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Axogen (NASDAQ: AXGN) lifts 2026 revenue outlook after 23% Q2 growth

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Axogen reported strong second-quarter 2026 growth, with revenue of $69.7 million, up 23.1% from $56.7 million a year earlier, driven by broad-based gains across Extremities, Oral Maxillofacial & Head and Neck, and Breast, where breast revenue grew more than 50% year over year. Gross margin was 72.7% versus 74.2% as mix shifted toward faster-growing breast procedures. The company posted a GAAP net loss of $1.5 million, or $0.03 per share, compared with $0.6 million of income, while adjusted net income rose to $7.3 million and Adjusted EBITDA was $8.4 million.

Through the first half of 2026, Axogen generated $4.1 million of free cash flow versus a negative $7.2 million a year earlier, ended June 30 with $113.4 million in cash, restricted cash and investments, and eliminated long‑term debt after recording a $16.8 million loss on extinguishment. The company also raised equity, increasing shares outstanding to 53.7 million. Management highlighted publication of the REPOSE study, initiation of the Nerve‑RESTORE trial, and a minority stake in Trace Biosciences to support nerve-specific imaging. Full‑year 2026 guidance now calls for at least 24% revenue growth, or $279 million, gross margin of at least 73%, and positive free cash flow.

Positive

  • Q2 2026 revenue rose 23.1% to $69.7 million, from $56.7 million a year earlier, with broad-based growth across Extremities, Oral Maxillofacial & Head and Neck, and Breast.
  • Full-year 2026 guidance was raised to at least 24% revenue growth, or $279 million, with gross margin expected to be at least 73% and free cash flow positive.
  • Liquidity and leverage improved materially, with $113.4 million in cash, restricted cash and investments, no long-term debt at June 30, 2026, and first-half free cash flow of $4.1 million versus a $7.2 million use a year earlier.

Negative

  • GAAP net loss widened to $21.1 million for the first half of 2026, versus a $3.3 million loss a year earlier, including a $16.8 million loss on extinguishment of debt and higher operating expenses.
  • Profitability metrics softened in Q2, with gross margin down to 72.7% from 74.2% and Adjusted EBITDA margin at 12.1% versus 16.3% in the prior-year quarter as spending grew faster than revenue.

Filing Explained

The July 29 filing records 4,600,000 issued shares and $134,044 thousand in proceeds, increasing share count while its exhibits remain furnished, not filed.

The filing records a completed equity issuance of $134,044 thousand in proceeds for 4,600,000 common shares, bringing shares issued and outstanding to 53,656,293 at June 30, 2026.

Because additional shares increase the total share count, the issuance reduces an existing holder’s percentage ownership absent offsetting changes.

The earnings release and presentations are furnished under Items 2.02 and 7.01; the filing says they are not deemed filed for Section 18 or incorporated by reference unless a future filing expressly provides otherwise.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 Revenue $69.7 million Three months ended June 30, 2026; 23.1% above $56.7 million in Q2 2025
Q2 2026 Gross Margin 72.7% Compared with 74.2% in the second quarter of 2025
Q2 2026 Net (Loss) Income $(1.5) million Net loss of $1.5 million versus $0.6 million net income in Q2 2025
Q2 2026 Adjusted Net Income $7.3 million Non-GAAP adjusted net income; $0.12 per diluted share
Q2 2026 Adjusted EBITDA $8.4 million Adjusted EBITDA with a 12.1% margin versus $9.3 million and 16.3% in Q2 2025
Cash, Restricted Cash and Investments $113.4 million Balance as of June 30, 2026, versus $103.6 million as of March 31, 2026
Long-term Debt $0 Long-term debt, net, at June 30, 2026, down from $48.4 million at December 31, 2025
2026 Revenue Guidance $279 million Management expects at least 24% full-year 2026 revenue growth, or revenue of at least $279 million
Adjusted EBITDA financial
"Adjusted EBITDA was $8.4 million, compared to $9.3 million for the second quarter of 2025."
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
loss on extinguishment of debt financial
"Loss on extinguishment of debt | 16,849 | | | —"
Loss on extinguishment of debt is the accounting hit a company records when it retires or restructures a loan or bond for an amount that exceeds the debt’s recorded value—like paying more than the remaining balance to settle a loan early. It matters to investors because it reduces reported profit and can use cash, but may also cut future interest costs or signal financial stress; understanding it helps assess earnings quality and balance-sheet strength.
Free Cash Flow financial
"Free cash flow | $ | 4,072 | | | $ | (7,220) |"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
acellular nerve allograft medical
"Avance® (acellular nerve allograft-arwx) is the only FDA approved biologic nerve scaffold"
An acellular nerve allograft is a medical tissue used to repair damaged nerves, made from donor nerve tissue that has been processed to remove all living cells. This leaves a structural framework that guides nerve growth without provoking a strong immune response. While primarily a medical term, its relevance to investors may relate to advancements in regenerative treatments or biotech companies developing innovative nerve repair solutions.
Level 1 evidence medical
"providing Level 1 evidence supporting nerve end protection and demonstrating favorable outcomes"
Highest-quality clinical or scientific proof from rigorous studies such as well-designed randomized controlled trials or their pooled analyses (systematic reviews/meta-analyses), showing consistent, reproducible results. For investors it signals stronger confidence in a drug’s or medical intervention’s effect and can influence regulatory decisions, market adoption, and perceived business risk—like a product that has passed multiple independent stress tests and inspections.
Q2 2026 revenue $69.7 million up 23.1% from $56.7 million in Q2 2025
Q2 2026 GAAP net (loss) income $(1.5) million compared with $0.6 million net income in Q2 2025
Q2 2026 Adjusted EBITDA $8.4 million versus $9.3 million in the prior-year quarter
Free cash flow for six months ended June 30, 2026 $4.1 million improved from $(7.2) million in the first half of 2025
2026 revenue guidance at least $279 million represents at least 24% full-year revenue growth versus 2025
Guidance

Management expects full-year 2026 revenue growth of at least 24% (revenue of at least $279 million), gross margin of at least 73%, and positive free cash flow.

