Good afternoon, everyone, and thank you for joining us at this year's Canaccord Genuity Growth Conference. My name is Caitlin Roberts, and I am one of the Medical Device Analysts here at Canaccord Genuity. I am joined today by Apyx Medical, a medical technology company specializing in helium plasma energy solutions for minimally invasive cosmetic and surgical procedures. With me today is Charlie Goodwin, CEO. Before we begin, I want to remind everyone of any relevant disclosures which can be found on our conference and/or firm website. With that, I will hand it over to Charlie. Thank you, Caitlin. Appreciate it. Thanks for having us here. Thank you everybody for taking the time out to listen to what we have to say here today. I appreciate it a lot. There are some cautionary statements that Caitlin talked about. I am not going to read any of them, but I will show you them just in case you are interested. What is Apyx Medical? Apyx Medical, we are looking to be the leader in surgical aesthetics, and we will talk a little bit today about why we think surgical aesthetics is important, impactful, and is going to be a huge growth area for aesthetics for many years to come. We have a couple technologies that are on the surgical space that are minimally invasive for body contouring. We will talk a little bit about that. We will talk about how this market has been totally reshaped and totally disrupted, if you will, by the GLP-1 drugs and why we think that we are in an incredible position to be able to take advantage of some of the side effects of the GLP-1 drugs. Renuvion is the only FDA-approved device for skin tightening for underneath the skin, and we are proud to have that. In May of 2025, we launched the AYON Body Contouring System, which we will go into a little bit later, and that is going to be a huge driver of growth for the company for many years to come. We just now received the last piece of that. We received just this May, we received 510(k) clearance for the power liposuction hand piece, which is incredibly significant for body contouring because it is the part that removes the fat and puts the fat back in. That is obviously impactful. When you look at what is going on in the industry, the industry has really changed a lot over the last two years, and as I mentioned before, it is because of the GLP-1 drugs. For a while, it was a huge headwind for the industry until people could figure things out, and now it is going to be a tailwind for many years to come. In fact, I believe that the next decade is probably going to be the best decade that plastic surgeons have ever seen in their careers for treating these patients. One of the main reasons for that is a study was done by McKinsey here not that long ago that talked about 63% of the patients that are on GLP-1 drugs are new to aesthetics. It makes a ton of sense because if you had a BMI before of above 36 and you went to see a plastic surgeon for a body contouring procedure, what they would tell you was to go lose weight and come back. Unfortunately, at the time, most of those patients never lost the weight and never came back. Obviously, now the doctor can prescribe GLP-1 medication. The patient can go lose weight and then come back and get their body contoured. So it is not surprising when I see a statistic like that of how significant that is. Right now, I think there is about 20 million people on GLP-1 drugs in the United States alone. 63% is a huge number that are going to be seeking aesthetic treatments. The other thing that has really changed in the marketplace is the procedures themselves. The reason that the procedures themselves have shift is because the patient population is posing different challenges for the surgeons. It used to be just either straight incisional surgery or liposuction for body contouring. Now what you are seeing is a huge amount of combination procedures where there are portions of the procedure that are incisional and there are portions of the procedure that are minimally invasive that involve liposuction and body contouring. Through the numbers that you see from a procedure point of view, you see that liposuctions are down and everybody goes, "Oh, body contouring is down." That is not necessarily the case because lift procedures are way up, and surgical lifts are the way that a lot of doctors would categorize these treatments. Remember, this is a cash pay business, so there is no specific CPT code that you would have in a hospital setting. So it is all how the doctor will talk about and how they will classify the procedure when they are talking about the procedure data. The number one thing that is requested from patients now, the number one thing is skin tightening. If you look at, we will show you here a few of the Google search trends. They are all around loose skin and skin tightening and everything else. That certainly is not a surprise to us or many people because of the side effects of the GLP-1 drugs. We believe because of that laxity, that the vast majority of patients are going to need to have a surgical intervention. We are seeing that too in the marketplace because if you look at non-invasive therapies, those therapies are down about 30%. It makes all the sense in the world because you are trying to put something on top of the skin to affect something underneath the skin and there is just too much laxity and there is too much work that needs to be done. So there needs to be some form of surgical intervention, and that is where we think that we are uniquely positioned today and obviously for the future. I mentioned the Google