What is Axogen Inc's earnings per share (EPS)?

Axogen Inc (AXGN) reported diluted earnings per share of $-0.34 for fiscal year 2025. This represents a -47.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Axogen Inc Financials

AXGN

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Axogen Inc (AXGN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 50/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Axogen Inc has an operating margin of -3.5%, meaning the company retains $-3 of operating profit per $100 of revenue. This below-average margin results in a low score of 14/100, suggesting thin profitability after operating expenses. This is down from -1.8% the prior year.

Growth

Axogen Inc's revenue surged 20.2% year-over-year to $225.2M, reflecting rapid business expansion. This strong growth earns a score of 67/100.

Leverage

Axogen Inc carries a low D/E ratio of 0.38, meaning only $0.38 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 94/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 5.11, Axogen Inc holds $5.11 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Cash Flow

While Axogen Inc generated $812K in operating cash flow, capex of $3.7M consumed most of it, leaving -$2.9M in free cash flow. This results in a low score of 22/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Axogen Inc generates a -12.2% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -9.6% the prior year.

Piotroski F-Score Neutral

5/9

Axogen Inc passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Mixed

-0.05x

For every $1 of reported earnings, Axogen Inc generates $-0.05 in operating cash flow ($812K OCF vs -$15.7M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

-1.0x

Axogen Inc earns $-1.0 in operating income for every $1 of interest expense (-$7.8M vs $7.7M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$225.2M

YoY+20.2%

5Y CAGR+14.9%

10Y CAGR+23.5%

Axogen Inc generated $225.2M in revenue in fiscal year 2025. This represents an increase of 20.2% from the prior year.

EBITDA

-$1.2M

YoY-137.4%

Axogen Inc's EBITDA was -$1.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 137.4% from the prior year.

Net Income

-$15.7M

YoY-57.6%

Axogen Inc reported -$15.7M in net income in fiscal year 2025. This represents a decrease of 57.6% from the prior year.

EPS (Diluted)

$-0.34

YoY-47.8%

Axogen Inc earned $-0.34 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 47.8% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$2.9M

YoY-304.5%

Axogen Inc generated -$2.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 304.5% from the prior year.

Cash & Debt

$35.5M

YoY+29.0%

5Y CAGR-6.1%

10Y CAGR+3.2%

Axogen Inc held $35.5M in cash against $48.4M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

47M

YoY+6.9%

5Y CAGR+3.0%

10Y CAGR+4.6%

Axogen Inc had 47M shares outstanding in fiscal year 2025. This represents an increase of 6.9% from the prior year.

Margins & Returns

Gross Margin

74.3%

YoY-1.5pp

5Y CAGR-6.5pp

10Y CAGR-8.0pp

Axogen Inc's gross margin was 74.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 1.5 percentage points from the prior year.

Operating Margin

-3.5%

YoY-1.7pp

5Y CAGR+17.1pp

10Y CAGR+30.4pp

Axogen Inc's operating margin was -3.5% in fiscal year 2025, reflecting core business profitability. This is down 1.7 percentage points from the prior year.

Net Margin

-7.0%

YoY-1.7pp

5Y CAGR+14.2pp

10Y CAGR+41.9pp

Axogen Inc's net profit margin was -7.0% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1.7 percentage points from the prior year.

Return on Equity

-12.2%

YoY-2.6pp

5Y CAGR+7.1pp

10Y CAGR+150.8pp

Axogen Inc's ROE was -12.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 2.6 percentage points from the prior year.

Capital Allocation

R&D Spending

$32.9M

YoY+18.4%

5Y CAGR+13.0%

10Y CAGR+26.1%

Axogen Inc invested $32.9M in research and development in fiscal year 2025. This represents an increase of 18.4% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$3.7M

YoY+20.8%

5Y CAGR-29.8%

10Y CAGR+24.8%

Axogen Inc invested $3.7M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 20.8% from the prior year.

AXGN Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$225.2M+20.2%	$187.3M+17.8%	$159.0M+14.7%	$138.6M+8.8%	$127.4M+13.4%	$112.3M
Cost of Revenue	$57.9M+27.5%	$45.4M+22.1%	$37.1M+24.7%	$29.8M+29.8%	$22.9M+6.3%	$21.6M
Gross Profit	$167.4M+17.9%	$142.0M+16.5%	$121.9M+12.0%	$108.8M+4.2%	$104.4M+15.1%	$90.7M
R&D Expenses	$32.9M+18.4%	$27.8M+1.6%	$27.3M+6.7%	$25.6M+6.0%	$24.2M+35.5%	$17.8M
SG&A Expenses	$44.6M+14.2%	$39.0M+1.6%	$38.4M-6.1%	$40.9M+26.5%	$32.3M+22.5%	$26.4M
Operating Income	-$7.8M-138.8%	-$3.3M+84.7%	-$21.5M+27.8%	-$29.7M-16.9%	-$25.4M-9.6%	-$23.2M
Interest Expense	$7.7M-6.1%	$8.2M+189.5%	$2.8M+354.3%	$624K-54.0%	$1.4M+28.7%	$1.1M
Income Tax	$0	$0	$0	$0	$0	$0
Net Income	-$15.7M-57.6%	-$10.0M+54.1%	-$21.7M+25.0%	-$28.9M-7.3%	-$27.0M-13.4%	-$23.8M
EPS (Diluted)	$-0.34-47.8%	$-0.23+54.9%	$-0.51+26.1%	$-0.69-6.2%	$-0.65-8.3%	$-0.60

