Axogen, Inc. Reports Second Quarter 2026 Financial Results
Rhea-AI Summary
Axogen (NASDAQ: AXGN) reported Q2 2026 revenue of $69.7 million, up 23.1% from $56.7 million a year earlier, with gross margin of 72.7% versus 74.2%. The quarter showed a GAAP net loss of $1.5 million ($0.03/share) compared with net income of $0.6 million, while adjusted net income was $7.3 million ($0.12/share) versus $5.7 million. Adjusted EBITDA was $8.4 million, down from $9.3 million. Cash, restricted cash, and investments rose to $113.4 million at June 30, 2026, from $103.6 million at March 31, 2026. For 2026, Axogen now expects at least 24% revenue growth, or at least $279 million, gross margin of at least 73%, and positive full-year free cash flow. The company also highlighted broad-based growth across key clinical markets, new Level 1 evidence for Axoguard Nerve Cap, initiation of the Nerve-RESTORE study, and a minority stake in Trace Biosciences.
Positive
- Revenue +23.1% YoY to $69.7 million in Q2 2026
- Year-to-date revenue $131.2 million vs. $105.2 million in 2025
- Adjusted net income $7.3 million vs. $5.7 million in Q2 2025
- Cash, restricted cash, investments $113.4 million at June 30, 2026
- Long-term debt reduced to $0 from $48.4 million at December 31, 2025
- 2026 guidance raised to ≥24% revenue growth or ≥$279 million, with ≥73% gross margin and positive free cash flow
Negative
- Q2 2026 GAAP net loss $1.5 million vs. $0.6 million income in Q2 2025
- Gross margin decline to 72.7% from 74.2% year over year
- Adjusted EBITDA down to $8.4 million from $9.3 million in Q2 2025
- Six-month GAAP net loss $21.1 million, including $16.8 million loss on debt extinguishment
- Equity issuance 4.6 million new common shares in H1 2026, increasing dilution
- High stock-based compensation $15.6 million in the first six months of 2026
Market reaction after 2Q26 earnings report: AXGN +12.13%
Following this news, AXGN has gained 12.13%, reflecting a significant positive market reaction. Our momentum scanner has triggered 29 alerts so far, indicating elevated trading interest and price volatility. The stock is currently trading at $46.14.
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Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Apr 28 | First-quarter earnings | Positive | +6.6% | Revenue growth, raised guidance, and positive adjusted earnings accompanied a 6.6% reaction. |
| Feb 24 | Full-year earnings | Positive | -8.1% | FDA approval, financing, debt repayment, and guidance coincided with an 8.14% decline. |
| Oct 29 | Third-quarter earnings | Positive | +23.1% | Revenue growth, improved profitability, and raised guidance accompanied a 23.06% gain. |
| Aug 05 | Second-quarter earnings | Positive | +9.3% | Revenue growth, profitability, and raised guidance accompanied a 9.32% gain. |
| May 08 | First-quarter earnings | Neutral | -23.2% | Revenue growth and improved losses contrasted with lower margin and a 23.18% decline. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings reactions were mixed, ranging from strong gains to a sharp decline, with a tag-specific average move of 1.53%.
Key Terms
adjusted ebitda financial
free cash flow financial
level 1 evidence medical
assessor-blinded medical
restricted cash financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Raises Full Year Revenue Guidance to at Least
ALACHUA, Fla. and TAMPA, Fla., July 29, 2026 (GLOBE NEWSWIRE) -- Axogen, Inc. (NASDAQ: AXGN), a global leader in developing and marketing innovative surgical solutions for the restoration of peripheral nerve function, today reported financial results and business highlights for the second quarter ended June 30, 2026.
Second Quarter Financial Results
- Revenue was
$69.7 million , an increase of23.1% compared with$56.7 million in the second quarter of 2025. - Gross margin was
72.7% compared to74.2% in the second quarter of 2025. Gross margin performance was driven by changes in product mix caused primarily by accelerating year over year Breast growth greater than50% . - Net loss was
$1.5 million , or$0.03 per share, compared to a Net income of$0.6 million , or$0.01 per share for the second quarter of 2025. - Adjusted net income was
$7.3 million , or$0.12 per share, as compared to$5.7 million , or$0.12 per share for the second quarter of 2025. - Adjusted EBITDA was
$8.4 million , compared to$9.3 million for the second quarter of 2025. - Cash and cash equivalents, restricted cash, and investments as of June 30, 2026 was
$113.4 million , as compared to$103.6 million as of March 31, 2026, an increase of$9.8 million .
