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  4. [8-K] Axogen, Inc. Reports Material Event

Strong Q1 growth leads Axogen (NASDAQ: AXGN) to raise 2026 outlook

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

Rhea-AI Filing Summary

Axogen, Inc. reported strong first quarter 2026 results and raised its full-year 2026 revenue guidance to at least 20% growth, or $270 million. Q1 2026 revenue was $61.5 million, up 26.6% from $48.6 million a year earlier, with gross margin improving to 75.2% from 71.9%.

The company recorded a GAAP net loss of $19.6 million (–$0.38 per share), largely driven by a $16.8 million loss on extinguishment of debt. On a non‑GAAP basis, Axogen reported adjusted net income of $4.1 million ($0.07 per diluted share) and adjusted EBITDA of $5.7 million, a 9.3% margin.

Cash, restricted cash, and investments rose to $103.6 million as of March 31, 2026, from $45.5 million at year‑end 2025, aided by an upsized public offering of 4.6 million shares that generated $133.3 million in net proceeds. The company used $69.7 million of these proceeds to fully repay and terminate its Oberland loan facility. Management expects 2026 gross margin between 74% and 76% and to be free cash flow positive for the full year.

Positive

  • Raised 2026 outlook with strong growth: Q1 2026 revenue grew 26.6% to $61.5 million and management increased full‑year guidance to at least 20% growth, or $270 million, with targeted gross margin of 74–76% and an expectation of positive free cash flow.

Negative

  • None.

Insights

Axogen combines rapid growth, stronger margins and balance-sheet cleanup in Q1 2026.

Axogen delivered Q1 2026 revenue of $61.5 million, up 26.6% year over year, with gross margin expanding to 75.2%. That topline acceleration, alongside a higher-margin mix, underpins management’s decision to raise full‑year revenue guidance to at least $270 million.

Despite a GAAP net loss of $19.6 million, results were heavily affected by a one‑time $16.8 million loss on extinguishment of debt. On an adjusted basis, Axogen generated $4.1 million of net income and $5.7 million of adjusted EBITDA, lifting the non‑GAAP margin to 9.3% from 5.9% a year earlier.

The January equity offering added $133.3 million of net proceeds, enabling full repayment of the Oberland loan facility and increasing cash, restricted cash and investments to $103.6 million as of March 31, 2026. Combined with guidance for 74–76% gross margin and positive free cash flow in 2026, the filing points to a stronger, less levered financial profile.

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.
Q1 2026 revenue $61.5 million Quarter ended March 31, 2026; 26.6% higher than $48.6 million in Q1 2025
Q1 2026 gross margin 75.2% Up from 71.9% in the quarter ended March 31, 2025
Q1 2026 net loss $19.6 million GAAP net loss for the quarter; includes $16.8 million loss on extinguishment of debt
Q1 2026 adjusted net income $4.1 million Non‑GAAP adjusted net income; $0.07 per diluted share
Q1 2026 adjusted EBITDA $5.7 million Quarter ended March 31, 2026; 9.3% adjusted EBITDA margin vs 5.9% in Q1 2025
Cash and investments balance $103.6 million Cash, cash equivalents, restricted cash and investments as of March 31, 2026; up from $45.5 million at December 31, 2025
Equity offering proceeds $133.3 million Net proceeds from January 23, 2026 upsized public offering of 4.6 million shares
Oberland loan repayment $69.7 million Amount used from offering proceeds to fully repay and terminate Oberland loan facility on January 28, 2026
2026 revenue guidance $270 million Full-year 2026 target; at least 20% revenue growth with 74–76% gross margin expected
Adjusted EBITDA financial
"Adjusted EBITDA was $5.7 million for the first quarter of 2026, compared to $2.9 million for the first 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
"We also 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."
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.
Level 3 Nerve Procedure Code regulatory
"Effective January 1, 2026, CMS created a new Level 3 Nerve Procedure Code, increasing Avance facility reimbursement 40% year-over-year"
peripheral nerve regeneration and repair medical
"Axogen (AXGN) is the leading company focused specifically on the science, development and commercialization of technologies for peripheral nerve regeneration and repair."
non-GAAP financial measures financial
"To supplement our condensed consolidated financial statements, we use the non-GAAP financial measures of EBITDA ... Adjusted EBITDA ... Adjusted Net Income (Loss)"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
Revenue $61.5 million +26.6% YoY
Gross margin 75.2% up from 71.9% YoY
Net income ($19.6 million) vs ($3.8 million) YoY
Adjusted net income $4.1 million vs ($0.9 million) YoY
Adjusted EBITDA $5.7 million vs $2.9 million YoY
Guidance

