Axogen, Inc., together with its subsidiaries, engages in the development and commercialization of the technologies used for peripheral nerve regeneration and repair worldwide. The company offers Avance Nerve Graft, a processed nerve allograft intended for the surgical repair of peripheral nerve discontinuities; Axoguard Nerve Connector, a coaptation aid used to align and connect severed peripheral nerve ends in a tensionless repair; and Axoguard Nerve Protector, a product used to protect and wrap damaged peripheral nerves and reinforce reconstructed nerve gaps. It also provides Axoguard HA+ Nerve Protector, a surgical implant for non-constricting protection of the peripheral nerves; Axoguard Nerve Cap, a porcine submucosa ECM product; Avive+ Soft Tissue Matrix, a multi-layer amniotic membrane allograft; and Avance Method, a technique to process Avance Nerve Graft from donated human peripheral nerve tissue. In addition, the company offers peripheral nerve tissue recovery and acquisition, and testing, as well as donor medical review and release, debridement and other processing steps, packaging, and sterilization. It provides its products to hospitals, surgery centers and military hospitals, calling on surgeons, including plastic reconstructive surgeons, orthopedic and plastic hand surgeons, and certain oral and maxillofacial surgeons through independent in-country distributors. The company is headquartered in Alachua, Florida.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $225M | $1M | $-16M | $-5M | -12.2% | 20.2% | 57.6% |
| 2024 | $187M | $6M | $-10M | $0M | -9.6% | 17.8% | -54.1% |
| 2023 | $159M | $-13M | $-22M | $-21M | -22.7% | 14.7% | -25.0% |
| 2022 | $139M | $-23M | $-29M | $-37M | -28.7% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 138.58 | 159.01 | 187.34 | 225.21 |
| Operating Revenue | - | 138.58 | 159.01 | 187.34 | 225.21 |
| Cost Of Revenue | - | 29.78 | 37.14 | 45.36 | 57.86 |
| Gross Profit | - | 108.81 | 121.87 | 141.98 | 167.35 |
| Operating Expense | - | 138.52 | 143.33 | 145.26 | 175.20 |
| Research And Development | - | 25.63 | 27.34 | 27.77 | 32.88 |
| Selling General And Administration | - | 112.89 | 115.99 | 117.50 | 142.32 |
| Total Expenses | - | 168.29 | 180.47 | 190.62 | 233.06 |
| Operating Income | - | -29.71 | -21.46 | -3.29 | -7.85 |
| Total Operating Income As Reported | - | -29.71 | -21.46 | -3.29 | -7.85 |
| EBITDA | - | -23.47 | -13.33 | 6.08 | 0.51 |
| Normalized EBITDA | - | -25.08 | -16.35 | 4.35 | 0.83 |
| EBIT | - | -28.32 | -18.88 | -1.76 | -8 |
| Interest Expense | - | 0.62 | 2.84 | 8.21 | 7.70 |
| Net Interest Income | - | -0.62 | -2.84 | -8.21 | -7.70 |
| Other Non Operating Income Expenses | - | -0.23 | -0.44 | -0.20 | 0.17 |
| Other Income Expense | - | 1.38 | 2.58 | 1.53 | -0.15 |
| Interest Expense Non Operating | - | 0.62 | 2.84 | 8.21 | 7.70 |
| Net Non Operating Interest Income Expense | - | -0.62 | -2.84 | -8.21 | -7.70 |
| Pretax Income | - | -28.95 | -21.72 | -9.96 | -15.70 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | -28.95 | -21.72 | -9.96 | -15.70 |
| Net Income From Continuing And Discontinued Operation | - | -28.95 | -21.72 | -9.96 | -15.70 |
| Net Income From Continuing Operation Net Minority Interest | - | -28.95 | -21.72 | -9.96 | -15.70 |
| Net Income | - | -28.95 | -21.72 | -9.96 | -15.70 |
| Net Income Common Stockholders | - | -28.95 | -21.72 | -9.96 | -15.70 |
| Net Income Including Noncontrolling Interests | - | -28.95 | -21.72 | -9.96 | -15.70 |
| Normalized Income | - | -30.56 | -24.73 | -11.69 | -15.38 |
| Diluted NI Availto Com Stockholders | - | -28.95 | -21.72 | -9.96 | -15.70 |
| Basic Average Shares | - | 42.08 | 42.88 | 44.26 | 46.05 |
| Diluted Average Shares | - | 42.08 | 42.88 | 44.26 | 46.05 |
| Reconciled Depreciation | - | 4.85 | 5.55 | 7.84 | 8.51 |
| Reconciled Cost Of Revenue | - | 29.78 | 37.14 | 45.36 | 57.86 |
| Total Unusual Items | - | 1.61 | 3.02 | 1.73 | -0.32 |
| Total Unusual Items Excluding Goodwill | - | 1.61 | 3.02 | 1.73 | -0.32 |
| Gain On Sale Of Security | - | 1.61 | 3.02 | 1.73 | -0.32 |
| General And Administrative Expense | - | 40.91 | 38.41 | 39.04 | 44.58 |
| Other Gand A | - | 40.91 | 38.41 | 39.04 | 44.58 |
| Selling And Marketing Expense | - | 71.98 | 77.58 | 78.46 | 97.74 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Axogen, Inc.this co. | AXGN | $2.3B | - | 17.49 | -12.2% | 4471.19 |
| Vera Therapeutics, Inc. | VERA | $2.4B | -8.00 | 3.96 | -49.6% | -7.27 |
| Celldex Therapeutics, Inc. | CLDX | $2.3B | -9.08 | 4.46 | -49.1% | -8.18 |
| Immunome, Inc. | IMNM | $2.2B | -10.49 | 3.51 | -33.5% | -7.14 |
| Mineralys Therapeutics, Inc. | MLYS | $2.2B | -14.28 |
| - |
| - |
| - |
| - |
| 3.41 |
| -23.9% |
| - |
| Enliven Therapeutics, Inc. | ELVN | $2.2B | -20.85 | 4.70 | -22.6% | -17.28 |
| BioCryst Pharmaceuticals, Inc. | BCRX | $2.2B | 8.16 | -18.07 | -221.4% | 7.20 |
| Kodiak Sciences Inc. | KOD | $2.1B | - | 13.58 | -146.1% | - |
| Aurinia Pharmaceuticals Inc. | AUPH | $2.1B | 7.33 | 3.62 | 49.4% | 15.22 |
| Peer Median | - | -9.08 | 3.79 | -41.3% | -7.20 | |