“We are pleased with our second-quarter revenue performance and the progress we’re making across each of Axogen’s strategic plan priorities,” said Michael Dale, President and CEO of Axogen, Inc. “Our strong growth across all our target markets, continues to reinforce the relevance of our market development strategies and the strength of our commercial execution. We remain well positioned to achieve our revenue guidance and continue advancing our strategic objectives for 2026.”
Summary of Business Highlights
- Year-to-date revenue growth through the second quarter of 2026 was broad-based across Extremities, Oral Maxillofacial & Head and Neck, and Breast, driven by
20% plus year-over-year account productivity, expanding sales force coverage, and improving commercial insurance coverage and payment.
- Publication of REPOSE, a prospective, randomized clinical study evaluating Axoguard Nerve Cap for symptomatic neuroma management, providing Level 1 evidence supporting nerve end protection and demonstrating favorable outcomes in pain burden, medication utilization, and recovery-related measures.
- Initiated Nerve-RESTORE, a prospective, randomized, assessor-blinded study comparing Avance Nerve Graft to sural nerve autograft in mixed and motor nerve reconstruction, designed to generate Level 1 evidence supporting broader adoption of nerve repair globally.
- Acquired a minority ownership stake in Trace Biosciences, including a limited right of first refusal, to support development of its nerve-specific imaging technology.
2026 Financial Guidance
For 2026, we expect full-year revenue growth to be at least
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 providing the opportunity to restore nerve function and quality of life for patients with peripheral nerve injuries by providing innovative, clinically proven and economically effective repair solutions for surgeons and healthcare 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 product portfolio includes Avance® (acellular nerve allograft-arwx), Avance® Nerve Graft, Axoguard Nerve Connector®, Axoguard Nerve Protector®, Axoguard HA+ Nerve Protector™, Axoguard Nerve Cap®, and Avive+ Soft Tissue Matrix™.
For more information, visit www.axogeninc.com.
Cautionary Statements Concerning Forward-Looking Statements
This press release and accompanying earnings call contain “forward-looking” statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements under the heading “2026 Financial Guidance” and statements regarding our business model optimization plans; market development strategies and objectives; our strategic investments, including the expected benefits and opportunities of such investments; our expectations around the potential positive impact on our business of expanded coverage and reimbursement for peripheral nerve injuries using synthetic conduits or allografts; our ability to sustain growth, operate profitably, generate positive cash flows, and fund our market development initiatives. These statements are based on management’s current expectations and estimates of trends and economic factors in the markets in which we are active. Words such as “expects,” “anticipates,” “objectives,” “targets,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “projects,” “forecasts,” “continue,” “may,” “should,” “will,” and variations of such words and similar expressions are intended to identify such forward-looking statements. Actual results or events could differ materially from those described in any forward-looking statements as a result of factors, including, without limitation, disruptions from global supply chain issues, inflation, hospital staffing challenges, product development timelines, regulatory processes, financial performance, surgeon adoption rates, market awareness of our products, the estimated total addressable market, as well as those risk factors described under Part I, Item 1A, “Risk Factors,” in our most recent Annual Report on Form 10-K and other risks and uncertainties that may be detailed from time to time in reports filed by the Company with the SEC. Forward-looking statements are not a guarantee of future performance, and actual results may differ materially from those projected. Forward-looking statements speak 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, EBITDA margin, and Adjusted EBITDA, which further excludes non-cash stock-based compensation expense and the loss on extinguishment of debt, and Adjusted EBITDA margin. We also use the non-GAAP financial measures of Adjusted Net Income and Adjusted Net Income Per Common Share - diluted which excludes non-cash stock-based compensation expense and the loss on extinguishment of debt from Net (Loss) Income and Net (Loss) Income Per Common Share - diluted. Additionally, we use the non-GAAP financial measure of Free Cash Flow which consists of net cash provided by operating activities, less expenditures for property and equipment, and intangible assets.
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 (i) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (ii) they are used by our institutional investors and the analyst community to help them analyze the performance of our business.
Contact:
Axogen, Inc.