For 2026, Axogen expects at least 20% revenue growth or $270 million, gross margin between 74% and 76%, and to be free cash flow positive for the full year.

Understanding 8-K Material Events →
0000805928false00008059282026-04-282026-04-28

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): April 28, 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 April 28, 2026, Axogen, Inc. (the “Company”) issued a press release announcing its first 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 April 28, 2026, the Company posted a first 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 April 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 April 28, 2026
99.2
Axogen Inc. First Quarter Financial Results Presentation, dated April 28, 2026
99.3
Axogen, Inc. Corporate Presentation, dated April 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: April 28, 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 First Quarter 2026 Financial Results

Raises Full Year Revenue Guidance to at Least 20% Growth or $270 million

ALACHUA and TAMPA, FL – April 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 first quarter ended March 31, 2026.
First Quarter Financial Results
•First quarter 2026 revenue was $61.5 million, a 26.6% increase compared to first quarter 2025 revenue of $48.6 million.
•Gross margin was 75.2% for the first quarter of 2026, compared to 71.9% in the first quarter of 2025.
•Net loss for the first quarter of 2026 was $19.6 million, or $0.38 per share, compared to $3.8 million, or $0.08 per share for the first quarter of 2025.
•Adjusted net income was $4.1 million for the first quarter of 2026, or $0.07 per share, compared to an adjusted net loss of $0.9 million, or $0.02 per share for the first quarter 2025.
•Adjusted EBITDA was $5.7 million for the first quarter of 2026, compared to $2.9 million for the first quarter of 2025.

•As of March 31, 2026, cash and cash equivalents, restricted cash, and investments was $103.6 million, as compared to $45.5 million as of December 31, 2025, an increase of $58.1 million.

“We are pleased with our first-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. “We delivered strong growth across all of our target markets, reinforcing the relevance of our market development strategies and the strength of our commercial execution. We remain well positioned to achieve our financial guidance and continue advancing our strategic objectives for 2026.”

Summary of Business Highlights

•First quarter 2026 revenue growth was broad-based, including double-digit growth in all markets, which includes Extremities, Oral Maxillofacial & Head and Neck, and Breast.

•Received positive coverage decisions from Cigna and Elevance Health, two of the nation’s largest commercial insurers.

•Effective January 1, 2026, CMS created a new Level 3 Nerve Procedure Code, increasing Avance facility reimbursement 40% year-over-year to $8,965 for hospital outpatient and 35% to $6,157 for ASC-based procedures.

•On January 23, 2026, Axogen closed an upsized public offering with the sale of 4.6 million shares of common stock, yielding net proceeds of $133.3 million. From these net proceeds, $69.7 million were used


to fully repay and terminate our Oberland loan facility on January 28, 2026. Remaining funds are available for working capital, capital expenditures, and other general corporate purposes.
2026 Financial Guidance

We expect 2026 revenue growth to be at least 20%, or $270 million, for the full-year and gross margin to be in the range of 74% to 76%. Additionally, we expect to be free cash flow positive 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 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; and the anticipated use of proceeds from our recent public offering. 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 (Loss) and Adjusted Net Income (Loss) 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 (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)

