Axogen Q3 2026 revenue rises 26.2% to $75.8M
Axogen used $200 million of public-offering proceeds for BioCircuit, while 2026 guidance includes at least $7 million in acquired revenue.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Axogen, Inc. reported third-quarter 2026 revenue of $75.8 million, up 26.2% from $60.1 million a year earlier. GAAP net income was $2.3 million, versus $0.7 million, and adjusted EBITDA was $13.4 million, versus $9.2 million. Gross margin was 74.8%, compared with 76.6%.
As of September 30, 2026, cash, restricted cash and investments totaled $350.1 million, compared with $113.4 million as of June 30, 2026. Axogen sold 5,646,500 shares in an upsized public offering and received $225 million in net proceeds. It completed its BioCircuit Technologies acquisition on October 1, 2026; $200 million of offering proceeds funded the acquisition, and $1.9 million paid transaction-related expenses.
Nine-month GAAP net loss was $18.8 million, including a $16.8 million loss on extinguishment of debt, versus a $2.5 million loss a year earlier. For 2026, Axogen expects revenue of at least $290 million, or at least 29% growth, including at least $7 million from BioCircuit; organic revenue is expected to be at least $283 million, or at least 26% growth. It also expects gross margin of at least 73% and positive full-year free cash flow, and plans to begin prostate market development in 2027.
2 points · 0 major0 major · 1 point
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointThird-quarter revenue grew 26.2% year over year to $75.8 million.
- Moderate pointThird-quarter adjusted EBITDA was $13.4 million, versus $9.2 million a year earlier.
Negative
- Moderate pointNine-month net loss reached $18.8 million, versus $2.5 million a year earlier.
Filing Explained
At September 30, Axogen listed no long-term debt and reported $18,942 thousand in free cash flow for the first nine months.
This Form 8-K furnishes Axogen’s third-quarter results and investor presentations; at
At
For the nine months ended
Axogen scheduled a prostate-focused investor call for
8-K Event Classification
3 items: 2.02, 7.01, 9.01
3 items
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, or exhibit attachments filed with this report.
Key Figures
Third-quarter revenue: $75.8 million
Year-over-year revenue growth: 26.2%
GAAP net income: $2.3 million
+5 more
8 metrics
Third-quarter revenue
$75.8 million
Three months ended September 30, 2026
Year-over-year revenue growth
26.2%
Third quarter 2026 compared with third quarter 2025
GAAP net income
$2.3 million
Third quarter 2026, compared with $0.7 million in third quarter 2025
Adjusted EBITDA
$13.4 million
Third quarter 2026, compared with $9.2 million in third quarter 2025
GAAP net loss
$18.8 million
Nine months ended September 30, 2026, compared with $2.5 million in the prior-year period
Shares sold in public offering
5,646,500 shares
Upsized public offering
Public offering net proceeds
$225 million
Proceeds used in part to fund the BioCircuit acquisition
2026 revenue guidance
At least $290 million
Full-year expectation, including at least $7 million from BioCircuit
Key Terms
Adjusted EBITDA, Free Cash Flow, organic revenue, covered lives
4 terms
Adjusted EBITDA financial
"Adjusted EBITDA, which further excludes non-cash stock-based compensation expense"
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.
Free Cash Flow financial
"consists of net cash provided by operating activities, less expenditures"
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.
organic revenue financial
"Excluding BioCircuit, we expect organic revenue to be at least $283 million"
Organic revenue is the sales a company generates from its regular business activities after stripping out extra effects like revenue added or lost from buying or selling other businesses and from currency swings. Think of it as measuring how much a store’s own customers increased spending, not growth from opening new stores or temporary price moves; investors use it to judge the true strength and sustainability of a company’s core demand.
covered lives medical
"commercial payer coverage for Avance is now approximately 96% of covered lives"
Number of people who are enrolled in or eligible for health coverage under a particular insurance plan, managed-care contract, pharmacy benefit manager, or government program. Think of it as the size of the customer base on a company’s health-related contract: larger covered-lives counts mean more potential users for services, prescriptions or claims, and they help investors estimate revenue reach, pricing leverage and growth potential.
Earnings Snapshot
Revenue: $75.8 million · Guidance included
Third quarter 2026
Revenue
$75.8 million
Up 26.2% from $60.1 million in third quarter 2025
GAAP net income
$2.3 million
Compared with $0.7 million in third quarter 2025
Adjusted EBITDA
$13.4 million
Compared with $9.2 million in third quarter 2025
Gross margin
74.8%
Compared with 76.6% in third quarter 2025
Guidance
For full-year 2026, revenue of at least $290 million, representing at least 29% growth and including at least $7 million from BioCircuit; organic revenue of at least $283 million, representing at least 26% growth; gross margin of at least 73%; and positive free cash flow.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were AXGN's third-quarter 2026 results?
Axogen reported third-quarter revenue of $75.8 million, up 26.2% from $60.1 million a year earlier, and GAAP net income of $2.3 million versus $0.7 million. Nine-month GAAP net loss was $18.8 million, including a $16.8 million loss on extinguishment of debt.
What is AXGN's 2026 revenue guidance?
For full-year 2026, Axogen expects revenue of at least $290 million, representing at least 29% growth and including at least $7 million from BioCircuit. Excluding BioCircuit, it expects organic revenue of at least $283 million, representing at least 26% growth; it also expects gross margin of at least 73% and positive free cash flow.
How did Axogen fund its BioCircuit acquisition?
Axogen said it sold 5,646,500 shares in an upsized public offering and received $225 million in net proceeds. It used $200 million of the proceeds to fund the BioCircuit acquisition and $1.9 million for transaction-related expenses, with the remaining funds available for general corporate purposes.
When will AXGN begin prostate market development?
