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Mar 31, 2022
Axogen Q1 2022 Earnings Report
Axogen's financial performance remained stable with a slight revenue increase excluding Avive sales, while adjusted net loss and EBITDA loss widened compared to the previous year.
Key Takeaways
Axogen, Inc. reported first quarter 2022 financial results with net revenue of $31.0 million, matching the first quarter of 2021. Excluding Avive revenue from the previous year, revenue increased by 6%. The company's adjusted net loss was $8.5 million, or $0.20 per share, and the adjusted EBITDA loss was $7.4 million.
Net revenue matched the first quarter of 2021 at $31.0 million.
Excluding Avive revenue from Q1 2021, revenue increased by 6%.
Adjusted net loss was $8.5 million, or $0.20 per share.
RECON study achieved its primary endpoint, a critical milestone for Avance Nerve Graft.
Axogen
Axogen
Forward Guidance
The Company continues to expect 2022 revenue will be in the range of $135.0 million to $142.0 million. Full-year 2022 gross margin is expected to be above 80%.
Positive Outlook
- 2022 revenue will be in the range of $135.0 million to $142.0 million.
- Represents approximately 10% to 15% growth over 2021 revenue excluding the impact of $4.1 million of Avive revenue in 2021.
- Full-year 2022 gross margin is expected to be above 80%.
- Procedure trends improved during the quarter.
- Continued growth is expected as surgeons adopt the Axogen nerve repair algorithm.