March 31,
2026		December 31,
2025
Assets
Current assets:
Cash and cash equivalents$82,654 $35,548 
Restricted cash2,000 4,000 
Investments18,947 5,980 
Accounts receivable, net of allowance for doubtful accounts of $822 and $948, respectively
28,313 26,169 
Inventory46,074 42,373 
Prepaid expenses and other assets6,720 6,352 
Total current assets184,708 120,422 
Property and equipment, net83,038 81,783 
Operating lease right-of-use assets14,280 12,732 
Intangible assets, net7,270 6,750 
Other assets192 — 
Total assets$289,488 $221,687 
Liabilities and shareholders’ equity
Current liabilities:
Accounts payable and accrued expenses$23,898 $21,184 
Current maturities of long-term lease obligations2,115 2,372 
Total current liabilities26,013 23,556 
Long-term debt, net of debt discount and financing fees— 48,387 
Long-term lease obligations18,527 16,870 
Debt derivative liabilities— 3,886 
Other long-term liabilities140 141 
Total liabilities44,680 92,840 
Shareholders’ equity:
Common stock, $0.01 par value per share; 100,000,000 shares authorized; 53,153,471 and 47,199,797 shares issued and outstanding, respectively
532 472 
Additional paid-in capital570,823 435,338 
Accumulated deficit(326,547)(306,963)
Total shareholders’ equity244,808 128,847 
Total liabilities and shareholders’ equity$289,488 $221,687 

Axogen, Inc.
Condensed Consolidated Statements of Operations
(unaudited)
(in thousands, except share and per share amounts)

Three Months Ended
March 31, 2026March 31, 2025
Revenues$61,457 $48,560 
Cost of goods sold15,268 13,627 
Gross profit46,189 34,933 
Costs and expenses:
Sales and marketing28,633 21,045 
Research and development7,517 6,091 
General and administrative12,871 9,458 
Total costs and expenses49,021 36,594 
Loss from operations(2,832)(1,661)
Other income (expense):
Investment income768 272 
Interest expense(694)(2,250)
Loss on extinguishment of debt(16,849)— 
Change in fair value of debt derivative liabilities— (158)
Other income (expense), net23 (37)
Total other expense, net(16,752)(2,173)
Net loss$(19,584)$(3,834)
Weighted average common shares outstanding — basic51,591,504 45,204,076 
Weighted average common shares outstanding — diluted51,591,504 45,204,076 
Net loss per common share — basic$(0.38)$(0.08)
Net loss per common share — diluted$(0.38)$(0.08)

Axogen, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited)
(in thousands)
Three Months Ended
March 31, 2026March 31, 2025
Cash flows from operating activities:
Net loss$(19,584)$(3,834)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation1,604 1,728 
Amortization of right-of-use assets420 87 
Amortization of intangible assets101 67 
Amortization of debt discount and deferred financing fees68 220 
(Recovery of) provision for bad debts(120)187 
Change in fair value of debt derivative liabilities— 158 
Investment losses (gains), net33 (45)
Loss on extinguishment of debt16,849 — 
Stock-based compensation expense6,843 2,909 
Change in operating assets and liabilities:
Accounts receivable(2,024)(2,377)
Inventory(3,701)(2,321)
Prepaid expenses and other assets(368)(489)
Other assets(192)— 
Accounts payable and accrued expenses2,198 (9,079)
Operating lease obligations(559)(452)
Cash paid for interest portion of financing lease obligations(2)(1)
Other long-term liabilities(1)63 
Net cash provided by (used in) operating activities1,565 (13,179)
Cash flows from investing activities:
Purchase of property and equipment(2,789)(256)
Purchase of investments(19,000)— 
Proceeds from sale of investments6,000 2,000 
Cash payments for intangible assets(175)(405)
Net cash (used in) provided by investing activities(15,964)1,339 
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(8,776)— 
Cash paid for debt portion of financing lease obligations(7)(1)
Proceeds from exercise of stock options4,226 2,383 
Net cash provided by financing activities59,505 2,382 
Net increase (decrease) in cash and cash equivalents, and restricted cash45,106 (9,458)
Cash and cash equivalents, and restricted cash, beginning of period39,548 33,554 
Cash and cash equivalents, and restricted cash, end of period$84,654 $24,096 

