Axogen Inc Financials

AXGN

Source SEC Filings (10-K/10-Q) Updated Sep 30, 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 13 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).

Key Financial Metrics

Revenue

$187.3M

YoY+47.1%

5Y CAGR+25.4%

10Y CAGR+37.6%

Axogen Inc generated $187.3M in revenue in fiscal year 2024. This represents an increase of 47.1% from the prior year.

EBITDA

$3.2M

YoY+114.0%

Axogen Inc's EBITDA was $3.2M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 114.0% from the prior year.

Free Cash Flow

$1.4M

YoY+103.5%

Axogen Inc generated $1.4M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 103.5% from the prior year.

Net Income

-$10.0M

YoY+63.1%

Axogen Inc reported -$10.0M in net income in fiscal year 2024. This represents an increase of 63.1% from the prior year.

EPS (Diluted)

$-0.23

YoY+64.6%

Axogen Inc earned $-0.23 per diluted share (EPS) in fiscal year 2024. This represents an increase of 64.6% from the prior year.

Cash & Debt

$27.6M

YoY-15.9%

5Y CAGR-5.5%

10Y CAGR+7.1%

Axogen Inc held $27.6M in cash against $47.5M in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

44M

YoY+5.8%

5Y CAGR+5.1%

10Y CAGR+14.8%

Axogen Inc had 44M shares outstanding in fiscal year 2024. This represents an increase of 5.8% from the prior year.

Gross Margin

75.8%

YoY-6.2pp

5Y CAGR-8.8pp

10Y CAGR+1.3pp

Axogen Inc's gross margin was 75.8% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 6.2 percentage points from the prior year.

Operating Margin

-1.8%

YoY+18.2pp

5Y CAGR+11.4pp

10Y CAGR+99.7pp

Axogen Inc's operating margin was -1.8% in fiscal year 2024, reflecting core business profitability. This is up 18.2 percentage points from the prior year.

Net Margin

-5.3%

YoY+15.9pp

5Y CAGR+12.0pp

10Y CAGR+117.1pp

Axogen Inc's net profit margin was -5.3% in fiscal year 2024, showing the share of revenue converted to profit. This is up 15.9 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$27.8M

YoY+14.8%

5Y CAGR+32.9%

10Y CAGR+34.6%

Axogen Inc invested $27.8M in research and development in fiscal year 2024. This represents an increase of 14.8% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$3.1M

YoY-88.8%

5Y CAGR+22.9%

10Y CAGR+51.6%

Axogen Inc invested $3.1M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 88.8% from the prior year.

