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Side-by-side financial comparison of Apyx Medical Corp (APYX) and iRhythm Holdings, Inc. (IRTC). Click either name above to swap in a different company.
iRhythm Holdings, Inc. is the larger business by last-quarter revenue ($208.9M vs $19.2M, roughly 10.9× Apyx Medical Corp). iRhythm Holdings, Inc. runs the higher net margin — 2.7% vs -6.8%, a 9.4% gap on every dollar of revenue. On growth, Apyx Medical Corp posted the faster year-over-year revenue change (34.7% vs 27.1%). iRhythm Holdings, Inc. produced more free cash flow last quarter ($14.5M vs $-2.8M). Over the past eight quarters, Apyx Medical Corp's revenue compounded faster (36.8% CAGR vs 25.8%).
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.
iRhythm Holdings is a digital healthcare company focused on cardiac care, developing and commercializing wearable ambulatory heart monitoring devices paired with AI-powered analytical tools. It primarily serves healthcare providers and patients across the United States, helping to detect undiagnosed arrhythmias such as atrial fibrillation through convenient long-term heart rhythm tracking that delivers actionable clinical insights.
APYX vs IRTC — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $19.2M | $208.9M |
| Net Profit | $-1.3M | $5.6M |
| Gross Margin | 62.6% | 70.9% |
| Operating Margin | 0.1% | 1.1% |
| Net Margin | -6.8% | 2.7% |
| Revenue YoY | 34.7% | 27.1% |
| Net Profit YoY | 71.9% | 518.5% |
| EPS (diluted) | — | $0.18 |
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 | $208.9M | ||
| Q3 25 | $12.9M | $192.9M | ||
| Q2 25 | $11.4M | $186.7M | ||
| Q1 25 | $9.4M | $158.7M | ||
| Q4 24 | $14.2M | $164.3M | ||
| Q3 24 | $11.5M | $147.5M | ||
| Q2 24 | $12.1M | $148.0M | ||
| Q1 24 | $10.2M | $131.9M |
| Q4 25 | $-1.3M | $5.6M | ||
| Q3 25 | $-2.0M | $-5.2M | ||
| Q2 25 | $-3.8M | $-14.2M | ||
| Q1 25 | $-4.2M | $-30.7M | ||
| Q4 24 | $-4.6M | $-1.3M | ||
| Q3 24 | $-4.7M | $-46.2M | ||
| Q2 24 | $-6.6M | $-20.1M | ||
| Q1 24 | $-7.6M | $-45.7M |
| Q4 25 | 62.6% | 70.9% | ||
| Q3 25 | 64.4% | 71.1% | ||
| Q2 25 | 62.3% | 71.2% | ||
| Q1 25 | 60.1% | 68.8% | ||
| Q4 24 | 63.0% | 70.0% | ||
| Q3 24 | 60.5% | 68.8% | ||
| Q2 24 | 61.7% | 69.9% | ||
| Q1 24 | 58.1% | 66.3% |
| Q4 25 | 0.1% | 1.1% | ||
| Q3 25 | -6.5% | -4.4% | ||
| Q2 25 | -22.6% | -10.0% | ||
| Q1 25 | -32.4% | -20.5% | ||
| Q4 24 | -21.4% | -2.5% | ||
| Q3 24 | -31.6% | -34.1% | ||
| Q2 24 | -45.7% | -15.5% | ||
| Q1 24 | -64.6% | -28.9% |
| Q4 25 | -6.8% | 2.7% | ||
| Q3 25 | -15.4% | -2.7% | ||
| Q2 25 | -33.2% | -7.6% | ||
| Q1 25 | -44.0% | -19.3% | ||
| Q4 24 | -32.5% | -0.8% | ||
| Q3 24 | -40.9% | -31.3% | ||
| Q2 24 | -54.0% | -13.6% | ||
| Q1 24 | -74.0% | -34.6% |
| Q4 25 | — | $0.18 | ||
| Q3 25 | — | $-0.16 | ||