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FAQ

How did Axogen (AXGN) perform financially in Q2 2026?
Axogen reported Q2 2026 revenue of $69.7 million, up 23.1% from $56.7 million in Q2 2025. Gross margin was 72.7%. The company recorded a GAAP net loss of $1.5 million, but delivered adjusted net income of $7.3 million and Adjusted EBITDA of $8.4 million.

What guidance did Axogen (AXGN) provide for full-year 2026?
Management expects full-year 2026 revenue growth of at least 24%, or revenue of at least $279 million. The company also targets a gross margin of at least 73% and positive free cash flow for 2026, reflecting confidence in continued growth and operating leverage.

How strong is Axogen’s (AXGN) balance sheet after Q2 2026?
As of June 30, 2026, Axogen held $113.4 million in cash, restricted cash and investments and reported no long-term debt, compared with $48.4 million of long-term debt at December 31, 2025. Total shareholders’ equity increased to $256.3 million, providing a stronger capital base.

How did Axogen’s (AXGN) profitability and cash flow change year over year?
Q2 2026 showed a GAAP net loss of $1.5 million versus $0.6 million income in Q2 2025, while adjusted net income improved to $7.3 million from $5.7 million. For the first half, free cash flow was $4.1 million, a significant improvement from negative $7.2 million a year earlier.

What drove Axogen’s (AXGN) revenue growth across its markets?
Year-to-date 2026 revenue growth was broad-based across Extremities, Oral Maxillofacial & Head and Neck, and Breast. The company cited 20%+ year-over-year account productivity, expanding sales coverage, improved commercial insurance coverage, and breast revenue growth greater than 50% as key drivers.

What strategic and clinical initiatives did Axogen (AXGN) advance in Q2 2026?
Axogen highlighted publication of the REPOSE study on Axoguard Nerve Cap, initiation of Nerve-RESTORE, a randomized trial comparing Avance Nerve Graft to autograft, and a minority stake in Trace Biosciences to support development of nerve-specific imaging technology.
0000805928false00008059282026-07-292026-07-29

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 29, 2026
AXGN Logo.jpg
AXOGEN, INC.
(Exact Name of Registrant as Specified in Charter)


Minnesota
(State or Other Jurisdiction of
Incorporation or Organization)
001-36046
(Commission File Number)

41-1301878
(I.R.S. Employer Identification No.)

13631 Progress Boulevard, Suite 400 Alachua, Florida
(Address of principal executive offices)

32615
(Zip Code)
(386) 462-6800
(Registrant's telephone number, including area code)

N/A
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e- 4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of exchange on which registered
Common Stock, $0.01 par valueAXGNThe Nasdaq Stock Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition
On July 29, 2026, Axogen, Inc. (the “Company”) issued a press release announcing its second quarter 2026 financial results. A copy of the press release is furnished as Exhibit 99.1.
The information furnished pursuant to Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of such section, nor shall it be incorporated by reference into future filings by the Company under the Securities Act of 1933, as amended (the “Securities Act”), or under the Exchange Act, unless the Company expressly sets forth in such future filing that such information is to be considered “filed” or incorporated by reference therein.
Item 7.01 Regulation FD Disclosure
On July 29, 2026, the Company posted a second quarter 2026 financial results presentation to its website at https://ir.axogeninc.com/news-events. The Company may use the financial results presentation from time to time in conversation with analysts, investors, and others. A copy of the presentation is furnished as Exhibit 99.2.
On July 29, 2026, the Company posted an updated corporate presentation to its website at https://ir.axogeninc.com/news-events. The Company may use the corporate presentation from time to time in conversation with analysts, investors, and others. A copy of the corporate presentation is furnished as Exhibit 99.3.

The information in this Item 7.01, including Exhibits 99.2 and 99.3, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section and shall not be deemed incorporated by reference into any filing under the Securities Act or Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit No.
Description
99.1
Axogen Inc. Earnings Press Release, dated July 29, 2026
99.2
Axogen Inc. Second Quarter Financial Results Presentation, dated July 29, 2026
99.3
Axogen Inc. Corporate Presentation, dated July 2026
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURES
Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
AXOGEN, INC.
Dated: July 29, 2026
By:/s/ Marc Began
Marc Began
Executive Vice President, General Counsel and Chief Compliance Officer

Exhibit 99.1
image_0a.jpg
 
Axogen, Inc. Reports Second Quarter 2026 Financial Results

Raises Full Year Revenue Guidance to at Least 24% Growth or $279 million

ALACHUA and TAMPA, FL – July 29, 2026 – 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 of 23.1% compared with $56.7 million in the second quarter of 2025.
•Gross margin was 72.7% compared to 74.2% 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 than 50%.
•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 24%, or revenue of at least $279 million, gross margin to be at least 73%, and positive free cash flow for the full-year.