Axogen plans to begin prostate market development in 2027, based on positive clinical study outcomes. It scheduled a prostate-specific investor conference call and webcast for November 9, 2026, to discuss the clinical outcomes and market research underlying the decision.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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): October 28, 2026
(Exact Name of Registrant as Specified in Charter)
(State or Other Jurisdiction of
Incorporation or Organization)
(Commission File Number)
(I.R.S. Employer Identification No.)
(Address of principal executive offices)
(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 class | Trading Symbol(s) | Name of exchange on which registered | ||||||
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 October 28, 2026, Axogen, Inc. (the “Company”) issued a press release announcing its third 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 October 28, 2026, the Company posted a third 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 October 28, 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 October 28, 2026 | ||||
| 99.2 | Axogen Inc. Third Quarter Financial Results Presentation, dated October 28, 2026 | ||||
| 99.3 | Axogen Inc. Corporate Presentation, dated October 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: October 28, 2026 | By: | /s/ Marc Began | ||||||
| Marc Began | ||||||||
| Executive Vice President, General Counsel and Chief Compliance Officer | ||||||||
Exhibit 99.1
Axogen, Inc. Reports Third Quarter 2026 Financial Results
Raises Full Year Revenue Guidance to at Least 29% Growth or $290 million
ALACHUA and TAMPA, FL – October 28, 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 third quarter ended September 30, 2026.
Third Quarter Financial Results
•Revenue was $75.8 million, an increase of 26.2% compared to $60.1 million in the third quarter of 2025.
•Gross margin was 74.8% compared to 76.6% in the third quarter of 2025.
•Net income was $2.3 million, or $0.04 per share, compared to $0.7 million, or $0.01 per share for the third quarter of 2025.
•Adjusted net income was $13.1 million, or $0.21 per share, as compared to $6.1 million, or $0.12 per share for the third quarter of 2025.
•Adjusted EBITDA was $13.4 million, compared to $9.2 million for the third quarter of 2025.
•Cash and cash equivalents, restricted cash, and investments as of September 30, 2026 was $350.1 million, as compared to $113.4 million as of June 30, 2026, an increase of $236.7 million.
“We are delighted with our third-quarter and year-to-date revenue performance and the progress we continue to make across each of Axogen’s strategic plan priorities,” said Michael Dale, President and CEO of Axogen, Inc. “Our strong growth across all markets, continues to validate our market development strategies and the strength of our commercial execution. We remain well positioned to achieve our 2026 revenue guidance and longer-term strategic objectives.”
Summary of Business Highlights
•Year-to-date revenue growth through the third 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.
•Received positive coverage decisions from Elevance and Aetna; commercial payer coverage for Avance is now approximately 96% of covered lives in the United States.
•We closed an upsized public offering with the sale of 5,646,500 shares of common stock and receipt of $225 million of net proceeds. $200 million of the net proceeds were used to fund the BioCircuit acquisition and $1.9 million were used to fund transaction related expenses, with the remaining funds available for general corporate purposes.
•On October 1, 2026, we completed the acquisition of BioCircuit Technologies, Inc. (“BioCircuit”), a privately held medical device company and developer of NerveTape®.
•Based on positive clinical study outcomes, we have made the decision to initiate Prostate market development beginning in 2027. Axogen management will host a prostate specific investment-community conference call and webcast on November 9, 2026 at 9:00 a.m. Investors interested in participating in the conference call by phone may dial toll-free at (877) 407-0993 or use the direct dial-in number at (201) 689-8795. A live webcast, an archived replay, and presentation slides from the event will be available on the Investors page of the Company’s website at www.axogeninc.com.
2026 Financial Guidance
For 2026, we expect full-year revenue of at least $290 million, representing growth of at least 29%, including at least $7 million revenue from the BioCircuit acquisition. Excluding BioCircuit, we expect organic revenue to be at least $283 million, representing growth of at least 26%. We continue to expect 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®, Avive+ Soft Tissue Matrix®, and NerveTape®.
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 ability to successfully integrate BioCircuit and realize the anticipated benefits of the acquisition, 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, the risks and challenges associated with integrating BioCircuit and the realization of the anticipated benefits of the acquisition, 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, BioCircuit transaction and integration costs, 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, BioCircuit transaction and integration costs, and the loss on extinguishment of debt from Net Income (Loss) and Net Income (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 (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)
| September 30, 2026 | December 31, 2025 | ||||||||||
| Assets | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | $ | 328,888 | $ | 35,548 | |||||||
| Restricted cash | 2,000 | 4,000 | |||||||||
| Investments | 19,180 | 5,980 | |||||||||
Accounts receivable, net of allowance for doubtful accounts of $770 and $948, respectively | 34,008 | 26,169 | |||||||||
| Inventory | 49,063 | 42,373 | |||||||||
| Prepaid expenses and other assets | 4,953 | 6,352 | |||||||||
| Total current assets | 438,092 | 120,422 | |||||||||
| Property and equipment, net | 81,946 | 81,783 | |||||||||
| Operating lease right-of-use assets | 13,394 | 12,732 | |||||||||
| Intangible assets, net | 7,910 | 6,750 | |||||||||
| Other assets, net | 8,997 | — | |||||||||
| Total assets | $ | 550,339 | $ | 221,687 | |||||||
| Liabilities and shareholders’ equity | |||||||||||
| Current liabilities | |||||||||||
| Accounts payable and accrued expenses | $ | 34,626 | $ | 21,184 | |||||||
| Current maturities of long-term lease obligations | 1,830 | 2,372 | |||||||||
| Total current liabilities | 36,456 | 23,556 | |||||||||
| Long-term debt, net of debt discount and financing fees | — | 48,387 | |||||||||
| Long-term lease obligations | 17,639 | 16,870 | |||||||||
| Debt derivative liabilities | — | 3,886 | |||||||||
| Other long-term liabilities | 141 | 141 | |||||||||
| Total liabilities | 54,236 | 92,840 | |||||||||
| Shareholders’ equity | |||||||||||
Common stock, $0.01 par value per share; 100,000,000 shares authorized; 59,724,524 and 47,199,797 shares issued and outstanding, respectively | 597 | 472 | |||||||||
| Additional paid-in capital | 821,235 | 435,338 | |||||||||
| Accumulated deficit | (325,729) | (306,963) | |||||||||
| Total shareholders’ equity | 496,103 | 128,847 | |||||||||
| Total liabilities and shareholders’ equity | $ | 550,339 | $ | 221,687 | |||||||
Axogen, Inc.
