Axogen, Inc Reports Third Quarter 2024 Financial Results and Provides BLA Update
Axogen (NASDAQ: AXGN) reported Q3 2024 financial results with revenue of $48.6 million, up 17.9% year-over-year. Gross margin decreased to 74.9% from 76.8% in Q3 2023. Net loss improved to $1.9 million ($0.04 per share) compared to $4.1 million ($0.10 per share) last year. Adjusted EBITDA reached $6.5 million, up from $2.4 million in Q3 2023.
The FDA accepted the company's Biologics License Application for Avance Nerve Graft with a PDUFA date of September 5th, 2025. Axogen maintains full-year revenue guidance of $182-186 million and expects to be at the high end of its 74-76% gross margin range.
Axogen (NASDAQ: AXGN) ha riportato i risultati finanziari del terzo trimestre 2024 con un fatturato di 48,6 milioni di dollari, in aumento del 17,9% rispetto all'anno precedente. Il margine lordo è diminuito al 74,9% rispetto al 76,8% del terzo trimestre 2023. La perdita netta è migliorata a 1,9 milioni di dollari (0,04 dollari per azione) rispetto ai 4,1 milioni di dollari (0,10 dollari per azione) dello scorso anno. EBITDA Rettificato ha raggiunto 6,5 milioni di dollari, in aumento rispetto ai 2,4 milioni di dollari del terzo trimestre 2023.
La FDA ha accettato la domanda di licenza biologica dell'azienda per il trapianto di nervo Avance, con una data PDUFA fissata per il 5 settembre 2025. Axogen mantiene la guida sul fatturato annuale compreso tra 182 e 186 milioni di dollari e si aspetta di essere nella parte alta della sua fascia di margine lordo del 74-76%.
Axogen (NASDAQ: AXGN) reportó los resultados financieros del tercer trimestre de 2024 con ingresos de 48,6 millones de dólares, un aumento del 17,9% en comparación con el año anterior. El margen bruto disminuyó al 74,9% desde el 76,8% en el tercer trimestre de 2023. La pérdida neta mejoró a 1,9 millones de dólares (0,04 dólares por acción) en comparación con 4,1 millones de dólares (0,10 dólares por acción) el año pasado. EBITDA Ajustado alcanzó los 6,5 millones de dólares, frente a los 2,4 millones de dólares en el tercer trimestre de 2023.
La FDA aceptó la Solicitud de Licencia Biológica de la compañía para el Injerto de Nervio Avance, con una fecha PDUFA del 5 de septiembre de 2025. Axogen mantiene una guía de ingresos anuales de 182 a 186 millones de dólares y espera estar en la parte alta de su rango de margen bruto del 74-76%.
Axogen (NASDAQ: AXGN)은 2024년 3분기 재무 결과를 보고하며 매출이 4,860만 달러로 작년 대비 17.9% 증가했다고 밝혔습니다. 총 이익률은 2023년 3분기의 76.8%에서 74.9%로 감소했습니다. 순손실은 190만 달러(주당 0.04달러)로 개선되어 작년의 410만 달러(주당 0.10달러)보다 나아졌습니다. 조정 EBITDA는 620만 달러에 도달하여 2023년 3분기의 240만 달러에서 증가했습니다.
FDA는 Avance 신경 이식에 대한 회사의 생물학적 면허 신청서를 수리했으며 PDUFA 날짜는 2025년 9월 5일입니다. Axogen은 연간 매출 가이드를 1억 8,200만에서 1억 8,600만 달러로 유지하며, 74-76%의 총 이익률 범위 상단에 이를 것으로 기대하고 있습니다.
Axogen (NASDAQ: AXGN) a publié ses résultats financiers pour le troisième trimestre 2024, avec un chiffre d'affaires de 48,6 millions de dollars, en hausse de 17,9% par rapport à l'année précédente. La marge brute a diminué à 74,9% contre 76,8% au troisième trimestre 2023. La perte nette s'est améliorée à 1,9 million de dollars (0,04 dollar par action) comparé à 4,1 millions de dollars (0,10 dollar par action) l'année dernière. EBITDA Ajusté a atteint 6,5 millions de dollars, en hausse par rapport à 2,4 millions de dollars au troisième trimestre 2023.
