guys have this tailwind with the GLP-1 wave that's coming in.

好的。這非常有幫助。我接著用追問來談需求環境。聽起來本季全球耗材（consumables）都有成長。你們也有 GLP-1 浪潮帶來的順風。

But obviously, I know there's some geopolitical tensions, macroeconomic dynamics in the current environment. Just curious what you're seeing out in the field for underlying procedure demand at this moment.

但很明顯，我知道目前環境中存在一些地緣政治緊張與總體經濟變化。想請教你們目前在第一線看到的基礎療程需求（underlying procedure demand）狀況如何？

Yeah, I don't think there's any question that people that have been on these drugs and have lost the weight that they want to lose are looking for solutions to help their body. And yes, there is a lot of noise out there on the geopolitical front. There's no question about that. But from a demand perspective, we're still seeing patients coming into practices and wanting these procedures.

是的，我認為毫無疑問，使用這些藥物並減到他們想要的體重的人，正在尋找能幫助改善身體狀態的解決方案。而且沒錯，地緣政治方面確實有很多雜音。這點毫無疑問。但就需求而言，我們仍然看到病患走進診所並希望進行這些療程。

Yes, thanks for taking the questions, guys.

是的，謝謝你們回答我的問題，各位。

Yes. Thank you.

是的。謝謝。

Alex Fuhrman, Lucid Capital Markets.

Alex Fuhrman，Lucid Capital Markets。

Hey, guys. Thanks very much for taking my question and congratulations on a really strong start to the year. It sounds like most of the AYON customers have been skewing towards new customers if you're only just starting to sell as an upgrade to your long-standing customers. Curious, Charlie, what kinds of clinics has it been resonating the most with? And are there practices that you had a hard time getting into when it was just Renuvion that are now taking another look with the full all-in-one?

嗨，各位。非常感謝讓我提問，也恭喜你們今年開局非常強勁。聽起來 AYON 的客戶多數偏向新客戶，因為你們才剛開始把它作為升級方案賣給長期既有客戶。Charlie，我很好奇它最能引起共鳴的是哪些類型的診所？另外，是否有一些你們在只有 Renuvion 時較難切入的診所，現在因為有完整的一體化（all-in-one）方案而重新評估並開始採用？

Yeah, so I actually want to just clarify one thing. So far, all the AYON's that we've sold, probably about 80% of them have been to Renuvion -- existing Renuvion customers. But if you look at the total base of Renuvion customers, we still have a long ways to go before we upgrade all of them, okay? And to answer your question about the new customers that weren't Renuvion customers before or Apyx customers before, to answer your question, yes, it is a huge help having AYON because now you're talking about the entire body contouring procedure.

是的，所以我其實想先澄清一件事。到目前為止，我們賣出的所有 AYON，大概有 80% 是賣給 Renuvion——既有的 Renuvion 客戶。但如果你看 Renuvion 客戶的整體基礎，我們距離把他們全部升級完畢還有很長一段路，好嗎？至於你問到那些以前不是 Renuvion 客戶、也不是 Apyx 客戶的新客戶，回答你的問題，是的，有 AYON 幫助非常大，因為現在你談的是整個身體塑形療程。

You're talking about adding technologies that increase efficiency for the doctor and their staff, lower patient -- lower procedure times for the patient, which is huge because they're less time under anesthesia. And we're even being told anecdotally from doctors that the outcomes are better for the patient. So yes, it is helping us immensely get into practices that we weren't in before for sure.

你談的是加入能提升醫師與其團隊效率的技術，降低病患——降低病患的療程時間，這非常重要，因為他們在麻醉下的時間更短。而且我們也從醫師那裡聽到一些口耳相傳的回饋，說病患的治療結果更好。所以是的，它確實大幅幫助我們進入以前尚未進入的診所。

Okay. That's really helpful. And then you referenced a study earlier in the call that suggested about 1 in 8 Americans have taken a GLP-1. Obviously, your business is doing very well here at a time when GLP-1 adoption is growing. Do you have any sense just kind of anecdotally, customers having a Renuvion treatment?

好的。這真的很有幫助。另外你在電話會議前面提到一項研究，指出大約每 8 位美國人就有 1 位使用過 GLP-1。顯然，在 GLP-1 採用率持續成長的同時，你們的業務表現也非常好。你是否有任何感覺——就一些口頭回饋而言，接受 Renuvion 治療的客戶？

I mean, do you feel like there's more than 1 in 8 or about that share that have taken a GLP-1? Just curious if that's been kind of a driver of the business or what you're hearing from your surgeons?

我的意思是，你覺得使用過 GLP-1 的比例是高於每 8 人 1 人，還是大概就是那個占比？只是好奇這是否一直是業務的推動因素，或你從外科醫師那裡聽到的是什麼？

Yeah, and we follow like Google searches and things like that, too, about what consumers are looking for and what they're seeing. And if you take a look at Google searches and you go over the last 12 months, one of the biggest increases is on loose skin. And so yes, we are seeing patients that are coming to the doctors' practices and they're asking for solutions for that. And it is -- if you look at, I think, the 3 biggest things in Google searches that are looking for right now, it's loose skin, body contouring and liposuction still.

