Good afternoon, ladies and gentlemen, and welcome to the Apyx Medical Second Quarter 2025 Earnings Conference Call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Thursday, August 7, 2025. I would now like to turn the conference over to Jeremy Feffer, LifeSci Advisors. Please go ahead. Thank you, and welcome everyone to our Second Quarter 2025 Earnings Call. Representing the company on the call are Charlie Goodwin, Chief Executive Officer, and Matt Hill, Chief Financial Officer of Apyx Medical Corporation. 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. 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. I would now like to turn the call over to Mr. Charlie Goodwin, Apyx Medical Corporation's President and Chief Executive Officer. Please go ahead. Thank you, Jeremy, and thank you all for joining us today. First, with our focus on returning to growth, I am excited to announce the appointment of two senior sales leaders for the domestic and international markets. John Featherstone will head North American Sales and has over 20 years' experience in the aesthetics industry, along with Simon Davies, who will head Europe and Asia and has over 30 years' experience in the industry, most recently with Vaser. Per our usual format on these quarterly calls, I will be providing a review of our performance in the second quarter of 2025, and then I will turn the call over to Matt for a review of our second quarter financial results, as well as our updated full-year 2025 guidance. We will then open the call for questions. Let me begin with a review of our second quarter performance. We reported total revenue of $11.4 million compared to $12.1 million in the same period last year. This slight decline was anticipated and primarily driven by a decrease in sales of our OEM products. Importantly, this aligns with our strategic shift in focus and resource allocation. Sales of our advanced energy products were $9.7 million, reflecting continued customer interest and steady demand in an overall market that remains challenged. While we experienced a modest decrease in the volume of single-use handpieces sold domestically, this was due in part to a decline of overall procedures and our sales rep focus on the pre-sales of AYON in preparation for its commercial launch. This was a strategic decision to support the rollout of our most advanced system to date, and that investment is already paying off. I am pleased to report that early results from the AYON pre-sales have exceeded our expectations, which I'll discuss in more detail shortly. Taking a closer look at our financial performance this quarter, we are beginning to see meaningful benefits from the cost reduction and restructuring initiatives that we implemented in November of 2024. In just the past nine months, these efforts have driven significant improvements, resulting in a leaner operating structure and a substantial reduction in our cash burn. These improvements have strengthened the overall financial health of the company, providing the flexibility to invest in our growth strategy with greater confidence. As a result, we are now better positioned to scale substantially and deliver long-term value for our shareholders. While the global aesthetic market remains challenging, our Apyx team has continued to execute with focus and resilience, identifying key growth opportunities and implementing a disciplined, long-term strategy that is already delivering meaningful results. At the center of this momentum is Renuvion, our innovative, minimally invasive surgical solution for treating loose and lax skin. Renuvion provides durable, transformational outcomes and is rapidly gaining traction among surgeons. We believe it represents a best-in-class option for skin tightening and should be considered as the new standard of care, particularly for patients experiencing skin laxity after significant weight loss, including those using GLP-1 medications. This expanded patient population presents a tremendous opportunity. With more than 15 million people currently on GLP-1 drugs in the U.S. alone, we're still in the early innings of this powerful market shift. We believe Apyx is uniquely positioned to meet this demand and to help lead the aesthetics market into this next phase of growth. We were thrilled to see Renuvion take center stage at this year's Miami Swim Week, generating strong buzz and meaningful engagement. As part of our campaign, we've shared powerful real-life stories from patients who have regained their self-confidence through Renuvion treatments, culminating in a runway moment where these individuals proudly showcased their transformation. It was an emotional and inspiring celebration of what Renuvion can help people achieve. Our presence in Miami is just one element of a much broader, integrated, direct-to-consumer marketing strategy that has significantly exceeded expectations in 2024. This campaign has delivered exceptional results in terms of reach, engagement, and earned media coverage. At the heart of our message is a clear and consistent theme. Renuvion is the most trusted body contouring technology among aesthetic professionals, backed