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Mar 31, 2025
Axogen Q1 2025 Earnings Report
Reported financial results for the first quarter ended March 31, 2025
Key Takeaways
Axogen, Inc. reported strong revenue growth in the first quarter of 2025, increasing by 17.4% year-over-year. Despite a decrease in gross margin due to increased product costs and inventory write-offs, the company saw improvements in both GAAP and non-GAAP net loss and adjusted EBITDA compared to the prior year. The company also made significant progress towards the anticipated BLA approval for Avance Nerve Graft.
First quarter 2025 revenue increased by 17.4% to $48.6 million compared to the first quarter of 2024.
Gross margin for the first quarter was 71.9%, down from 78.8% in the prior year.
Net loss for the first quarter was $3.8 million, or $0.08 per share, an improvement from a net loss of $6.6 million, or $0.15 per share, in the first quarter of 2024.
Adjusted net loss for the first quarter was $0.9 million, or $0.02 per share, compared to $2.7 million, or $0.06 per share, in the first quarter of 2024.
Forward Guidance
Axogen is maintaining its full-year 2025 revenue growth guidance and expects to be net cash flow positive for the full year.
Positive Outlook
- Maintaining full year revenue growth guidance in the range of 15% to 17%.
- Continuing to expect gross margin to be in the range of 73% to 75%.
- Expectation to be net cash flow positive for the full year.
- Anticipated Biologics License Application (BLA) approval for Avance Nerve Graft in September 2025.
- Successful completion of regulatory milestones to support BLA approval.
Challenges Ahead
- One-time costs mainly related to the anticipated BLA approval are expected to impact gross margin by approximately 1%.
- Potential disruptions from leadership transitions.
- Potential global supply chain issues.
- Potential record inflation.
Historical Earnings Impact
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