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Mar 31, 2024
Axogen Q1 2024 Earnings Report
Axogen reported first quarter results with revenue increase and bottom line improvement.
Key Takeaways
Axogen, Inc. reported a 12.9% increase in first-quarter revenue, reaching $41.4 million compared to the previous year. The company's gross margin improved to 78.8%, and it reduced its net loss to $6.6 million, or $0.15 per share. The company is focused on higher productivity to reach profitability and positive cashflow.
First quarter revenue increased by 12.9% year-over-year, reaching $41.4 million.
Gross margin improved to 78.8% compared to 77.7% in the same quarter of the previous year.
Net loss decreased to $6.6 million, or $0.15 per share, from $7.1 million, or $0.17 per share, year-over-year.
Adjusted EBITDA was $1.0 million, compared to an adjusted EBITDA loss of $3.8 million in the first quarter of 2023.
Axogen
Axogen
Forward Guidance
Axogen maintains its annual revenue guidance in the range of $177 million to $181 million, representing approximately 11% to 14% growth. Gross margin is expected to be in the range of 76% to 79% for the full year. The company anticipates being net cashflow positive cumulatively for the period from April 1st through year end.
Positive Outlook
- Annual revenue guidance maintained between $177 million and $181 million.
- Projected revenue growth rate of approximately 11% to 14%.
- Gross margin guidance reiterated in the range of 76% to 79%.
- Expect to be net cashflow positive cumulatively from April 1st through year end.
- Focus on higher productivity as revenue grows.
Challenges Ahead
- Global supply chain issues.
- Hospital staffing issues.
- Product development challenges.
- Regulatory process and approvals.
- Global business disruption caused by Russia’s invasion of Ukraine and related sanctions, recent geopolitical conflicts in the Middle East, potential disruptions due to management transitions