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Dec 31, 2022
Axogen Q4 2022 Earnings Report
Axogen's Q4 2022 performance showed revenue growth and maintained strong gross margins.
Key Takeaways
Axogen, Inc. reported a 17% increase in revenue for the fourth quarter of 2022, reaching $36.2 million. The company's gross margin remained strong at 83.0%. The net loss for the quarter was $5.4 million, or $0.13 per share, while the adjusted net loss was $1.1 million, or $0.03 per share.
Revenue increased by 17% to $36.2 million compared to Q4 2021.
Gross margin was 83.0% compared to 82.8% in Q4 2021.
Net loss was $5.4 million, or $0.13 per share, similar to the net loss in Q4 2021.
Core Accounts totaled 332, an 18% increase over the prior year.
Axogen
Axogen
Forward Guidance
Management expects full-year 2023 revenue to be in the range of $154 million to $159 million. The company anticipates gross margin will be reduced in the first half of the year with the transition to the company’s new processing facility and expects gross margins will return to approximately 80% by the fourth quarter of 2023.
Positive Outlook
- Full-year 2023 revenue to be in the range of $154 million to $159 million.
- Gross margins will return to approximately 80% by the fourth quarter of 2023.
- Improved surgical capacity and predictability in hospitals
- Improved hospital operating environment
- Commercial execution
Challenges Ahead
- Gross margin will be reduced in the first half of the year with the transition to the company’s new processing facility
- Continued impact of COVID-19
- Global supply chain issues
- Record inflation
- Impacts of the failure of Silicon Valley Bank and recent turmoil in the banking industry