Axogen, Inc. Reports Second Quarter 2024 Financial Results
Axogen, Inc. (NASDAQ: AXGN) reported strong financial results for Q2 2024. Revenue increased by 25.6% to $47.9 million compared to Q2 2023. The company's net loss narrowed to $1.9 million ($0.04 per share), down from $6.7 million in Q2 2023. Adjusted net income was $2.0 million ($0.05 per share), and adjusted EBITDA reached $5.6 million.
Axogen's gross margin decreased to 73.8% from 77.7% in Q2 2023. The company's cash position improved to $27.1 million. Core Accounts grew by 18.7% year-over-year to 412. Axogen initiated the rolling submission process for its Biologics License Application for Avance Nerve Graft® and expects to complete it in Q3 2024.
The company increased its 2024 revenue guidance to $182-$186 million and adjusted gross margin guidance to 74-76%. Axogen anticipates being net cash flow positive from April 1st through year-end.
Axogen, Inc. (NASDAQ: AXGN) ha riportato risultati finanziari solidi per il secondo trimestre del 2024. I ricavi sono aumentati del 25,6% a 47,9 milioni di dollari rispetto al secondo trimestre del 2023. La perdita netta dell'azienda è diminuita a 1,9 milioni di dollari (0,04 dollari per azione), rispetto ai 6,7 milioni di dollari del secondo trimestre del 2023. L'utile netto rettificato è stato di 2,0 milioni di dollari (0,05 dollari per azione) e l'EBITDA rettificato ha raggiunto i 5,6 milioni di dollari.
Il margine lordo di Axogen è diminuito al 73,8% dal 77,7% del secondo trimestre del 2023. La posizione di liquidità dell'azienda è migliorata e ammonta a 27,1 milioni di dollari. Gli Account Core sono cresciuti del 18,7% anno su anno, raggiungendo 412. Axogen ha avviato il processo di invio graduale per la sua Richiesta di Licenza Biologica per Avance Nerve Graft® e prevede di completarlo nel terzo trimestre del 2024.
L'azienda ha aumentato la sua previsione di ricavi per il 2024 a 182-186 milioni di dollari e la guida per il margine lordo rettificato a 74-76%. Axogen prevede di generare un flusso di cassa netto positivo dal 1 aprile fino alla fine dell'anno.
Axogen, Inc. (NASDAQ: AXGN) reportó resultados financieros sólidos para el segundo trimestre de 2024. Los ingresos aumentaron un 25,6% a 47,9 millones de dólares en comparación con el segundo trimestre de 2023. La pérdida neta de la empresa se redujo a 1,9 millones de dólares (0,04 dólares por acción), desde los 6,7 millones de dólares en el segundo trimestre de 2023. La utilidad neta ajustada fue de 2,0 millones de dólares (0,05 dólares por acción) y el EBITDA ajustado alcanzó los 5,6 millones de dólares.
El margen bruto de Axogen disminuyó al 73,8% desde el 77,7% en el segundo trimestre de 2023. La posición de efectivo de la compañía mejoró a 27,1 millones de dólares. Las Cuentas Core crecieron un 18,7% interanual, alcanzando las 412. Axogen inició el proceso de presentación gradual para su Solicitud de Licencia Biológica para Avance Nerve Graft® y espera completarlo en el tercer trimestre de 2024.
La empresa aumentó su guía de ingresos para 2024 a entre 182 y 186 millones de dólares y también elevó la guía de margen bruto ajustado al 74-76%. Axogen anticipa tener flujo de caja neto positivo desde el 1 de abril hasta el final del año.
Axogen, Inc. (NASDAQ: AXGN)는 2024년 2분기에 강력한 재무 결과를 보고했습니다. 수익은 25.6% 증가하여 4,790만 달러에 달했습니다 2023년 2분기와 비교했을 때. 회사의 순손실은 190만 달러 (주당 0.04달러)로 감소했으며, 이는 2023년 2분기의 670만 달러에서 줄어든 수치입니다. 조정된 순이익은 200만 달러(주당 0.05달러)였고, 조정 EBITDA는 560만 달러에 이릅니다.
Axogen의 총마진은 2분기 기준 77.7%에서 73.8%로 감소했습니다. 회사의 현금 위치는 2,710만 달러로 개선되었습니다. 주요 계좌는 작년 대비 18.7% 증가하여 412개로 늘어났습니다. Axogen은 Avance Nerve Graft®에 대한 생물학적 면허 신청의 순차 제출 프로세스를 시작했으며 2024년 3분기까지 완료할 예정입니다.