AXGN Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$187.3M+47.1%	$127.4M+13.4%	$112.3M+5.2%	$106.7M+27.1%	$83.9M+38.9%	$60.4M
Cost of Revenue	$45.4M+97.8%	$22.9M+6.3%	$21.6M+24.4%	$17.3M+34.2%	$12.9M+38.8%	$9.3M
Gross Profit	$142.0M+36.0%	$104.4M+15.1%	$90.7M+1.5%	$89.4M+25.8%	$71.0M+38.9%	$51.1M
R&D Expenses	$27.8M+14.8%	$24.2M+35.5%	$17.8M+1.9%	$17.5M+48.8%	$11.8M+75.7%	$6.7M
SG&A Expenses	$39.0M+20.7%	$32.3M+22.5%	$26.4M-15.7%	$31.3M+35.4%	$23.1M+57.0%	$14.7M
Operating Income	-$3.3M+87.1%	-$25.4M-9.6%	-$23.2M+26.2%	-$31.4M-53.2%	-$20.5M-157.8%	-$8.0M
Interest Expense	$8.2M+505.2%	$1.4M+28.7%	$1.1M+2535.0%	$40K-96.7%	$1.2M-45.5%	$2.2M
Income Tax	$0	$0	$0	$0	$0	$0
Net Income	-$10.0M+63.1%	-$27.0M-13.4%	-$23.8M+18.4%	-$29.1M-30.1%	-$22.4M-114.4%	-$10.4M
EPS (Diluted)	$-0.23+64.6%	$-0.65-8.3%	$-0.60+18.9%	$-0.74	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Revenue	$60.1M+6.0%	$56.7M+16.7%	$48.6M+13.1%	$42.9M+4.0%	$41.3M+8.2%	$38.2M+4.1%	$36.7M+1.4%	$36.2M
Cost of Revenue	$14.1M-3.8%	$14.6M+7.5%	$13.6M+25.0%	$10.9M+13.9%	$9.6M+12.5%	$8.5M+4.1%	$8.2M-30.6%	$11.8M
Gross Profit	$46.0M+9.5%	$42.0M+20.3%	$34.9M+9.1%	$32.0M+1.0%	$31.7M+6.9%	$29.7M+4.1%	$28.5M+16.8%	$24.4M
R&D Expenses	$7.6M+10.4%	$6.9M+12.5%	$6.1M-15.1%	$7.2M+7.2%	$6.7M-6.3%	$7.1M+12.9%	$6.3M+19.8%	$5.3M
SG&A Expenses	$10.8M+11.8%	$9.7M+2.4%	$9.5M+19.3%	$7.9M-19.6%	$9.9M-6.4%	$10.6M+4.9%	$10.1M-23.1%	$13.1M
Operating Income	$1.9M+14.4%	$1.7M+200.7%	-$1.7M+48.0%	-$3.2M+20.6%	-$4.0M+41.7%	-$6.9M+6.0%	-$7.3M-30.9%	-$5.6M
Interest Expense	$1.8M-11.1%	$2.0M-12.1%	$2.3M+22.0%	$1.8M+123.0%	$827K+458.8%	$148K+825.0%	$16K+140.0%	-$40K
Income Tax	$0	$0	$0	N/A	N/A	N/A	N/A	N/A
Net Income	$708K+22.3%	$579K+115.1%	-$3.8M+1.5%	-$3.9M+4.8%	-$4.1M+38.6%	-$6.7M+5.9%	-$7.1M-30.6%	-$5.4M
EPS (Diluted)	$0.010.0%	$0.01+112.5%	$-0.080.0%	$-0.08+20.0%	$-0.10+37.5%	$-0.16+5.9%	$-0.17-21.4%	$-0.14

AXGN Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$203.7M-2.1%	$208.0M+3.3%	$201.4M+30.2%	$154.6M-3.5%	$160.2M+172.1%	$58.9M
Current Assets	$99.2M-21.9%	$127.0M-12.5%	$145.3M+7.6%	$135.0M-10.6%	$151.0M+170.8%	$55.7M
Cash & Equivalents	$27.6M-15.9%	$32.8M-32.8%	$48.8M+36.5%	$35.7M+47.0%	$24.3M-33.5%	$36.5M
Inventory	$33.2M+98.8%	$16.7M+33.2%	$12.5M-9.6%	$13.9M+15.7%	$12.0M+63.8%	$7.3M
Accounts Receivable	$24.1M+32.8%	$18.2M+3.1%	$17.6M+4.0%	$16.9M+10.6%	$15.3M+38.5%	$11.1M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$99.8M+4.6%	$95.5M+22.0%	$78.2M+247.9%	$22.5M+70.5%	$13.2M-60.8%	$33.7M
Current Liabilities	$30.6M+26.0%	$24.3M+6.4%	$22.8M+9.3%	$20.9M+60.1%	$13.0M-4.9%	$13.7M
Long-Term Debt	$47.5M+6.0%	$44.8M+39.9%	$32.0M	$0-100.0%	$35K-99.8%	$19.8M
Total Equity	$103.9M-7.7%	$112.5M-8.6%	$123.1M-6.8%	$132.2M-10.1%	$147.0M+483.7%	$25.2M
Retained Earnings	-$291.3M-26.3%	-$230.6M-13.3%	-$203.6M-13.2%	-$179.9M-19.3%	-$150.7M-17.5%	-$128.3M

