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% | - |
| 2024 | $187M | $6M | $-10M | $0M | -9.6% | 17.8% | - |
| 2023 | $159M | $-13M | $-22M | $-21M | -22.7% | 14.7% | - |
| 2022 | $139M | $-23M | $-29M | $-37M | -28.7% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 138.58 | 159.01 | 187.34 | 225.21 |
| Cost Of Revenue | 29.77 | 37.14 | 45.36 | 57.85 |
| Gross Profit | 108.81 | 121.87 | 141.98 | 167.35 |
| Operating Expense | 138.52 | 143.33 | 145.26 | 175.20 |
| Operating Income | -29.71 | -21.46 | -3.29 | -7.85 |
| EBITDA | -23.47 | -13.33 | 6.08 | 0.51 |
| EBIT | -28.32 | -18.88 | -1.76 | -8 |
| Pretax Income | -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 |
| Total Expenses | 168.29 | 180.47 | 190.62 | 233.06 |
| Interest Expense | 0.62 | 2.83 | 8.21 | 7.70 |
| Research And Development | 25.63 | 27.34 | 27.77 | 32.88 |
| Selling General And Administration | 112.89 | 115.99 | 117.50 | 142.32 |
| Normalized EBITDA | -25.08 | -16.35 | 4.35 | 0.83 |
| Normalized Income | -30.56 | -24.73 | -11.69 | -15.38 |
| Basic EPS | -0.69 | -0.51 | -0.23 | -0.34 |
| Diluted EPS | -0.69 | -0.51 | -0.23 | -0.34 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0 | 0 | 0 | 0 |
| Total Unusual Items | 1.61 | 3.02 | 1.73 | -0.32 |
| Total Unusual Items Excluding Goodwill | 1.61 | 3.02 | 1.73 | -0.32 |
| Net Income From Continuing Operation Net Minority Interest | -28.95 | -21.72 | -9.96 | -15.70 |
| Reconciled Depreciation | 4.85 | 5.55 | 7.84 | 8.51 |
| Reconciled Cost Of Revenue | 29.77 | 37.14 | 45.36 | 57.85 |
| Net Interest Income | -0.62 | -2.83 | -8.21 | -7.70 |
| Net Income From Continuing And Discontinued Operation | -28.95 | -21.72 | -9.96 | -15.70 |
| Total Operating Income As Reported | -29.71 | -21.46 | -3.29 | -7.85 |
| Diluted Average Shares | 42.08 | 42.88 | 44.26 | 46.05 |
| Basic Average Shares | 42.08 | 42.88 | 44.26 | 46.05 |
| Diluted NI Availto Com Stockholders | -28.95 | -21.72 | -9.96 | -15.70 |
| Net Income Including Noncontrolling Interests | -28.95 | -21.72 | -9.96 | -15.70 |
| Net Income Continuous Operations | -28.95 | -21.72 | -9.96 | -15.70 |
| Other Income Expense | 1.38 | 2.58 | 1.53 | -0.15 |
| Other Non Operating Income Expenses | -0.23 | -0.44 | -0.20 | 0.17 |
| Gain On Sale Of Security | 1.61 | 3.02 | 1.73 | -0.32 |
| Net Non Operating Interest Income Expense | -0.62 | -2.83 | -8.21 | -7.70 |
| Interest Expense Non Operating | 0.62 | 2.83 | 8.21 | 7.70 |
| Selling And Marketing Expense | 71.98 | 77.58 | 78.46 | 97.74 |
| General And Administrative Expense | 40.91 | 38.41 | 39.04 | 44.58 |
| Other Gand A | 40.91 | 38.41 | 39.04 | 44.58 |
| Operating Revenue | 138.58 | 159.01 | 187.34 | 225.21 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Axogen, Inc.this co. | AXGN | $2.2B | - | 15.30 | -12.2% | -1002.00 |
| Guardian Pharmacy Services, Inc. | GRDN | $2.4B | 48.17 | 11.56 | 22.6% | 23.10 |
| Relay Therapeutics, Inc. | RLAY | $2.4B | - | 3.85 | -48.8% | -5.76 |
| BioCryst Pharmaceuticals, Inc. | BCRX | $2.3B | 7.43 | -16.08 | -221.4% | 7.00 |
| Definium Therapeutics, Inc. | DFTX | $2.2B |
| - |
| 6.09 |
| -55.3% |
| -10.05 |
| Adaptive Biotechnologies Corporation | ADPT | $2.2B | - | 9.51 | -26.4% | -52.76 |
| GRAIL, Inc. | GRAL | $2.1B | - | 0.78 | -15.8% | -3.15 |
| Mineralys Therapeutics, Inc. | MLYS | $2.1B | - | 3.22 | -23.9% | -8.50 |
| Tyra Biosciences, Inc. | TYRA | $2.0B | - | 7.00 | -46.3% | -11.87 |
| Peer Median | - | 27.80 | 4.97 | -36.4% | -7.13 | |