회사는 2024년 수익 목표를 1억 8200만 달러에서 1억 8600만 달러로 상향 조정했으며 조정된 총 마진 지침을 74-76%로 늘렸습니다. Axogen은 4월 1일부터 연말까지 순 현금 흐름이 긍정적일 것으로 예상합니다.
Axogen, Inc. (NASDAQ: AXGN) a présenté de solides résultats financiers pour le deuxième trimestre 2024. Le chiffre d'affaires a augmenté de 25,6 % pour atteindre 47,9 millions de dollars par rapport au deuxième trimestre 2023. La perte nette de l'entreprise s'est réduite à 1,9 million de dollars (0,04 dollar par action), contre 6,7 millions de dollars au deuxième trimestre 2023. Le bénéfice net ajusté était de 2,0 millions de dollars (0,05 dollar par action) et l'EBITDA ajusté a atteint 5,6 millions de dollars.
La marge brute d'Axogen a diminué à 73,8 % contre 77,7 % au deuxième trimestre 2023. La trésorerie de l'entreprise s'est améliorée pour atteindre 27,1 millions de dollars. Les comptes clés ont augmenté de 18,7 % d'une année sur l'autre pour atteindre 412. Axogen a lancé le processus de soumission progressive de sa demande de licence biologique pour Avance Nerve Graft® et s'attend à le finaliser au troisième trimestre 2024.
L'entreprise a relevé ses prévisions de chiffre d'affaires pour 2024, maintenant entre 182 et 186 millions de dollars, et a ajusté ses prévisions de marge brute à 74-76 %. Axogen s'attend à générer un flux de trésorerie net positif du 1er avril jusqu'à la fin de l'année.
Axogen, Inc. (NASDAQ: AXGN) berichtete starke Finanzergebnisse für das zweite Quartal 2024. Der Umsatz stieg um 25,6% auf 47,9 Millionen Dollar im Vergleich zum zweiten Quartal 2023. Der Nettoverlust des Unternehmens verringerte sich auf 1,9 Millionen Dollar (0,04 Dollar pro Aktie), gegenüber 6,7 Millionen Dollar im zweiten Quartal 2023. Der bereinigte Nettogewinn betrug 2,0 Millionen Dollar (0,05 Dollar pro Aktie) und das bereinigte EBITDA erreichte 5,6 Millionen Dollar.
Die Bruttomarge von Axogen sank auf 73,8% von 77,7% im zweiten Quartal 2023. Die Liquiditätsposition des Unternehmens verbesserte sich auf 27,1 Millionen Dollar. Die Kernkonten wuchsen im Jahresvergleich um 18,7% auf 412. Axogen hat den schrittweisen Einreichungsprozess für den Antrag auf biopharmazeutische Lizenz für Avance Nerve Graft® eingeleitet und erwartet, diesen im dritten Quartal 2024 abzuschließen.
Das Unternehmen erhöhte seine Umsatzprognose für 2024 auf 182-186 Millionen Dollar und die Prognose für die bereinigte Bruttomarge auf 74-76%. Axogen rechnet damit, von 1. April bis zum Jahresende einen positiven Nettocashflow zu erzielen.
- Revenue increased by 25.6% to $47.9 million in Q2 2024
- Net loss narrowed to $1.9 million from $6.7 million in Q2 2023
- Adjusted net income of $2.0 million, compared to a loss in Q2 2023
- Adjusted EBITDA improved to $5.6 million from a loss of $0.2 million in Q2 2023
- Core Accounts grew by 18.7% year-over-year to 412
- Increased 2024 revenue guidance to $182-$186 million
- Expects to be net cash flow positive from April 1st through year-end
- Gross margin decreased to 73.8% from 77.7% in Q2 2023
- Adjusted gross margin guidance for 2024 lowered to 74-76%
Insights
Axogen's Q2 2024 results show strong revenue growth of
Axogen's progress in its Biologics License Application (BLA) for Avance Nerve Graft® is a significant milestone. The rolling submission process has begun, with the complete non-clinical data package submitted to the FDA in May. The company expects to complete the BLA submission in Q3 2024, potentially leading to approval by mid-2025. This timeline suggests confidence in their clinical data and regulatory strategy. Additionally, the successful launch of Avive+ Soft Tissue Matrix™ and positive adoption trends for Axoguard HA+ Nerve Protector™ indicate a expanding product portfolio, which could drive future growth and market share in peripheral nerve repair.