Condensed Consolidated Statements of Operations
(unaudited)
(in thousands, except share and per share amounts)
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | ||||||||||||||||||||
| Revenues | $ | 75,834 | $ | 60,082 | $ | 207,022 | $ | 165,304 | |||||||||||||||
| Cost of goods sold | 19,103 | 14,089 | 53,428 | 42,360 | |||||||||||||||||||
| Gross profit | 56,731 | 45,993 | 153,594 | 122,944 | |||||||||||||||||||
| Costs and expenses | |||||||||||||||||||||||
| Sales and marketing | 30,361 | 25,680 | 89,821 | 70,529 | |||||||||||||||||||
| Research and development | 8,950 | 7,565 | 25,056 | 20,509 | |||||||||||||||||||
| General and administrative | 16,465 | 10,836 | 42,750 | 29,983 | |||||||||||||||||||
| Total costs and expenses | 55,776 | 44,081 | 157,627 | 121,021 | |||||||||||||||||||
| Income (loss) from operations | 955 | 1,912 | (4,033) | 1,923 | |||||||||||||||||||
| Other income (expense) | |||||||||||||||||||||||
| Investment income | 1,431 | 319 | 2,985 | 816 | |||||||||||||||||||
| Interest expense | (1) | (1,757) | (696) | (5,984) | |||||||||||||||||||
| Loss on extinguishment of debt | — | — | (16,849) | — | |||||||||||||||||||
| Change in fair value of debt derivative liabilities | — | 209 | — | 531 | |||||||||||||||||||
| Other (expense) income, net | (51) | 25 | (173) | 167 | |||||||||||||||||||
| Total other income (expense), net | 1,379 | (1,204) | (14,733) | (4,470) | |||||||||||||||||||
| Net income (loss) | $ | 2,334 | $ | 708 | $ | (18,766) | $ | (2,547) | |||||||||||||||
| Weighted average common shares outstanding — basic | 55,158,424 | 46,494,598 | 53,437,633 | 45,905,069 | |||||||||||||||||||
| Weighted average common shares outstanding — diluted | 61,525,789 | 49,088,436 | 53,437,633 | 45,905,069 | |||||||||||||||||||
| Net income (loss) per common share — basic | $ | 0.04 | $ | 0.02 | $ | (0.35) | $ | (0.06) | |||||||||||||||
| Net income (loss) per common share — diluted | $ | 0.04 | $ | 0.01 | $ | (0.35) | $ | (0.06) | |||||||||||||||
Axogen, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited)
(in thousands)
| Nine Months Ended | |||||||||||
| September 30, 2026 | September 30, 2025 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net loss | $ | (18,766) | $ | (2,547) | |||||||
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||||||
| Depreciation | 4,787 | 5,027 | |||||||||
| Amortization of right-of-use assets | 1,305 | 294 | |||||||||
| Amortization of intangible assets | 329 | 221 | |||||||||
| Amortization of debt discount and deferred financing fees | 68 | 666 | |||||||||
| Provision for bad debts | 4 | 358 | |||||||||
| Loss on disposal of equipment | 26 | — | |||||||||
| Change in fair value of debt derivative liabilities | — | (531) | |||||||||
| Investment gains, net | (191) | (238) | |||||||||
| Loss on extinguishment of debt | 16,849 | — | |||||||||
| Stock-based compensation expense | 24,403 | 13,501 | |||||||||
| Change in operating assets and liabilities: | |||||||||||
| Accounts receivable | (7,843) | (7,028) | |||||||||
| Inventory | (6,690) | (7,398) | |||||||||
| Prepaid expenses and other assets | 1,399 | (619) | |||||||||
| Other assets, net | (1,989) | — | |||||||||
| Accounts payable and accrued expenses | 13,359 | (2,985) | |||||||||
| Operating lease obligations | (1,724) | (833) | |||||||||
| Cash paid for interest portion of financing lease obligations | (4) | (3) | |||||||||
| Other long-term liabilities | — | (111) | |||||||||
| Net cash provided by (used in) operating activities | 25,322 | (2,226) | |||||||||
| Cash flows from investing activities: | |||||||||||
| Purchase of property and equipment | (5,074) | (2,498) | |||||||||
| Purchase of investments | (27,209) | (13,723) | |||||||||
| Proceeds from sale of investments | 14,200 | 8,000 | |||||||||
| Purchases of equity investments held at cost | (7,008) | — | |||||||||
| Cash payments for intangible assets | (1,306) | (1,138) | |||||||||
| Net cash used in investing activities | $ | (26,397) | $ | (9,359) | |||||||
| (CONTINUED...) | |||||||||||
Axogen, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited)
(in thousands)
| Nine Months Ended | |||||||||||
| September 30, 2026 | September 30, 2025 | ||||||||||
| Cash flows from financing activities: | |||||||||||
| Proceeds from issuance of common stock | $ | 359,622 | $ | — | |||||||
| Payment of stock issuance costs | (1,341) | — | |||||||||
| 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 | (9,447) | — | |||||||||
| Cash paid for debt portion of financing lease obligations | (14) | (11) | |||||||||
| Proceeds from exercise of stock options and ESPP stock purchases | 12,785 | 5,944 | |||||||||
| Net cash provided by financing activities | 292,415 | 5,933 | |||||||||
| Net increase (decrease) in cash and cash equivalents, and restricted cash | 291,340 | (5,652) | |||||||||
| Cash and cash equivalents, and restricted cash, beginning of period | 39,548 | 33,554 | |||||||||
| Cash and cash equivalents, and restricted cash, end of period | $ | 330,888 | $ | 27,902 | |||||||