InvestorRelations@axogeninc.com
| Axogen, Inc. Condensed Consolidated Balance Sheets (unaudited) (in thousands, except share and per share amounts) | |||||||
| | June 30, 2026 | December 31, 2025 | |||||
| Assets | | ||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 94,572 | $ | 35,548 | |||
| Restricted cash | 2,000 | 4,000 | |||||
| Investments | 16,840 | 5,980 | |||||
| Accounts receivable, net of allowance for doubtful accounts of | 34,126 | 26,169 | |||||
| Inventory | 47,313 | 42,373 | |||||
| Prepaid expenses and other assets | 5,525 | 6,352 | |||||
| Total current assets | 200,376 | 120,422 | |||||
| Property and equipment, net | 82,342 | 81,783 | |||||
| Operating lease right-of-use assets | 13,845 | 12,732 | |||||
| Intangible assets, net | 7,571 | 6,750 | |||||
| Other assets | 729 | — | |||||
| Total assets | $ | 304,863 | $ | 221,687 | |||
| | |||||||
| Liabilities and shareholders’ equity | |||||||
| Current liabilities: | |||||||
| Accounts payable and accrued expenses | $ | 28,399 | $ | 21,184 | |||
| Current maturities of long-term lease obligations | 1,975 | 2,372 | |||||
| Total current liabilities | 30,374 | 23,556 | |||||
| | |||||||
| Long-term debt, net of debt discount and financing fees | — | 48,387 | |||||
| Long-term lease obligations | 18,091 | 16,870 | |||||
| Debt derivative liabilities | — | 3,886 | |||||
| Other long-term liabilities | 141 | 141 | |||||
| Total liabilities | 48,606 | 92,840 | |||||
| | |||||||
| Shareholders’ equity: | |||||||
| Common stock, | 537 | 472 | |||||
| Additional paid-in capital | 583,783 | 435,338 | |||||
| Accumulated deficit | (328,063 | ) | (306,963 | ) | |||
| Total shareholders’ equity | 256,257 | 128,847 | |||||
| Total liabilities and shareholders’ equity | $ | 304,863 | $ | 221,687 | |||
| Axogen, Inc. Condensed Consolidated Statements of Operations (unaudited) (in thousands, except share and per share amounts) | |||||||||||||||
| | Three Months Ended | Six Months Ended | |||||||||||||
| | June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | |||||||||||
| Revenues | $ | 69,731 | $ | 56,662 | $ | 131,188 | $ | 105,222 | |||||||
| Cost of goods sold | 19,057 | 14,644 | 34,325 | 28,271 | |||||||||||
| Gross profit | 50,674 | 42,018 | 96,863 | 76,951 | |||||||||||
| Costs and expenses: | |||||||||||||||
| Sales and marketing | 30,827 | 23,804 | 59,460 | 44,849 | |||||||||||
| Research and development | 8,589 | 6,853 | 16,106 | 12,944 | |||||||||||
| General and administrative | 13,414 | 9,689 | 26,285 | 19,147 | |||||||||||
| Total costs and expenses | 52,830 | 40,346 | 101,851 | 76,940 | |||||||||||
| (Loss) income from operations | (2,156 | ) | 1,672 | (4,988 | ) | 11 | |||||||||
| Other income (expense): | |||||||||||||||
| Investment income | 786 | 225 | 1,554 | 497 | |||||||||||
| Interest expense | (1 | ) | (1,977 | ) | (695 | ) | (4,227 | ) | |||||||
| Loss on extinguishment of debt | — | — | (16,849 | ) | — | ||||||||||
| Change in fair value of debt derivative liabilities | — | 480 | — | 322 | |||||||||||
| Other (expense) income, net | (145 | ) | 179 | (122 | ) | 142 | |||||||||
| Total other income (expense), net | 640 | (1,093 | ) | (16,112 | ) | (3,266 | ) | ||||||||
| Net (loss) income | $ | (1,516 | ) | $ | 579 | $ | (21,100 | ) | $ | (3,255 | ) | ||||
| Weighted average common shares outstanding — basic | 53,339,258 | 46,063,092 | 52,562,976 | 45,605,419 | |||||||||||
| Weighted average common shares outstanding — diluted | 53,339,258 | 47,980,830 | 52,562,976 | 45,605,419 | |||||||||||
| Net (loss) income per common share — basic | $ | (0.03 | ) | $ | 0.01 | $ | (0.40 | ) | $ | (0.07 | ) | ||||