La FDA a accepté la demande de licence biologique de la société pour le Greffon Nerveux Avance, avec une date PDUFA fixée au 5 septembre 2025. Axogen maintient ses prévisions de chiffre d'affaires annuel entre 182 et 186 millions de dollars et s'attend à se situer à la limite supérieure de sa fourchette de marge brute de 74-76%.
Axogen (NASDAQ: AXGN) hat die finanziellen Ergebnisse für das 3. Quartal 2024 veröffentlicht, mit einem Umsatz von 48,6 Millionen Dollar, was einem Anstieg von 17,9% im Vergleich zum Vorjahr entspricht. Die Bruttomarge sank von 76,8% im 3. Quartal 2023 auf 74,9%. Der Nettverlust verbesserte sich auf 1,9 Millionen Dollar (0,04 Dollar pro Aktie) im Vergleich zu 4,1 Millionen Dollar (0,10 Dollar pro Aktie) im letzten Jahr. Bereinigtes EBITDA erreichte 6,5 Millionen Dollar, ein Anstieg von 2,4 Millionen Dollar im 3. Quartal 2023.
Die FDA hat den Antrag auf biologischen Lizenz für das Avance Nerventransplantat angenommen, mit einem PDUFA-Datum vom 5. September 2025. Axogen hält die Jahresumsatzprognose von 182 bis 186 Millionen Dollar aufrecht und erwartet, am oberen Ende seiner Bruttomargenbandbreite von 74-76% zu liegen.
- Revenue increased 17.9% YoY to $48.6 million
- Net loss improved by 53.7% to $1.9 million
- Adjusted EBITDA grew significantly to $6.5 million from $2.4 million YoY
- Cash position improved to $30.5 million from $27.1 million in Q2 2024
- FDA accepted BLA filing for Avance Nerve Graft
- Gross margin declined to 74.9% from 76.8% YoY
- Company still operating at a net loss of $1.9 million
Insights
A strong quarter for Axogen with notable improvements across key metrics.
The cash position improvement to
The FDA's acceptance of the BLA filing for Avance Nerve Graft with a PDUFA date of September 5th, 2025, marks a important regulatory milestone. The FDA's decision not to require an advisory committee meeting suggests confidence in the submission package. Novel data presented at ASSH highlighting nerve damage patterns and repair solutions strengthens the clinical positioning of their products.
The National Resensation Breast program launch alongside regional surgeon education initiatives in Extremities and Head & Neck demonstrates strategic focus on expanding market penetration through physician education and awareness. These efforts are critical for establishing nerve repair as a standard of care globally.
ALACHUA, Fla. and TAMPA, Fla., Nov. 07, 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 third quarter ended September 30, 2024.
Third Quarter Financial Results
- Third quarter revenue was
$48.6 million , a17.9% increase compared to the third quarter of 2023. - In the third quarter of 2024, gross margin decreased to
74.9% , down from76.8% in the third quarter of 2023. - Net loss for the quarter was
$1.9 million , or$0.04 per share, compared to net loss of$4.1 million , or$0.10 per share in the third quarter of 2023. - Adjusted net income for the quarter was
$3.1 million , or$0.07 per share, compared to adjusted net loss of$0.7 million , or$0.01 per share, in the third quarter of 2023. - Adjusted EBITDA was
$6.5 million for the quarter, compared to an adjusted EBITDA of$2.4 million in the third quarter of 2023. - The balance of all cash, cash equivalents, and investments on September 30, 2024, was
$30.5 million , as compared to a balance of$27.1 million on June 30, 2024
“We are pleased with the third quarter’s topline revenue and EBITDA growth. Notably, our revenue performance in the quarter was broad based across our entire portfolio of nerve repair and protection applications, reflecting improved sales productivity and commercial execution,” commented Michael Dale, CEO and Director of Axogen, Inc. “Since joining the Axogen team, everything I’ve observed and experienced reaffirms my estimation that we have significant undeveloped potential to make nerve repair an expected standard of care around the world.”
Summary of Business Highlights
- On November 1st, the U.S. Food and Drug Administration (FDA) notified the company that they accepted the filing of its Biologics License Application (BLA) for Avance Nerve Graft® under a standard review and assigned a Prescription Drug User Fee Act (PDUFA) goal date of September 5th, 2025. The FDA further indicated that it does not currently plan to hold an advisory committee for the application.