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 September 30, 2026 | |||||||||||||||||||||||||||||
| Balance at June 30, 2026 | 53,656,293 | $ | 537 | $ | 583,783 | $ | (328,063) | $ | 256,257 | ||||||||||||||||||||
| Net income | — | — | — | 2,334 | 2,334 | ||||||||||||||||||||||||
| Issuance of common shares | 5,646,500 | 57 | 224,972 | — | 225,029 | ||||||||||||||||||||||||
| Stock-based compensation | — | — | 8,794 | — | 8,794 | ||||||||||||||||||||||||
| Issuance of restricted and performance stock units, net of shares withheld for withholding taxes | 9,507 | — | (174) | — | (174) | ||||||||||||||||||||||||
| Exercise of stock options | 412,224 | 3 | 3,860 | — | 3,863 | ||||||||||||||||||||||||
| Balance at September 30, 2026 | 59,724,524 | $ | 597 | $ | 821,235 | $ | (325,729) | $ | 496,103 | ||||||||||||||||||||
| Nine Months Ended September 30, 2026 | |||||||||||||||||||||||||||||
| Balance at December 31, 2025 | 47,199,797 | $ | 472 | $ | 435,338 | $ | (306,963) | $ | 128,847 | ||||||||||||||||||||
| Net loss | — | — | — | (18,766) | (18,766) | ||||||||||||||||||||||||
| Issuance of common shares | 10,246,500 | 103 | 358,178 | — | 358,281 | ||||||||||||||||||||||||
| Stock-based compensation | — | — | 24,403 | — | 24,403 | ||||||||||||||||||||||||
| Issuance of restricted and performance stock units, net of shares withheld for withholding taxes | 1,130,195 | 11 | (9,458) | — | (9,447) | ||||||||||||||||||||||||
| Exercise of stock options and employee stock purchases under the ESPP | 1,148,032 | 11 | 12,774 | — | 12,785 | ||||||||||||||||||||||||
| Balance at September 30, 2026 | 59,724,524 | $ | 597 | $ | 821,235 | $ | (325,729) | $ | 496,103 | ||||||||||||||||||||
| Three Months Ended September 30, 2025 | |||||||||||||||||||||||||||||
| Balance at June 30, 2025 | 45,765,290 | $ | 457 | $ | 406,334 | $ | (294,515) | $ | 112,276 | ||||||||||||||||||||
| Net income | — | — | — | 708 | 708 | ||||||||||||||||||||||||
| Stock-based compensation | — | — | 5,424 | — | 5,424 | ||||||||||||||||||||||||
| Issuance of restricted and performance stock units | 81,925 | 1 | (1) | — | — | ||||||||||||||||||||||||
| Exercise of stock options | 270,068 | 3 | 2,394 | — | 2,397 | ||||||||||||||||||||||||
| Balance at September 30, 2025 | 46,117,283 | $ | 461 | $ | 414,151 | $ | (293,807) | $ | 120,805 | ||||||||||||||||||||
| Nine Months Ended September 30, 2025 | |||||||||||||||||||||||||||||
| Balance at December 31, 2024 | 44,148,836 | $ | 441 | $ | 394,726 | $ | (291,260) | $ | 103,907 | ||||||||||||||||||||
| Net loss | — | — | — | (2,547) | (2,547) | ||||||||||||||||||||||||
| Stock-based compensation | — | — | 13,501 | — | 13,501 | ||||||||||||||||||||||||
| Issuance of restricted and performance stock units | 1,301,062 | 13 | (13) | — | — | ||||||||||||||||||||||||
| Exercise of stock options and employee stock purchases under the ESPP | 667,385 | 7 | 5,937 | — | 5,944 | ||||||||||||||||||||||||
| Balance at September 30, 2025 | 46,117,283 | $ | 461 | $ | 414,151 | $ | (293,807) | $ | 120,805 | ||||||||||||||||||||
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 | Nine Months Ended | |||||||||||||||||||||
| September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | ||||||||||||||||||||
| Net income (loss) | $ | 2,334 | $ | 708 | $ | (18,766) | $ | (2,547) | |||||||||||||||
| Depreciation and amortization expense | 1,694 | 1,730 | 5,116 | 5,248 | |||||||||||||||||||
| Investment income | (1,431) | (319) | (2,985) | (816) | |||||||||||||||||||
| Income tax expense (benefit) | 32 | (62) | 220 | 4 | |||||||||||||||||||
| Interest expense | 1 | 1,757 | 696 | 5,984 | |||||||||||||||||||
| EBITDA - non-GAAP | 2,630 | 3,814 | (15,719) | 7,873 | |||||||||||||||||||
| EBITDA margin - non-GAAP | 3.5 | % | 6.3 | % | (7.6) | % | 4.8 | % | |||||||||||||||
| Non-cash stock-based compensation expense | 8,794 | 5,424 | 24,403 | 13,501 | |||||||||||||||||||
| BioCircuit transaction and integration costs | 1,969 | — | 1,969 | — | |||||||||||||||||||
| Loss on extinguishment of debt | — | — | 16,849 | — | |||||||||||||||||||
| Adjusted EBITDA - non-GAAP | $ | 13,393 | $ | 9,238 | $ | 27,502 | $ | 21,374 | |||||||||||||||
| Adjusted EBITDA margin - non-GAAP | 17.7 | % | 15.4 | % | 13.3 | % | 12.9 | % | |||||||||||||||
| Adjusted Net Income | Three Months Ended September 30, 2026 | ||||||||||||||||||||||
| GAAP Results | Non-cash Stock-based Compensation Expense | BioCircuit Transaction and Integration Costs | Adjusted Results | ||||||||||||||||||||
| Revenues | $ | 75,834 | $ | — | $ | — | $ | 75,834 | |||||||||||||||
| Cost of goods sold | 19,103 | (695) | — | 18,408 | |||||||||||||||||||
| Gross profit | 56,731 | 695 | — | 57,426 | |||||||||||||||||||
| Costs and expenses | |||||||||||||||||||||||
| Sales and marketing | 30,361 | (2,176) | — | 28,185 | |||||||||||||||||||
| Research and development | 8,950 | (1,826) | — | 7,124 | |||||||||||||||||||