by compelling clinical data and real-world results. As many of you are aware, expanding Renuvion's footprint in new international markets is a key strategic priority. Just last month, we announced its launch in China, following receipt of an initial market clearance for the system from the National Medical Products Administration of China. Subsequently, we entered a distribution agreement with Glam Moon Medical Technology, the wholly owned equipment distribution division of BeauCare Clinics Investment Company, a leading platform company in China's medical aesthetics industry. We are excited by the early success GlamMoon has had with its initial marketing campaign for Renuvion in China, which quickly ramped up activities and immediately resulted in a tremendous response from surgeons and patients alike. With initial sales already completed and growing interest, we foresee an exciting new growth driver and look forward to providing updates to you all. Building on the success of Renuvion, it brings us great pleasure to share the strong progress we have made in introducing the AYON system to the market over the past two months. This all-in-one platform seamlessly integrates Renuvion, ultrasound-assisted liposuction, infiltration, aspiration, electrical coagulation, and fat transfer into a single streamlined device, and looks forward to expanding our indications to include power liposuction later this year. Considering the major shifts in the market with the rapid adoption of GLP-1 medications, we are confident it will further differentiate us as the surgical aesthetics company and a trusted surgical partner for the next era of aesthetic care. As I may remind you, we only just introduced the system publicly during our quarterly call in March. We then went to the Aesthetics Meet in Austin, Texas, later that year to offer board-certified plastic and cosmetic surgeons an early look at the system and gathered valuable initial feedback as we were planning out the commercial launch. This was followed up in May when we were pleased AYON has received 510(k) clearance from the U.S. FDA. We have since focused on executing a soft commercial launch. As part of our limited release, we have installed a number of systems under our Ambassador Program. This program will place 20 systems with key opinion leaders in critical geographies throughout the U.S. It has also allowed our sales and customer service teams to refine their processes and optimize the customer experience, ensuring we are well prepared to scale the broader commercial rollout. We have also been taking pre-orders from surgeons outside of our Ambassador Program and look forward to the commercial launch in September. Again, I can't express it enough, the interest in AYON goes beyond anything that we were anticipating just a few months ago, which is what pushed us to update our revenue targets for 2025, which Matt will detail in a moment. For some of you that might not follow the industry closely, the activity around AYON's launch, while still early in the process, looks to be indicative of a broader shift in the market. What I mean by this is that over the past few years, capital equipment spending across the aesthetics market has generally been subdued, a trend experienced by nearly all manufacturers in the space. However, we believe AYON sales are going against the pattern. The energy and enthusiasm from customers around this system is unlike anything we've seen in recent years. Surgeons are recognizing the value of a comprehensive next-generation platform designed specifically for today's body contouring needs, and we are thrilled to be delivering it to them. While we are still in early stages of the launch, this momentum brings us significantly closer to realizing my long-term vision to walk into almost any surgical practice and see an AYON system at the center of the operating room. With the trajectory we are on, we believe that the future is well within reach. I will now turn the call over to Matt for a review of our second quarter 2025 financial results in more detail, along with our updated financial guidance for 2025. Thank you, Charlie. Before I get started, please note that all references to second quarter financial results will be on a GAAP and year-over-year basis unless noted otherwise. As Charlie mentioned, total revenue for the second quarter 2025 decreased 6% to $11.4 million compared to $12.1 million in the prior year period. Revenue for the advanced energy segment was relatively flat at $9.7 million compared to $9.8 million last year. As Charlie referenced, the flattening of our sales growth curve in this quarter reflects a decrease in the volume of single-use handpieces domestically. We expect to resume growth with the launch of AYON ramping in the third quarter, which is reflected in the updated guidance I will provide in a minute. Turning to the OEM segment, sales decreased 29%, or approximately $1.7 million, for the second quarter of 2025 when compared to the second quarter of 2024. The decrease in OEM sales is due to a decrease in sales volume to existing customers, including Symmetry Surgical, under our 10-year generator manufacturing and supply agreement. Domestic revenue decreased 11% year-over-year to $7.8 million, and international revenue decreased 4% year-over-year to $3.6 million. 