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 cash2,000 4,000 
Investments16,840 5,980 
Accounts receivable, net of allowance for doubtful accounts of $734 and $948, respectively
34,126 26,169 
Inventory47,313 42,373 
Prepaid expenses and other assets5,525 6,352 
Total current assets200,376 120,422 
Property and equipment, net82,342 81,783 
Operating lease right-of-use assets13,845 12,732 
Intangible assets, net7,571 6,750 
Other assets729 — 
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 obligations1,975 2,372 
Total current liabilities30,374 23,556 
Long-term debt, net of debt discount and financing fees— 48,387 
Long-term lease obligations18,091 16,870 
Debt derivative liabilities— 3,886 
Other long-term liabilities141 141 
Total liabilities48,606 92,840 
Shareholders’ equity:
Common stock, $0.01 par value per share; 100,000,000 shares authorized; 53,656,293 and 47,199,797 shares issued and outstanding, respectively
537 472 
Additional paid-in capital583,783 435,338 
Accumulated deficit(328,063)(306,963)
Total shareholders’ equity256,257 128,847 
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, 2026June 30, 2025June 30, 2026June 30, 2025
Revenues$69,731 $56,662 $131,188 $105,222 
Cost of goods sold19,057 14,644 34,325 28,271 
Gross profit50,674 42,018 96,863 76,951 
Costs and expenses:
Sales and marketing30,827 23,804 59,460 44,849 
Research and development8,589 6,853 16,106 12,944 
General and administrative13,414 9,689 26,285 19,147 
Total costs and expenses52,830 40,346 101,851 76,940 
(Loss) income from operations(2,156)1,672 (4,988)11 
Other income (expense):
Investment income786 225 1,554 497 
Interest expense(1)(1,977)(695)(4,227)
Loss on extinguishment of debt— — (16,849)— 
Change in fair value of debt derivative liabilities— 480 — 322 
Other (expense) income, net(145)179 (122)142 
Total other income (expense), net640 (1,093)(16,112)(3,266)
Net (loss) income$(1,516)$579 $(21,100)$(3,255)
Weighted average common shares outstanding — basic53,339,258 46,063,092 52,562,976 45,605,419 
Weighted average common shares outstanding — diluted53,339,258 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, 2026June 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:
Depreciation3,211 3,385 
Amortization of right-of-use assets854 184 
Amortization of intangible assets212 133 
Amortization of debt discount and deferred financing fees68 442 
(Recovery of) provision for bad debts(52)386 
Loss on disposal of equipment7 — 
Change in fair value of debt derivative liabilities— (322)
Investment gains, net(110)(121)
Loss on extinguishment of debt16,849 — 
Stock-based compensation expense15,609 8,077 
Change in operating assets and liabilities:
Accounts receivable(7,905)(4,310)
Inventory(4,940)(3,591)
Prepaid expenses and other assets827 (81)
Other assets(729)— 
Accounts payable and accrued expenses7,118 (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 activities8,786 (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 investments8,000 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 stock134,044 — 
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 purchases8,922 3,547 
Net cash provided by financing activities63,702 3,539 
Net increase (decrease) in cash and cash equivalents, and restricted cash57,024 (7,518)
Cash and cash equivalents, and restricted cash, beginning of period39,548 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 StockAdditional Paid-in
Capital		Accumulated
Deficit		Total Shareholders'
Equity
SharesAmount
Three Months Ended June 30, 2026
Balance at March 31, 202653,153,471 $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 taxes134,892 1 (498)— (497)
Exercise of stock options and employee stock purchases under the ESPP367,930 4 4,692 — 4,696 
Balance at June 30, 202653,656,293 $537 $583,783 $(328,063)$256,257 
Six Months Ended June 30, 2026
Balance at December 31, 202547,199,797 $472 $435,338 $(306,963)$128,847 
Net loss— — — (21,100)(21,100)
Issuance of common shares4,600,000 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 taxes1,120,688 11 (9,284)— (9,273)
Exercise of stock options and employee stock purchases under the ESPP735,808 8 8,914 — 8,922 
Balance at June 30, 202653,656,293 $537 $583,783 $(328,063)$256,257 
Three Months Ended June 30, 2025
Balance at December 31, 202445,512,623 $455 $400,004 $(295,094)$105,365 
Net income— — — 579 579 
Stock-based compensation— — 5,168 — 5,168 
Issuance of restricted and performance stock units113,923 1 (1)— — 
Exercise of stock options and employee stock purchases under the ESPP138,744 1 1,163 — 1,164 
Balance at June 30, 202545,765,290 $457 $406,334 $(294,515)$112,276 
Six Months Ended June 30, 2025
Balance at December 31, 202444,148,836 $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 units1,219,137 12 (12)— — 
Exercise of stock options and employee stock purchases under the ESPP397,317 4 3,543 — 3,547 
Balance at June 30, 202545,765,290 $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 EBITDAThree Months Ended Six Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Net (loss) income$(1,516)$579 $(21,100)$(3,255)
Depreciation and amortization expense1,717 1,723 3,422 3,518 
Investment income(786)(225)(1,554)(497)
Income tax expense221 37 188 66 
Interest expense1 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 expense8,766 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-GAAP12.1 %16.3 %10.8 %11.5 %