Axogen's commercial strategy is yielding positive results, with Core Accounts growing
ALACHUA, Fla. and TAMPA, Fla., Aug. 08, 2024 (GLOBE NEWSWIRE) -- Axogen, Inc. (NASDAQ: AXGN), a global leader in developing and marketing innovative surgical solutions for peripheral nerve injuries, today reported financial results and business highlights for the second quarter ended June 30, 2024.
Second Quarter Financial Results
- Second quarter revenue was
$47.9 million , a25.6% increase compared to the second quarter of 2023. - In the second quarter of 2024, our gross margin decreased to
73.8% , down from77.7% in the second quarter of 2023. - Net loss for the quarter was
$1.9 million , or$0.04 per share, compared to net loss of$6.7 million , or$0.16 per share in the second quarter of 2023. - Adjusted net income for the quarter was
$2.0 million , or$0.05 per share, compared to adjusted net loss of$1.3 million , or$0.03 per share in the second quarter of 2023. - Adjusted EBITDA was
$5.6 million for the quarter, compared to an adjusted EBITDA loss of$0.2 million in the second quarter of 2023. - The balance of all cash, cash equivalents, and investments on June 30, 2024, was
$27.1 million , as compared to a balance of$23.6 million on March 31, 2024.
“We are pleased with our strong revenue growth, bottom line performance and overall results this quarter as we continue to execute on our commercial strategy to drive focus in high potential accounts and increase sales rep productivity,” commented Karen Zaderej, Chairman, CEO, and President of Axogen, Inc. “This aligns with our goal of leveraging top-line growth to improve profitability and cash flow. Additionally, we’ve successfully initiated the rolling submission process of our Biologics License Application for Avance Nerve Graft® with FDA and continue to expect to complete the submission in the third quarter.”
Summary of Operational and Business Highlights
- Core Accounts totaled 412, an increase of
18.7% over the prior-year level of 347, and an increase of3.0% sequentially. Revenue from Core Accounts represents approximately65% of revenue in the second quarter. - We ended the second quarter with 117 direct sales representatives compared to 115 sequentially and a year ago.
- In May, we submitted to the FDA the complete non-clinical data package for the BLA of Avance Nerve Graft®. We anticipate the rolling submission of the BLA to be completed in the third quarter of 2024. We believe the submission timeline will allow for a potential approval in mid-2025.
- In June, we successfully launched Avive+ Soft Tissue Matrix™ and we are seeing positive trends in surgeon adoption and new use cases in targeted applications. We continue to be pleased with the adoption of Axoguard HA+ Nerve Protector™ across multiple applications.
2024 Financial Guidance
We are increasing our annual revenue guidance to the range of
Conference Call
The Company will host a conference call and webcast for the investment community today at 8:00 a.m. ET. Investors interested in participating in the conference call by phone may do so by dialing toll free at (877) 407-0993 or use the direct dial-in number at (201) 689-8795. Those interested in listening to the conference call live via the Internet may do so by visiting the Investors page of the Company's website at www.axogeninc.com and clicking on the webcast link.
Following the conference call, a replay will be available in the Investors section of the Company's website at www.axogeninc.com under Investors.
About Axogen
Axogen (AXGN) is the leading Company focused specifically on the science, development, and commercialization of technologies for peripheral nerve regeneration and repair. Axogen employees are passionate about helping to restore peripheral nerve function and quality of life to patients with physical damage or transection to peripheral nerves by providing innovative, clinically proven, and economically effective repair solutions for surgeons and health care 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.
Axogen's platform for peripheral nerve repair features a comprehensive portfolio of products used across various applications and surgical specialties, including traumatic injuries, oral and maxillofacial surgery, breast reconstruction, and the surgical treatment of pain. These applications encompass both scheduled and emergent procedures. Specifically, scheduled procedures are often pursued by patients seeking relief from conditions caused by a nerve defect or previous surgical interventions. Such procedures include providing sensation for women undergoing breast reconstruction following a mastectomy, nerve reconstruction after the surgical removal of painful neuromas, and oral and maxillofacial procedures, as well as nerve decompression. Conversely, emergent procedures typically arise from injuries that initially present in an emergency room, with specialists intervening either immediately or within a few days following the initial injury. This broad range of applications underscores Axogen’s vital role in addressing diverse patient needs in peripheral nerve repair.
