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Company > Apyx Medical Corp: Business Model, SWOT Analysis, and Competitors 2023

Apyx Medical Corp: Business Model, SWOT Analysis, and Competitors 2023

Published: Apr 06, 2023

Inside This Article


    In this blog article, we will delve into the business model, SWOT analysis, and competitors of Apyx Medical Corp, a leading company in the medical technology industry. Apyx Medical Corp specializes in developing and commercializing innovative surgical solutions that enhance precision and efficiency in various medical procedures. By examining their business model, we can gain insights into their key strategies and operations. Additionally, conducting a SWOT analysis will shed light on Apyx's strengths, weaknesses, opportunities, and threats in the market. Finally, we will explore the competitive landscape to understand the key players in the industry and their potential impact on Apyx's success in 2023.

    What You Will Learn:

    • Who owns Apyx Medical Corp and how the ownership structure of the company is organized.
    • The mission statement of Apyx Medical Corp and how it guides the company's actions and goals.
    • How Apyx Medical Corp generates revenue and the various sources of income for the company.
    • An explanation of the Apyx Medical Corp Business Model Canvas and how it outlines the key elements of the company's business strategy.
    • An overview of the main competitors of Apyx Medical Corp and the competitive landscape in the medical industry.
    • A SWOT analysis of Apyx Medical Corp, highlighting the company's strengths, weaknesses, opportunities, and threats.

    Who owns Apyx Medical Corp?

    Major Shareholders

    Apyx Medical Corp, formerly known as Bovie Medical Corporation, is a publicly traded company listed on the Nasdaq stock exchange under the ticker symbol "APYX". As a publicly traded company, ownership is divided among numerous shareholders. However, there are a few major shareholders who hold a significant portion of the company's shares.

    One of the largest shareholders of Apyx Medical Corp is BlackRock, Inc., an American multinational investment management corporation. As of the most recent filing, BlackRock holds approximately 4.8% of the company's outstanding shares. With its extensive presence in the financial industry, BlackRock's investment in Apyx Medical Corp demonstrates confidence in the company's growth potential.

    Another notable major shareholder is Vanguard Group, Inc., one of the world's largest investment management companies. Vanguard currently owns around 4.6% of Apyx Medical Corp's shares. The substantial investment by Vanguard reflects its belief in the company's long-term prospects and its commitment to providing value for its clients.

    Insider Ownership

    Insider ownership refers to the shares of a company held by its officers, directors, and other individuals with access to non-public information. Insider ownership can provide insights into the confidence and commitment of company insiders towards the business.

    According to public filings, as of the last reporting period, insiders collectively own approximately 4.2% of Apyx Medical Corp's outstanding shares. This includes shares held by executives, board members, and other key personnel. Insider ownership can be seen as a positive sign, as it aligns the interests of company insiders with those of shareholders, highlighting their belief in the company's success.

    Institutional Ownership

    Institutional ownership refers to the shares of a company held by institutional investors, such as mutual funds, pension funds, and hedge funds. These investors often have significant financial resources and conduct extensive research before making investment decisions.

    As of the most recent available data, institutional investors own about 67.3% of Apyx Medical Corp's outstanding shares. The high level of institutional ownership suggests that professional investors recognize the potential of the company and have chosen to allocate their capital accordingly. This level of confidence from institutional investors can provide additional reassurance to individual shareholders.


    Apyx Medical Corp's ownership is distributed among a diverse range of shareholders, including major institutional investors, such as BlackRock and Vanguard, as well as company insiders. The significant presence of institutional investors and insiders owning shares underscores their confidence in the company's future prospects. As a publicly traded company, Apyx Medical Corp's ownership structure reflects the trust and belief of various stakeholders in the company's ability to grow and deliver value to its shareholders.

    What is the mission statement of Apyx Medical Corp?

    A Commitment to Advancing Medical Technology and Improving Patient Outcomes

    Apyx Medical Corp is a leading provider of innovative medical devices and technologies, dedicated to improving patient care and outcomes across various medical specialties. The company's mission statement reflects its commitment to advancing medical technology and ensuring the highest standards of patient care.