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$59.9M-0.3%	$60.1M+6.0%	$56.7M+16.7%	$48.6M-1.7%	$49.4M+1.6%	$48.6M+1.5%	$47.9M+15.8%	$41.4M
Cost of Revenue	$15.5M+10.0%	$14.1M-3.8%	$14.6M+7.5%	$13.6M+15.2%	$11.8M-3.1%	$12.2M-2.9%	$12.6M+43.5%	$8.8M
Gross Profit	$44.4M-3.4%	$46.0M+9.5%	$42.0M+20.3%	$34.9M-7.0%	$37.6M+3.1%	$36.4M+3.1%	$35.3M+8.4%	$32.6M
R&D Expenses	$12.4M+63.6%	$7.6M+10.4%	$6.9M+12.5%	$6.1M-9.1%	$6.7M-4.2%	$7.0M+5.1%	$6.7M-10.1%	$7.4M
SG&A Expenses	$14.6M+34.7%	$10.8M+11.8%	$9.7M+2.4%	$9.5M+7.1%	$8.8M-18.5%	$10.8M+15.0%	$9.4M-5.4%	$10.0M
Operating Income	-$9.8M-611.1%	$1.9M+14.4%	$1.7M+200.7%	-$1.7M-182.4%	$2.0M+738.3%	-$316K+26.2%	-$428K+90.6%	-$4.6M
Interest Expense	$1.7M-2.2%	$1.8M-11.1%	$2.0M-12.1%	$2.3M+24.9%	$1.8M-4.8%	$1.9M-13.4%	$2.2M-6.1%	$2.3M
Income Tax	$0	$0	$0	$0	$0	$0	$0	$0
Net Income	-$13.2M-1958.2%	$708K+22.3%	$579K+115.1%	-$3.8M-952.0%	$450K+124.2%	-$1.9M+3.3%	-$1.9M+71.0%	-$6.6M
EPS (Diluted)	N/A	$0.010.0%	$0.01+112.5%	$-0.08	N/A	$-0.040.0%	$-0.04+73.3%	$-0.15

AXGN Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$221.7M+8.8%	$203.7M+3.5%	$196.8M+0.7%	$195.4M-6.1%	$208.0M+3.3%	$201.4M
Current Assets	$120.4M+21.4%	$99.2M+12.7%	$88.0M-10.3%	$98.1M-22.8%	$127.0M-12.5%	$145.3M
Cash & Equivalents	$35.5M+29.0%	$27.6M-11.2%	$31.0M+103.0%	$15.3M-53.3%	$32.8M-32.8%	$48.8M
Inventory	$42.4M+27.7%	$33.2M+44.1%	$23.0M+21.8%	$18.9M+13.3%	$16.7M+33.2%	$12.5M
Accounts Receivable	$26.2M+8.6%	$24.1M-4.1%	$25.1M+13.3%	$22.2M+22.2%	$18.2M+3.1%	$17.6M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$92.8M-7.0%	$99.8M-1.3%	$101.2M+7.2%	$94.4M-1.1%	$95.5M+22.0%	$78.2M
Current Liabilities	$23.6M-23.0%	$30.6M+0.6%	$30.4M+28.1%	$23.8M-2.2%	$24.3M+6.4%	$22.8M
Long-Term Debt	$48.4M+1.9%	$47.5M+1.9%	$46.6M+1.9%	$45.7M+2.0%	$44.8M+39.9%	$32.0M
Total Equity	$128.8M+24.0%	$103.9M+8.6%	$95.7M-5.3%	$101.0M-10.3%	$112.5M-8.6%	$123.1M
Retained Earnings	-$307.0M-5.4%	-$291.3M-3.5%	-$281.3M-8.4%	-$259.6M-12.6%	-$230.6M-13.3%	-$203.6M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$221.7M+2.4%	$216.4M+5.3%	$205.5M+4.7%	$196.2M-3.7%	$203.7M+6.1%	$192.0M+1.6%	$188.9M+1.3%	$186.5M
Current Assets	$120.4M+5.2%	$114.5M+10.7%	$103.4M+11.1%	$93.1M-6.2%	$99.2M+15.0%	$86.3M+4.9%	$82.3M+4.6%	$78.7M
Cash & Equivalents	$35.5M+48.7%	$23.9M+19.3%	$20.0M+10.7%	$18.1M-34.3%	$27.6M+47.6%	$18.7M-2.7%	$19.2M+22.1%	$15.7M
Inventory	$42.4M+4.4%	$40.6M+10.4%	$36.8M+3.6%	$35.5M+7.0%	$33.2M+13.0%	$29.4M+4.8%	$28.0M+1.4%	$27.6M
Accounts Receivable	$26.2M-15.0%	$30.8M+9.8%	$28.0M+6.6%	$26.3M+9.1%	$24.1M-2.1%	$24.6M-2.1%	$25.2M+3.9%	$24.2M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$92.8M-2.9%	$95.6M+2.6%	$93.2M+2.6%	$90.8M-9.0%	$99.8M+7.8%	$92.6M-0.7%	$93.2M-0.1%	$93.4M
Current Liabilities	$23.6M-15.9%	$28.0M+12.1%	$25.0M+14.9%	$21.7M-29.0%	$30.6M+32.9%	$23.0M-1.6%	$23.4M+2.1%	$22.9M
Long-Term Debt	$48.4M+0.5%	$48.2M+0.5%	$47.9M+0.5%	$47.7M+0.5%	$47.5M+0.5%	$47.3M+0.5%	$47.0M+0.5%	$46.8M
Total Equity	$128.8M+6.7%	$120.8M+7.6%	$112.3M+6.6%	$105.4M+1.4%	$103.9M+4.5%	$99.4M+3.9%	$95.7M+2.7%	$93.2M
Retained Earnings	-$307.0M-4.5%	-$293.8M+0.2%	-$294.5M+0.2%	-$295.1M-1.3%	-$291.3M+0.2%	-$291.7M-0.6%	-$289.9M-0.7%	-$287.9M