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Total Assets	$216.4M+5.3%	$205.5M+4.7%	$196.2M-0.3%	$196.8M+1.1%	$194.6M+1.6%	$191.6M+1.1%	$189.5M-3.0%	$195.4M
Current Assets	$114.5M+10.7%	$103.4M+11.1%	$93.1M+5.8%	$88.0M+0.6%	$87.4M+1.5%	$86.2M-2.8%	$88.7M-9.6%	$98.1M
Cash & Equivalents	$23.9M+19.3%	$20.0M+10.7%	$18.1M-41.7%	$31.0M-0.2%	$31.1M+33.9%	$23.2M+201.3%	$7.7M-49.6%	$15.3M
Inventory	$40.6M+10.4%	$36.8M+3.6%	$35.5M+54.2%	$23.0M0.0%	$23.0M+8.4%	$21.2M+7.0%	$19.8M+5.0%	$18.9M
Accounts Receivable	$30.8M+9.8%	$28.0M+6.6%	$26.3M+4.6%	$25.1M+8.1%	$23.3M+7.8%	$21.6M-3.2%	$22.3M+0.4%	$22.2M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$95.6M+2.6%	$93.2M+2.6%	$90.8M-10.2%	$101.2M+4.5%	$96.8M+2.5%	$94.5M+2.7%	$92.0M-2.6%	$94.4M
Current Liabilities	$28.0M+12.1%	$25.0M+14.9%	$21.7M-28.5%	$30.4M+14.2%	$26.6M+11.3%	$23.9M+12.7%	$21.2M-10.6%	$23.8M
Long-Term Debt	$48.2M+0.5%	$47.9M+0.5%	$47.7M+2.4%	$46.6M+0.5%	$46.4M+0.5%	$46.2M+0.5%	$45.9M+0.5%	$45.7M
Total Equity	$120.8M+7.6%	$112.3M+6.6%	$105.4M+10.1%	$95.7M-2.2%	$97.8M+0.7%	$97.2M-0.4%	$97.5M-3.5%	$101.0M
Retained Earnings	-$293.8M+0.2%	-$294.5M+0.2%	-$295.1M-4.9%	-$281.3M-1.4%	-$277.4M-1.5%	-$273.3M-2.5%	-$266.7M-2.7%	-$259.6M

AXGN Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$4.5M+133.8%	-$13.4M-39.3%	-$9.6M+51.6%	-$19.9M-11.3%	-$17.9M-93.4%	-$9.2M
Capital Expenditures	$3.1M-88.8%	$27.8M+27.0%	$21.9M+369.7%	$4.7M-25.8%	$6.3M+468.5%	$1.1M
Free Cash Flow	$1.4M+103.5%	-$41.2M-30.7%	-$31.5M-28.5%	-$24.5M-1.6%	-$24.1M-133.4%	-$10.3M
Investing Cash Flow	-$10.3M+56.5%	-$23.6M-39.4%	-$17.0M-162.2%	$27.3M+127.8%	-$98.2M-7500.1%	-$1.3M
Financing Cash Flow	$2.3M-88.8%	$20.5M-49.5%	$40.5M+904.1%	$4.0M-96.3%	$109.8M+545.3%	$17.0M
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	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Operating Cash Flow	N/A	N/A	-$13.2M	N/A	N/A	N/A	-$7.4M	N/A
Capital Expenditures	N/A	N/A	$256K	N/A	N/A	N/A	$4.3M	N/A
Free Cash Flow	N/A	N/A	-$13.4M	N/A	N/A	N/A	-$11.7M	N/A
Investing Cash Flow	N/A	N/A	$1.3M	N/A	N/A	N/A	-$786K	N/A
Financing Cash Flow	N/A	N/A	$2.4M	N/A	N/A	N/A	$633K	N/A
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	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	75.8%-6.2pp	82.0%+1.2pp	80.8%-3.0pp	83.7%-0.9pp	84.6%0.0pp	84.6%
Operating Margin	-1.8%+18.2pp	-20.0%+0.7pp	-20.6%+8.8pp	-29.4%-5.0pp	-24.4%-11.3pp	-13.2%
Net Margin	-5.3%+15.9pp	-21.2%-0.0pp	-21.2%+6.1pp	-27.3%-0.6pp	-26.7%-9.4pp	-17.3%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-4.9%+8.1pp	-13.0%-1.2pp	-11.8%+7.0pp	-18.8%-4.9pp	-14.0%+3.8pp	-17.7%
Current Ratio	3.24-2.0	5.23-1.1	6.36-0.1	6.47-5.1	11.57+7.5	4.06
Debt-to-Equity	0.46+0.1	0.40+0.1	0.26+0.3	0.000.0	0.00-0.8	0.79
FCF Margin	0.8%+33.1pp	-32.4%-4.3pp	-28.1%-5.1pp	-23.0%+5.8pp	-28.8%-11.6pp	-17.1%