Axogen's platform for peripheral nerve repair features a comprehensive portfolio of products, including Avance® Nerve Graft, a biologically active off-the-shelf processed human nerve allograft for bridging severed peripheral nerves without the comorbidities associated with a second surgical site; Axoguard Nerve Connector®, a porcine submucosa extracellular matrix (ECM) coaptation aid for tensionless repair of severed peripheral nerves; Axoguard Nerve Protector®, a porcine submucosa ECM product used to wrap and protect damaged peripheral nerves and reinforce the nerve reconstruction while preventing soft tissue attachments; Axoguard HA+ Nerve Protector™, a porcine submucosa ECM base layer coated with a proprietary hyaluronate-alginate gel, a next-generation technology designed to enhance nerve gliding and provide short- and long-term protection for peripheral nerve injuries; Avive+ Soft Tissue MatrixTM, a multi-layer amniotic membrane allograft used to protect and separate tissues in the surgical bed during the critical phase of tissue repair; and Axoguard Nerve Cap®, a porcine submucosa ECM product used to protect a peripheral nerve end and separate the nerve from the surrounding environment to reduce the development of symptomatic or painful neuroma. The Axogen portfolio of products is available in the United States, Canada, the United Kingdom, South Korea, and several other European and international countries.
For more information, visit www.axogeninc.com.
Cautionary Statements Concerning Forward-Looking Statements
This press release contains “forward-looking” statements as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations or predictions of future conditions, events, or results based on various assumptions and management's estimates of trends and economic factors in the markets in which we are active, as well as our business plans. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “projects,” “forecasts,” “continue,” “may,” “should,” “will,” “goals,” and variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements include, without limitation, the Company’s expectations and estimates regarding the use of the product across various applications and surgical specialties that encompass scheduled and emergent procedures, statements on the Company’s future focus and the anticipated timing of the completion of the rolling BLA submission, the Company's expectations regarding the potential for approval of the BLA in mid-2025, as well as statements under the subheading “2024 Financial Guidance.” Actual results or events could differ materially from those described in any forward-looking statements as a result of various factors, including, without limitation, global supply chain issues, hospital staffing issues, product development, product potential, clinical outcomes, regulatory process and approvals, financial performance, sales growth, surgeon and product adoption, market awareness of our products, data validation, our visibility at and sponsorship of conferences and educational events, global business disruption caused by Russia’s invasion of Ukraine and related sanctions, recent geopolitical conflicts in the Middle East, potential disruptions due to management transitions, as well as those risk factors described under Part I, Item 1A, “Risk Factors,” of our Annual Report on Form 10-K for the most recently ended fiscal year. Forward-looking statements are not a guarantee of future performance, and actual results may differ materially from those projected. The forward-looking statements are representative only as of the date they are made and, except as required by applicable law, we assume no responsibility to publicly update or revise any forward-looking statements.
About Non-GAAP Financial Measures
To supplement our condensed consolidated financial statements, we use the non-GAAP financial measures of EBITDA, which measures earnings before interest, income taxes, depreciation and amortization, and Adjusted EBITDA which further excludes non-cash stock compensation expense and litigation and related expenses. We also use the non-GAAP financial measures of Adjusted Net Income or Loss and Adjusted Net Income or Loss Per Common Share - basic and diluted which excludes non-cash stock compensation expense and litigation and related expenses from Net Loss and Net Loss Per Common Share - basic and diluted, respectively. These non-GAAP measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures should be read in conjunction with our financial statements prepared in accordance with GAAP. The reconciliations of the non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP should be carefully evaluated.