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. That said, the timing of new product shipments, particularly related to the AYON launch, could influence the revenue distribution in the second half of the year. Depending on the pace and timing of these deliveries, we may see a different seasonal pattern in Q3 and Q4 compared to historical norms. Gross profit for the second quarter 2025 decreased to $7.1 million compared to $7.5 million in the prior year period. Gross profit margin for the second quarter 2025 increased slightly to 62.3% compared to 61.7% in the prior year period. With respect to tariffs, we continue to monitor trade policy and tariff announcements, including the recent executive orders issued by the U.S. 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. Operating expenses decreased to $9.7 million for the second quarter 2025 compared to $13 million in the prior year period. The decrease in operating expenses was driven by a $1.6 million decrease in salaries and related costs, a $0.7 million decrease in selling, general and administrative expenses, a $0.6 million decrease in research and development expenses, and a $0.5 million decrease in professional services expenses. We are pleased to see the results of the cost-cutting measures taken in the fourth quarter of 2024 in our current numbers. Loss from operations decreased $3 million, or 54%, to $2.6 million. Net loss attributable to stockholders was $3.8 million, or $0.09 per share for the second quarter 2025, compared with $6.6 million, or $0.19 per share in the prior year period. Adjusted EBITDA loss decreased 54% to $2 million, compared to $4.3 million in the second quarter of 2024. As a reminder, we provided detailed reconciliation from net loss attributable to stockholders to non-GAAP adjusted EBITDA loss in our earnings press release. For the three months ended June 30, 2025, cash used in operating activities decreased to $1.2 million, compared to $4.3 million used in the prior year period. We were pleased with the cash and working capital management in the first half of 2025, with cash burn returning to more normalized rates in the back half of the year as a result of the impact of changes in working capital as a result of the AYON system launch. As of June 30, 2025, the company had cash and cash equivalents of $29.3 million, compared to $31.7 million as of December 31, 2024. We believe, based on our projections, including the uptake of the AYON system, working capital management, and our strict cost controls, we will yield cash through 2027. Turning to our 2025 guidance, which we updated in the second quarter 2025 financial results press release issued earlier today. For the 12 months ending December 31, 2025, we expect total revenue in the range of $50 million - $52 million, up from our previous guidance of $47.6 million - $49 million. This is compared to $48.1 million for the year ended December 31, 2024. Our revenue guidance assumes advanced energy revenue in the range of $42 million - $44 million, up from our previous guidance of $39.6 million to $41 million. This is compared to $38.6 million for the year ended December 31, 2024. OEM revenue is expected to come in at approximately $8 million, as compared to $9.5 million for the year ended December 31, 2024. We still anticipate gross margins of approximately 60% for the year and total operating expenses not to exceed $40 million. This completes our prepared remarks. Charlie and I will now open the call for questions. Operator? Thank you, ladies and gentlemen. We will now begin the question-and-answer session. Should you have a question, please press star followed by the one on your touch-tone phone. You will hear a prompt that your hand has been raised. Should you wish to decline from the polling process, please press star followed by the two. If you are using a speakerphone, please lift the handset before pressing any keys. One moment, please, for your first question. Your first question comes from Sam Eiber with BTIG. Your line is now open. Hi, Charlie. Hi, Matt. Thanks for taking the questions this afternoon. Maybe I can start here on AYON. It sounds like a lot of enthusiasm and pent-up demand is building here. Charlie, you also talked about the existing market environment that we're in. I guess how should we be thinking about the customer receptivity at this point to AYON going forward, maybe beyond this early group of customers and general receptivity to capital purchases in this market environment? Yeah, thanks for the question, Sam. The reaction from the doctors has been nothing short of spectacular so far since we've launched AYON. There has really not been a lot of innovation in this space. There hasn't been anything to update the technologies and to combine the technologies and to work on the workflow. Remember, this system was designed by surgeons for surgeons. We just facilitated their wishes, if you will, in the nicest possible way. It seems that the team did an incredible