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 March 31, 2026
Balance at December 31, 202547,199,797 $472 $435,338 $(306,963)$128,847 
Net loss— — — (19,584)(19,584)
Issuance of common shares4,600,000 46 133,206 — 133,252 
Stock-based compensation— — 6,843 — 6,843 
Issuance of restricted and performance stock units, net of shares withheld for withholding taxes985,796 10 (8,786)— (8,776)
Exercise of stock options 367,878 4 4,222 — 4,226 
Balance at March 31, 202653,153,471 $532 $570,823 $(326,547)$244,808 
Three Months Ended March 31, 2025
Balance at December 31, 202444,148,836 $441 $394,726 $(291,260)$103,907 
Net loss— — — (3,834)(3,834)
Stock-based compensation— — 2,909 — 2,909 
Issuance of restricted and performance stock units1,105,214 11 (11)— — 
Exercise of stock options258,573 3 2,380 — 2,383 
Balance at March 31, 202545,512,623 $455 $400,004 $(295,094)$105,365 

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
March 31, 2026March 31, 2025
Net loss$(19,584)$(3,834)
Depreciation and amortization expense1,706 1,795 
Investment income(768)(272)
Income tax (benefit) expense(33)29 
Interest expense694 2,250 
EBITDA - non-GAAP$(17,985)$(32)
EBITDA margin - non-GAAP(29.3)%(0.1)%
Non-cash stock-based compensation expense6,843 2,909 
Loss on extinguishment of debt16,849 — 
Adjusted EBITDA - non-GAAP$5,707 $2,877 
Adjusted EBITDA margin - non-GAAP9.3 %5.9 %


Adjusted Net IncomeThree Months Ended March 31, 2026
GAAP ResultsNon-cash Stock-based Compensation ExpenseLoss on Extinguishment of Debt
Dilutive Shares Impact(1)
Adjusted Results
Revenues$61,457 $— $— $61,457 
Cost of goods sold15,268 (919)— 14,349 
Gross profit46,189 919 — 47,108 
Costs and expenses:
Sales and marketing28,633 (1,558)— 27,075 
Research and development7,517 (1,419)— 6,098 
General and administrative12,871 (2,947)— 9,924 
Total costs and expenses49,021 (5,924)— 43,097 
(Loss) income from operations(2,832)6,843 — 4,011 
Other income (expense):
Investment income768 — — 768 
Interest expense(694)— — (694)
Loss on extinguishment of debt(16,849)— 16,849 — 
Other income, net23 — — 23 
Total other (expense) income, net(16,752)— 16,849 97 
Net (loss) income$(19,584)$6,843 $16,849 $4,108 
Weighted average common shares outstanding - diluted51,591,504 51,591,504 51,591,504 5,183,717 56,775,221 
Net (loss) income per common share - diluted$(0.38)$0.13 $0.33 $(0.01)$0.07 
__________
(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 March 31, 2025Three Months Ended June 30, 2025Three Months Ended September 30, 2025Three Months Ended December 31, 2025
GAAP ResultsNon-cash Stock-based Compensation ExpenseAdjusted ResultsGAAP ResultsNon-cash Stock-based Compensation ExpenseAdjusted ResultsGAAP ResultsNon-cash Stock-based Compensation ExpenseAdjusted ResultsGAAP ResultsNon-cash Stock-based Compensation Expense
Adjusted Results (1)
Revenues$48,560 $— $48,560 $56,662 $— $56,662 $60,082 $— $60,082 $59,904 $— $59,904 
Cost of goods sold13,627 10 13,637 14,644 (709)13,935 14,089 (706)13,383 15,495 (2,274)13,221 
Gross profit34,933 (10)34,923 42,018 709 42,727 45,993 706 46,699 44,409 2,274 46,683 
Costs and expenses:
Sales and marketing21,045 (584)20,461 23,804 (1,314)22,490 25,680 (1,524)24,156 27,211 (2,939)24,272 
Research and development6,091 (720)5,371 6,853 (1,030)5,823 7,565 (1,047)6,518 12,376 (6,052)6,324 
General and administrative9,458 (1,615)7,843 9,689 (2,115)7,574 10,836 (2,147)8,689 14,594 (5,346)9,248 
Total costs and expenses36,594 (2,919)33,675 40,346 (4,459)35,887 44,081 (4,718)39,363 54,181 (14,337)39,844 
(Loss) income from operations(1,661)2,909 1,248 1,672 5,168 6,840 1,912 5,424 7,336 (9,772)16,611 6,839 
Other income (expense):
Investment income272 — 272 225 — 225 319 — 319 352 — 352 
Interest expense(2,250)— (2,250)(1,977)— (1,977)(1,757)— (1,757)(1,718)— (1,718)
Change in fair value of debt derivative liabilities(158)— (158)480 — 480 209 — 209 (2,018)— (2,018)
Other (expense) income, net(37)— (37)179 — 179 25 — 25 — — — 
Total other expense, net(2,173)— (2,173)(1,093)— (1,093)(1,204)— (1,204)(3,384)— (3,384)
Net (loss) income$(3,834)$2,909 $(925)$579 $5,168 $5,747 $708 $5,424 $6,132 $(13,156)$16,611 $3,455 
Weighted average common shares outstanding - diluted45,204,076 45,204,076 45,204,076 47,980,830 47,980,830 47,980,830 49,088,436 49,088,436 49,088,436 46,929,309 46,929,309 52,230,508 
Net (loss) income per common share - diluted$(0.08)$0.06 $(0.02)$0.01 $0.11 $0.12 $0.01 $0.11 $0.12 $(0.28)$0.35 $0.07 
__________
(1)Due to a GAAP net loss during the three months ended December 31, 2025, 5,301,199 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. The inclusion of these shares decreased adjusted Net income per common share by less than $0.01.