| General and administrative | 16,465 | (4,097) | (1,969) | 10,399 | |||||||||||||||||||
| Total costs and expenses | 55,776 | (8,099) | (1,969) | 45,708 | |||||||||||||||||||
| Income from operations | 955 | 8,794 | 1,969 | 11,718 | |||||||||||||||||||
| Other income (expense) | |||||||||||||||||||||||
| Investment income | 1,431 | — | — | 1,431 | |||||||||||||||||||
| Interest expense | (1) | — | — | (1) | |||||||||||||||||||
| Other expense, net | (51) | — | — | (51) | |||||||||||||||||||
| Total other income, net | 1,379 | — | — | 1,379 | |||||||||||||||||||
| Net income | $ | 2,334 | $ | 8,794 | $ | 1,969 | $ | 13,097 | |||||||||||||||
| Weighted average common shares outstanding - diluted | 61,525,789 | 61,525,789 | 61,525,789 | 61,525,789 | |||||||||||||||||||
| Net income per common share - diluted | $ | 0.04 | $ | 0.14 | $ | 0.03 | $ | 0.21 | |||||||||||||||
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 September 30, 2025 | ||||||||||||||||
| GAAP Results | Non-cash Stock-based Compensation Expense | Adjusted Results | |||||||||||||||
| Revenues | $ | 60,082 | $ | — | $ | 60,082 | |||||||||||
| Cost of goods sold | 14,089 | (706) | 13,383 | ||||||||||||||
| Gross profit | 45,993 | 706 | 46,699 | ||||||||||||||
| Costs and expenses | |||||||||||||||||
| Sales and marketing | 25,680 | (1,524) | 24,156 | ||||||||||||||
| Research and development | 7,565 | (1,047) | 6,518 | ||||||||||||||
| General and administrative | 10,836 | (2,147) | 8,689 | ||||||||||||||
| Total costs and expenses | 44,081 | (4,718) | 39,363 | ||||||||||||||
| Income from operations | 1,912 | 5,424 | 7,336 | ||||||||||||||
| Other income (expense) | |||||||||||||||||
| Investment income | 319 | — | 319 | ||||||||||||||
| Interest expense | (1,757) | — | (1,757) | ||||||||||||||
| Change in fair value of debt derivative liabilities | 209 | — | 209 | ||||||||||||||
| Other income, net | 25 | — | 25 | ||||||||||||||
| Total other expense, net | (1,204) | — | (1,204) | ||||||||||||||
| Net income | $ | 708 | $ | 5,424 | $ | 6,132 | |||||||||||
| Weighted average common shares outstanding - diluted | 49,088,436 | 49,088,436 | 49,088,436 | ||||||||||||||
| 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 | Nine Months Ended September 30, 2026 | ||||||||||||||||||||||||||||||||||
| GAAP Results | Non-cash Stock-based Compensation Expense | BioCircuit Transaction and Integration Costs | Loss on Extinguishment of Debt | Dilutive Shares Impact(1) | Adjusted Results | ||||||||||||||||||||||||||||||
| Revenues | $ | 207,022 | $ | — | $ | — | $ | — | $ | 207,022 | |||||||||||||||||||||||||
| Cost of goods sold | 53,428 | (2,824) | — | — | 50,604 | ||||||||||||||||||||||||||||||
| Gross profit | 153,594 | 2,824 | — | — | 156,418 | ||||||||||||||||||||||||||||||
| Costs and expenses | |||||||||||||||||||||||||||||||||||
| Sales and marketing | 89,821 | (5,737) | — | — | 84,084 | ||||||||||||||||||||||||||||||
| Research and development | 25,056 | (5,040) | — | — | 20,016 | ||||||||||||||||||||||||||||||
| General and administrative | 42,750 | (10,802) | (1,969) | — | 29,979 | ||||||||||||||||||||||||||||||
| Total costs and expenses | 157,627 | (21,579) | (1,969) | — | 134,079 | ||||||||||||||||||||||||||||||
| (Loss) income from operations | (4,033) | 24,403 | 1,969 | — | 22,339 | ||||||||||||||||||||||||||||||
| Other income (expense) | |||||||||||||||||||||||||||||||||||
| Investment income | 2,985 | — | — | — | 2,985 | ||||||||||||||||||||||||||||||
| Interest expense | (696) | — | — | — | (696) | ||||||||||||||||||||||||||||||
| Loss on extinguishment of debt | (16,849) | — | — | 16,849 | — | ||||||||||||||||||||||||||||||
| Other expense, net | (173) | — | — | — | (173) | ||||||||||||||||||||||||||||||
| Total other (expense) income, net | (14,733) | — | — | 16,849 | 2,116 | ||||||||||||||||||||||||||||||
| Net (loss) income | $ | (18,766) | $ | 24,403 | $ | 1,969 | $ | 16,849 | $ | 24,455 | |||||||||||||||||||||||||
| Weighted average common shares outstanding - diluted | 53,437,633 | 53,437,633 | 53,437,633 | 53,437,633 | 6,097,037 | 59,534,670 | |||||||||||||||||||||||||||||
| Net (loss) income per common share - diluted | $ | (0.35) | $ | 0.46 | $ | 0.04 | $ | 0.32 | $ | (0.04) | $ | 0.41 | |||||||||||||||||||||||
__________
(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 | Nine Months Ended September 30, 2025 | ||||||||||||||||||||||
| GAAP Results | Non-cash Stock-based Compensation Expense | Dilutive Shares Impact(1) | Adjusted Results | ||||||||||||||||||||
| Revenues | $ | 165,304 | $ | — | $ | 165,304 | |||||||||||||||||
| Cost of goods sold | 42,360 | (1,406) | 40,954 | ||||||||||||||||||||
| Gross profit | 122,944 | 1,406 | 124,350 | ||||||||||||||||||||
| Costs and expenses | |||||||||||||||||||||||
| Sales and marketing | 70,529 | (3,422) | 67,107 | ||||||||||||||||||||
| Research and development | 20,509 | (2,796) | 17,713 | ||||||||||||||||||||
| General and administrative | 29,983 | (5,877) | 24,106 | ||||||||||||||||||||