We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, and analyzing future periods. We believe these non-GAAP financial measures are useful to investors because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by our institutional investors and the analyst community to help them analyze the performance of our business, the Company’s cash available for operations, and the Company’s ability to meet future capital expenditure and working capital requirements.
| Contact: Axogen, Inc. Harold D. Tamayo, Vice President of Finance and Investor Relations htamayo@axogeninc.com |
| AXOGEN, INC. Condensed Consolidated Balance Sheets (unaudited) (In thousands, except share and per share amounts) | |||||||
| | June 30, 2024 | December 31, 2023 | |||||
| Assets | | ||||||
| Current assets: | | ||||||
| Cash and cash equivalents | $ | 19,189 | $ | 31,024 | |||
| Restricted cash | 6,000 | 6,002 | |||||
| Investments | 1,944 | — | |||||
| Accounts receivable, net of allowance for doubtful accounts of | 25,152 | 25,147 | |||||
| Inventory, net | 28,015 | 23,020 | |||||
| Prepaid expenses and other | 1,962 | 2,811 | |||||
| Total current assets | 82,262 | 88,004 | |||||
| Property and equipment, net | 86,752 | 88,730 | |||||
| Operating lease right-of-use assets | 14,952 | 15,562 | |||||
| Intangible assets, net | 4,966 | 4,531 | |||||
| Total assets | $ | 188,932 | $ | 196,827 | |||
| | |||||||
| Liabilities and shareholders’ equity | |||||||
| Current liabilities: | |||||||
| Accounts payable and accrued expenses | $ | 21,664 | $ | 28,883 | |||
| Current maturities of long-term lease obligations | 1,751 | 1,547 | |||||
| Total current liabilities | 23,415 | 30,430 | |||||
| | |||||||
| Long-term debt, net of debt discount and financing fees | 47,047 | 46,603 | |||||
| Long-term lease obligations | 20,231 | 21,142 | |||||
| Debt derivative liabilities | 2,458 | 2,987 | |||||
| Other long-term liabilities | 94 | — | |||||
| Total liabilities | 93,245 | 101,162 | |||||
| | |||||||
| Commitments and contingencies - see Note 12 | |||||||
| | |||||||
| Shareholders’ equity: | |||||||
| Common stock, | 438 | 431 | |||||
| Additional paid-in capital | 385,101 | 376,530 | |||||
| Accumulated deficit | (289,852 | ) | (281,296 | ) | |||
| Total shareholders’ equity | 95,687 | 95,665 | |||||
| Total liabilities and shareholders’ equity | $ | 188,932 | 196,827 | ||||
| AXOGEN, INC. Condensed Consolidated Statements of Operations (unaudited) (In thousands, Except share and per share amounts) | ||||||||||||||||
| | Three Months Ended | Six Months Ended | ||||||||||||||
| | June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | ||||||||||||
| | | | ||||||||||||||
| Revenues | $ | 47,912 | $ | 38,155 | $ | 89,289 | $ | 74,819 | ||||||||
| Cost of goods sold | 12,567 | 8,503 | 21,325 | 16,675 | ||||||||||||
| Gross profit | 35,345 | 29,652 | 67,964 | 58,144 | ||||||||||||
| Costs and expenses: | ||||||||||||||||
| Sales and marketing | 19,698 | 18,860 | 39,513 | 38,307 | ||||||||||||
| Research and development | 6,658 | 7,144 | 14,066 | 13,470 | ||||||||||||
| General and administrative | 9,417 | 10,550 | 19,373 | 20,611 | ||||||||||||
| Total costs and expenses | 35,773 | 36,554 | 72,952 | 72,388 | ||||||||||||
| Loss from operations | (428 | ) | (6,902 | ) | (4,988 | ) | (14,244 | ) | ||||||||
| Other income (expense): | ||||||||||||||||
| Investment income | 227 | 235 | 520 | 784 | ||||||||||||
| Interest expense | (2,185 | ) | (148 | ) | (4,512 | ) | (164 | ) | ||||||||
| Change in fair value of derivatives | 464 | 432 | 529 | 247 | ||||||||||||
| Other expense | 1 | (277 | ) | (105 | ) | (357 | ) | |||||||||