Axogen, Inc.
Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures
(unaudited)
(in thousands, except share and per share amounts)

Adjusted Net IncomeTwelve Months Ended December 31, 2025
GAAP ResultsNon-cash Stock-based Compensation Expense
Dilutive Shares Impact(1)
Adjusted Results
Revenues$225,208 $— $225,208 
Cost of goods sold57,855 (3,680)54,175 
Gross profit167,353 3,680 171,033 
Costs and expenses:
Sales and marketing97,740 (6,361)91,379 
Research and development32,885 (8,848)24,037 
General and administrative44,577 (11,223)33,354 
Total costs and expenses175,202 (26,432)148,770 
(Loss) income from operations(7,849)30,112 22,263 
Other income (expense):
Investment income1,168 — 1,168 
Interest expense(7,702)— (7,702)
Change in fair value of debt derivative liabilities(1,487)— (1,487)
Other income, net167 — 167 
Total other expense, net(7,854)— (7,854)
Net (loss) income$(15,703)$30,112 $14,409 
Weighted average common shares outstanding - diluted46,050,266 46,050,266 3,761,920 49,812,186 
Net (loss) income per common share - diluted$(0.34)$0.65 $(0.02)$0.29 
__________
(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 FlowThree Months Ended
March 31, 2026March 31, 2025
Net cash provided by (used in) operating activities$1,565 $(13,179)
Purchase of property and equipment(2,789)(256)
Cash payments for intangible assets(175)(405)
Free cash flow$(1,399)$(13,840)

Q1 2026 Financial Results April 28th, 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; 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 (Loss) and Adjusted Net Income (Loss) 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 Q1 2026 Business Highlights and 2026 Goals Michael Dale President and Chief Executive Officer

 

Agenda 4 1.Q1 2026 Business Highlights Michael Dale, President and Chief Executive Officer 2.Q1 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

 

Large and Underserved $5.6B* US Nerve Care Opportunity 6 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

 

7 Strategic Priorities Q1 2026 Business Highlights 01 Growth 15–20% Revenue CAGR + Operating Leverage Q1 Revenue $61.5M, +26.6% YoY Capital Structure Raised $133.3M; retired $69.7M term loan 2026 Target Disciplined profitable growth; improving margins 02 Market Development Elective & Planned + Prostate Extremities Solid traumatic & chronic growth; most mature market OMF / H&N High double-digit growth; quality-of-life recognition growing Breast Fast-growing; accelerating Resensation adoption Prostate 10+ active clinical sites 2026 Prostate Meaningful clinical signals expected in 2H 2026 03 Commercial Expansion Infrastructure + Sales Force Growth Breast 26 reps, 3 regional directors Extremities 120 reps, 15 regional directors OMF / H&N 4 field-based market development managers Prostate 3 clinical development managers and 1 director 2026 Breast / Ext. Grow to ~30 breast reps; ~130 extremity reps 7 Q1 Adjusted EBITDA* $5.7M, +3.4 pp as a percent of revenue YoY