| Total costs and expenses | 121,021 | (12,095) | 108,926 | ||||||||||||||||||||
| Income from operations | 1,923 | 13,501 | 15,424 | ||||||||||||||||||||
| Other income (expense) | |||||||||||||||||||||||
| Investment income | 816 | — | 816 | ||||||||||||||||||||
| Interest expense | (5,984) | — | (5,984) | ||||||||||||||||||||
| Change in fair value of debt derivative liabilities | 531 | — | 531 | ||||||||||||||||||||
| Other income, net | 167 | — | 167 | ||||||||||||||||||||
| Total other expense, net | (4,470) | — | (4,470) | ||||||||||||||||||||
| Net (loss) income | $ | (2,547) | $ | 13,501 | $ | 10,954 | |||||||||||||||||
| Weighted average common shares outstanding - diluted | 45,905,069 | 45,905,069 | 3,068,714 | 48,973,783 | |||||||||||||||||||
| Net (loss) income per common share - diluted | $ | (0.06) | $ | 0.29 | $ | (0.01) | $ | 0.22 | |||||||||||||||
__________
(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 | Nine Months Ended | ||||||||||
| September 30, 2026 | September 30, 2025 | ||||||||||
| Net cash provided by (used in) operating activities | $ | 25,322 | $ | (2,226) | |||||||
| Purchase of property and equipment | (5,074) | (2,498) | |||||||||
| Cash payments for intangible assets | (1,306) | (1,138) | |||||||||
| Free cash flow | $ | 18,942 | $ | (5,862) | |||||||
Q3 2026 Financial Results October 28, 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, including the anticipated benefits and opportunities of the BioCircuit acquisition; 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, BioCircuit transaction and integration costs, 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, BioCircuit transaction and integration costs, and the loss on extinguishment of debt from Net Income (Loss) and Net Income (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 Q3 2026 Business Highlights and 2026 Goals Michael Dale President and Chief Executive Officer
Agenda 4 1.Q3 2026 Business Highlights Michael Dale, President and Chief Executive Officer 2.Q3 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 Q3 2026 Business Highlights 01 Growth 15–20% Revenue CAGR + Operating Leverage Q3 Revenue $75.8M, +26.2% YoY Capital Structure No debt obligations; $350.1M in cash, equivalents, restricted cash and investments 2026 Target Disciplined profitable growth; improving margins. 02 Market Development Elective & Planned + Prostate Extremities Continued steady growth 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 220+ procedures and 15 active clinical experience sites 2026 Prostate Detailed clinical outcomes to be reported November 9, 2026 03 Commercial Expansion Infrastructure + Sales Force Growth Breast 31 reps, 3 regional directors Extremities 132 reps, 15 regional directors OMF / H&N 3 field-based market development managers Prostate 3 clinical development managers and 1 director 2026 Breast / Ext. Target: ~30 breast reps; ~130 extremity reps by end of year. 6 Q3 Adjusted EBITDA* $13.4M, +2.3 pp as a percent of revenue YoY * See non-GAAP reconciliations included in Appendix.
7 Strategic Priorities Q3 2026 Business Highlights 2026 2026 2026 04 Commercial Excellence HiPo Accounts, Productivity & Education HiPo Revenue 55% of growth from HiPo accounts YTD Productivity +22% YoY HiPo account productivity Active Accounts 690+ HiPo accounts; added 280+ active surgeons YTD Education 12 programs YTD; trained 208 surgeons and 108 surgeon pairs. HiPo & Training Target 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. 96% of covered lives in the US. Clinical Evidence MATCH® Avance vs. Autograft in mixed and motor nerves published; Nerve-RESTORESM first patient enrolled; EMBRACE on track for first site initiation by year-end Coverage CMS proposed CY2027 payment rule increases core nerve repair rates, building on 2026 classification gains Payer & Coverage Achieved near-universal US coverage milestone ahead of plan. 06 Innovation Strategic Investment in Nerve Visualization Program Updates Detailed updates on individual R&D programs in 2H 2026. Acquired BioCircuit Technologies BioCircuit Technology NerveTape®, a simpler, faster coaptation aid that eliminates the need for micro-suturing Portfolio Positioning Complements Avance as well as in direct repair 7
Professor of Urology; Director, Comprehensive Prostate Cancer Program UC Irvine School of Medicine | UCI Health Dr. David Lee Assistant Professor of Urologic Surgery Cleveland Clinic Dr. Zeyad Schwen 8 UPCOMING WEBCAST A closer look at the prostate clinical and market rationale On November 9, we will share a detailed overview of the clinical outcomes and market research underlying our decision to move forward. Clinical and Patient Perspectives from November 9th 9 am Investors interested in participating in the conference call by phone may dial toll-free at (877) 407-0993 or use the direct dial-in number at (201) 689-8795. A live webcast, an archived replay, and presentation slides from the event will be available on the Investors page of the Company’s website at www.axogeninc.com.