trends. This is right from there. You can see it's skin tightening, it's loose skin, it's liposuction, and it's body contouring. You can see that just the raw data and the raw level of people are searching for solutions in those areas. The market is massive. I don't even actually like showing this slide because we're a company that's going to do about $60 million this year. I got a slide that's talking about a $10 billion market opportunity. So it really doesn't make sense other than just to show how large the opportunity is and how big surgical aesthetics could actually be. The company, though, has had a huge transformation. We're going to talk about that here in a few minutes. Before just last year, we were a one-technology company. That one technology was Renuvion. Renuvion is a wonderful technology for tightening the skin. It had two portions to it. It had a capital generator that you see right there. Then it had a single-use hand piece. In the United States, the generator, the capital portion of that, had a list price of about $165,000 as list price. The single-use hand piece is about $500. In 2025, we did about $48 million in revenue. About 50% of that revenue was from the single-use hand piece. So we've got a very nice consumable business. Some call it a razor blade business, but it's a very nice consumable business. That was our business until recently. How Renuvion actually works, I'll take a couple of minutes just to talk to you about that. It actually works underneath the skin and affects underneath the skin and affects the structure underneath the skin. It's a 3-mm probe that you see up there, right here. So it's a very small defect that is made underneath the skin, typically used after liposuction. If you move down to the middle portion here, those yellow balls are fat. That's what's taken out with the liposuction. The white bands that you see are collagen bands. You stretch out collagen for two reasons. First is if you put fat in there, that can stretch out the collagen band. A lot of times, just over the natural aging process, as you see people age, their collagen will become stretched. The nice thing with collagen, though, is if you heat it to the right temperature for the right amount of time, you can cause that collagen to contract. That contraction of the collagen is exactly what you see down here is you see tighter skin. The body actually goes through a neocollagenesis process where it actually forms more elastin and it forms more collagen. It actually comes out. It has some regenerative properties to it, Renuvion does, because of the cold atmospheric plasma portion of it. It actually is better in the long run because you're going to grow more collagen and have tighter skin. So it's really a unique technology. It's basically what the company started as and what the foundation was. Renuvion will still be a major growth driver as we go forward. We'll talk about that more here in a second. No aesthetic company would be up here without showing some before and after pictures. But the thing that is different about what Renuvion does and what AYON does is these are definitely durable and transformational photos. You can see this gentleman really did not have much of a jawline, needed a little bit of liposuction to go in there. Then after they did lipo and Renuvion, this is five and a half months post-op, and you can see the transformation that he has. What is interesting is when you look at this patient, you would look at him and say, if you saw him, you would say, "Wow, you lost weight. You look great." He actually gained 14 lbs at his post-op than his before picture. So it certainly was not from weight loss. It was certainly from the lipo and the Renuvion, but you can see how impactful that is for him and his life. The next area is an area that has historically, before Renuvion, has been incredibly difficult to treat, and it is an area that drives a lot of women crazy. It is the back and bra rolls that they have back here. You can see, obviously, they did liposuction on her, and then you can see the results there. It is transformational for what she has got there, and that is really the power of Renuvion. So one of the things that we did as a company as we were growing this Renuvion business and scaling this Renuvion business, we obviously looked at the aesthetic space, saw where we had an area of expertise, and where we could make the biggest impact on aesthetics. We came across, and after we did all of that work, to find that there was no big player and there was nobody that really owned surgical aesthetics, and we have a core competency in a lot of those areas. So we put together a team of body contouring surgeons from all over the world and looked at all the pain points in body contouring and how to make surgery better, and that is where AYON was born. AYON is a remarkable system, not because we came up with it and developed it, but because there is not a surgical procedure that the doctors cannot do with AYON. I will walk through what is in AYON, but every technology that is in AYON is better than the existing gold standard that exists from separate technologies in the marketplace today. In order to have all the technologies in AYON, you would need to buy from five or six different companies in the industry. Again, each technology here is better. So what specifically is in AYON is it has electrosurgical capabilities, so it has got your Bovie generator. It has got infiltration and aspiration. It has got suction. It has actually got dual suction. It has ultrasound-assisted liposuction. It has power liposuction