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Sep 30, 2020
Axogen Q3 2020 Earnings Report
Axogen's third quarter performance demonstrated a return to growth, driven by improved commercial execution and the prioritization of nerve injury repair by surgeons and hospitals.
Key Takeaways
Axogen reported a 17% increase in net revenue to $33.4 million, with a gross margin of 83.0%. The company achieved adjusted net income of $1.5 million, or $0.04 per share, and an adjusted EBITDA of $2.3 million, marking a significant improvement compared to the previous year. The company ended the quarter with $106.7 million in cash, cash equivalents, and investments.
Net revenue increased by 17% to $33.4 million compared to Q3 2019.
Gross margin was 83.0%, a slight decrease from 84.2% in Q3 2019.
Net loss improved to $1.5 million, or $0.04 per share, compared to a net loss of $5.6 million, or $0.14 per share, in Q3 2019.
Adjusted net income was $1.5 million, or $0.04 per share, compared to an adjusted net loss of $2.6 million, or $0.07 per share, in Q3 2019.