9 Q3 Financials and 2026 Guidance Discussion Lindsey Hartley Chief Financial Officer
Q3 2026 Financial Performance 10 +26.6% $0.0 $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 $70.0 $80.0 Q2 Q3 Q3 Revenue ($ in millions) 2025 2026 $69.7 $56.7 +23.1% 70.0% 71.0% 72.0% 73.0% 74.0% 75.0% 76.0% 77.0% Q2 Q3 Q3 Gross Margin % 2025 2026 72.7% 74.2% -1.5pp 76.6% 74.8% +3.3pp $60.1 $75.8 +26.2% -1.8pp
Q3 2026 Financial Performance 11 Q3 2026 Q3 2025 Q3 2026 YTD Q3 2025 YTD Revenues $75.8 $60.1 $207.0 $165.3 Sales and Marketing Expenses $30.4 $25.7 $89.8 $70.5 Research and Development Expenses 9.0 7.6 25.1 20.5 General and Administrative Expenses 16.5 10.8 42.7 30.0 Total Costs and Expenses $55.8 $44.1 $157.6 $121.0 YoY Change % 26.5% 30.2% Change as a % Of Revenue 0.1% 2.9% ($ in millions)
12 Q3 2026 Q3 2025 Q3 2026 YTD Q3 2025 YTD Net Income (Loss) $2.3 $0.7 $(18.8) $(2.5) Diluted EPS $0.04 $0.01 $(0.35) $(0.06) Adjusted Net Income * $13.1 $6.1 $24.5 $11.0 Adjusted Diluted EPS* $0.21 $0.12 $0.41 $0.22 Adjusted EBITDA* $13.4 $9.2 $27.5 $21.4 Adjusted EBITDA Margin* 17.7% 15.4% 13.3% 12.9% Free Cash Flow* $18.9 $(5.9) Q3 2026 Financial Performance ($ in millions, except per share data) * See non-GAAP reconciliations included in Appendix.
Guidance for the Full-Year 2026 13 Free cash flow positiveGross margin of at least 73% Revenue growth of at least 29% or $290 million; Organic revenue growth of at least 26% or $283 million.
President and Chief Executive Officer Michael Dale Chief Marketing Officer Jens Kemp VP, Global Health Economics, Reimbursement & Policy Rick Ditto 14 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.
Appendix 16
17 Non-GAAP Reconciliations - EBITDA & Adjusted EBITDA: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2026 2025 2026 2025 Net income (loss) $ 2,334 $ 708 $ (18,766) $ (2,547) Depreciation and amortization expense 1,694 1,730 5,116 5,248 Investment income (1,431) (319) (2,985) (816) Income tax expense (benefit) 32 (62) 220 4 Interest expense 1 1,757 696 5,984 EBITDA - non-GAAP 2,630 3,814 (15,719) 7,873 EBITDA margin - non-GAAP 3.5 % 6.3 % (7.6)% 4.8 % Non-cash stock-based compensation expense 8,794 5,424 24,403 13,501 BioCircuit transaction and integration costs 1,969 — 1,969 — Loss on extinguishment of debt — — 16,849 — Adjusted EBITDA - non-GAAP $ 13,393 $ 9,238 $ 27,502 $ 21,374 Adjusted EBITDA margin - non-GAAP 17.7 % 15.4 % 13.3 % 12.9 %
18 Non-GAAP Reconciliation - Adjusted Net Income: Three Months Ended September 30, 2026 GAAP Results Non-cash Stock- based Compensation Expense BioCircuit Transaction and Integration Costs Adjusted Results (in thousands, except share and per share amounts) Revenues $ 75,834 $ — $ — $ 75,834 Cost of goods sold 19,103 (695) — 18,408 Gross profit 56,731 695 — 57,426 Costs and expenses Sales and marketing 30,361 (2,176) — 28,185 Research and development 8,950 (1,826) — 7,124 General and administrative 16,465 (4,097) (1,969) 10,399 Total costs and expenses 55,776 (8,099) (1,969) 45,708 Income from operations 955 8,794 1,969 11,718 Other income (expense) Investment income 1,431 — — 1,431 Interest expense (1) — — (1) Other expense, net (51) — — (51) Total other income, net 1,379 — — 1,379 Net income $ 2,334 $ 8,794 $ 1,969 $ 13,097 Weighted average common shares outstanding - diluted 61,525,789 61,525,789 61,525,789 61,525,789 Net income per common share - diluted $ 0.04 $ 0.14 $ 0.03 $ 0.21
19 Non-GAAP Reconciliation - Adjusted Net Income: Three Months Ended September 30, 2025 GAAP Results Non-cash Stock- based Compensation Expense Adjusted Results (in thousands, except share and per share amounts) Revenues $ 60,082 $ — $ 60,082 Cost of goods sold 14,089 (706) 13,383 Gross profit 45,993 706 46,699 Costs and expenses Sales and marketing 25,680 (1,524) 24,156 Research and development 7,565 (1,047) 6,518 General and administrative 10,836 (2,147) 8,689 Total costs and expenses 44,081 (4,718) 39,363 Income from operations 1,912 5,424 7,336 Other income (expense) Investment income 319 — 319 Interest expense (1,757) — (1,757) Change in fair value of debt derivative liabilities 209 — 209 Other expense, net 25 — 25 Total other expense, net (1,204) — (1,204) Net income $ 708 $ 5,424 $ 6,132 Weighted average common shares outstanding - diluted 49,088,436 49,088,436 49,088,436 Net income per common share - diluted $ 0.01 $ 0.11 $ 0.12
