Archon Capital Ups Stake in Apyx Medical (APYX) After Q3 Results

Fintel reports that Archon Capital Management LLC has filed a 13G/A form with the SEC disclosing ownership of 3,452,030 shares of Apyx Medical Corp (APYX). This represents 9.98% of the company.

In their previous filing dated February 14, 2022 they reported 2,194,118 shares and 6.39% of the company, an increase in shares of 57.33% and an increase in total ownership of 3.59% (calculated as current – previous percent ownership).

Apyx Medical Corporation is an advanced energy technology company with a passion for elevating people’s lives through innovative products in the cosmetic and surgical markets. Known for its innovative Helium Plasma Technology, Apyx is solely focused on bringing transformative solutions to the physicians and patients it serves.

The company’s Helium Plasma Technology is marketed and sold as Renuvion in the cosmetic surgery market and J-Plasma in the hospital surgical market. Renuvion offers surgeons and physicians a unique ability to provide controlled heat to the tissue to achieve their desired results. The J-Plasma system allows surgeons to operate with a high level of precision and virtually eliminating unintended tissue trauma. The Company also leverages its deep expertise and decades of experience in unique waveforms through original equipment manufacturing (OEM) agreements with other medical device manufacturers.

In their most recent earnings release, the company reported the following highlights:

Third Quarter 2022 Financial Summary:

  • Total revenue of $9.1 million, down 23% year-over-year.
  • Advanced Energy revenue of $7.1 million, down 31% year-over-year.
  • OEM revenue of $2.0 million, up 34% year-over-year.
  • Net loss attributable to stockholders of $5.8 million, compared to $4.2 million for the third quarter of 2021.
  • Adjusted EBITDA loss of $3.9 million, compared to adjusted EBITDA loss of $2.7 million for the third quarter of 2021.

Third Quarter 2022 Operating Summary:

  • On July 8, 2022, the Company announced the results of the pivotal Phase II of its Investigational Device Exemption (“IDE”) study evaluating the safety and effectiveness of the Renuvion device to improve the appearance of lax skin in the neck and submental region.
  • On July 18, 2022, the Company announced it received 510(k) clearance from the FDA for the use of the Renuvion APR Handpieces for certain skin contraction procedures. The Renuvion APR Handpieces are now indicated for use in subcutaneous dermatological and aesthetic procedures to improve the appearance of lax (loose) skin in the neck and submental region.
  • On July 21, 2022, the FDA updated the Medical Device Safety Communication related to the Company’s Advanced Energy products to recognize this new 510(k) clearance.
  • On July 27, 2022, the Company announced its first reporting of environmental, social and governance (“ESG”) data via a newly released tear sheet. This data provides context to the Company’s ESG goals and priorities important to its business and stakeholders.
  • On September 12, 2022, the Company announced the release of a new surgeon testimonial video for its Renuvion Helium Plasma Technology featuring multiple surgeons including Dr. Paul Nassif, celebrity plastic surgeon and co-host of the hit television series, ‘Botched.’

What are other large shareholders doing?

 

Rtw Investments, Lp holds 3,398,279 shares representing 9.82% ownership of the company. No change in the last quarter.

Cowen And Company, Llc holds 2,854,841 shares representing 8.25% ownership of the company. In it’s prior filing, the firm reported owning 2,818,341 shares, representing an increase of 1.28%. The firm decreased its portfolio allocation in APYX by 23.12% over the last quarter.

Archon Capital Management LLC holds 2,694,249 shares representing 7.79% ownership of the company. In it’s prior filing, the firm reported owning 2,662,913 shares, representing an increase of 1.16%. The firm decreased its portfolio allocation in APYX by 39.81% over the last quarter.

Pura Vida Investments, Llc holds 1,508,062 shares representing 4.36% ownership of the company. In it’s prior filing, the firm reported owning 1,323,303 shares, representing an increase of 12.25%. The firm decreased its portfolio allocation in APYX by 13.61% over the last quarter.

Kent Lake Capital LLC holds 1,049,273 shares representing 3.03% ownership of the company. In it’s prior filing, the firm reported owning 1,200,000 shares, representing a decrease of 14.36%. The firm decreased its portfolio allocation in APYX by 20.18% over the last quarter.

What is the overall Fund Sentiment?

There are 169 funds or institutions reporting positions in Apyx Medical Corp. This is a decrease of 15 owner(s) or 8.15%.

Average portfolio weight of all funds dedicated to Apyx Medical Corp is 0.2548%, a decrease of 1.3385%. Total shares owned by institutions increased in the last three months by 0.03% to 23,054,958 shares.

Fintel’s Fund Sentiment Score is a quantitative model that ranks companies from zero to 100 based on Fund Sentiment. Fund Sentiment is important because it tells you if funds are buying or selling – and in particular how the company ranks compared to other companies in the investing universe.

This article originally appeared on Fintel.

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