| Net (loss) income per common share — diluted | $ | (0.03 | ) | $ | 0.01 | $ | (0.40 | ) | $ | (0.07 | ) | ||||
| Axogen, Inc. Condensed Consolidated Statements of Cash Flows (unaudited) (in thousands) | |||||||
| | Six Months Ended | ||||||
| | June 30, 2026 | June 30, 2025 | |||||
| Cash flows from operating activities: | | ||||||
| Net loss | $ | (21,100 | ) | $ | (3,255 | ) | |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||
| Depreciation | 3,211 | 3,385 | |||||
| Amortization of right-of-use assets | 854 | 184 | |||||
| Amortization of intangible assets | 212 | 133 | |||||
| Amortization of debt discount and deferred financing fees | 68 | 442 | |||||
| (Recovery of) provision for bad debts | (52 | ) | 386 | ||||
| Loss on disposal of equipment | 7 | — | |||||
| Change in fair value of debt derivative liabilities | — | (322 | ) | ||||
| Investment gains, net | (110 | ) | (121 | ) | |||
| Loss on extinguishment of debt | 16,849 | — | |||||
| Stock-based compensation expense | 15,609 | 8,077 | |||||
| Change in operating assets and liabilities: | |||||||
| Accounts receivable | (7,905 | ) | (4,310 | ) | |||
| Inventory | (4,940 | ) | (3,591 | ) | |||
| Prepaid expenses and other assets | 827 | (81 | ) | ||||
| Other assets | (729 | ) | — | ||||
| Accounts payable and accrued expenses | 7,118 | (5,755 | ) | ||||
| Operating lease obligations | (1,130 | ) | (542 | ) | |||
| Cash paid for interest portion of financing lease obligations | (3 | ) | (2 | ) | |||
| Other long-term liabilities | — | (77 | ) | ||||
| Net cash provided by (used in) operating activities | 8,786 | (5,449 | ) | ||||
| | | ||||||
| Cash flows from investing activities: | | ||||||
| Purchase of property and equipment | (3,682 | ) | (978 | ) | |||
| Purchase of investments | (18,750 | ) | (7,837 | ) | |||
| Proceeds from sale of investments | 8,000 | 4,000 | |||||
| Cash payments for intangible assets | (1,032 | ) | (793 | ) | |||
| Net cash used in investing activities | (15,464 | ) | (5,608 | ) | |||
| | | ||||||
| Cash flows from financing activities: | | ||||||
| Proceeds from issuance of common stock | 134,044 | — | |||||
| Payment of stock issuance costs | (792 | ) | — | ||||
| Repayment of long-term debt | (48,585 | ) | — | ||||
| Fees paid to lender related to debt extinguishment | (20,498 | ) | — | ||||
| Fees paid to third parties related to debt extinguishment | (107 | ) | — | ||||
| Payments of employee tax withholding on vested stock awards | (9,273 | ) | — | ||||
| Cash paid for debt portion of financing lease obligations | (9 | ) | (8 | ) | |||
| Proceeds from exercise of stock options and ESPP stock purchases | 8,922 | 3,547 | |||||
| Net cash provided by financing activities | 63,702 | 3,539 | |||||
| Net increase (decrease) in cash and cash equivalents, and restricted cash | 57,024 | (7,518 | ) | ||||
| Cash and cash equivalents, and restricted cash, beginning of period | 39,548 | 33,554 | |||||
| Cash and cash equivalents, and restricted cash, end of period | $ | 96,572 | $ | 26,036 | |||
| Axogen, Inc. Condensed Consolidated Statements of Changes in Shareholders’ Equity (unaudited) (in thousands, except share amounts) | ||||||||||||||||
| | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total Shareholders' Equity | ||||||||||||
| | Shares | Amount | ||||||||||||||
| Three Months Ended June 30, 2026 | ||||||||||||||||
| Balance at March 31, 2026 | 53,153,471 | $ | 532 | $ | 570,823 | $ | (326,547 | ) | $ | 244,808 | ||||||
| Net loss | — | — | — | (1,516 | ) | (1,516 | ) | |||||||||
| Stock-based compensation | — | — | 8,766 | — | 8,766 | |||||||||||