Adjusted Net IncomeThree Months Ended June 30, 2026
GAAP ResultsNon-cash Stock-based Compensation Expense
Dilutive Shares Impact(1)
Adjusted Results
Revenues$69,731 $— $69,731 
Cost of goods sold19,057 (1,209)17,848 
Gross profit50,674 1,209 51,883 
Costs and expenses:
Sales and marketing30,827 (2,004)28,823 
Research and development8,589 (1,795)6,794 
General and administrative13,414 (3,758)9,656 
Total costs and expenses52,830 (7,557)45,273 
(Loss) income from operations(2,156)8,766 6,610 
Other income (expense):
Investment income786 — 786 
Interest expense(1)— (1)
Other expense, net(145)— (145)
Total other income, net640 — 640 
Net (loss) income$(1,516)$8,766 $7,250 
Weighted average common shares outstanding - diluted53,339,258 53,339,258 6,234,467 59,573,725 
Net (loss) income per common share - diluted$(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 IncomeThree Months Ended June 30, 2025
GAAP ResultsNon-cash Stock-based Compensation ExpenseAdjusted Results
Revenues$56,662 $— $56,662 
Cost of goods sold14,644 (710)13,934 
Gross profit42,018 710 42,728 
Costs and expenses:
Sales and marketing23,804 (1,314)22,490 
Research and development6,853 (1,029)5,824 
General and administrative9,689 (2,115)7,574 
Total costs and expenses40,346 (4,458)35,888 
Income from operations1,672 5,168 6,840 
Other income (expense):
Investment income225 — 225 
Interest expense(1,977)— (1,977)
Change in fair value of debt derivative liabilities480 — 480 
Other income, net179 — 179 
Total other expense, net(1,093)— (1,093)
Net income$579 $5,168 $5,747 
Weighted average common shares outstanding - diluted47,980,830 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 IncomeSix Months Ended June 30, 2026
GAAP ResultsNon-cash Stock-based Compensation ExpenseLoss on Extinguishment of Debt
Dilutive Shares Impact(1)
Adjusted Results
Revenues$131,188 $— $— $131,188 
Cost of goods sold34,325 (2,129)— 32,196 
Gross profit96,863 2,129 — 98,992 
Costs and expenses:
Sales and marketing59,460 (3,561)— 55,899 
Research and development16,106 (3,214)— 12,892 
General and administrative26,285 (6,705)— 19,580 
Total costs and expenses101,851 (13,480)— 88,371 
(Loss) income from operations(4,988)15,609 — 10,621 
Other income (expense):
Investment income1,554 — — 1,554 
Interest expense(695)— — (695)
Loss on extinguishment of debt(16,849)— 16,849 — 
Other expense, net(122)— — (122)
Total other (expense) income, net(16,112)— 16,849 737 
Net (loss) income$(21,100)$15,609 $16,849 $11,358 
Weighted average common shares outstanding - diluted52,562,976 52,562,976 52,562,976 5,966,877 58,529,853 
Net (loss) income per common share - diluted$(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 IncomeSix Months Ended June 30, 2025
GAAP ResultsNon-cash Stock-based Compensation Expense
Dilutive Shares Impact(1)
Adjusted Results
Revenues$105,222 $— $105,222 
Cost of goods sold28,271 (700)27,571 
Gross profit76,951 700 77,651 
Costs and expenses:
Sales and marketing44,849 (1,898)42,951 
Research and development12,944 (1,749)11,195 
General and administrative19,147 (3,730)15,417 
Total costs and expenses76,940 (7,377)69,563 
Income from operations11 8,077 8,088 
Other income (expense):
Investment income497 — 497 
Interest expense(4,227)— (4,227)
Change in fair value of debt derivative liabilities322 — 322 
Other income, net142 — 142 
Total other expense, net(3,266)— (3,266)
Net (loss) income$(3,255)$8,077 $4,822 
Weighted average common shares outstanding - diluted45,605,419 45,605,419 2,650,576 48,255,995 
Net (loss) income per common share - diluted$(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 FlowSix Months Ended June 30,
20262025
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)

Q2 2026 Financial Results July 29th, 2026 April 2026

 

Forward-looking Statements This presentation contains “forward-looking” statements as defined in the Private Securities Litigation Reform Act of 1995, which are statements that are not historical facts and relate to future conditions, events, or results. These statements are based on management's current expectations or predictions of future conditions, events, or results based on various assumptions and management's estimates of trends and economic factors in the markets in which we are active, as well as our business plans. Words such as “expects,” “anticipates,” “objectives,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “projects,” “forecasts,” “continue,” “may,” “should,” “will,” “goals,” and variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements include, but are not limited to, statements related to: clinical development activities, including expansion into prostate applications; commercial growth initiatives, including planned expansion of breast and extremities sales specialists; market development opportunities; strategic investments and collaborations, including the anticipated strategic benefits of such investments; expectations regarding disciplined, profitable growth and margin improvement; financial guidance and outlook for 2026, including projected revenue growth, free cash flow, gross margins, and other operating performance metrics; and statements regarding our training and education initiatives, reimbursement and market access efforts, and research and development activities. Actual results or events could differ materially from those described in any forward-looking statements as a result of various factors, including, without limitation, risks related to global supply chain conditions, inflationary pressures, hospital staffing challenges, product development and product potential, clinical enrollment timing and outcomes, regulatory processes and approvals, financial performance, sales growth, surgeon and product adoption, market awareness of our products, data validation, our visibility at and sponsorship of conferences and educational events, geopolitical and macroeconomic conditions, including armed conflicts and government actions or policies that may affect our business, tax position, or regulatory processes, as well as those risk factors described under Part I, Item 1A., “Risk Factors,” of our most recent Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, and other filings made from time to time with the Securities and Exchange Commission. 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. 2 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 and Net Loss 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 (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by our institutional investors and the analyst community to help them analyze the performance of our business.

 

3 Q2 2026 Business Highlights and 2026 Goals Michael Dale President and Chief Executive Officer

 

Agenda 4 1.Q2 2026 Business Highlights Michael Dale, President and Chief Executive Officer 2.Q2 2026 Financials and 2026 Guidance Lindsey Hartley, Chief Financial Officer 3.Q&A Michael Dale, Lindsey Hartley, Jens Kemp, Chief Marketing Officer Rick Ditto, VP Global Health Economics, Reimbursement & Policy

 

Strategic Priorities 01 Growth 15–20% Revenue CAGR + Operating Leverage 02 Market Development Elective & Planned Procedures + Prostate market development 03 Commercial Expansion Infrastructure and Sales Force expansion 04 Commercial Excellence Continuous business model and customer creation process optimization by market 05 Standard Of Care Clinical evidence generation for societal support, standard of care & coverage requirements 06 Innovation Product development to drive better benefit versus risk profiles in nerve care 5

 

6 Strategic Priorities Q2 2026 Business Highlights 01 Growth 15–20% Revenue CAGR + Operating Leverage Q2 Revenue $69.7M, +23.1% YoY Capital Structure No debt obligations; $113.4M in cash, equivalents, restricted cash and investments 2026 Target Disciplined profitable growth; improving margins. 02 Market Development Elective & Planned + Prostate Extremities Steady growth; <50% of total sales for the first time as Breast mix grows OMF / H&N Continued adoption momentum; incremental surgeon activation and strong HiPo account execution Breast Accelerating growth driven by market development, sales force expansion, and coverage; growth >50% YoY Prostate 100+ procedures and 10+ active clinical sites 2026 Prostate Meaningful clinical updates expected EOY 2026 03 Commercial Expansion Infrastructure + Sales Force Growth Breast 26 reps, 3 regional directors Extremities 126 reps, 14 regional directors OMF / H&N 3 field-based market development managers Prostate 3 clinical development managers and 1 director 2026 Breast / Ext. Grow to ~30 breast reps; ~130 extremity reps 6 Q2 Adjusted EBITDA* $8.4M, -4.2 pp as a percent of revenue YoY * See non-GAAP reconciliations included in Appendix.

