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Sep 30, 2022
Axogen Q3 2022 Earnings Report
Axogen's third quarter performance showed revenue growth and improved profitability.
Key Takeaways
Axogen reported a revenue increase of 18% compared to the third quarter of 2021, with a net loss of $4.3 million, an improvement from the previous year's $7.1 million loss. Adjusted EBITDA was $0.4 million, compared to a $2.5 million loss in the same quarter last year. The company is narrowing its full-year revenue guidance to $137.5 million to $140.0 million.
Net revenue reached $37.0 million, an 18% increase year-over-year.
Gross margin was 83.3%, slightly up from 83.2% in the third quarter of 2021.
Net loss improved to $4.3 million, or $0.10 per share, compared to a $7.1 million loss, or $0.17 per share, in the third quarter of 2021.
Adjusted EBITDA was $0.4 million, a significant improvement from the $2.5 million loss in the third quarter of 2021.
Axogen
Axogen
Forward Guidance
Management is narrowing the range of annual revenue guidance and expects full-year 2022 revenue to be in the range of $137.5 million to $140.0 million. Full-year 2022 gross margin is expected to be above 80%.