- During the quarter, at the American Society for Surgery of the Hand (ASSH), we presented novel data highlighting the extent of nerve damage that occurs in common injuries, the importance of protection of the nerve coaptation site and the growing role of Avance Nerve Graft in sensory, mixed and motor nerve repair.
- Recently, we executed on a National Resensation Breast program as well as numerous regional surgeon education programs in Extremities and Head & Neck.
2024 Financial Guidance
We are maintaining our full year revenue guidance in 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 Matrix TM, 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 estimation of significant undeveloped potential to make nerve repair an expected standard of care around the world, the Company's expectations regarding the potential for approval of the BLA in September 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 and in our subsequent Quarterly Reports on Form 10Q. 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.
InvestorRelations@axogeninc.com
AXOGEN, INC. Condensed Consolidated Balance Sheets (unaudited) (In thousands, except share and per share amounts) | |||||||
| September 30, 2024 | December 31, 2023 | |||||
Assets | | ||||||
Current assets: | | ||||||
Cash and cash equivalents | $ | 18,662 | $ | 31,024 | |||
Restricted cash | 6,000 | 6,002 | |||||
Investments | 5,868 | — | |||||
Accounts receivable, net of allowance for doubtful accounts of | 24,629 | 25,147 | |||||
Inventory, net | 29,363 | 23,020 | |||||
Prepaid expenses and other | 1,730 | 2,811 | |||||
Total current assets | 86,252 | 88,004 | |||||
Property and equipment, net | 85,632 | 88,730 | |||||
Operating lease right-of-use assets | 14,886 | 15,562 | |||||
Intangible assets, net | 5,215 | 4,531 | |||||
Total assets | $ | 191,985 | $ | 196,827 | |||
| |||||||
Liabilities and shareholders’ equity | |||||||
Current liabilities: | |||||||
Accounts payable and accrued expenses | $ | 21,177 | $ | 28,883 | |||
Current maturities of long-term lease obligations | 1,856 | 1,547 | |||||
Total current liabilities | 23,033 | 30,430 | |||||
| |||||||
Long-term debt, net of debt discount and financing fees | 47,272 | 46,603 | |||||
Long-term lease obligations | 19,734 | 21,142 | |||||
Debt derivative liabilities | 2,445 | 2,987 | |||||
Other long-term liabilities | 94 | — | |||||
Total liabilities | 92,578 | 101,162 | |||||
| |||||||
Commitments and contingencies - see Note 12 | |||||||
| |||||||
Shareholders’ equity: | |||||||
Common stock, | 440 | 431 | |||||
Additional paid-in capital | 390,677 | 376,530 | |||||
Accumulated deficit | (291,710 | ) | (281,296 | ) | |||
Total shareholders’ equity | 99,407 | 95,665 | |||||
Total liabilities and shareholders’ equity | $ | 191,985 | 196,827 | ||||
AXOGEN, INC. Condensed Consolidated Statements of Operations (unaudited) (In thousands, Except share and per share amounts) | ||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||
| September 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | ||||||||||||
| | | ||||||||||||||
Revenues | $ | 48,644 | $ | 41,271 | $ | 137,933 | $ | 116,090 | ||||||||
Cost of goods sold | 12,206 | 9,567 | 33,531 | 26,242 | ||||||||||||
Gross profit | 36,438 | 31,704 | 104,402 | 89,848 | ||||||||||||
Costs and expenses: | ||||||||||||||||
Sales and marketing | 18,924 | 19,165 | 58,437 | 57,471 | ||||||||||||
Research and development | 6,996 | 6,694 | 21,063 | 20,164 | ||||||||||||
General and administrative | 10,834 | 9,870 | 30,206 | 30,481 | ||||||||||||
Total costs and expenses | 36,754 | 35,729 | 109,706 | 108,116 | ||||||||||||