 

8 Strategic Priorities Q1 2026 Business Highlights 2026 2026 2026 04 Commercial Excellence HiPo Accounts, Productivity & Education HiPo Revenue 48% of growth from HiPo accounts Productivity +21% avg. HiPo account productivity Active Accounts 681 HiPo accounts; added 70+ active surgeons Education Surgeon training across all markets on track to plan HiPo & Training 60% 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 & Avance® FDA BLA Avance® First & only FDA-approved biologic for peripheral nerve repair and 12 years of U.S. biologics exclusivity period Societies AAHS & ASRM recognize allograft as standard of care (1) Coverage Positive coverage decisions from Cigna and Elevance received Payer & Coverage Pursue near-universal US coverage (est. 2H 2028) 06 Innovation R&D + Therapeutic Reconstruction Program Updates Detailed updates on individual R&D programs in 2H 2026 Ease of Coaptation R&D focused on faster, more consistent nerve coaptation Chronic Injuries Advancing non-transected and chronic nerve repair solutions Therapeutic Reconstruction Next-gen technologies to improve nerve regeneration Clinical Studies Breast & mixed/motor nerve studies on track to plan 8 (1) The American Association of Hand Surgery (“AAHS”) and the American Society for Reconstructive Microsurgery (“ASRM”) released official position statements recognizing nerve allograft as a standard medical practice option for the treatment of peripheral nerve defects during the third quarter of 2025.

 

9 Q1 Financials and 2026 Guidance Discussion Lindsey Hartley Chief Financial Officer

 

Q1 2026 Financial Performance 10 +3.3pp +26.6%

 

Q1 2026 Financial Performance 11 Q1 2026 Q1 2025 Revenues $61.5 $48.6 Sales and Marketing Expenses $28.6 $21.0 Research and Development Expenses 7.5 6.1 General and Administrative Expenses 12.9 9.5 Total Costs and Expenses $49.0 $36.6 YoY Change % 34.0% Change as a % Of Revenue (1) 4.5% (1) Non-cash stock-based compensation expense negatively impacted Q1 operating margin by approximately 3.5 percentage points. ($ in millions)

 

12 Q1 2026 Q1 2025 Net Loss $(19.6) $(3.8) Diluted EPS $(0.38) $(0.08) Adjusted Net Income (Loss)* $4.1 $(0.9) Adjusted Diluted EPS* $0.07 $(0.02) Adjusted EBITDA* $5.7 $2.9 Adjusted EBITDA Margin* 9.3% 5.9% Free Cash Flow* $(1.4) $(13.8) Q1 2026 Financial Performance ($ 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 74% to 76%Revenue growth of at least 20% or $270 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 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.Mat #

 

Appendix 16

 

17 Non-GAAP Reconciliations - EBITDA & Adjusted EBITDA: Three Months Ended March 31, (in thousands)​ 2026 2025 Net loss $ (19,584) $ (3,834) Depreciation and amortization expense 1,706 1,795 Investment income (768) (272) Income tax (benefit) expense (33) 29 Interest expense 694 2,250 EBITDA - non-GAAP $ (17,985) $ (32) EBITDA margin - non-GAAP (29.3)% (0.1)% Non-cash stock-based compensation expense 6,843 2,909 Loss on extinguishment of debt 16,849 — Adjusted EBITDA - non-GAAP $ 5,707 $ 2,877 Adjusted EBITDA margin - non-GAAP 9.3 % 5.9 %

 

18 ___________ (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.