 

7 Strategic Priorities Q2 2026 Business Highlights 2026 2026 2026 04 Commercial Excellence HiPo Accounts, Productivity & Education HiPo Revenue 51% of growth from HiPo accounts YTD Productivity +20% YoY HiPo account productivity Active Accounts 690 HiPo accounts; added 130+ active surgeons YTD Education 9 programs YTD; trained 155 surgeons and 63 surgeon pairs. HiPo & Training 60% of total revenue growth from HiPo; +18% productivity; add 100+ active surgeons. 21 professional education programs; train 300 surgeons and 75 surgeon pairs 05 Standard Of Care Evidence, Coverage & Reimbursement Avance® Commercial payer coverage for Avance is approx. 86% of covered lives in US; Awaiting Aetna coverage decision Clinical Evidence REPOSE® published; Nerve-RESTORESM first site activated Coverage CMS proposed CY2027 payment rule increases core nerve repair rates, building on 2026 classification gains Payer & Coverage Pursue near-universal US coverage (est. 2H 2028) 06 Innovation Strategic Investment in Nerve Visualization Program Updates Detailed updates on individual R&D programs in 2H 2026. Strategic Investment Acquired minority stake in Trace Biosciences Nerve Trace Technology Real-time intraoperative nerve visualization Portfolio Positioning Complements Avance; Positions Axogen to explore deeper strategic relationship overtime 7

 

8 Q2 Financials and 2026 Guidance Discussion Lindsey Hartley Chief Financial Officer

 

Q2 2026 Financial Performance 9 +26.6% $0.0 $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 $70.0 $80.0 Q1 Q2 Q2 Revenue ($ in millions) 2025 2026 $69.7 $56.7 +23.1% $61.5 $48.6 +26.6% 70.0% 71.0% 72.0% 73.0% 74.0% 75.0% 76.0% Q1 Q2 Q2 Gross Margin % 2025 2026 72.7% 74.2% -1.5pp 75.2% 71.9% +3.3pp

 

Q2 2026 Financial Performance 10 Q2 2026 Q2 2025 Q2 2026 YTD Q2 2025 YTD Revenues $69.7 $56.7 $131.2 $105.2 Sales and Marketing Expenses $30.8 $23.8 $59.5 $44.8 Research and Development Expenses 8.6 6.9 16.1 12.9 General and Administrative Expenses 13.4 9.7 26.3 19.1 Total Costs and Expenses $52.8 $40.3 $101.9 $76.9 YoY Change % 30.9% 32.4% Change as a % Of Revenue 4.6% 4.5% ($ in millions)

 

11 Q2 2026 Q2 2025 Q2 2026 YTD Q2 2025 YTD Net (Loss) Income $(1.5) $0.6 $(21.1) $(3.3) Diluted EPS $(0.03) $0.01 $(0.40) $(0.07) Adjusted Net Income * $7.3 $5.7 $11.4 $4.8 Adjusted Diluted EPS* $0.12 $0.12 $0.19 $0.10 Adjusted EBITDA* $8.4 $9.3 $14.1 $12.1 Adjusted EBITDA Margin* 12.1% 16.3% 10.8% 11.5% Free Cash Flow* $4.1 $(7.2) Q2 2026 Financial Performance ($ in millions, except per share data) * See non-GAAP reconciliations included in Appendix.

 

Guidance for the Full-Year 2026 12 Free cash flow* positiveGross margin of at least 73%Revenue growth of at least 24% or $279 million * See non-GAAP reconciliations included in Appendix.

 

President and Chief Executive Officer Michael Dale Chief Marketing Officer Jens Kemp VP, Global Health Economics, Reimbursement & Policy Rick Ditto 13 Chief Financial Officer Lindsey Hartley Q&A

 

Thank you © 2026 Axogen Corporation. All rights reserved. The stylized "a" logo is a registered trademark of Axogen Corporation.Mat #

 

Appendix 15

 

16 Non-GAAP Reconciliations - EBITDA & Adjusted EBITDA: Three Months Ended June 30, Six Months Ended June 30, (in thousands)​ 2026 2025 2026 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 %

 

17 Non-GAAP Reconciliation - Adjusted Net Income: Three Months Ended June 30, 2026 GAAP Results Non-cash Stock- based Compensation Expense Dilutive Shares Impact(1) Adjusted Results (in thousands, except share and per share amounts)​ 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.

 

18 Non-GAAP Reconciliation - 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 (in thousands, except share and per share amounts)​ 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.

 

19 Non-GAAP Reconciliation - Adjusted Net Income: Three Months Ended June 30, 2025 GAAP Results Non-cash Stock- based Compensation Expense Adjusted Results (in thousands, except share and per share amounts)​ 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 expense, 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

 

20 Non-GAAP Reconciliation - Adjusted Net Income: Six Months Ended June 30, 2025 GAAP Results Non-cash Stock- based Compensation Expense Dilutive Shares Impact(1) Adjusted Results (in thousands, except share and per share amounts)​ 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.