    Mission Statement:

    "At Apyx Medical Corp, our mission is to develop and deliver innovative solutions that empower healthcare professionals to enhance patient care and improve clinical outcomes. Through cutting-edge medical devices and technologies, we are dedicated to revolutionizing the way medical procedures are performed, ensuring safety, efficiency, and optimal results."

    Apyx Medical Corp acknowledges the ever-evolving landscape of healthcare and understands the critical role that advanced medical technology plays in improving patient outcomes. With a focus on innovation, the company aims to provide healthcare professionals with state-of-the-art tools that enable them to deliver the highest quality care to their patients.

    Innovation and Excellence:

    The mission statement of Apyx Medical Corp highlights the company's commitment to innovation and excellence. By continuously pushing the boundaries of medical technology, Apyx Medical Corp strives to develop groundbreaking solutions that address the evolving needs of healthcare professionals and their patients.

    Apyx Medical Corp actively engages in research and development to create cutting-edge medical devices that offer superior performance, precision, and safety. By leveraging the latest advancements in technology, the company aims to revolutionize medical procedures and improve patient outcomes.

    Empowering Healthcare Professionals:

    Apyx Medical Corp recognizes the invaluable role healthcare professionals play in delivering quality patient care. The company's mission statement emphasizes its dedication to empowering healthcare professionals by providing them with the tools and technologies necessary to excel in their practice.

    Through comprehensive training programs and ongoing support, Apyx Medical Corp ensures that healthcare professionals are equipped with the knowledge and expertise to utilize their innovative medical devices effectively. By empowering healthcare professionals, Apyx Medical Corp aims to enhance patient care and contribute to the advancement of medical practices globally.

    Safety and Efficiency:

    The mission statement of Apyx Medical Corp underscores the company's commitment to patient safety and procedural efficiency. Apyx Medical Corp understands that patient outcomes rely on the effective utilization of medical devices, and thus, places a strong emphasis on safety and reliability.

    By adhering to rigorous quality standards and employing advanced manufacturing processes, Apyx Medical Corp ensures that its medical devices are of the highest quality. The company's commitment to efficiency also extends to streamlining procedures and reducing downtime, allowing healthcare professionals to optimize their workflow and enhance patient care.

    In conclusion, Apyx Medical Corp's mission statement reflects its commitment to advancing medical technology, empowering healthcare professionals, and improving patient outcomes. Through innovation, excellence, and a focus on safety and efficiency, the company strives to revolutionize medical practices and contribute to the overall improvement of healthcare globally.

    How does Apyx Medical Corp make money?

    Revenue Streams

    Apyx Medical Corp generates revenue through various channels, ensuring a diversified income stream. The company primarily makes money through the sales of its innovative and high-quality medical devices and related accessories. These products are designed to enhance precision, efficiency, and safety in surgical procedures, attracting a wide customer base in the healthcare industry.

    Electrosurgical Generator Systems

    One of the primary revenue streams for Apyx Medical Corp is the sale of electrosurgical generator systems. These systems enable healthcare professionals to perform various surgical procedures with greater accuracy and control. The generators provide the necessary electrical energy to precisely cut, coagulate, and ablate tissue during surgeries, resulting in improved patient outcomes. Apyx Medical Corp offers a range of electrosurgical generators tailored to specific surgical specialties, such as cosmetic surgery, dermatology, and gynecology.

    Consumable Products

    In addition to electrosurgical generators, Apyx Medical Corp also generates revenue through the sale of consumable products. These products include disposable electrodes, blades, and other accessories that are essential for the proper functioning of the electrosurgical generators. As these consumables need to be replaced regularly, they create a recurring revenue stream for the company.

    Service and Maintenance Contracts

    Apyx Medical Corp further supplements its revenue by offering service and maintenance contracts to its customers. These contracts provide ongoing support and regular maintenance for the electrosurgical generator systems, ensuring their optimal performance. By offering these contracts, the company not only generates additional income but also enhances customer satisfaction and loyalty.

    Licensing and Royalties

    Apyx Medical Corp also generates revenue through licensing agreements and royalties. The company holds a portfolio of patents and intellectual property rights related to its innovative medical devices. By licensing these technologies to other medical device manufacturers, Apyx Medical Corp receives royalties based on the sales of products incorporating its patented technologies. This revenue stream allows the company to leverage its intellectual property and expand its reach beyond its own product offerings.