| Issuance of restricted and performance stock units, net of shares withheld for withholding taxes | 134,892 | 1 | (498 | ) | — | (497 | ) | |||||||||
| Exercise of stock options and employee stock purchases under the ESPP | 367,930 | 4 | 4,692 | — | 4,696 | |||||||||||
| Balance at June 30, 2026 | 53,656,293 | $ | 537 | $ | 583,783 | $ | (328,063 | ) | $ | 256,257 | ||||||
| | | | | | | |||||||||||
| Six Months Ended June 30, 2026 | | | | | | |||||||||||
| Balance at December 31, 2025 | 47,199,797 | $ | 472 | $ | 435,338 | $ | (306,963 | ) | $ | 128,847 | ||||||
| Net loss | — | — | — | (21,100 | ) | (21,100 | ) | |||||||||
| Issuance of common shares | 4,600,000 | 46 | 133,206 | — | 133,252 | |||||||||||
| Stock-based compensation | — | — | 15,609 | — | 15,609 | |||||||||||
| Issuance of restricted and performance stock units, net of shares withheld for withholding taxes | 1,120,688 | 11 | (9,284 | ) | — | (9,273 | ) | |||||||||
| Exercise of stock options and employee stock purchases under the ESPP | 735,808 | 8 | 8,914 | — | 8,922 | |||||||||||
| Balance at June 30, 2026 | 53,656,293 | $ | 537 | $ | 583,783 | $ | (328,063 | ) | $ | 256,257 | ||||||
| Three Months Ended June 30, 2025 | ||||||||||||||||
| Balance at December 31, 2024 | 45,512,623 | $ | 455 | $ | 400,004 | $ | (295,094 | ) | $ | 105,365 | ||||||
| Net income | — | — | — | 579 | 579 | |||||||||||
| Stock-based compensation | — | — | 5,168 | — | 5,168 | |||||||||||
| Issuance of restricted and performance stock units | 113,923 | 1 | (1 | ) | — | — | ||||||||||
| Exercise of stock options and employee stock purchases under the ESPP | 138,744 | 1 | 1,163 | — | 1,164 | |||||||||||
| Balance at June 30, 2025 | 45,765,290 | $ | 457 | $ | 406,334 | $ | (294,515 | ) | $ | 112,276 | ||||||
| Six Months Ended June 30, 2025 | ||||||||||||||||
| Balance at December 31, 2024 | 44,148,836 | $ | 441 | $ | 394,726 | $ | (291,260 | ) | $ | 103,907 | ||||||
| Net loss | — | — | — | (3,255 | ) | (3,255 | ) | |||||||||
| Stock-based compensation | — | — | 8,077 | — | 8,077 | |||||||||||
| Issuance of restricted and performance stock units | 1,219,137 | 12 | (12 | ) | — | — | ||||||||||
| Exercise of stock options and employee stock purchases under the ESPP | 397,317 | 4 | 3,543 | — | 3,547 | |||||||||||
| Balance at June 30, 2025 | 45,765,290 | $ | 457 | $ | 406,334 | $ | (294,515 | ) | $ | 112,276 | ||||||
| Axogen, Inc. Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures (unaudited) (in thousands, except share and per share amounts) | |||||||||||||||
| EBITDA & Adjusted EBITDA | Three Months Ended | Six Months Ended | |||||||||||||
| June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | ||||||||||||
| Net (loss) income | $ | (1,516 | ) | $ | 579 | $ | (21,100 | ) | $ | (3,255 | ) | ||||
| Depreciation and amortization expense | 1,717 | 1,723 | 3,422 | 3,518 | |||||||||||
| Investment income | (786 | ) | (225 | ) | (1,554 | ) | (497 | ) | |||||||
| Income tax expense | 221 | 37 | 188 | 66 | |||||||||||
| Interest expense | 1 | 1,977 | 695 | 4,227 | |||||||||||
| EBITDA - non-GAAP | $ | (363 | ) | $ | 4,091 | $ | (18,349 | ) | $ | 4,059 | |||||
| EBITDA margin - non-GAAP | (0.5) % | 7.2 | % | (14.0) % | 3.9 | % | |||||||||
| Non-cash stock-based compensation expense | 8,766 | 5,168 | 15,609 | 8,077 | |||||||||||
| Loss on extinguishment of debt | — | — | 16,849 | — | |||||||||||
| Adjusted EBITDA - non-GAAP | $ | 8,403 | $ | 9,259 | $ | 14,109 | $ | 12,136 | |||||||
| Adjusted EBITDA margin - non-GAAP | 12.1 | % | 16.3 | % | 10.8 | % | 11.5 | % | |||||||
| Adjusted Net Income | Three Months Ended June 30, 2026 | ||||||||||||||
