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Side-by-side financial comparison of Apyx Medical Corp (APYX) and CSP INC (CSPI). Click either name above to swap in a different company.
Apyx Medical Corp is the larger business by last-quarter revenue ($19.2M vs $12.0M, roughly 1.6× CSP INC). CSP INC runs the higher net margin — 0.8% vs -6.8%, a 7.5% gap on every dollar of revenue. On growth, Apyx Medical Corp posted the faster year-over-year revenue change (34.7% vs -23.2%). Apyx Medical Corp produced more free cash flow last quarter ($-2.8M vs $-3.0M). Over the past eight quarters, Apyx Medical Corp's revenue compounded faster (36.8% CAGR vs -6.3%).
Bovie Medical Corporation was an American medical device manufacturer of medical devices, electrosurgical products and energy technologies. It was based in Clearwater, Florida with a manufacturing facility in Bulgaria.
CSP Inc. is a U.S.-based technology firm offering cybersecurity solutions, managed IT services, high-performance computing systems, and IT consulting support. It serves enterprises across healthcare, finance, manufacturing, and public sectors in North America and select global markets.
APYX vs CSPI — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $19.2M | $12.0M |
| Net Profit | $-1.3M | $91.0K |
| Gross Margin | 62.6% | 39.3% |
| Operating Margin | 0.1% | -0.9% |
| Net Margin | -6.8% | 0.8% |
| Revenue YoY | 34.7% | -23.2% |
| Net Profit YoY | 71.9% | -80.7% |
| EPS (diluted) | — | $0.01 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $19.2M | $12.0M | ||
| Q3 25 | $12.9M | $14.5M | ||
| Q2 25 | $11.4M | $15.4M | ||
| Q1 25 | $9.4M | $13.1M | ||
| Q4 24 | $14.2M | $15.7M | ||
| Q3 24 | $11.5M | $13.0M | ||
| Q2 24 | $12.1M | $13.1M | ||
| Q1 24 | $10.2M | $13.7M |
| Q4 25 | $-1.3M | $91.0K | ||
| Q3 25 | $-2.0M | $-191.0K | ||
| Q2 25 | $-3.8M | $-264.0K | ||
| Q1 25 | $-4.2M | $-108.0K | ||
| Q4 24 | $-4.6M | $472.0K | ||
| Q3 24 | $-4.7M | $-1.7M | ||
| Q2 24 | $-6.6M | $-185.0K | ||
| Q1 24 | $-7.6M | $1.6M |
| Q4 25 | 62.6% | 39.3% | ||
| Q3 25 | 64.4% | 36.6% | ||
| Q2 25 | 62.3% | 28.8% | ||
| Q1 25 | 60.1% | 32.0% | ||
| Q4 24 | 63.0% | 29.1% | ||
| Q3 24 | 60.5% | 28.4% | ||
| Q2 24 | 61.7% | 35.0% | ||
| Q1 24 | 58.1% | 47.3% |
| Q4 25 | 0.1% | -0.9% | ||
| Q3 25 | -6.5% | -3.7% | ||
| Q2 25 | -22.6% | -7.9% | ||
| Q1 25 | -32.4% | -7.6% | ||
| Q4 24 | -21.4% | -2.3% | ||
| Q3 24 | -31.6% | -15.7% | ||
| Q2 24 | -45.7% | -5.5% | ||
| Q1 24 | -64.6% | 9.0% |
| Q4 25 | -6.8% | 0.8% | ||
| Q3 25 | -15.4% | -1.3% | ||
| Q2 25 | -33.2% | -1.7% | ||
| Q1 25 | -44.0% | -0.8% | ||
| Q4 24 | -32.5% | 3.0% | ||
| Q3 24 | -40.9% | -12.7% | ||
| Q2 24 | -54.0% | -1.4% | ||
| Q1 24 | -74.0% | 11.6% |
| Q4 25 | — | $0.01 | ||
| Q3 25 | — | $-0.02 | ||
| Q2 25 | — | $-0.03 | ||
| Q1 25 | — | $-0.01 | ||
| Q4 24 | — | $0.05 | ||
| Q3 24 | — | $-0.17 | ||
| Q2 24 | $-0.19 | $-0.02 | ||