    Apyx Medical Corp employs a diversified approach to generate revenue. Through the sale of electrosurgical generator systems, consumable products, service and maintenance contracts, as well as licensing agreements and royalties, the company ensures a steady stream of income. By continuously innovating and providing superior products and services, Apyx Medical Corp solidifies its position in the healthcare industry while driving financial growth.

    Apyx Medical Corp Business Model Canvas Explained

    What is the Business Model Canvas?

    The Business Model Canvas is a strategic management tool that provides a visual representation of a company's business model. It was developed by Alexander Osterwalder and Yves Pigneur and has become widely used by organizations to analyze, understand, and communicate their business models.

    The canvas is divided into nine key building blocks, each representing a different aspect of the business. These blocks include customer segments, value propositions, channels, customer relationships, revenue streams, key activities, key resources, key partnerships, and cost structure. By filling out each block, companies can gain a comprehensive understanding of how their business operates and how different elements interact with each other.

    Apyx Medical Corp's Business Model Canvas

    Apyx Medical Corp is a leading medical technology company that specializes in developing and manufacturing innovative surgical solutions. Let's take a closer look at how their business model canvas is structured and how each building block contributes to their overall success.

    Customer Segments

    Apyx Medical Corp primarily targets healthcare professionals, specifically surgeons and medical practitioners who perform surgical procedures. They cater to a range of medical specialties, including plastic surgery, dermatology, and gynecology. By identifying and understanding their customer segments, Apyx Medical Corp can tailor their products and services to meet the specific needs of these professionals.

    Value Propositions

    A key aspect of Apyx Medical Corp's business model is their value propositions, which are the unique benefits and advantages they offer to their customers. Apyx Medical Corp's value propositions include cutting-edge technology, superior product quality, and innovative surgical solutions that enable healthcare professionals to deliver better patient outcomes. By consistently delivering value to their customers, Apyx Medical Corp has established a strong reputation in the medical technology industry.


    To reach their target customers, Apyx Medical Corp utilizes a multi-channel distribution strategy. They have a direct sales force that engages with healthcare professionals through personal selling and relationship-building. Additionally, they leverage digital marketing channels to create awareness and generate leads. By utilizing multiple channels, Apyx Medical Corp ensures that their products and services are easily accessible to their customers.

    Customer Relationships

    Apyx Medical Corp places great emphasis on building and maintaining strong customer relationships. They actively engage with healthcare professionals by providing training, education, and technical support. This not only helps their customers maximize the value they can derive from Apyx Medical Corp's products but also fosters long-term loyalty and repeat business.

    Revenue Streams

    Apyx Medical Corp generates revenue through the sale of their surgical solutions, including their flagship product, the Helium Plasma Technology. They also offer additional revenue streams through service and maintenance contracts, training programs, and consumables. By diversifying their revenue streams, Apyx Medical Corp ensures a stable and sustainable income.

    Key Activities

    The key activities of Apyx Medical Corp revolve around research and development, manufacturing, and sales and marketing. They invest heavily in R&D to develop new and innovative surgical solutions. Their manufacturing processes are designed to ensure high-quality products that meet rigorous industry standards. Sales and marketing efforts focus on building awareness, generating leads, and driving sales.

    Key Resources

    Apyx Medical Corp's key resources include their talented workforce, advanced manufacturing facilities, and intellectual property. Their highly skilled team of scientists, engineers, and sales professionals enables them to develop and deliver cutting-edge surgical solutions. Their state-of-the-art manufacturing facilities ensure efficient production processes, while their intellectual property portfolio protects their innovative technologies.

    Key Partnerships

    To enhance their business capabilities, Apyx Medical Corp forms strategic partnerships with key stakeholders in the healthcare industry. This includes collaborations with hospitals, research institutions, and medical societies. By leveraging these partnerships, Apyx Medical Corp gains access to valuable resources, expertise, and market insights.

