Axogen, Inc. AXGN
We are the leading company focused specifically on the science, development, and commercialization of technologies for peripheral nerve regeneration and repair. We are passionate about providing the opportunity to restore nerve function and quality of life for patients with peripheral nerve injuries. We provide innovative, clinically proven, and economically effective repair solutions for surgeons and healthcare providers. Peripheral nerves provide the pathways for both motor and sensory signals throughout the body. Every day, people suffer traumatic injuries or undergo surgical procedures that impact the function of their peripheral nerves. Physical damage to a peripheral nerve or the inability to properly reconnect peripheral nerves can result in the loss of muscle or organ function, the loss of sensory feeling, or the initiation of pain.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $225.2M | $187.3M | $159.0M | $138.6M | $127.4M | $112.3M | $106.7M | $83.9M | $60.4M | $41.1M |
| Cost of revenue | $57.9M | $45.4M | $37.1M | $29.8M | $22.9M | $21.6M | $17.3M | $12.9M | $9.3M | $6.5M |
| Gross profit | $167.4M | $142.0M | $121.9M | $108.8M | $104.4M | $90.7M | $89.4M | $71.0M | $51.1M | $34.6M |
| R&D | $32.9M | $27.8M | $27.3M | $25.6M | $24.2M | $17.8M | $17.5M | $11.8M | $6.7M | $4.2M |
| SG&A | $44.6M | $39.0M | $38.4M | $40.9M | $32.3M | $26.4M | $31.3M | $23.1M | $14.7M | $10.1M |
| Total operating expenses | $175.2M | $145.3M | $143.3M | $138.5M | $129.8M | $113.9M | $120.8M | $91.5M | $59.1M | $42.8M |
| Operating income | -$7.8M | -$3.3M | -$21.5M | -$29.7M | -$25.4M | -$23.2M | -$31.4M | -$20.5M | -$8.0M | -$8.1M |
| Interest expense | $7.7M | $8.2M | $2.8M | $624.0K | $1.4M | $1.1M | $40.0K | $1.2M | $2.2M | $5.4M |
| Pre-tax income | -$15.7M | -$10.0M | -$21.7M | -$28.9M | -$27.0M | -$23.8M | -$29.1M | -$22.4M | -$10.4M | -$14.4M |
| Income tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net income | -$15.7M | -$10.0M | -$21.7M | -$28.9M | -$27.0M | -$23.8M | -$29.1M | -$22.4M | -$10.4M | -$14.4M |
| EPS, basic | -0.34 | -0.23 | -0.51 | -0.69 | -0.65 | -0.60 | -0.74 | — | — | — |
| EPS, diluted | -0.34 | -0.23 | -0.51 | -0.69 | -0.65 | -0.60 | -0.74 | -0.60 | -0.31 | -0.47 |
| Shares, diluted (wtd. avg.) | 46.1M | 44.3M | 42.9M | 42.1M | 41.2M | 40.0M | 39.2M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $35.5M | $27.6M | $37.0M | $21.5M | $39.0M | $55.6M | $41.7M | $30.3M | $36.5M | $30.0M |
| Short-term investments | $6.0M | $5.9M | $0 | $33.5M | $51.3M | $55.2M | $60.8M | $92.3M | — | — |
| Receivables | $26.2M | $24.1M | $25.1M | $22.2M | $18.2M | $17.6M | $16.9M | $15.3M | $11.1M | $8.1M |
| Inventory | $42.4M | $33.2M | $23.0M | $18.9M | $16.7M | $12.5M | $13.9M | $12.0M | $7.3M | $5.5M |
| Total current assets | $120.4M | $99.2M | $88.0M | $98.1M | $127.0M | $145.3M | $135.0M | $151.0M | $55.7M | $44.0M |
| Property, plant and equipment | — | — | — | — | $62.9M | $38.4M | $14.9M | $8.0M | $2.2M | $1.5M |
| Other intangibles | $6.8M | $5.6M | $4.5M | $3.6M | $2.9M | $2.1M | $1.5M | $1.2M | $937.0K | $829.0K |
| Total assets | $221.7M | $203.7M | $196.8M | $195.4M | $208.0M | $201.4M | $154.6M | $160.2M | $58.9M | $46.4M |
| Accounts payable | $2.9M | $8.0M | $11.8M | $9.0M | $5.9M | $4.6M | $8.3M | $4.5M | $3.2M | $3.6M |
| Short-term debt | — | — | — | — | — | — | $1.7M | $28.0K | $735.0K | $20.9K |
| Total current liabilities | $23.6M | $30.6M | $30.4M | $23.8M | $24.3M | $22.8M | $20.9M | $13.0M | $13.7M | $11.1M |
| Long-term debt | $48.4M | $47.5M | $46.6M | $45.7M | $44.8M | $32.0M | $0 | $35.0K | $19.8M | $20.3M |
| Total liabilities | $92.8M | $99.8M | $101.2M | $94.4M | $95.5M | $78.2M | $22.5M | $13.2M | $33.7M | $31.4M |
| Retained earnings | -$307.0M | -$291.3M | -$281.3M | -$259.6M | -$230.6M | -$203.6M | -$179.9M | -$150.7M | -$128.3M | -$117.9M |
| Total equity | $128.8M | $103.9M | $95.7M | $101.0M | $112.5M | $123.1M | $132.2M | $147.0M | $25.2M | $14.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $812.0K | $4.5M | -$5.7M | -$16.1M | -$13.4M | -$9.6M | -$19.9M | -$17.9M | -$9.2M | -$11.2M |
| Depreciation and amortisation | $6.7M | $6.5M | $4.2M | $2.8M | $2.7M | $1.5M | $933.0K | $774.0K | $488.0K | $362.0K |
| Stock-based compensation | $30.1M | $15.9M | $14.4M | $15.6M | $10.9M | $8.5M | $10.3M | $7.6M | $3.6M | $1.4M |
| Capital expenditure | $3.7M | $3.1M | $13.9M | $20.1M | $27.8M | $21.9M | $4.7M | $6.3M | $1.1M | $931.0K |
| Investing cash flow | -$5.3M | -$10.3M | $19.3M | -$3.2M | -$23.6M | -$17.0M | $27.3M | -$98.2M | -$1.3M | -$1.2M |
| Financing cash flow | $10.5M | $2.3M | $2.0M | $1.8M | $20.5M | $40.5M | $4.0M | $109.8M | $17.0M | $16.5M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000805928-26-000057.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $41.1M | $60.4M | $83.9M | $106.7M | $112.3M | $127.4M | $138.6M | $159.0M | $187.3M | $225.2M |
| Gross profit | $34.6M | $51.1M | $71.0M | $89.4M | $90.7M | $104.4M | $108.8M | $121.9M | $142.0M | $167.4M |
| Net income | -$14.4M | -$10.4M | -$22.4M | -$29.1M | -$23.8M | -$27.0M | -$28.9M | -$21.7M | -$10.0M | -$15.7M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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