 

21 Non-GAAP Reconciliation - Free Cash Flows Six Months Ended June 30, (in thousands)​ 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)

 

Large and Underserved $5.6B* US Nerve Care Opportunity 22 Traumatic Nerve Injuries  Transected Nerves  Non-Transected Nerve Injuries  Brachial Plexus Nerve Injuries Breast Procedures  Autologous Flap Procedures  Implant based reconstruction Robotic Assisted Radical Prostatectomies  Nerve Sparing  Unilateral Nerve Sparing  Non-Nerve Sparing Extremities $2.9bn Estimated TAM* OMF/H&N $1.2bn Breast $677m Prostate $754m TAM Included Procedures Chronic Nerve Injuries  Carpal & Cubital Tunnel Revision  Neuroma & Tumor Excisions  Lower Extremity Neuropathy OMF/H&N Procedures  Mandibular Resection  Iatrogenic Injuries  Orthognathic Surgery  Parotidectomy  Thyroidectomy  Corneal Neurotization  Radical neck dissection 1. National Hospital Ambulatory Medical Care Survey: 2015 Emergency Department Summary Tables 2.Axogen Data on File, 3. AcuityMD 4. 2022 ASPS Procedural Statistics Release Inclusion Comments o All traumatic transected nerve injuries o All traumatic non-transected nerve injuries o Revision decompression in upper extremities o Lower extremity decompressions, Morton’s neuroma excision, and addressable amputations o Benign and malignant mandible resections o H&N procedures * TAM = Addressable procedures X Algorithm utilization X Product ASP o DEIP flaps and other neurotizable flaps o Direct to implant, <400cc o All robotic assisted radical prostatectomies o Procedure split estimated: 60% Nerve sparing, 20% unilateral nerve sparing and 20% non nerve sparing More than 1.5 million peripheral nerve injuries a year require treatment in Axogen focus markets1,2,3,4

 

© 2026 Axogen Corporation. All rights reserved. The stylized "a" logo is a registered trademark of Axogen Corporation.

 

Making Nerve Repair an Expected Standard of Care A commitment to restoring health, improving quality of life, and advancing peripheral nerve care for every patient. July 2026

 

Forward-looking Statements This presentation contains “forward-looking” statements as defined in the Private Securities Litigation Reform Act of 1995, which are statements that are not historical facts and relate to future conditions, events, or results. These statements are based on management's current expectations or predictions of future conditions, events, or results based on various assumptions and management's estimates of trends and economic factors in the markets in which we are active, as well as our business plans. Words such as “expects,” “anticipates,” “objectives,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “projects,” “forecasts,” “continue,” “may,” “should,” “will,” “goals,” and variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements include, but are not limited to, statements related to: clinical development activities, including expansion into prostate applications; commercial growth initiatives, including planned expansion of breast and extremities sales specialists; market development opportunities; our strategic investments, including the expected benefits, opportunities and objectives of such investments; expectations regarding disciplined, profitable growth and margin improvement; financial guidance and outlook for 2026, including, but not limited to, projected revenue, growth, free cash flows, gross margins, and other operating performance and financial metrics; and statements regarding our training and education initiatives, reimbursement and market access efforts, and research and development activities. Actual results or events could differ materially from those described in any forward-looking statements as a result of various factors, including, without limitation, risks related to global supply chain conditions, inflationary pressures, hospital staffing challenges, product development and product potential, clinical enrollment timing and outcomes, regulatory processes and approvals, financial performance, sales growth, surgeon and product adoption, market awareness of our products, data validation, our visibility at and sponsorship of conferences and educational events, geopolitical and macroeconomic conditions, including armed conflicts and government actions or policies that may affect our business, tax position, or regulatory processes, as well as those risk factors described under Part I, Item 1A., “Risk Factors,” of our most recent Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, and other filings made from time to time with the Securities and Exchange Commission. 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. 2 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, Adjusted EBITDA, which further excludes non-cash stock-based compensation expense and litigation related costs, and Adjusted EBITDA margin. We also use the Free Cash Flow metric, which corresponds to the net cash provided by (used in) operating activities less cash used for purchases of 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 (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by our institutional investors and the analyst community to help them analyze the performance of our business, the Company’s cash available for operations, and the Company’s ability to meet future capital expenditure and working capital requirements.

 

3 To restore health and improve quality of life by making restoration of peripheral nerve function an expected standard of care. Our Mission

 

4 Large and Underserved $5.6B US Nerve Care Opportunity More than 1.5 million peripheral nerve injuries a year require treatment in Axogen focus markets1,2,3,7 Extremities Market Every year patients suffer from 700,000 Traumatic Nerve Injuries and more than 370,000 Chronic nerve injuries.1,2,3 Breast Reconstruction 1 of 8 women diagnosed with breast cancer. 80% of women experience pain, numbness or both after breast cancer surgery.4 Oral, Maxillofacial & Head & Neck Nerve damage caused by Oral Maxillofacial and H&N surgery is common and can result in loss of sensation and chronic pain. Prostate Surgery $1.2B$677M $754M Nerve injuries have a significant impact on patient’s quality of life… 1 of 8 men diagnosed with prostate cancer. 25-90% experience Incontinence and Erectile Dysfunction (ED) Post robotic prostatectomy.5,6 $2.9B 1. National Hospital Ambulatory Medical Care Survey: 2015 Emergency Department Summary Tables 2. Axogen Data on File, 3. Acuity MD, 4. Flowers et al., Pain Rep, 2021, 6(4):e976, 5. American Cancer Society, 2025, 6. Tal R, et al. J Sex Med. 2009;6(9):2538–2546. 7. 2022 ASPS Procedural Statistics Release

 

Common Types and Causes of Peripheral Nerve Injury Cut or Laceration Compression Stretching Neuroma Trauma Trauma that leads to damaged nerves Severe Cuts, Falling Though Glass, Compression, Gunshot Wound, Blunt Trauma Amputation Stump pain associated with nerve damage has been reported in over 68% of amputees1 Sensitivity to Touch, Residual Limb Pain, Burning Pain Surgery Nerves that have been cut, compressed or stretched during surgery Mastectomy, Laparoscopy, Tumor Resection, Wrist or Knee Arthroscopy, Hip or Knee Arthroplasty 51. Ephraim et al.,Arch Phys Med Rehabil, 2005;86:1910–1919