20 Non-GAAP Reconciliation - Adjusted Net Income: Nine Months Ended September 30, 2026 GAAP Results Non-cash Stock- based Compensation Expense BioCircuit Transaction and Integration Costs Loss on Extinguishment of Debt Dilutive Shares Impact(1) Adjusted Results (in thousands, except share and per share amounts) Revenues $ 207,022 $ — $ — $ — $ 207,022 Cost of goods sold 53,428 (2,824) — — 50,604 Gross profit 153,594 2,824 — — 156,418 Costs and expenses Sales and marketing 89,821 (5,737) — — 84,084 Research and development 25,056 (5,040) — — 20,016 General and administrative 42,750 (10,802) (1,969) — 29,979 Total costs and expenses 157,627 (21,579) (1,969) — 134,079 (Loss) income from operations (4,033) 24,403 1,969 — 22,339 Other income (expense) Investment income 2,985 — — — 2,985 Interest expense (696) — — — (696) Loss on extinguishment of debt (16,849) — — 16,849 — Other expense, net (173) — — — (173) Total other (expense) income, net (14,733) — — 16,849 2,116 Net (loss) income $ (18,766) $ 24,403 $ 1,969 $ 16,849 $ 24,455 Weighted average common shares outstanding - diluted 53,437,633 53,437,633 53,437,633 53,437,633 6,097,037 59,534,670 Net (loss) income per common share - diluted $ (0.35) $ 0.46 $ 0.04 $ 0.32 $ (0.04) $ 0.41 ___________ (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 - Adjusted Net Income: Nine Months Ended September 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 $ 165,304 $ — $ 165,304 Cost of goods sold 42,360 (1,406) 40,954 Gross profit 122,944 1,406 124,350 Costs and expenses Sales and marketing 70,529 (3,422) 67,107 Research and development 20,509 (2,796) 17,713 General and administrative 29,983 (5,877) 24,106 Total costs and expenses 121,021 (12,095) 108,926 Income from operations 1,923 13,501 15,424 Other income (expense) Investment income 816 — 816 Interest expense (5,984) — (5,984) Change in fair value of debt derivative liabilities 531 — 531 Other income, net 167 — 167 Total other expense, net (4,470) — (4,470) Net (loss) income $ (2,547) $ 13,501 $ 10,954 Weighted average common shares outstanding - diluted 45,905,069 45,905,069 3,068,714 48,973,783 Net (loss) income per common share - diluted $ (0.06) $ 0.29 $ (0.01) $ 0.22 ___________ (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.
22 Non-GAAP Reconciliation - Free Cash Flows Nine Months Ended September 30, (in thousands) 2026 2025 Net cash provided by (used in) operating activities $ 25,322 $ (2,226) Purchase of property and equipment (5,074) (2,498) Cash payments for intangible assets (1,306) (1,138) Free cash flow $ 18,942 $ (5,862)
Large and Underserved $5.6B* US Nerve Care Opportunity 23 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. October 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 ProtectionConnection 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 4% 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 [Oct 2026], 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 Nerve Tape® a simpler, faster coaptation aid that eliminates the need for micro-suturing Axoguard® and Avive+ portfolio of 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 93% 96% Expanded coverage fueled by Biologic approval in 2025 Strong clinical evidence Avance Medicare & Medicaid Lives Covered Since Q2 2025, 87.6 million lives have been added across Cigna, Elevance, Aetna* and 12 BCBS regional plans (78.6mm private; 9.0mm 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. *Aetna considers Avance medically necessary for repair of short-to-medium sensory nerve gaps (≤30 mm) in the upper extremity. 1. Policy Reporter online portal for medical policy information [Oct 2026]; 2. Health plan enrollment data provided by Managed Markets Insight & Technology, LLC [Sept 2025] 1,2 1,2 Avance Commercial Lives Covered
National Average2026 FACILITY PAYMENT 2026 CMS facility payments support implant costs for advanced nerve repair procedures The codes for Allograft (CPT 64912; Avance) and Conduit (CPT 64910) are 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 5433 $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 64910 Conduit nerve repair 5433 $8,965 $5,880 +40% YoY +96% Since 2019 +33% YoY +125% Since 2019 $3,490 $2,177 (46%) YoY (24%) Since 2019 (30%) YoY +13% Since 2019 64834 Direct repair with suture, hand or foot, sensory nerve 5432
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 ® & MATCH ® Real-World Registry | Avance and Autograft 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 Protection Expansion Validating Nerve Protection Benefits Across New Applications Prostate Level 1 Evidence: Advancing Evidence in Cavernous Nerve Repair and Protection EMBRACE SM Prospective Study | Avance in Nipple-Sparing Mastectomy, Implant-Based Breast Neurotization
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 Scientific Officer Jens Schroeder Kemp Chief Marketing Officer Ivica Ducic, M.D. Chief Medical Officer Paris Dally 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 Todd Goede Vice President and General Manager, NerveTape Operations
Financial Overview 21
Accelerating Topline Drives Operational Leverage 22 Accelerating Revenue Growth Expanding EBITDA 2022 2023 2024 2025 2026 YTD Q3 $207.0 $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 $40.0 EBITDA Adj-EBITDA* 2021 2022 2023 2024 2025 *Excludes non-cash stock-based compensation and litigation related costs 20.3% 5-year CAGR ($ in millions) $290.0* *YTD Q3 2026 actual and full-year 2026 guidance ($ in millions)
Revenue growth of at least 29% or $290 million Organic revenue growth of at least 26% or $283 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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