    Cost Structure

    Apyx Medical Corp's cost structure includes expenses related to R&D, manufacturing, sales, marketing, and general operations. They allocate a significant portion of their budget to research and development to fuel innovation and product development. Manufacturing costs include raw materials, labor, and overhead. Sales and marketing expenses cover promotional activities, trade shows, and advertising. By effectively managing their costs, Apyx Medical Corp strives to maintain profitability while delivering value to their customers.

    In conclusion, Apyx Medical Corp's business model canvas provides a comprehensive overview of their business operations. By analyzing each building block, it is evident that their success stems from a deep understanding of their customer segments, delivering unique value propositions, utilizing effective channels and customer relationships, diversifying revenue streams, and leveraging key activities, resources, partnerships, and a well-managed cost structure.

    Which companies are the competitors of Apyx Medical Corp?


    When assessing the competitive landscape of any company, it is important to identify its key competitors. In the case of Apyx Medical Corp, a medical device company specializing in advanced energy-based surgical solutions, several companies operate within the same industry and can be considered as its competitors. Understanding the competitive environment helps gain insights into market positioning, product differentiation, and potential growth opportunities. Let's explore some of the notable competitors of Apyx Medical Corp.

    Competitor #1: Medtronic plc

    Medtronic plc is a global medical technology company that offers a wide range of products and solutions across various medical specialties, including surgical, respiratory, and cardiovascular. With a strong presence in the market, Medtronic competes with Apyx Medical Corp through its advanced energy-based surgical devices and technologies. Their product portfolio includes electrosurgical generators, vessel sealing systems, and other surgical instruments, which pose direct competition to Apyx Medical Corp's offerings.

    Competitor #2: Ethicon, Inc.

    Ethicon, Inc., a subsidiary of Johnson & Johnson, is a renowned player in the medical device industry. Ethicon specializes in surgical solutions and has a diverse product line that encompasses energy devices, sutures, staplers, and advanced wound closure systems. Their advanced energy devices, similar to those of Apyx Medical Corp, are utilized in various surgical procedures. With a strong presence and extensive research and development capabilities, Ethicon poses significant competition to Apyx Medical Corp.

    Competitor #3: Olympus Corporation

    Olympus Corporation, a leading manufacturer of optical and digital precision technology, also competes with Apyx Medical Corp in the medical device industry. While Olympus is widely recognized for its endoscopy and imaging products, the company also offers energy-based surgical devices. These devices utilize advanced energy sources for cutting, coagulation, and tissue ablation, similar to Apyx Medical Corp's offerings. As both companies target similar healthcare providers and surgical specialties, they compete for market share within the industry.

    Competitor #4: Boston Scientific Corporation

    Boston Scientific Corporation is another notable competitor of Apyx Medical Corp. This global medical technology company focuses on developing innovative solutions for various medical specialties, including interventional cardiology, urology, and endoscopy. Boston Scientific offers electrosurgical products, vessel sealing systems, and other energy-based surgical devices that directly compete with Apyx Medical Corp's product lineup. With a wide distribution network and a strong reputation, Boston Scientific poses a significant challenge in the market.


    Apyx Medical Corp faces competition from several well-established companies in the medical device industry. Medtronic plc, Ethicon, Inc., Olympus Corporation, and Boston Scientific Corporation are among the notable competitors that offer similar energy-based surgical devices and solutions. As the market evolves and new technologies emerge, the competition between these companies will continue to drive innovation and advancements within the industry. Understanding the competitive landscape is crucial for Apyx Medical Corp to navigate the market effectively and maintain its position as a leading provider of advanced energy-based surgical solutions.

    Apyx Medical Corp SWOT Analysis


    Apyx Medical Corp has several notable strengths that contribute to its success in the medical device industry.

    Firstly, the company boasts a strong product portfolio, offering a range of innovative and high-quality medical devices. Their flagship product, the J-Plasma'' system, has gained significant popularity among surgeons due to its ability to provide precise and efficient cutting as well as superior coagulation. This product differentiation gives Apyx Medical Corp a competitive edge in the market and helps to build customer loyalty.

    Secondly, the company has established a robust distribution network, both domestically and internationally. This allows Apyx Medical Corp to reach a wide customer base and tap into various market segments. Their strong distribution channels ensure efficient product delivery, quick response times, and excellent customer service, contributing to their overall success.

