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Mar 31, 2020
Axogen Q1 2020 Earnings Report
Axogen's first quarter results were impacted by the COVID-19 pandemic, with revenue increasing slightly but net loss remaining significant.
Key Takeaways
Axogen reported a 4% increase in revenue compared to Q1 2019, but experienced a net loss of $8.2 million. The company's performance was negatively affected by the COVID-19 pandemic in March, leading to resource reallocation by customers and reduced traumatic injuries due to shelter-in-place orders. Axogen is implementing cost mitigation measures to address the impact of the pandemic.
Net revenue increased by 4% to $24.3 million compared to Q1 2019.
Gross margin was 80.1%, a decrease from 84.0% in Q1 2019.
Net loss was $8.2 million, or $0.21 per share, compared to a net loss of $9.5 million, or $0.24 per share, in Q1 2019.
Active accounts increased by 13% to 825 compared to 731 in Q1 2019.
Axogen
Axogen
Forward Guidance
Axogen suspended its 2020 annual financial guidance due to the uncertainty caused by the COVID-19 pandemic. The company anticipates a negative impact on revenues for the second quarter of 2020 and potentially longer.
Challenges Ahead
- The company cannot predict the extent or duration of the impact of the COVID-19 pandemic on its financial results.
- The company believes the current environment will negatively impact its revenues for the second quarter of 2020 and potentially longer.