| GAAP Results | Non-cash Stock-based Compensation Expense | Dilutive Shares Impact(1) | Adjusted Results | ||||||||||||
| Revenues | $ | 69,731 | $ | — | $ | 69,731 | |||||||||
| Cost of goods sold | 19,057 | (1,209 | ) | 17,848 | |||||||||||
| Gross profit | 50,674 | 1,209 | 51,883 | ||||||||||||
| Costs and expenses: | |||||||||||||||
| Sales and marketing | 30,827 | (2,004 | ) | 28,823 | |||||||||||
| Research and development | 8,589 | (1,795 | ) | 6,794 | |||||||||||
| General and administrative | 13,414 | (3,758 | ) | 9,656 | |||||||||||
| Total costs and expenses | 52,830 | (7,557 | ) | 45,273 | |||||||||||
| (Loss) income from operations | (2,156 | ) | 8,766 | 6,610 | |||||||||||
| Other income (expense): | |||||||||||||||
| Investment income | 786 | — | 786 | ||||||||||||
| Interest expense | (1 | ) | — | (1 | ) | ||||||||||
| Other expense, net | (145 | ) | — | (145 | ) | ||||||||||
| Total other income, net | 640 | — | 640 | ||||||||||||
| Net (loss) income | $ | (1,516 | ) | $ | 8,766 | $ | 7,250 | ||||||||
| Weighted average common shares outstanding - diluted | 53,339,258 | 53,339,258 | 6,234,467 | 59,573,725 | |||||||||||
| Net (loss) income per common share - diluted | $ | (0.03 | ) | $ | 0.16 | $ | (0.01 | ) | $ | 0.12 | |||||
__________
(1) Due to a GAAP net loss, antidilutive securities are excluded from GAAP diluted weighted average common shares outstanding. However, considering the adjusted net income position, adjusted diluted weighted average common shares outstanding incorporates securities that would have been dilutive for GAAP.
| Axogen, Inc. Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures (unaudited) (in thousands, except share and per share amounts) | |||||||||||
| Adjusted Net Income | Three Months Ended June 30, 2025 | ||||||||||
| GAAP Results | Non-cash Stock-based Compensation Expense | Adjusted Results | |||||||||
| Revenues | $ | 56,662 | $ | — | $ | 56,662 | |||||
| Cost of goods sold | 14,644 | (710 | ) | 13,934 | |||||||
| Gross profit | 42,018 | 710 | 42,728 | ||||||||
| Costs and expenses: | |||||||||||
| Sales and marketing | 23,804 | (1,314 | ) | 22,490 | |||||||
| Research and development | 6,853 | (1,029 | ) | 5,824 | |||||||
| General and administrative | 9,689 | (2,115 | ) | 7,574 | |||||||
| Total costs and expenses | 40,346 | (4,458 | ) | 35,888 | |||||||
| Income from operations | 1,672 | 5,168 | 6,840 | ||||||||
| Other income (expense): | |||||||||||
| Investment income | 225 | — | 225 | ||||||||
| Interest expense | (1,977 | ) | — | (1,977 | ) | ||||||
| Change in fair value of debt derivative liabilities | 480 | — | 480 | ||||||||
| Other income, net | 179 | — | 179 | ||||||||
| Total other expense, net | (1,093 | ) | — | (1,093 | ) | ||||||
| Net income | $ | 579 | $ | 5,168 | $ | 5,747 | |||||
| Weighted average common shares outstanding - diluted | 47,980,830 | 47,980,830 | 47,980,830 | ||||||||
| Net income per common share - diluted | $ | 0.01 | $ | 0.11 | $ | 0.12 | |||||
| Axogen, Inc. Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures (unaudited) (in thousands, except share and per share amounts) | ||||||||||||||||||
| Adjusted Net Income | Six Months Ended June 30, 2026 | |||||||||||||||||
| GAAP Results | Non-cash Stock-based Compensation Expense | Loss on Extinguishment of Debt | Dilutive Shares Impact(1) | Adjusted Results | ||||||||||||||
| Revenues | $ | 131,188 | $ | — | $ | — | $ | 131,188 | ||||||||||
| Cost of goods sold | 34,325 | (2,129 | ) | — | 32,196 | |||||||||||||
| Gross profit | 96,863 | 2,129 | — | 98,992 | ||||||||||||||
| Costs and expenses: | ||||||||||||||||||
| Sales and marketing | 59,460 | (3,561 | ) | — | 55,899 | |||||||||||||