AXGN Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$812K-82.1%	$4.5M+179.3%	-$5.7M+64.4%	-$16.1M-19.9%	-$13.4M-39.3%	-$9.6M
Capital Expenditures	$3.7M+20.8%	$3.1M-77.6%	$13.9M-30.9%	$20.1M-27.8%	$27.8M+27.0%	$21.9M
Free Cash Flow	-$2.9M-304.5%	$1.4M+107.3%	-$19.6M+45.8%	-$36.1M+12.3%	-$41.2M-30.7%	-$31.5M
Investing Cash Flow	-$5.3M+48.4%	-$10.3M-153.5%	$19.3M+701.7%	-$3.2M+86.5%	-$23.6M-39.4%	-$17.0M
Financing Cash Flow	$10.5M+358.5%	$2.3M+17.2%	$2.0M+8.9%	$1.8M-91.2%	$20.5M-49.5%	$40.5M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$3.0M-5.7%	$3.2M-58.3%	$7.7M+158.7%	-$13.2M-250.9%	$8.7M+123.9%	$3.9M-6.3%	$4.2M+134.0%	-$12.3M
Capital Expenditures	$1.2M-18.0%	$1.5M+110.5%	$722K+182.0%	$256K-61.8%	$670K+12.2%	$597K-34.4%	$910K-1.5%	$924K
Free Cash Flow	$1.8M+5.2%	$1.7M-75.7%	$7.0M+152.2%	-$13.4M-266.6%	$8.1M+144.1%	$3.3M+1.5%	$3.3M+124.7%	-$13.2M
Investing Cash Flow	$4.0M+207.8%	-$3.8M+46.0%	-$6.9M-618.8%	$1.3M+264.7%	-$813K+83.7%	-$5.0M-305.5%	-$1.2M+62.1%	-$3.3M
Financing Cash Flow	$4.6M+90.7%	$2.4M+106.9%	$1.2M-51.4%	$2.4M+145.6%	$970K+69.6%	$572K+5.1%	$544K+166.7%	$204K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