| Q1 24 | $-0.22 | $0.16 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $31.7M | $24.9M |
| Total DebtLower is stronger | $37.5M | — |
| Stockholders' EquityBook value | $14.5M | $44.8M |
| Total Assets | $66.8M | $69.2M |
| Debt / EquityLower = less leverage | 2.58× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $31.7M | $24.9M | ||
| Q3 25 | $25.1M | $27.4M | ||
| Q2 25 | $29.3M | $26.3M | ||
| Q1 25 | $31.0M | $29.5M | ||
| Q4 24 | $31.7M | $30.7M | ||
| Q3 24 | $28.0M | $30.6M | ||
| Q2 24 | $32.7M | $28.9M | ||
| Q1 24 | $37.3M | $27.1M |
| Q4 25 | $37.5M | — | ||
| Q3 25 | $37.5M | — | ||
| Q2 25 | $37.5M | — | ||
| Q1 25 | $37.5M | — | ||
| Q4 24 | $37.5M | — | ||
| Q3 24 | $37.5M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $14.5M | $44.8M | ||
| Q3 25 | $5.8M | $44.6M | ||
| Q2 25 | $7.3M | $47.5M | ||
| Q1 25 | $10.5M | $47.5M | ||
| Q4 24 | $14.2M | $47.5M | ||
| Q3 24 | $11.0M | $47.3M | ||
| Q2 24 | $14.7M | $48.1M | ||
| Q1 24 | $20.3M | $48.2M |
| Q4 25 | $66.8M | $69.2M | ||
| Q3 25 | $57.4M | $71.2M | ||
| Q2 25 | $58.2M | $66.8M | ||
| Q1 25 | $60.2M | $67.1M | ||
| Q4 24 | $64.8M | $67.5M | ||
| Q3 24 | $60.7M | $69.4M | ||
| Q2 24 | $65.4M | $66.8M | ||
| Q1 24 | $70.7M | $64.2M |
| Q4 25 | 2.58× | — | ||
| Q3 25 | 6.41× | — | ||
| Q2 25 | 5.17× | — | ||
| Q1 25 | 3.57× | — | ||
| Q4 24 | 2.64× | — | ||
| Q3 24 | 3.40× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-2.5M | $-2.9M |
| Free Cash FlowOCF − Capex | $-2.8M | $-3.0M |
| FCF MarginFCF / Revenue | -14.6% | -25.1% |
| Capex IntensityCapex / Revenue | 1.4% | 0.9% |
| Cash ConversionOCF / Net Profit | — | -32.04× |
| TTM Free Cash FlowTrailing 4 quarters | $-9.1M | $-2.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-2.5M | $-2.9M | ||
| Q3 25 | $-3.5M | $1.9M | ||
| Q2 25 | $-1.2M | $-3.3M | ||
| Q1 25 | $-702.0K | $1.9M | ||
| Q4 24 | $-2.9M | $1.7M | ||
| Q3 24 | $-4.4M | $-1.5M | ||
| Q2 24 | $-4.3M | $2.4M | ||
| Q1 24 | $-6.3M | $1.7M |
| Q4 25 | $-2.8M | $-3.0M | ||
| Q3 25 | $-4.1M | $1.7M | ||
| Q2 25 | $-1.5M | $-3.3M | ||
| Q1 25 | $-757.0K | $1.9M | ||
| Q4 24 | $-3.2M | $1.7M | ||
| Q3 24 | $-4.6M | $-1.5M | ||
| Q2 24 | $-4.6M | $2.4M | ||
| Q1 24 | $-6.4M | $1.6M |
| Q4 25 | -14.6% | -25.1% | ||
| Q3 25 | -31.5% | 11.5% | ||
| Q2 25 | -13.2% | -21.7% | ||
| Q1 25 | -8.0% | 14.5% | ||
| Q4 24 | -22.4% | 10.8% | ||
| Q3 24 | -40.0% | -11.7% | ||
| Q2 24 | -38.0% | 17.9% | ||
| Q1 24 | -62.2% | 11.9% |
| Q4 25 | 1.4% | 0.9% | ||
| Q3 25 | 4.0% | 1.6% | ||
| Q2 25 | 2.3% | 0.4% | ||
| Q1 25 | 0.6% | 0.1% | ||
| Q4 24 | 1.7% | 0.3% | ||
| Q3 24 | 1.3% | 0.1% | ||
| Q2 24 | 2.4% | 0.3% | ||
| Q1 24 | 0.3% | 0.1% |
| Q4 25 | — | -32.04× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 3.69× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 1.04× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APYX
Segment breakdown not available.
CSPI
| Products | $6.7M | 56% |
| Services | $5.3M | 44% |
