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Sep 30, 2021
Axogen Q3 2021 Earnings Report
Axogen's third quarter results were negatively impacted by lower-than-expected procedure volumes due to hospitals addressing an increase in COVID cases and staffing challenges.
Key Takeaways
Axogen, Inc. reported a 7% decrease in net revenue to $31.2 million compared to Q3 2020. The company's net loss was $7.1 million, or $0.17 per share, and the adjusted EBITDA loss was $2.5 million. Management is revising financial guidance, expecting full-year 2021 revenue will be in the range of $127.0 million to $129.0 million.
Net revenue was $31.2 million, a 7% decrease compared to Q3 2020.
Gross margin was 83.2%, compared to 83.0% one year ago.
Net loss for the quarter was $7.1 million, or $0.17 per share.
Cash, cash equivalents, and investments were $98.1 million on September 30, 2021.
Axogen
Axogen
Forward Guidance
Management is revising financial guidance, expecting full-year 2021 revenue will be in the range of $127.0 million to $129.0 million versus the prior range of $134.5 million to $137.5 million. Additionally, management continues to expect full-year 2021 gross margin to remain above 80%.