AXGN Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	74.3%-1.5pp	75.8%-0.8pp	76.6%-1.9pp	78.5%-3.5pp	82.0%+1.2pp	80.8%
Operating Margin	-3.5%-1.7pp	-1.8%+11.8pp	-13.5%+7.9pp	-21.4%-1.5pp	-20.0%+0.7pp	-20.6%
Net Margin	-7.0%-1.7pp	-5.3%+8.3pp	-13.7%+7.2pp	-20.9%+0.3pp	-21.2%-0.0pp	-21.2%
Return on Equity	-12.2%-2.6pp	-9.6%+13.1pp	-22.7%+6.0pp	-28.7%-4.7pp	-24.0%-4.7pp	-19.3%
Return on Assets	-7.1%-2.2pp	-4.9%+6.1pp	-11.0%+3.8pp	-14.8%-1.8pp	-13.0%-1.2pp	-11.8%
Current Ratio	5.11+1.9	3.24+0.3	2.89-1.2	4.13-1.1	5.23-1.1	6.36
Debt-to-Equity	0.38-0.1	0.46-0.0	0.49+0.0	0.45+0.1	0.40+0.1	0.26
FCF Margin	-1.3%-2.1pp	0.8%+13.1pp	-12.3%+13.8pp	-26.1%+6.3pp	-32.4%-4.3pp	-28.1%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	74.1%-2.4pp	76.5%+2.4pp	74.2%+2.2pp	71.9%-4.1pp	76.0%+1.1pp	74.9%+1.1pp	73.8%-5.1pp	78.8%
Operating Margin	-16.3%-19.5pp	3.2%+0.2pp	2.9%+6.4pp	-3.4%-7.5pp	4.1%+4.7pp	-0.7%+0.2pp	-0.9%+10.1pp	-11.0%
Net Margin	-22.0%-23.1pp	1.2%+0.2pp	1.0%+8.9pp	-7.9%-8.8pp	0.9%+4.7pp	-3.8%+0.2pp	-4.0%+12.0pp	-16.0%
Return on Equity	-10.2%-10.8pp	0.6%+0.1pp	0.5%+4.2pp	-3.6%-4.1pp	0.4%+2.3pp	-1.9%+0.1pp	-2.0%+5.1pp	-7.1%
Return on Assets	-5.9%-6.3pp	0.3%+0.1pp	0.3%+2.2pp	-1.9%-2.2pp	0.2%+1.2pp	-1.0%+0.1pp	-1.0%+2.5pp	-3.6%
Current Ratio	5.11+1.0	4.09-0.1	4.14-0.1	4.28+1.0	3.24-0.5	3.74+0.2	3.51+0.1	3.43
Debt-to-Equity	0.38-0.0	0.40-0.0	0.43-0.0	0.450.0	0.46-0.0	0.48-0.0	0.49-0.0	0.50
FCF Margin	3.0%+0.2pp	2.8%-9.5pp	12.4%+40.0pp	-27.7%-44.0pp	16.3%+9.5pp	6.8%0.0pp	6.8%+38.7pp	-31.9%

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Frequently Asked Questions

What is Axogen Inc's annual revenue?

Axogen Inc (AXGN) reported $225.2M in total revenue for fiscal year 2025. This represents a 20.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Axogen Inc's revenue growing?

Axogen Inc (AXGN) revenue grew by 20.2% year-over-year, from $187.3M to $225.2M in fiscal year 2025.

Is Axogen Inc profitable?

No, Axogen Inc (AXGN) reported a net income of -$15.7M in fiscal year 2025, with a net profit margin of -7.0%.

What is Axogen Inc's EBITDA?

Axogen Inc (AXGN) had EBITDA of -$1.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Axogen Inc have?

As of fiscal year 2025, Axogen Inc (AXGN) had $35.5M in cash and equivalents against $48.4M in long-term debt.

What is Axogen Inc's gross margin?

Axogen Inc (AXGN) had a gross margin of 74.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Axogen Inc's operating margin?

Axogen Inc (AXGN) had an operating margin of -3.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Axogen Inc's net profit margin?

Axogen Inc (AXGN) had a net profit margin of -7.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Axogen Inc's return on equity (ROE)?

Axogen Inc (AXGN) has a return on equity of -12.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Axogen Inc's free cash flow?

Axogen Inc (AXGN) generated -$2.9M in free cash flow during fiscal year 2025. This represents a -304.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Axogen Inc's operating cash flow?

Axogen Inc (AXGN) generated $812K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Axogen Inc's total assets?

Axogen Inc (AXGN) had $221.7M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Axogen Inc's capital expenditures?

Axogen Inc (AXGN) invested $3.7M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Axogen Inc spend on research and development?

Axogen Inc (AXGN) invested $32.9M in research and development during fiscal year 2025.

How many shares does Axogen Inc have outstanding?

Axogen Inc (AXGN) had 47M shares outstanding as of fiscal year 2025.

What is Axogen Inc's current ratio?

Axogen Inc (AXGN) had a current ratio of 5.11 as of fiscal year 2025, which is generally considered healthy.

What is Axogen Inc's debt-to-equity ratio?

Axogen Inc (AXGN) had a debt-to-equity ratio of 0.38 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Axogen Inc's return on assets (ROA)?

Axogen Inc (AXGN) had a return on assets of -7.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Axogen Inc's Piotroski F-Score?

Axogen Inc (AXGN) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Axogen Inc's earnings high quality?

Axogen Inc (AXGN) has an earnings quality ratio of -0.05x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Axogen Inc cover its interest payments?

Axogen Inc (AXGN) has an interest coverage ratio of -1.0x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Axogen Inc?

Axogen Inc (AXGN) scores 50 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.