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Sep 30, 2023
Axogen Q3 2023 Earnings Report
Reported third quarter financial results, demonstrating revenue growth and strategic progress.
Key Takeaways
Axogen reported a 12% increase in revenue to $41.3 million for the third quarter of 2023, driven by both emergent trauma and scheduled non-trauma procedures. The company is maintaining its full-year 2023 revenue guidance in the range of $154 million to $159 million.
Revenue increased by approximately 12% compared to the third quarter of 2022, reaching $41.3 million.
Revenues from emergent trauma procedures grew in the mid-single digit range, representing approximately half of total revenues.
Revenues from scheduled non-trauma procedures grew approximately 20%, also representing approximately half of total revenues.
The company is continuing to expand its offering in the nerve protection market with the national launch of Axoguard HA+ Nerve Protector™ in August, and expects to launch Avive+ Soft Tissue Matrix™ in Q1 2024.
Axogen
Axogen
Forward Guidance
Management is maintaining full-year 2023 revenue guidance in the range of $154 million to $159 million, which represents annual growth of 11% - 15%. The Company anticipates that gross margin will be reduced with the continued transition to the new processing facility in the fourth quarter and continues to expect that gross margin for the full year 2023 will be approximately 80%.
Positive Outlook
- Full-year 2023 revenue guidance maintained in the range of $154 million to $159 million.
- Revenue guidance represents annual growth of 11% - 15%.
- Focused on clinical data strength.
- Focused on innovation.
- Focused on market development.
Challenges Ahead
- Gross margin will be reduced with the continued transition to the new processing facility in the fourth quarter
- Continued impact of COVID-19.
- Global supply chain issues.
- Record inflation.
- Hospital staffing issues.