as of May of this year. It has got Renuvion for skin contraction, and it has got a closed-loop contouring system for fat transfer. Fat transfer is incredibly important in body contouring procedures because the world is just not a fair place. Even when you lose weight, you do not lose it in all the places. You do not lose all the fat in all the areas that you would love to, and in a lot of times, you lose fat in areas that you would not want to. When you are doing a body contouring procedure, a lot of times for women who have the majority of the procedures, they will still have fat in the midsection and their thighs where they may not want it. Two of the areas that they lose weight in that they would not like to typically is their rear end and their breasts. A lot of times they will take fat from the abdomen and the thighs and put it into those areas. That is really what body contouring is about. It is making sure that you have got the body that you want in all the areas that you want. That is what AYON allows doctors to do better than they could ever do it before. It allows them to do it faster, and it allows them to do it safer than their existing technologies that are on the marketplace. This just goes into a little bit about the technologies itself. I mentioned that they are better than the gold standards that were on the market. Our next-generation ultrasound is actually a smart instrument, and the technology that was around before that is about a 20-year-old technology, and you just did not develop smart instruments 20 years ago. The significance of the ultrasound is that it has real-time feedback. As the doctor is moving the probe throughout the body, it senses the tissue environment that it is in and automatically adjusts the power so the doctor does not have to do anything. What that allows the doctor to do is it allows it to emulsify the fat faster and safer than the existing technology, and that is something that is brand new to the marketplace. The doctors love the feel and the performance of the ultrasound. I mentioned that we just got approval in May of the power-assisted liposuction, which completes our AYON offering. This approval is incredibly important and impactful because about 80% of body contouring doctors use power liposuction. Power liposuction is the liposuction that takes the fat out and puts it back in. If you are doing a three- to four-hour body contouring case, you may use ultrasound liposuction for maybe about 15 minutes, but you are going to use power-assisted liposuction for two and a half hours, depending on the level of body contouring that you are going to do. This gives doctors something that they have never had before, this power assist. It gives them the ability to control the flow of fat both in and out from the sterile field before they have to rely on their scrub techs and other things to reverse the pumps and to do things like that. It gives the doctors the ability to do it right on the field, which is something that they have never had before, and they love this. We are in the process right now of gearing up manufacturing. We did a soft launch this last quarter, and we were able to ship just a few of them towards the end of June to some of the doctors who had already bought them. We hope to have manufacturing all geared up and to be able to fulfill all the orders by the end of this quarter for the power lipo handpiece. We're incredibly excited about that. The other thing that we're still focused on is our direct-to-consumer marketing for Renuvion. Obviously, with the Google Trends about loose and lax skin and people wanting that, we want to make sure that the consumer knows that if they have loose or lax skin, that Renuvion is the choice for them, the technology for them to take care of that. We're very proud that we believe in evidence-based medicine, and we've got over 100 clinical papers that talk about the safety and efficacy of Renuvion in the marketplace for doctors to talk to their patients about and for patients to actually do research that want to see what they have or what they would want. We actually have a global presence for a small company. We are very geographically diverse. We have an R&D and manufacturing facility in Clearwater, Florida, which is also our company headquarters. We have an R&D and manufacturing and distribution center in Sofia, Bulgaria, that really serves Europe and the Middle East. We've had a longstanding partnership with a contract manufacturer in Ningbo, China. For us, we're able to manufacture in both Sofia and Clearwater, and obviously in Clearwater, we distribute to the Americas out there. Actually, we do the Far East out of Clearwater also. This is our 2026 guidance that we have. We basically say as a company, we're going to do $59 million - $60 million. As CEO, I just say $60 million. That's what we're going to do compared to $52.8 million. Our surgical aesthetic business is going to be $54 million - $55 million versus $45 million last year. Our OEM business is going to be $5 million instead of $7.5 million. Our OEM business is declining because we actually want it to decline. We actually need the bandwidth to be able to manufacture AYON and the products there. We will spend no more than $45 million this year in operating expenses. We have done an amazing job the last couple of years with Matt Hill on board of really reducing our operating expenses. I think if you go back the last four quarters that we've actually reported, I think our EBITDA loss is about $400,000. We've got a goal to get the company to profitability as quickly as we possibly