| Total other (expense) income, net | (1,493 | ) | 242 | (3,568 | ) | 510 | ||||||||||
| Net loss | $ | (1,921 | ) | $ | (6,660 | ) | $ | (8,556 | ) | $ | (13,734 | ) | ||||
| Weighted average common shares outstanding — basic and diluted | 43,713,313 | 42,862,384 | 43,473,541 | 42,719,096 | ||||||||||||
| Loss per common share — basic and diluted | $ | (0.04 | ) | $ | (0.16 | ) | $ | (0.20 | ) | $ | (0.32 | ) | ||||
| AXOGEN INC. RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES (unaudited) (In thousands, except per share amounts) | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | |||||||||||||
| Net loss | $ | (1,921 | ) | $ | (6,660 | ) | $ | (8,556 | ) | $ | (13,734 | ) | ||||
| Depreciation and amortization expense | 1,733 | 871 | 3,315 | 1,650 | ||||||||||||
| Investment income | (227 | ) | (235 | ) | (520 | ) | (784 | ) | ||||||||
| Income tax expense | (53 | ) | 240 | 51 | 318 | |||||||||||
| Interest expense | 2,185 | 148 | 4,512 | 164 | ||||||||||||
| EBITDA - non GAAP | $ | 1,717 | $ | (5,636 | ) | $ | (1,198 | ) | $ | (12,386 | ) | |||||
| Non cash stock-based compensation expense | 3,907 | 5,390 | 7,826 | 8,344 | ||||||||||||
| Adjusted EBITDA - non GAAP | $ | 5,624 | $ | (246 | ) | $ | 6,628 | $ | (4,043 | ) | ||||||
| Net loss | $ | (1,921 | ) | $ | (6,660 | ) | $ | (8,556 | ) | $ | (13,734 | ) | ||||
| Non cash stock-based compensation expense | 3,907 | 5,390 | 7,826 | 8,344 | ||||||||||||
| Adjusted net income (loss) - non GAAP | $ | 1,986 | $ | (1,270 | ) | $ | (730 | ) | $ | (5,390 | ) | |||||
| Weighted average common shares outstanding basic and diluted | 43,713,313 | 42,862,384 | 43,473,541 | 42,719,096 | ||||||||||||
| Loss per common share — basic and diluted | $ | (0.04 | ) | $ | (0.16 | ) | $ | (0.20 | ) | $ | (0.32 | ) | ||||
| Non cash stock-based compensation expense | $ | 0.09 | $ | 0.13 | $ | 0.18 | $ | 0.20 | ||||||||
| Adjusted net income (loss) per common share - basis and diluted - non GAAP | $ | 0.05 | $ | (0.03 | ) | $ | (0.02 | ) | $ | (0.12 | ) | |||||
| AXOGEN, INC. CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (unaudited) (In thousands, except per share) | ||||||||||||||||
| | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total Shareholders' Equity | ||||||||||||
| | Shares | Amount | ||||||||||||||
| Three Months Ended June 30, 2024 | ||||||||||||||||
| Balance at March 31, 2024 | 43,687,729 | $ | 437 | $ | 380,650 | $ | (287,931 | ) | $ | 93,156 | ||||||
| Net loss | — | — | — | (1,921 | ) | (1,921 | ) | |||||||||
| Stock-based compensation | — | — | 3,907 | — | 3,907 | |||||||||||
| Issuance of restricted and performance stock units | 44,153 | — | — | — | — | |||||||||||
| Exercise of stock options and employee stock purchase plan | 92,856 | 1 | 544 | — | 545 | |||||||||||
| Balance at June 30, 2024 | 43,824,738 | $ | 438 | $ | 385,101 | $ | (289,852 | ) | $ | 95,687 | ||||||
| | | | | | | |||||||||||
| Six Months Ended June 30, 2024 | | | | | | |||||||||||
| Balance at December 31, 2023 | 43,124,496 | $ | 431 | $ | 376,530 | $ | (281,296 | ) | $ | 95,665 | ||||||
| Net loss | — | — | — | (8,556 | ) | (8,556 | ) | |||||||||
| Stock-based compensation | — | — | 7,826 | — | 7,826 | |||||||||||
| Issuance of restricted and performance stock units | 583,386 | 6 | (6 | ) | — | — | ||||||||||
| Exercise of stock options and employee stock purchase plan | 116,856 | 1,169 | 751 | — | 752 | |||||||||||
| Balance at June 30, 2024 | 43,824,738 | $ | 438 | $ | 385,101 | $ | (289,852 | ) | $ | 95,687 | ||||||
| Three Months Ended June 30, 2023 | ||||||||||||||||
| Balance at March 31, 2023 | 42,809,994 | $ | 428 | $ | 363,739 | $ | (266,654 | ) | $ | 97,513 | ||||||