    Furthermore, Apyx Medical Corp has a strong research and development (R&D) department, continuously investing in innovation and product development. Their commitment to advancing medical technology enables them to stay ahead of the curve and respond to evolving customer needs. This focus on R&D also positions the company as a thought leader in the industry and fosters strong relationships with key opinion leaders.


    Despite its strengths, Apyx Medical Corp also faces certain weaknesses that require attention and mitigation strategies.

    One weakness is the company's heavy reliance on a few key products, particularly the J-Plasma'' system. While this product has been successful, any unforeseen issues or a decline in demand could significantly impact the company's revenue stream. To mitigate this weakness, Apyx Medical Corp should focus on diversifying its product portfolio and expanding into new market segments to reduce dependency on a single product.

    Another weakness lies in the company's limited geographic presence. Although Apyx Medical Corp has a strong domestic distribution network, its international presence is relatively small compared to some of its competitors. This limits the company's ability to tap into global markets and capitalize on potential growth opportunities. To address this weakness, Apyx Medical Corp should consider expanding its international operations and establishing strategic partnerships with distributors in key regions.


    Apyx Medical Corp operates in an industry that presents several opportunities for growth and expansion.

    One major opportunity is the increasing demand for minimally invasive surgical procedures. With advancements in technology and growing patient preference for less invasive treatment options, there is a significant market for medical devices that support these procedures. Apyx Medical Corp can leverage its expertise in innovative medical devices to develop and market products specifically tailored to this growing trend.

    Additionally, the company can explore opportunities in emerging markets. As healthcare infrastructure improves in developing countries, there is a rising demand for advanced medical devices. By expanding into these markets, Apyx Medical Corp can tap into a new customer base and increase its revenue potential.


    Apyx Medical Corp faces several threats that could impact its operations and market position.

    One significant threat is intense competition within the medical device industry. Numerous companies compete for market share and actively develop new technologies. This competition can lead to price wars, reduced profit margins, and challenges in differentiating products. Apyx Medical Corp must continuously innovate and invest in R&D to stay ahead of competitors and maintain its market position.

    Another threat is the stringent regulatory environment governing the medical device industry. Compliance with regulatory requirements, both domestically and internationally, can be time-consuming, costly, and subject to change. Non-compliance or delays in obtaining regulatory approvals can hinder product launches and limit market access. Apyx Medical Corp must closely monitor regulatory changes and ensure strict adherence to maintain its competitive advantage.

    In conclusion, Apyx Medical Corp possesses significant strengths, such as a strong product portfolio, robust distribution network, and emphasis on R&D. However, it also faces weaknesses, including reliance on a few key products and limited international presence. The company has opportunities to capitalize on the growing demand for minimally invasive procedures and expansion into emerging markets. Nonetheless, it must navigate threats such as intense competition and regulatory challenges to sustain its success in the medical device industry.

    Key Takeaways

    • Apyx Medical Corp is owned by various institutional investors and individual shareholders, with no single majority owner.
    • The mission statement of Apyx Medical Corp is to enhance the lives of patients and healthcare professionals by providing innovative surgical solutions that improve patient outcomes and increase procedural efficiency.
    • Apyx Medical Corp generates revenue through the sale of its medical devices and related accessories, as well as through service and maintenance contracts.
    • The business model canvas of Apyx Medical Corp includes key elements such as value proposition, customer segments, channels, customer relationships, revenue streams, key activities, key resources, and key partnerships.
    • Some of the competitors of Apyx Medical Corp include companies such as Medtronic, Johnson & Johnson, Boston Scientific Corporation, and Bovie Medical Corporation.
    • In terms of SWOT analysis, Apyx Medical Corp's strengths include its innovative products and strong customer relationships, while its weaknesses include the potential impact of regulatory changes. Opportunities for the company include market expansion and new product development, while threats include intense competition and technological advancements by competitors.


    In conclusion, Apyx Medical Corp is a leading medical technology company that specializes in the development and commercialization of innovative surgical solutions. The ownership of the company is held by a diverse group of institutional and individual investors.

    The mission statement of Apyx Medical Corp is to improve patient outcomes and enhance the efficiency of healthcare delivery by providing healthcare professionals with state-of-the-art surgical solutions.