can. We've made a tremendous amount of efforts around our expenses and our balance sheet, and we will continue to drive in that direction. Our objectives for this year are pretty simple. We've got a huge amount of things to do around the AYON launch, gearing up manufacturing, getting the product out there, making sure that it's available, and the opportunity for AYON is by far a multi-year opportunity for us. We're working on getting it registered in a lot of other countries outside the United States, because right now, we are currently only selling it in the United States. On a daily basis, we get inquiries from outside the United States because people have heard about it and want the technology. So we need to keep driving that and keep getting that going. We will continue to expand on the adoption of AYON. It's been interesting. About 30% of our AYON sales are to people who have never had any experience with any of our technology, so they are first-time Renuvion users. So we're working hard to get them up to speed on how to use Renuvion and how to get the best results, and how they can help market and sell the treatment of loose and lax skin to their patients that are coming in from a GLP perspective. This last quarter that we just reported, we reported strong generator sales outside the United States, where we are actually not selling AYON yet. That has predominantly been the Korea and China market. We just entered Korea at the beginning of this year, and Korea is a very nice opportunity, not just for Renuvion, but also for AYON in the future. In some ways, Korea, from an aesthetics perspective, is ahead of the rest of the world with all the things that they're doing there. So Renuvion has had a very good start to the launch there, and it's one of the reasons for the strength in generator sales in this last quarter and the first half of the year outside the United States. Then I mentioned that we have over 100 papers on Renuvion that talk about the safety and the efficacy and everything else for Renuvion. We will be doing a lot of the same things there for AYON as far as doing different studies. There's things around efficiency of using the system. There's things around fat viability that are important for us to talk about from a clinical perspective. So we will continue to expand our clinical library and continue to bring evidence-based medicine to the aesthetic space. Then, as I mentioned before, we'll keep managing our expenses and driving towards profitability and get there as quickly as we possibly can. It's incredibly important for us. We intend to make Apyx Medical the largest company in surgical aesthetics. So there's a lot of other things that we are working on as an organization, and we would be looking to bring in other technologies into the company that fit in the surgical aesthetic space. The reason that that is so important to us is because of the durable and transformational results of surgery. Quite frankly, we believe it's the perfect place to be for the aesthetics market because of the patient population that is coming in through the GLP-1 drugs. So I appreciate everybody's time today. Thank you very much for listening. If there's any questions, I would certainly be happy to answer them. Yes, Caitlin? How does the economic model differ from Renuvion for AYON? That is a very good question. Thank you. I did not talk about that, so thanks for keeping me honest with that. AYON has the Renuvion handpiece, which is still part of what it was, and that, as I mentioned, in the U.S., is about $500. With AYON, from a disposable perspective, there is another about $100 per case of tubing and canisters that you saw on the system. Also, the liposuction handpieces and cannulas are all reusable, but they have a useful life. The ultrasound handpiece is around $5,000. The power-assisted handpiece is $15,000, and the probes are about $750 a piece. All of those will need to be replaced over the course of time, depending obviously on the volume and the use for the different practices. I know it's early in the launch, but any color on the payback period for AYON? Yeah. It has been very interesting. We have 20 AYON ambassadors that have been using the product. They were the first ones to get it, and obviously, they've been using everything, and they're the first ones that get the power assist and to check all of that, and then test all of that too. The way that the doctors are using AYON for the payback period are two ways. The first is they're using it to market to the patients that they've got the latest and greatest and best technology, because if you are somebody that is getting a body contouring procedure, there's two things that are incredibly important to you. The first is that you get a good result, and I say that first because in some cases, that is the most important thing. The second is that it is done safely and that you do not have any adverse events from it. Those are the two most important things, and doctors are using the technology and the things that they have got to differentiate themselves from everybody else. The other big thing is the efficiency piece of AYON. These body contouring cases take about three to four hours, and right now the doctors are saying that it is saving them about 45 minutes per case, which is incredibly significant in that. There is a very good ROI story to Renuvion, and the doctors are obviously helping us through all of that and giving us that information to be able to pass on to prospective doctors that are interested in the technology. Okay. Anybody else? Well, thank you very much.