| Research and development | 16,106 | (3,214 | ) | — | 12,892 | |||||||||||||
| General and administrative | 26,285 | (6,705 | ) | — | 19,580 | |||||||||||||
| Total costs and expenses | 101,851 | (13,480 | ) | — | 88,371 | |||||||||||||
| (Loss) income from operations | (4,988 | ) | 15,609 | — | 10,621 | |||||||||||||
| Other income (expense): | ||||||||||||||||||
| Investment income | 1,554 | — | — | 1,554 | ||||||||||||||
| Interest expense | (695 | ) | — | — | (695 | ) | ||||||||||||
| Loss on extinguishment of debt | (16,849 | ) | — | 16,849 | — | |||||||||||||
| Other expense, net | (122 | ) | — | — | (122 | ) | ||||||||||||
| Total other (expense) income, net | (16,112 | ) | — | 16,849 | 737 | |||||||||||||
| Net (loss) income | $ | (21,100 | ) | $ | 15,609 | $ | 16,849 | $ | 11,358 | |||||||||
| Weighted average common shares outstanding - diluted | 52,562,976 | 52,562,976 | 52,562,976 | 5,966,877 | 58,529,853 | |||||||||||||
| Net (loss) income per common share - diluted | $ | (0.40 | ) | $ | 0.30 | $ | 0.32 | $ | (0.02 | ) | $ | 0.19 | ||||||
__________
(1) Due to a GAAP net loss, antidilutive securities are excluded from GAAP diluted weighted average common shares outstanding. However, considering the adjusted net income position, adjusted diluted weighted average common shares outstanding incorporates securities that would have been dilutive for GAAP.
| Axogen, Inc. Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures (unaudited) (in thousands, except share and per share amounts) | |||||||||||||||
| Adjusted Net Income | Six Months Ended June 30, 2025 | ||||||||||||||
| GAAP Results | Non-cash Stock-based Compensation Expense | Dilutive Shares Impact(1) | Adjusted Results | ||||||||||||
| Revenues | $ | 105,222 | $ | — | $ | 105,222 | |||||||||
| Cost of goods sold | 28,271 | (700 | ) | 27,571 | |||||||||||
| Gross profit | 76,951 | 700 | 77,651 | ||||||||||||
| Costs and expenses: | |||||||||||||||
| Sales and marketing | 44,849 | (1,898 | ) | 42,951 | |||||||||||
| Research and development | 12,944 | (1,749 | ) | 11,195 | |||||||||||
| General and administrative | 19,147 | (3,730 | ) | 15,417 | |||||||||||
| Total costs and expenses | 76,940 | (7,377 | ) | 69,563 | |||||||||||
| Income from operations | 11 | 8,077 | 8,088 | ||||||||||||
| Other income (expense): | |||||||||||||||
| Investment income | 497 | — | 497 | ||||||||||||
| Interest expense | (4,227 | ) | — | (4,227 | ) | ||||||||||
| Change in fair value of debt derivative liabilities | 322 | — | 322 | ||||||||||||
| Other income, net | 142 | — | 142 | ||||||||||||
| Total other expense, net | (3,266 | ) | — | (3,266 | ) | ||||||||||
| Net (loss) income | $ | (3,255 | ) | $ | 8,077 | $ | 4,822 | ||||||||
| Weighted average common shares outstanding - diluted | 45,605,419 | 45,605,419 | 2,650,576 | 48,255,995 | |||||||||||
| Net (loss) income per common share - diluted | $ | (0.07 | ) | $ | 0.18 | $ | (0.01 | ) | $ | 0.10 | |||||
__________
(1) Due to a GAAP net loss, antidilutive securities are excluded from GAAP diluted weighted average common shares outstanding. However, considering the adjusted net income position, adjusted diluted weighted average common shares outstanding incorporates securities that would have been dilutive for GAAP.
| Free Cash Flow | Six Months Ended June 30, | ||||||
| 2026 | 2025 | ||||||
| Net cash provided by (used in) operating activities | $ | 8,786 | $ | (5,449 | ) | ||
| Purchase of property and equipment | (3,682 | ) | (978 | ) | |||
| Cash payments for intangible assets | (1,032 | ) | (793 | ) | |||
| Free cash flow | $ | 4,072 | $ | (7,220 | ) | ||
