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Sep 30, 2025
Axogen Q3 2025 Earnings Report
Axogen reported strong third quarter 2025 financial results, exceeding revenue expectations and achieving significant growth across all markets.
Key Takeaways
Axogen, Inc. delivered a robust third quarter in 2025, with revenue reaching $60.1 million, marking a 23.5% increase year-over-year. The company achieved net income of $0.7 million and adjusted EBITDA of $9.2 million, demonstrating strong operational performance and profitability. Growth was broad-based across all key market segments, and the company raised its full-year revenue guidance.
Third quarter revenue increased by 23.5% year-over-year to $60.1 million, reflecting continued market maturation and commercial scaling.
The company achieved a net income of $0.7 million, or $0.01 per share, a significant improvement from a net loss in the prior year.
Adjusted EBITDA for the quarter was $9.2 million, up from $6.5 million in the third quarter of 2024, indicating enhanced operational efficiency.
Axogen raised its full-year revenue guidance to at least 19% growth, or $222.8 million, signaling confidence in continued strong performance.
Forward Guidance
Axogen is raising its full-year 2025 revenue guidance and reiterating its gross margin and net cash flow expectations, driven by strong market performance and anticipated BLA approval.
Positive Outlook
- Full-year revenue guidance raised to at least 19% growth, or $222.8 million.
- Gross margin for the year is expected to be in the range of 73% to 75%.
- Anticipated FDA approval of Avance® Nerve Graft BLA by December 5, 2025.
- Expected to be net cash flow positive for the full year.
- Continued double-digit growth across all market segments.
Challenges Ahead
- One-time costs related to anticipated Avance® Nerve Graft BLA approval are expected to negatively impact gross margin by approximately 1%, or $2 million.
- The PDUFA goal date for Avance® Nerve Graft BLA was extended to December 5, 2025, from September 5, 2025.
- Potential disruptions from leadership transitions, global supply chain issues, and hospital staffing challenges.
Historical Earnings Impact
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