job of meeting the doctors' needs. The doctors have been obviously overwhelmingly positive to the thing, to AYON. Obviously, the pre-sales show that. That's obviously the reason that we were very comfortable to raise our guidance today with that. Yes, it does fly in the face of a little bit of what's going on in the marketplace. When you really look at it, body contouring procedures are the procedures that are in focus for these doctors. They are obviously taking care of the patients that have the loose and lax skin. A lot of them have been on GLP-1 medications for weight loss. We really believe, as I've said before, that the next decade is going to be a huge boon for surgeons. We're just incredibly grateful and incredibly proud that we can be their surgical partner and be that surgical company that helps them take care of their patients' needs. Yeah, yeah, makes a lot of sense. Maybe I can use my follow-up here on some of the new commercial hires. Really glad to see John and Simon come in here ahead of some of these product launches. I guess, you know, what are they bringing to the table here that's maybe different or positions you guys to take advantage of this opportunity in front of you? Yeah, Sam, I'm glad you're thrilled that they're here. Remember, I've been doing this job too for the last nine months. Nobody's happier than I am to have them here. We are incredibly fortunate to have their expertise and their knowledge to help AYON and Renuvion both in North America and in Europe and Asia. Obviously, John Featherstone brings over 20 years of experience in the aesthetic space, setting up procedures, driving sales forces, building high, powerful teams. We're very fortunate to have him on board. Simon Davies comes to us with a lot of experience too. He was the leader of Vaser in Europe and the Middle East for the last quite a few years. His passion and his knowledge in body contouring is quite honestly almost second to none of anybody out there. We're very happy with the people that we have on board. We expect big things out of them to keep driving the AYON worldwide. If I could just squeeze one last question here from Matt on the comments about seasonality. Are those comments really referencing typical seasonality? We think of a sequential dip in Q3 and then a rebound in Q4. Are you saying that we might see Q3 step up because maybe some of the initial orders from AYON and then decline in Q4? Just want to make sure I'm thinking about those comments correctly. No, Sam, that's a great question. What I'm looking at, you normally see a dip from Q2 to Q3. We are commercially launching AYON in September. Depending on the timing of those orders, you might see a change between Q2 and Q3. We are still going to have a very strong Q4. Most of AYON shipments are going to go out October through December that are currently in the backlog. Yeah. OK, very good. Thanks for taking the questions, guys. Our pleasure. Ladies and gentlemen, as a reminder, should you have a question, please press star one. There are no further questions at one moment, please. Your next question comes from Sam Eiber with BTIG. Your line is now open. Yeah, maybe I'll just squeeze in a final question here on the China opportunity because that's new here also. I'd love to understand maybe the market opportunity there, how to think about revenue contribution either this year or maybe next year. Then, as a third part of the question, why GlamMoon Medical Technology is maybe the right partner to really be successful with Renuvion. Thanks for taking the questions. Yeah, no, look, we've obviously been after China for a while. We've got the joint venture over there. We're very happy that we're now starting commercial operations in China. The China opportunity is a big opportunity. There's about 5,000 plastic surgeons in China. It's a very good market, a very good middle to upper class is obviously emerging there. We've got a lot of hope, or we got a lot of future in China for the next few years. The partner that we've got, we think we've got an amazing partner in GlamMoon. They're looking at this in the long run and taking a really nice approach. They own a lot of facilities over in China, a lot of aesthetic facilities. We believe that they will be able to obviously get the technology into those right away and then obviously branch out from there. We're very happy with our partnership so far. It's obviously in the early innings of that. We expect China to be a revenue driver for years to come. There are no further questions at this time. I will now turn the call over to Charlie Goodwin for closing remarks. Thank you, everybody, for attending the call. I really want to thank the entire Apyx team for their dedication, their tireless execution over the past few months. It has been an incredibly exciting time to be with the company as we see our vision and plan turn into reality. We appreciate all the support we've received from our shareholders during this time too. Thank you all. It couldn't be a better time to be with Apyx. Thank you. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating in our study. Please disconnect your lines.