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Gross Margin	76.5%+2.4pp	74.2%+2.2pp	71.9%-2.7pp	74.6%-2.2pp	76.8%-0.9pp	77.7%0.0pp	77.7%+10.3pp	67.5%
Operating Margin	3.2%+0.2pp	2.9%+6.4pp	-3.4%+4.0pp	-7.4%+2.3pp	-9.8%+8.3pp	-18.1%+1.9pp	-20.0%-4.5pp	-15.5%
Net Margin	1.2%+0.2pp	1.0%+8.9pp	-7.9%+1.2pp	-9.1%+0.8pp	-9.9%+7.6pp	-17.5%+1.8pp	-19.3%-4.3pp	-15.0%
Return on Equity	0.6%+0.1pp	0.5%	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	0.3%+0.1pp	0.3%+2.2pp	-1.9%+0.0pp	-2.0%+0.1pp	-2.1%+1.4pp	-3.5%+0.3pp	-3.7%-1.0pp	-2.8%
Current Ratio	4.09-0.1	4.14-0.1	4.28+1.4	2.89-0.4	3.28-0.3	3.60-0.6	4.18+0.0	4.13
Debt-to-Equity	0.40-0.0	0.43-0.0	0.45-0.0	0.49+0.0	0.470.0	0.480.0	0.47+0.0	0.45
FCF Margin	N/A	N/A	-27.7%	N/A	N/A	N/A	-32.0%	N/A

Financial Health Signals

Financial Profile 60/100

Profitability

Growth

100

Leverage

Liquidity

100

Cash Flow

Returns

N/A

Based on FY2024 annual data. Scores normalized against common benchmarks.

Piotroski F-Score Neutral

4/9

Financial strength trend (9 signals). 7-9 = strong, 0-3 = weak.

Earnings Quality Mixed

-0.46x

Operating cash flow vs net income. Above 1.0x = cash-backed earnings.

Interest Coverage At Risk

-0.4x

Operating income vs interest expense. Above 5x = safe, below 2x = risky.

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Frequently Asked Questions

What is Axogen Inc's annual revenue?

Axogen Inc (AXGN) reported $187.3M in total revenue for fiscal year 2024. This represents a 47.1% 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 47.1% year-over-year, from $127.4M to $187.3M in fiscal year 2024.

Is Axogen Inc profitable?

No, Axogen Inc (AXGN) reported a net income of -$10.0M in fiscal year 2024, with a net profit margin of -5.3%.

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

Axogen Inc (AXGN) reported diluted earnings per share of $-0.23 for fiscal year 2024. This represents a 64.6% 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.

What is Axogen Inc's EBITDA?

Axogen Inc (AXGN) had EBITDA of $3.2M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Axogen Inc have?

As of fiscal year 2024, Axogen Inc (AXGN) had $27.6M in cash and equivalents against $47.5M in long-term debt.

What is Axogen Inc's gross margin?

Axogen Inc (AXGN) had a gross margin of 75.8% in fiscal year 2024, 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 -1.8% in fiscal year 2024, 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 -5.3% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Axogen Inc's free cash flow?

Axogen Inc (AXGN) generated $1.4M in free cash flow during fiscal year 2024. This represents a 103.5% 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 $4.5M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Axogen Inc's total assets?

Axogen Inc (AXGN) had $203.7M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Axogen Inc's capital expenditures?

Axogen Inc (AXGN) invested $3.1M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Axogen Inc spend on research and development?

Axogen Inc (AXGN) invested $27.8M in research and development during fiscal year 2024.

How many shares does Axogen Inc have outstanding?

Axogen Inc (AXGN) had 44M shares outstanding as of fiscal year 2024.

What is Axogen Inc's current ratio?

Axogen Inc (AXGN) had a current ratio of 3.24 as of fiscal year 2024, which is generally considered healthy.

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

Axogen Inc (AXGN) had a debt-to-equity ratio of 0.46 as of fiscal year 2024, 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 -4.9% for fiscal year 2024, 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 4 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.

Are Axogen Inc's earnings high quality?

Axogen Inc (AXGN) has an earnings quality ratio of -0.46x, 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.

Can Axogen Inc cover its interest payments?

Axogen Inc (AXGN) has an interest coverage ratio of -0.4x, 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.

How financially healthy is Axogen Inc?

Axogen Inc (AXGN) scores 60 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.