Loss from operations | (316 | ) | (4,025 | ) | (5,304 | ) | (18,268 | ) | ||||||||
Other income (expense): | ||||||||||||||||
Investment income | 296 | 367 | 816 | 1,151 | ||||||||||||
Rental income | 90 | — | 90 | — | ||||||||||||
Interest expense | (1,893 | ) | (827 | ) | (6,405 | ) | (992 | ) | ||||||||
Change in fair value of derivatives | 13 | 402 | 542 | 649 | ||||||||||||
Other expense | (48 | ) | (6 | ) | (153 | ) | (363 | ) | ||||||||
Total other (expense) income, net | (1,542 | ) | (64 | ) | (5,110 | ) | 445 | |||||||||
Net loss | $ | (1,858 | ) | $ | (4,089 | ) | $ | (10,414 | ) | $ | (17,823 | ) | ||||
Weighted average common shares outstanding — basic and diluted | 43,882,110 | 43,022,328 | 43,610,481 | 42,821,284 | ||||||||||||
Loss per common share — basic and diluted | $ | (0.04 | ) | $ | (0.10 | ) | $ | (0.24 | ) | $ | (0.42 | ) | ||||
AXOGEN INC. RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES (unaudited) (In thousands, except per share amounts) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | |||||||||||||
Net loss | $ | (1,858 | ) | $ | (4,089 | ) | $ | (10,414 | ) | $ | (17,823 | ) | ||||
Depreciation and amortization expense | 1,719 | 1,224 | 5,034 | 2,874 | ||||||||||||
Investment income | (296 | ) | (367 | ) | (816 | ) | (1,151 | ) | ||||||||
Income tax expense | 26 | 12 | 76 | 331 | ||||||||||||
Interest expense | 1,893 | 827 | 6,405 | 992 | ||||||||||||
EBITDA - non GAAP | $ | 1,484 | $ | (2,393 | ) | $ | 285 | $ | (14,777 | ) | ||||||
Non cash stock-based compensation expense | $ | 5,004 | $ | 4,747 | $ | 12,830 | $ | 13,091 | ||||||||
Adjusted EBITDA - non GAAP | $ | 6,488 | $ | 2,354 | $ | 13,115 | $ | (1,686 | ) | |||||||
Net loss | $ | (1,858 | ) | $ | (4,089 | ) | $ | (10,414 | ) | $ | (17,823 | ) | ||||
Non cash stock-based compensation expense | 5,004 | 4,747 | 12,830 | 13,091 | ||||||||||||
Adjusted net income (loss) - non GAAP | $ | 3,146 | $ | 658 | $ | 2,416 | $ | (4,732 | ) | |||||||
Weighted average common shares outstanding basic and diluted | 43,882,110 | 43,022,328 | 43,610,481 | 42,821,284 | ||||||||||||
Loss per common share — basic and diluted | $ | (0.04 | ) | $ | (0.10 | ) | $ | (0.24 | ) | $ | (0.42 | ) | ||||
Non cash stock-based compensation expense | $ | 0.11 | $ | 0.11 | $ | 0.29 | $ | 0.31 | ||||||||
Adjusted net income (loss) per common share - basis and diluted - non GAAP | $ | 0.07 | $ | 0.01 | $ | 0.05 | $ | (0.11 | ) | |||||||
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 September 30, 2024 | ||||||||||||||||
Balance at June 30, 2024 | 43,824,738 | $ | 438 | $ | 385,101 | $ | (289,852 | ) | 95,687 | |||||||
Net loss | — | — | — | (1,858 | ) | (1,858 | ) | |||||||||
Stock-based compensation | — | — | 5,004 | — | 5,004 | |||||||||||
Issuance of restricted and performance stock units | 112,185 | 1 | (1 | ) | — | — | ||||||||||
Exercise of stock options and employee stock purchase plan | 65,400 | 1 | 573 | — | 574 | |||||||||||
Balance at September 30, 2024 | 44,002,323 | $ | 440 | $ | 390,677 | $ | (291,710 | ) | 99,407 | |||||||
| | | | | | |||||||||||
Nine Months Ended September 30, 2024 | | | | | | |||||||||||
Balance at December 31, 2023 | 43,124,496 | $ | 431 | $ | 376,530 | $ | (281,296 | ) | $ | 95,665,197 | ||||||
Net loss | — | — | — | (10,414 | ) | (10,414 | ) | |||||||||
Stock-based compensation | — | — | 12,830 | — | 12,830 | |||||||||||
Issuance of restricted and performance stock units | 695,571 | 7 | (7 | ) | — | — | ||||||||||
Exercise of stock options and employee stock purchase plan | 182,256 | 2 | 1,324 | — | 1,326 | |||||||||||
Balance at September 30, 2024 | 44,002,323 | $ | 440 | $ | 390,677 | $ | (291,710 | ) | $ | 99,407 | ||||||