 

 

20 Non-GAAP Reconciliation - Free Cash Flow: Three Months Ended March 31, (in thousands)​ 2026 2025 Net cash provided by (used in) operating activities $ 1,565 $ (13,179) Purchase of property and equipment (2,789) (256) Cash payments for intangible assets (175) (405) Free cash flow $ (1,399) $ (13,840)

 

© 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. 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; 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 i l i reat ent for e air of 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 options Awareness 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 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 10

 

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 41.0% 24.1% 18.2% 16.7% Allograft Autograft Conduit Direct repair 2024 Preferred Nerve Repair Solution for >2cm Gap 121. 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 Completed CHANGE Digital Nerve Pilot Study RECON ® Phase 3 RCT RALP-N Pilot Technique Feasibility and Outcomes REPOSE ® Post-Market Axoguard Nerve Cap RCT Underway Planned Establishing the Foundation Strengthening the Evidence Advancing Standard of Care Sensation-NOW ® Autologous Breast Neurotization Registry RANGER ® Real-World Registry REPOSE-XL ® Post-Market Axoguard Nerve Cap Case Series COVERED Post-Market Axoguard HA+ Protection Case Series Implant NAC-N Prospective Evidence in Breast Neurotization Mixed & Motor Nerve Level 1 Evidence: Avance vs. Autograft Protection Expansion Validating Nerve Protection Benefits Across New Applications Prostate Advancing Evidence in Cavernous Nerve Repair 19

 

Management Team with a Track Record of Success 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 Vice President of Sales Jesse Bishop Vice President, Regulatory Prior Roles Include 20

 

Financial Overview 21

 

Accelerating Topline Drives Operational Leverage Accelerating Revenue Growth 22 Expanding EBITDA 2022 2023 2024 2025 2026 Q1 $61.5 $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 $40.0 EBITDA Adj-EBITDA* 2021 2022 2023 2024 2025 *Excludes non-cash stock-based compensation and litigation related costs 18.1% 5-year CAGR ($ in millions) $270.0* *Q1 2026 actual and full-year 2026 guidance ($ in millions)

 

Revenue growth of at least 20% or $270 million Gross margin of 74% to 76% 23 Free cash flow positive 2026 Guidance

 

Investment Highlights Big Market Opportunity $5.6B TAM with minimal current penetration 24 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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Source: View Original Filing on SEC EDGAR

FAQ

How did Axogen (AXGN) perform financially in Q1 2026?

Axogen posted strong Q1 2026 growth with higher margins. Revenue reached $61.5 million, up 26.6% from $48.6 million a year earlier, while gross margin improved to 75.2%. The company reported a GAAP net loss of $19.6 million but generated $4.1 million in adjusted net income.

What earnings metrics did Axogen (AXGN) report for Q1 2026?

Axogen reported a GAAP loss but positive adjusted earnings. Net loss was $19.6 million, or $0.38 per share, mainly due to a $16.8 million loss on extinguishment of debt. Adjusted net income was $4.1 million, or $0.07 per diluted share, with adjusted EBITDA of $5.7 million.

What 2026 financial guidance did Axogen (AXGN) provide?

Axogen raised its 2026 revenue and profitability goals. The company now expects at least 20% full‑year revenue growth, or $270 million, gross margin between 74% and 76%, and to be free cash flow positive for 2026, reflecting confidence in its growth and margin initiatives.

How did Axogen (AXGN) strengthen its balance sheet in early 2026?

Axogen used an equity raise to eliminate a key debt facility. In January 2026 it closed an upsized public offering of 4.6 million shares, generating $133.3 million in net proceeds, and used $69.7 million to fully repay and terminate the Oberland loan facility.

What was Axogen’s (AXGN) cash position at March 31, 2026?

Axogen significantly increased its liquidity during Q1 2026. Cash, cash equivalents, restricted cash, and investments totaled $103.6 million as of March 31, 2026, up from $45.5 million at December 31, 2025, supported by its January equity offering and operations.

How did Axogen’s (AXGN) margins and EBITDA change year over year?

Margins and EBITDA improved alongside revenue growth. Gross margin rose to 75.2% from 71.9% in Q1 2025. Adjusted EBITDA increased to $5.7 million from $2.9 million, lifting the adjusted EBITDA margin to 9.3% compared with 5.9% in the prior‑year quarter.

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