 

The Axogen Nerve Repair Algorithm 6 Connection Protection Termination

 

Avance® is the First Approved Biologic Treatment for Repair of Nerve Discontinuities Provides structural and biochemical cues for axonal regeneration 7 Native Nerve in adult and pediatric patients aged one month and older Laminin lining the endoneurial tubes has been shown in in vitro assays and animal studies to be bioactive by supporting Schwann cell migration, axon growth cone interactions, and neurite extension. Proprietary quality assays verify structural integrity & potency See Full Prescribing Information at www.avancenervegraft.com

 

8 Our Key Market Development Opportunities Care guidelines and standardized treatment algorithms are lagging and to be developed for certain care pathways Nerve Care is Not an Expected Standard of Care Low patient and surgeon awareness of treatment optionsAwareness of Treatment Options Approximately 60% of nerve injuries go undiagnosed prior to patient discharge1 Inefficient Patient Referral and Care Pathways 14% of commercial lives remain uncovered2,3Coverage & Payment 1. Padovano et al., Hand (NY), 2022, 17(4):615–623, 2. Policy Reporter online portal for medical policy information [Dec 2025], 3. Health plan enrollment data provided by Managed Markets Insight & Technology, LLC [Sept 2025]

 

9 2025-2028 Strategic Plan Priorities Commercial infrastructure and salesforce expansion Continuous business model and customer creation process optimization by market Product development to drive better benefit versus risk profiles in nerve care Elective and planned procedure focus Prostate market development CAGR 15 - 20% Commercial Excellence Commercial Expansion Innovation MarketsGrowth Level 1 clinical evidence generation for societal support, standard of care & coverage requirements Standard of Care

 

Uniquely Positioned to Lead in Nerve Repair 10 Avance® (acellular nerve allograft-arwx) is the only FDA approved biologic nerve scaffold for treating peripheral nerve discontinuities Axoguard® and Avive+ products for use across Axogen nerve repair algorithm 17 years of experience and 275,000+ patients treated 350+ clinical and scientific publications supporting our nerve repair algorithm A valued educational partner committed to clinical science and innovation Trusted partner to 6,500+ surgeons Established access in more than 2,700 hospitals and outpatient centers, supported by the largest direct sales channel Technology Expertise Access

 

Elevating Nerve IQ 11 75% of hand fellows trained 13 Professional education programs across our markets with more than 225 surgeons trained 117 Regional programs helping to enhance the micro surgical skills of surgeons Surgeons trained on Axogen’s nerve repair algorithm 55 Faculty educational partners of leading nerve repair thought leaders 2025 ACTIVITY 1,400 Education & Training are Key to Market Development

 

Societal Support Avance is supported as standard medical practice by major societies and Axogen has strong KOL relationships that drive advocacy, portfolio adoption and innovation POSITIONED TO WIN Preference for allograft increasing for all gap lengths1 Comparable procedural cost to Autograft2 Allograft supported as standard medical practice by two major societies Educational Leadership Axogen is a trusted educational partner providing hand surgeons with the microsurgical skills to effectively repair nerves utilizing our portfolio Comprehensive Portfolio & Access We offer the most comprehensive portfolio of nerve repair solutions, which is widely approved and accessible in US hospital systems Focused Direct Sales Channel Dedicated sales channel for nerve repair, which ensures focus and support for nerve surgeons Clinical & Health Economic Value Avance is approved as a biologic, backed by level 1 clinical evidence and health economic value proposition versus autograft Extremities 12 43% 20% 20% 17% Allograft Autograft Conduit Direct repair 2026 Preferred Nerve Repair Solution for >2cm Gap 1. Axogen. Data on File., 2. Lans J, et al. Plast Reconstr Surg. 2023;151(5):814e–827e.

 

POSITIONED TO WIN Growing body of evidence supporting the benefits or nerve reconstruction Grow presence in H&N oncologic procedures Opportunity to build patient and surgeon awareness of the patient QoL impact Expand educational capacity & programs Societal Support OMF societal support for nerve repair and included in AAOMS ParCare Guidelines can be leveraged to influence H&N societies Clinical Education Leadership Axogen has developed and executed on high-quality national attending level professional education programs with proven post program adoption Clinical Evidence Independent clinical evidence with strong outcome data in benign mandible reconstruction and lingual nerve repair Direct Sales Channel Axogen has a large direct sales channel to service the highly concentrated market Oral Maxillofacial and Head & Neck 13

 

POSITIONED TO WIN Specialized Sales & Marketing Dedicated, deeply knowledgeable sales team enables effective surgeon development, support and market penetration Marketing expertise in the creation of strategies, tactics, tools, and resources support the sales process Established, predictable customer creation process Proven Patient Activation Strategy Axogen’s marketing team excels at translating complex medical information into patient-friendly content, raising awareness and driving demand for Resensation® Clinical Education Leadership A collaborative approach to training has resulted in surgeon advocacy, high adoption rates and strong customer loyalty Standardized, branded procedure 80%+ surgeon adoption after training Breast 14 25K+ monthly website visitors 3K+ monthly visitors to surgeon locator

 

POSITIONED TO WIN Clinical Education Leadership Extensive expertise in developing standardized surgical techniques and building comprehensive training courses to equip surgeons with the necessary skills and knowledge to successfully perform the procedures Nerve Repair Portfolio Axogen’s nerve repair portfolio has the potential to help surgeons address nerve protection and reconstruction needs in robotic assisted radical prostatectomy Patient Awareness & Activation Marketing team excels at executing campaigns that raise awareness of clinical problems and drives patient demand for new treatments 15 Prostate