| Net loss | — | — | — | (6,660 | ) | (6,660 | ) | |||||||||
| Stock-based compensation | — | — | 5,390 | — | 5,390 | |||||||||||
| Issuance of restricted and performance stock units | 57,659 | 1 | (1 | ) | — | — | ||||||||||
| Exercise of stock options and employee stock purchase plan | 111,888 | 1 | 908 | — | 909 | |||||||||||
| Balance at June 30, 2023 | 42,979,541 | $ | 430 | $ | 370,036 | $ | (273,314 | ) | $ | 97,152 | ||||||
| Six Months Ended June 30, 2023 | ||||||||||||||||
| Balance at December 31, 2022 | 42,445,517 | $ | 424 | $ | 360,155 | $ | (259,580 | ) | $ | 100,999 | ||||||
| Net loss | — | — | — | (13,734 | ) | (13,734 | ) | |||||||||
| Stock-based compensation | — | — | 8,344 | — | 8,344 | |||||||||||
| Issuance of restricted and performance stock units | 296,378 | 4 | (4 | ) | — | — | ||||||||||
| Exercise of stock options and employee stock purchase plan | 237,646 | 2 | 1,541 | — | 1,543 | |||||||||||
| Balance at June 30, 2023 | 42,979,541 | $ | 430 | $ | 370,036 | $ | (273,314 | ) | $ | 97,152 | ||||||
| AXOGEN, INC. Condensed Consolidated Statements of Cash Flows (unaudited) | |||||||
| | Six Months Ended | ||||||
| | June 30, 2024 | June 30, 2023 | |||||
| Cash flows from operating activities: | | ||||||
| Net loss | $ | (8,556 | ) | $ | (13,734 | ) | |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
| Depreciation | 3,177 | 1,506 | |||||
| Amortization of right-of-use assets | 642 | 642 | |||||
| Amortization of intangible assets | 138 | 144 | |||||
| Amortization of debt discount and deferred financing fees | 444 | 442 | |||||
| Provision for (recovery of) bad debt | 528 | (37 | ) | ||||
| Provision for inventory write-down | 2,326 | 1,052 | |||||
| Change in fair value of derivatives | (529 | ) | (247 | ) | |||
| Investment (gains) loss | (33 | ) | (578 | ) | |||
| Share-based compensation | 7,826 | 8,344 | |||||
| Change in operating assets and liabilities: | |||||||
| Accounts receivable | (533 | ) | 650 | ||||
| Inventory | (7,321 | ) | (3,384 | ) | |||
| Prepaid expenses and other | 957 | (639 | ) | ||||
| Accounts payable and accrued expenses | (6,577 | ) | (529 | ) | |||
| Operating lease obligations | (731 | ) | (762 | ) | |||
| Cash paid for interest portion of finance leases | (2 | ) | (1 | ) | |||
| Contract and other liabilities | 143 | — | |||||
| Net cash used in operating activities | $ | (8,101 | ) | $ | (7,131 | ) | |
| | | ||||||
| Cash flows from investing activities: | | ||||||
| Purchase of property and equipment | (1,834 | ) | (8,719 | ) | |||
| Purchase of investments | (1,911 | ) | (10,203 | ) | |||
| Proceeds from sale of investments | — | 32,974 | |||||
| Cash payments for intangible assets | (739 | ) | (516 | ) | |||
| Net cash (used in) provided by investing activities | $ | (4,484 | ) | $ | 13,536 | ||
| | | ||||||
| Cash flows from financing activities: | | ||||||
| Cash paid for debt portion of finance leases | (4 | ) | (12 | ) | |||
| Proceeds from exercise of stock options and ESPP stock purchases | 752 | 1,543 | |||||
| Net cash provided by financing activities | $ | 748 | $ | 1,531 | |||
| Net (decrease) increase in cash, cash equivalents, and restricted cash | (11,837 | ) | 7,936 | ||||
| Cash, cash equivalents, and restricted cash, beginning of period | 37,026 | 21,535 | |||||
| Cash, cash equivalents, and restricted cash, end of period | $ | 25,189 | $ | 29,471 | |||
| | | | |||||
FAQ
What was Axogen's revenue growth in Q2 2024?
How did Axogen's net loss change in Q2 2024 compared to Q2 2023?
What is Axogen's updated revenue guidance for 2024?
When does Axogen expect to complete the BLA submission for Avance Nerve Graft?
How many Core Accounts does Axogen have as of Q2 2024?
