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Jun 30, 2022
Axogen Q2 2022 Earnings Report
Reported an increase in revenue and improved gross margin, driven by procedure volume improvements and hospital adaptations.
Key Takeaways
Axogen reported a 3% increase in net revenue to $34.5 million for the second quarter of 2022 compared to the second quarter of 2021. Excluding Avive revenue from the prior year, revenue increased by 9%. The gross margin improved to 81.8%, and the adjusted net loss decreased to $2.6 million, or $0.06 per share.
Net revenue increased by 3% to $34.5 million compared to Q2 2021.
Excluding Avive revenue, net revenue increased by 9% compared to Q2 2021.
Gross margin was 81.8% compared to 78.9% in Q2 2021.
Adjusted net loss was $2.6 million, or $0.06 per share, compared to $3.7 million, or $0.09 per share, in Q2 2021.
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 is expected to be in the range of $135.0 million to $142.0 million.
- Revenue 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%.
- Positive top-line results from the RECON Phase 3 Study of Avance.
- Completed enrollment of 86 subjects in the comparative phase study of REPOSE.