Apyx Medical nosedives after slashing FY22 revenue forecast

Apyx Medical

10/11/2022 17:32

** Shares of advanced energy technology firm Apyx Medical
Corp  APYX.O  tumble 64% to $1.6 
    ** Stock trading at its lowest in nearly six-and-a-half
years, and will log its worst single-day performance, if losses
hold 
    ** APYX slashes FY22 revenue outlook to between $44.8 mln
and $47.9 mln, from $51.0 mln to $56.4 mln forecast earlier
    ** Co posts Q3 revenue of $9.1 mln, missing analysts'
expectations of $12 mln - IBES Refinitiv data 
    ** Posts net loss of 17 cents vs est. of 14 cents
    ** Co says persistent businesses disruption impacted global
sales of advanced energy products throughout the qtr
    ** All four brokerages covering the stock rate it "buy",
their median PT is $14.50
    ** APYX has lost ~88% YTD, compared with a near 30% fall in
the Nasdaq Composite Index  .IXIC 
 (Reporting by Ankika Biswas in Bengaluru)
 ((Ankika.Biswas@thomsonreuters.com))