是的，我們也會追蹤像 Google 搜尋之類的資料，看看消費者在找什麼、他們看到什麼。如果你看過去 12 個月的 Google 搜尋，其中增幅最大的一項就是「皮膚鬆弛」。所以是的，我們確實看到病患走進醫師診所，並在尋求這方面的解決方案。而且——如果你看我認為目前 Google 搜尋量最大的三個項目，分別是皮膚鬆弛、身體塑形，以及仍然是抽脂。

So people are looking for these solutions. They're taking these drugs. They're losing the weight. And obviously, they've got loose and lax skin after that. So we are seeing this in the marketplace.

所以人們正在尋找這些解決方案。他們在使用這些藥物。他們在減重。而顯然，之後他們會有鬆弛、缺乏彈性的皮膚。所以我們確實在市場上看到這種情況。

And I think that's -- that's why we're seeing the strength that we're seeing and the growth that we're having is because we think that the technologies and solutions that we're helping doctors with are squarely in the sights of what the patients are looking for.

我想這——這也是我們之所以看到目前的強勁表現與成長的原因，因為我們認為，我們協助醫師所提供的技術與解決方案，正好切中病患正在尋找的需求。

Okay, that's really helpful. Thank you very much.

好的，這真的很有幫助。非常感謝。

Matt Hewitt, Craig-Hallum.

Matt Hewitt，Craig-Hallum。

Taking the question, This is Tollef Kohrman on for Matt Hewitt. Congrats on a great quarter. So what's the assumed tariff impact embedded in the guide? And how should we think about any potential changes in the policy going forward? Thank you.

感謝提問，我是代替 Matt Hewitt 的 Tollef Kohrman。恭喜本季表現出色。那麼，指引中內含的關稅影響假設是多少？以及我們應該如何看待未來政策可能的任何變化？謝謝。

Yeah, Look, I don't know about changes in the guide. We're anticipating that the tariffs are going to remain throughout the rest of the year, and they're factored in there from, obviously, a cost and a gross profit point of view. So I mean, could things change and we have different tariffs? Absolutely.

是的，你看，我不確定指引會有什麼變化。我們預期關稅在今年剩餘時間都會維持，並且已經從成本與毛利的角度把它納入考量。所以我的意思是，事情會不會改變、我們會不會面臨不同的關稅？當然有可能。

But one of the advantages that we have is that we manufacture both in Sofia, Bulgaria and Clearwater, Florida. And so we've been able to minimize the tariff impact so far to the business. But it is something that we're always looking at and finding the best way to keep our costs as low as they possibly can be.

但我們的一個優勢是，我們在保加利亞索菲亞以及佛羅里達州克利爾沃特都有製造。因此到目前為止，我們已能把關稅對業務的影響降到最低。但這確實是我們一直在關注的事情，並在尋找最佳方式，盡可能把成本維持在最低。

Excellent. And then earlier in the call, you cited you wanted to place AYON outside of the US specifically everywhere. Just can you give a time line in key specific countries you're looking at right now? Thank you.

很好。另外你在電話會議前面提到，你希望把 AYON 佈署到美國以外，特別是各地。你能否提供一下目前正在關注的關鍵國家，以及大致的時間表？謝謝。

So I can't give a time line, unfortunately, because I would -- anything I would give you would be wrong because it takes time in each individual country. But obviously, there's major places that we'd like to have AYON registered from a body contouring perspective. Obviously, all of Europe, we'd like to have it there. When we're looking at Latin America, we'd be looking at countries like Brazil and Colombia that do a lot of body contouring. We'd obviously be looking at the Middle East because there's a lot of business there and then key markets in Asia.

很遺憾我無法提供時間表，因為——我給你的任何時間點都可能不準，因為每個國家都需要時間。但很明顯，從身體塑形的角度來看，有一些主要地區我們希望完成 AYON 的註冊。顯然，整個歐洲我們都希望能夠進入。在拉丁美洲方面，我們會看像巴西、哥倫比亞這些做很多身體塑形的國家。我們也會關注中東，因為那裡有很多業務，另外還有亞洲的關鍵市場。

So those would be the big areas that we'd be looking for AYON.

所以這些會是我們為 AYON 尋求佈局的主要區域。

Great. Thank you.

很好。謝謝。

Yeah.

好的。

(Operator Instructions)

(接線員指示)

Ladies and gentlemen, this concludes our question-and-answer session. I would now hand the conference over to Charlie Goodwin for his closing comments.

各位女士、先生，我們的問答環節到此結束。接下來我將把會議交給 Charlie Goodwin 進行結語。

Thank you, everybody, for attending the call. I want to really thank the entire Apyx Medical team for their tireless dedication and execution as we move into mid-2026 with tremendous energy and momentum towards driving growth. We appreciate all the support we have received from our customers and shareholders during this time. Thank you very much.

感謝各位參與本次電話會議。在我們以充沛的能量與動能邁入 2026 年年中、全力推動成長之際，我要特別感謝整個 Apyx Medical 團隊不懈的投入與執行力。我們也感謝在這段期間客戶與股東給予我們的所有支持。非常感謝。

Thank you. The conference of Apyx Medical has concluded. Thank you for your participation. You may now disconnect your line.

謝謝。Apyx Medical 的電話會議到此結束。感謝各位的參與。您現在可以掛斷電話。