| Q2 25 | — | $-0.44 | ||
| Q1 25 | — | $-0.97 | ||
| Q4 24 | — | $-0.03 | ||
| Q3 24 | — | $-1.48 | ||
| Q2 24 | $-0.19 | $-0.65 | ||
| Q1 24 | $-0.22 | $-1.47 |
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 | $583.8M |
| Total DebtLower is stronger | $37.5M | — |
| Stockholders' EquityBook value | $14.5M | $152.7M |
| Total Assets | $66.8M | $1.0B |
| Debt / EquityLower = less leverage | 2.58× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $31.7M | $583.8M | ||
| Q3 25 | $25.1M | $565.2M | ||
| Q2 25 | $29.3M | $545.5M | ||
| Q1 25 | $31.0M | $520.6M | ||
| Q4 24 | $31.7M | $535.6M | ||
| Q3 24 | $28.0M | $522.0M | ||
| Q2 24 | $32.7M | $561.5M | ||
| Q1 24 | $37.3M | $569.1M |
| 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 | $152.7M | ||
| Q3 25 | $5.8M | $121.9M | ||
| Q2 25 | $7.3M | $103.7M | ||
| Q1 25 | $10.5M | $86.7M | ||
| Q4 24 | $14.2M | $90.9M | ||
| Q3 24 | $11.0M | $71.8M | ||
| Q2 24 | $14.7M | $99.2M | ||
| Q1 24 | $20.3M | $90.3M |
| Q4 25 | $66.8M | $1.0B | ||
| Q3 25 | $57.4M | $995.2M | ||
| Q2 25 | $58.2M | $964.0M | ||
| Q1 25 | $60.2M | $926.1M | ||
| Q4 24 | $64.8M | $931.4M | ||
| Q3 24 | $60.7M | $909.7M | ||
| Q2 24 | $65.4M | $919.2M | ||
| Q1 24 | $70.7M | $909.8M |
| 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 | $26.2M |
| Free Cash FlowOCF − Capex | $-2.8M | $14.5M |
| FCF MarginFCF / Revenue | -14.6% | 6.9% |
| Capex IntensityCapex / Revenue | 1.4% | 5.6% |
| Cash ConversionOCF / Net Profit | — | 4.70× |
| TTM Free Cash FlowTrailing 4 quarters | $-9.1M | $34.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-2.5M | $26.2M | ||
| Q3 25 | $-3.5M | $34.9M | ||
| Q2 25 | $-1.2M | $27.7M | ||
| Q1 25 | $-702.0K | $-7.9M | ||
| Q4 24 | $-2.9M | $19.2M | ||
| Q3 24 | $-4.4M | $24.3M | ||
| Q2 24 | $-4.3M | $11.8M | ||
| Q1 24 | $-6.3M | $-52.0M |
| Q4 25 | $-2.8M | $14.5M | ||
| Q3 25 | $-4.1M | $20.1M | ||
| Q2 25 | $-1.5M | $17.3M | ||
| Q1 25 | $-757.0K | $-17.3M | ||
| Q4 24 | $-3.2M | $12.4M | ||
| Q3 24 | $-4.6M | $15.5M | ||
| Q2 24 | $-4.6M | $3.4M | ||
| Q1 24 | $-6.4M | $-61.8M |
| Q4 25 | -14.6% | 6.9% | ||
| Q3 25 | -31.5% | 10.4% | ||
| Q2 25 | -13.2% | 9.3% | ||
| Q1 25 | -8.0% | -10.9% | ||
| Q4 24 | -22.4% | 7.5% | ||
| Q3 24 | -40.0% | 10.5% | ||
| Q2 24 | -38.0% | 2.3% | ||
| Q1 24 | -62.2% | -46.8% |
| Q4 25 | 1.4% | 5.6% | ||
| Q3 25 | 4.0% | 7.7% | ||
| Q2 25 | 2.3% | 5.6% | ||
| Q1 25 | 0.6% | 5.9% | ||
| Q4 24 | 1.7% | 4.2% | ||
| Q3 24 | 1.3% | 6.0% | ||
| Q2 24 | 2.4% | 5.7% | ||
| Q1 24 | 0.3% | 7.4% |
| Q4 25 | — | 4.70× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APYX
Segment breakdown not available.
IRTC
| Commercial Payors | $111.7M | 53% |
| Centers For Medicare And Medicaid | $49.2M | 24% |
| Healthcare Institutions | $34.3M | 16% |
| Non Contracted Third Party Payors | $13.7M | 7% |