Three Months Ended September 30, 2023 | ||||||||||||||||
Balance at June 30, 2023 | 42,979,541 | $ | 430 | $ | 370,036 | $ | (273,314 | ) | 97,152 | |||||||
Net loss | — | — | — | (4,089 | ) | (4,089 | ) | |||||||||
Stock-based compensation | — | — | 4,747 | — | 4,747 | |||||||||||
Issuance of restricted and performance stock units | 59,858 | — | — | — | — | |||||||||||
Exercise of stock options and employee stock purchase plan | — | — | — | — | — | |||||||||||
Balance at September 30, 2023 | 43,039,399 | $ | 430 | $ | 374,783 | $ | (277,403 | ) | $ | 97,810 | ||||||
Nine Months Ended September 30, 2023 | ||||||||||||||||
Balance at December 31, 2022 | 42,445,517 | $ | 424 | $ | 360,155 | $ | (259,580 | ) | $ | 100,999 | ||||||
Net loss | — | — | — | (17,823 | ) | (17,823 | ) | |||||||||
Stock-based compensation | — | — | 13,091 | — | 13,091 | |||||||||||
Issuance of restricted and performance stock units | 356,236 | 4 | (4 | ) | — | — | ||||||||||
Exercise of stock options and employee stock purchase plan | 237,646 | 2 | 1,541 | — | 1,543 | |||||||||||
Balance at September 30, 2023 | 43,039,399 | $ | 430 | $ | 374,783 | $ | (277,403 | ) | $ | 97,810 | ||||||
AXOGEN, INC. Condensed Consolidated Statements of Cash Flows (unaudited) | |||||||
| Nine Months Ended | ||||||
| September 30, 2024 | September 30, 2023 | |||||
Cash flows from operating activities: | | ||||||
Net loss | $ | (10,414 | ) | $ | (17,823 | ) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Depreciation | 4,831 | 2,660 | |||||
Amortization of right-of-use assets | 889 | 826 | |||||
Amortization of intangible assets | 202 | 214 | |||||
Amortization of debt discount and deferred financing fees | 669 | 666 | |||||
Provision for (recovery of) bad debt | 604 | (311 | ) | ||||
Change in fair value of derivatives | (542 | ) | (649 | ) | |||
Investment (gains) loss | (95 | ) | (660 | ) | |||
Share-based compensation | 12,830 | 13,091 | |||||
Change in operating assets and liabilities: | |||||||
Accounts receivable | (85 | ) | (766 | ) | |||
Inventory | (6,343 | ) | (4,114 | ) | |||
Prepaid expenses and other | 1,189 | (623 | ) | ||||
Accounts payable and accrued expenses | (7,125 | ) | 3,012 | ||||
Operating lease obligations | (1,303 | ) | (1,012 | ) | |||
Cash paid for interest portion of finance leases | (2 | ) | (2 | ) | |||
Other liabilities | 495 | (14 | ) | ||||
Net cash used in operating activities | $ | (4,200 | ) | $ | (5,505 | ) | |
| | ||||||
Cash flows from investing activities: | | ||||||
Purchase of property and equipment | $ | (2,431 | ) | $ | (12,409 | ) | |
Purchase of investments | (5,773 | ) | (10,203 | ) | |||
Proceeds from sale of investments | — | 42,874 | |||||
Cash payments for intangible assets | (1,280 | ) | (732 | ) | |||
Net cash (used in) provided by investing activities | $ | (9,484 | ) | $ | 19,530 | ||
| | ||||||
Cash flows from financing activities: | | ||||||
Cash paid for debt portion of finance leases | $ | (6 | ) | $ | (7 | ) | |
Proceeds from exercise of stock options and ESPP stock purchases | 1,326 | 1,543 | |||||
Net cash provided by financing activities | $ | 1,320 | $ | 1,536 | |||
Net (decrease) increase in cash, cash equivalents, and restricted cash | (12,364 | ) | 15,561 | ||||
Cash, cash equivalents, and restricted cash, beginning of period | 37,026 | 21,535 | |||||
Cash, cash equivalents, and restricted cash, end of period | $ | 24,662 | $ | 37,096 | |||
| | |
FAQ
What was Axogen's (AXGN) revenue growth in Q3 2024?
When is the PDUFA date for Axogen's (AXGN) Avance Nerve Graft?
What is Axogen's (AXGN) revenue guidance for 2024?