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Sep 30, 2024
Axogen Q3 2024 Earnings Report
Reported third quarter results with revenue increase and progress on BLA submission.
Key Takeaways
Axogen reported a 17.9% increase in revenue to $48.6 million for the third quarter of 2024, with adjusted net income of $3.1 million, or $0.07 per share, and adjusted EBITDA of $6.5 million. The FDA accepted the filing of its Biologics License Application (BLA) for Avance Nerve Graft® under a standard review and assigned a PDUFA goal date of September 5th, 2025.
Third quarter revenue increased by 17.9% year-over-year to $48.6 million.
Gross margin decreased to 74.9% compared to 76.8% in the third quarter of 2023.
Net loss was $1.9 million, or $0.04 per share, an improvement from a net loss of $4.1 million, or $0.10 per share in the same quarter last year.
Adjusted net income was $3.1 million, or $0.07 per share, compared to an adjusted net loss of $0.7 million, or $0.01 per share in the third quarter of 2023.
Forward Guidance
Axogen maintains full year revenue guidance in the range of $182 million to $186 million, and now expect to be at the high end of our 74-76% full year gross margin range. Additionally, Axogen reiterate that they expect to be net cash flow positive cumulatively for the period from April 1st through year end.
Positive Outlook
- Maintaining full year revenue guidance in the range of $182 million to $186 million
- Expect to be at the high end of our 74-76% full year gross margin range.
- Expect to be net cash flow positive cumulatively for the period from April 1st through year end.
- Topline revenue growth.
- EBITDA growth
Challenges Ahead
- Global supply chain issues
- Hospital staffing issues
- Global business disruption caused by Russia’s invasion of Ukraine and related sanctions
- Recent geopolitical conflicts in the Middle East
Historical Earnings Impact
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Avg. Return Before/After Earnings
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