    Apyx Medical Corp generates revenue through the sale of its advanced surgical products and services. The company's business model focuses on developing cutting-edge technology and partnering with healthcare providers to deliver high-quality, cost-effective solutions.

    The Apyx Medical Corp Business Model Canvas provides a comprehensive overview of the company's key activities, resources, and value proposition. It highlights the importance of research and development, manufacturing, marketing, and customer relationships in driving the success of the company.

    In terms of competition, Apyx Medical Corp faces several competitors in the medical technology industry. Some of the key players in the market include Johnson & Johnson, Medtronic, Boston Scientific, and Ethicon. These companies offer similar surgical solutions and constantly strive to innovate and capture market share.

    Lastly, conducting a SWOT analysis of Apyx Medical Corp reveals the company's strengths, weaknesses, opportunities, and threats. The strengths include its innovative product portfolio and strong brand reputation. However, weaknesses such as limited global presence and dependence on key customers pose challenges. Opportunities lie in the growing demand for minimally invasive surgical solutions, while threats include intense competition and regulatory hurdles.

    Overall, Apyx Medical Corp is a dynamic and competitive player in the medical technology industry, continually striving to deliver innovative solutions and improve patient outcomes.


    What is SWOT analysis in pharmaceutical industry?

    SWOT analysis is a strategic planning tool used in the pharmaceutical industry to evaluate the strengths, weaknesses, opportunities, and threats of a pharmaceutical company or a specific drug. It helps in identifying and understanding the internal and external factors that may impact the company's performance.

    Strengths: These are the internal factors that give the company a competitive advantage. It could include a strong product portfolio, a robust research and development pipeline, well-established distribution networks, or a strong brand reputation.

    Weaknesses: These are the internal factors that put the company at a disadvantage compared to its competitors. It could include a lack of innovative products, poor manufacturing capabilities, limited market reach, or high production costs.

    Opportunities: These are the external factors that the company can leverage to its advantage. It could include emerging markets with high growth potential, advancements in technology that can enhance drug development or manufacturing processes, changing regulatory environment, or strategic partnerships.

    Threats: These are the external factors that pose challenges or risks to the company's success. It could include intense competition from generic drugs, stringent regulations, patent expirations, pricing pressures, or adverse events associated with a drug.

    By conducting a SWOT analysis, pharmaceutical companies can identify their strengths to capitalize on, weaknesses to address, opportunities to pursue, and threats to mitigate. This analysis helps in formulating effective strategies to maximize the company's performance and maintain a competitive edge in the industry.

    What is the most overlooked SWOT analysis?

    There are several aspects of a SWOT analysis that are often overlooked, but one of the most common is the external opportunities and threats. Many organizations tend to focus more on their internal strengths and weaknesses, and often neglect to thoroughly assess the external factors that could impact their business.

    Opportunities are external factors that could potentially benefit the organization, such as emerging markets, changing consumer trends, or technological advancements. By identifying and leveraging these opportunities, businesses can gain a competitive advantage. However, many organizations fail to adequately research and analyze these external opportunities, causing them to miss out on potential growth and innovation.

    Similarly, threats are external factors that could negatively impact the organization, such as new competitors, changing regulations, or economic downturns. By identifying and preparing for these threats, businesses can proactively mitigate risks and make informed strategic decisions. Nevertheless, organizations often overlook or underestimate the impact of external threats, leaving them vulnerable to unexpected challenges.

    Therefore, thoroughly assessing and analyzing the external opportunities and threats in a SWOT analysis is crucial for developing a comprehensive understanding of the business environment and making informed strategic decisions.

    What does a SWOT analysis do?

    A SWOT analysis is a strategic planning tool used to evaluate the strengths, weaknesses, opportunities, and threats related to a business or project. It helps in identifying internal and external factors that can impact the success or failure of a venture. The analysis involves assessing the organization's strengths and weaknesses (internal factors) and identifying opportunities and threats in the external environment. It provides a comprehensive overview of the current situation, allows for better decision-making, and helps develop strategies to capitalize on strengths, minimize weaknesses, leverage opportunities, and mitigate threats.

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