 

Non-Covered Covered Societal support for Standard of Care designation achieved Non-Covered Covered Positive Avance coverage momentum continues as payers respond to Axogen’s educational efforts 86% 86% Expanded coverage fueled by Biologic approval in 2025 Strong clinical evidence Avance Medicare & Medicaid Lives Covered Since Q2 2025, 61.8 million lives have been added across Cigna, Elevance* and 10 BCBS regional plans (57.3mm private; 4.5mm Medicare Advantage)​ 16 Disclaimer: The information is derived from publicly available information and is for illustrative purposes only and is not authoritative. Coverage data are for informational purposes only and do not imply clinical or financial superiority. *Elevance covers Avance when: (1) the nerve gap is ≥5 mm and ≤ 25 mm, following resection; and (2) the repair is 24 weeks or less since the index injury or resection 1,2 1,2 Avance Commercial Lives Covered 1. Policy Reporter online portal for medical policy information [Dec 2025, 2. Health plan enrollment data provided by Managed Markets Insight & Technology, LLC [Sept 2025]

 

National Average2025 FACILITY PAYMENT In 2026, CMS Improved Facility Payments by Creating a New Outpatient Code Group The code for Allograft 64912 (Avance) is not specific to a clinical application and can therefore be applied to nerve repair in all anatomical locations CPT Code Descriptor C-APC Reimbursement Hospital Outpatient Reimbursement Ambulatory Surgery Center 64912 Allograft nerve repair 5432 $8,965 $6,157* +40% YoY +96% Since 2019 +35% YoY +221% Since 2019 National Average Disclaimer: The information is derived from publicly available information and is for illustrative purposes only and is not authoritative. 17 * Device intensive status achieved in 2020 New Level 3 Nerve Procedure Code increases reimbursement for hospitals and ASC’s

 

18 INNOVATION METRICS Avance Biologic License Approval 3 Active Development Projects Prostate Clinical Development 2022 2023 2024 2025 2026 2027 2028 + New Product Development Axoguard HA+ Nerve Protector® Avive+ Soft Tissue Matrix New Clinical Applications Resensation Implant NAC Prostate Our Nerve Care Roadmap to Provide Improved Benefit-to-Risk Profiles versus Existing Standards of Care Easy Coaptation Protection Expansion Therapeutic Reconstruction Additional New Clinical Applications

 

Our Clinical Evidence Investments in Support of Standard of Care Objectives 19 CHANGE Pilot Study | Avance Digital Nerve Repair RECON ® Phase 3 RCT | Avance vs. Conduit in Digital Nerve Repair RALP-N Pilot Technique Feasibility Pilot | Avance in Cavernous Nerve Repair (Prostate) REPOSE ® Post-Market RCT | Axoguard Nerve Cap for Nerve End Management & Protection Underway PlannedCompleted Establishing the Foundation Strengthening the Evidence Advancing Standard of Care RANGER ® Real-World Registry | Avance Peripheral Nerve Repair | Follow-up Complete Sensation-NOW ® RANGER Registry Addendum | Avance Autologous Breast Nerve Reconstruction REPOSE-XL ® Post-Market Case Series | Axoguard Nerve Cap for Large Diameter Nerve End Management & Protection COVERED SM Post-Market Case Series | Axoguard HA+ Nerve Protection Nerve-RESTORE SM Level 1 Evidence: Avance vs. Autograft in Mixed & Motor Nerve Repair EMBRACE SM Prospective Study | Avance in Nipple- Sparing Mastectomy, Implant-Based Breast Neurotization Protection Expansion Validating Nerve Protection Benefits Across New Applications Prostate Level 1 Evidence: Advancing Evidence in Cavernous Nerve Repair and Protection

 

Management Team with a Track Record of Success 20 Michael Dale Chief Executive Officer and Board Director Marc Began Executive Vice President and General Counsel Lindsey Hartley Chief Financial Officer Erick DeVinney Chief Innovation Officer Jens Schroeder Kemp Chief Marketing Officer Ivica Ducic, M.D. Chief Medical Officer Craig Swandal Vice President, Operations Stacy Arnold Vice President of Product Development and Clinical Research Al Jacks Vice President of Quality Rick Ditto Vice President, Global Health Economics, Reimbursement & Policy Doris Quackenbush Chief Revenue Officer Jesse Bishop Vice President, Regulatory Amalia DeLuca Vice President, Planning and Business Development Prior Roles Include

 

Financial Overview 21

 

Accelerating Topline Drives Operational Leverage 22 Accelerating Revenue Growth Expanding EBITDA 2022 2023 2024 2025 2026 YTD Q2 $131.2 $138.6 $159.0 $187.3 $225.2 ($22.6) ($25.6) ($15.5) $3.9 ($2.2) ($9.3) ($9.3) ($1.1) $19.8 $27.9 ($30.0) ($20.0) ($10.0) $0.0 $10.0 $20.0 $30.0 $40.0 EBITDA Adj-EBITDA* 2021 2022 2023 2024 2025 *Excludes non-cash stock-based compensation and litigation related costs 19.1% 5-year CAGR ($ in millions) $279.0* *YTD Q2 2026 actual and full-year 2026 guidance ($ in millions)

 

Revenue growth of at least 24% or $279 million Gross margin of at least 73% 23 Free cash flow positive 2026 Guidance

 

Investment Highlights 24 Big Market Opportunity $5.6B TAM with minimal current penetration Clinical Leadership Unique comprehensive solution with strong evidence Multiple Growth Catalysts Four distinct market opportunities at different stages Reimbursement Tailwinds Expanding coverage and improving payment rates Scalable Infrastructure Proven commercial model ready to capture market share Financial Inflection Point Positive cashflow, expanding margins, accelerating growth

 

Thank you © 2026 Axogen Corporation. All rights reserved. The stylized "a" logo is a registered trademark of Axogen Corporation.

 

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