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Jun 30, 2024
Axogen Q2 2024 Earnings Report
Reported strong revenue growth and bottom line performance, driven by commercial strategy execution and focus on high potential accounts.
Key Takeaways
Axogen reported a strong second quarter with a 25.6% increase in revenue compared to the prior year. The company is progressing with its BLA submission for Avance Nerve Graft and saw positive trends in surgeon adoption of Avive+ Soft Tissue Matrix™.
Second quarter revenue was $47.9 million, a 25.6% increase compared to the second quarter of 2023.
Net loss for the quarter was $1.9 million, or $0.04 per share, compared to net loss of $6.7 million, or $0.16 per share in the second quarter of 2023.
Adjusted net income for the quarter was $2.0 million, or $0.05 per share, compared to adjusted net loss of $1.3 million, or $0.03 per share in the second quarter of 2023.
The balance of all cash, cash equivalents, and investments on June 30, 2024, was $27.1 million, as compared to a balance of $23.6 million on March 31, 2024
Axogen
Axogen
Forward Guidance
Axogen is increasing its annual revenue guidance to the range of $182 million to $186 million and adjusting gross margin guidance for the full year to be in the range of 74% to 76%. They reiterate that they expect to be net cash flow positive cumulatively for the period from April 1st through year end.