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Dec 31, 2023
Axogen Q4 2023 Earnings Report
Reported solid performance with revenue increase and strategic advancements.
Key Takeaways
Axogen reported an 18.7% increase in revenue for the fourth quarter, driven by growth in both emergent trauma and scheduled non-trauma procedures. The company is focused on expanding its leadership in nerve repair with the upcoming launch of Avive+ Soft Tissue Matrix and is progressing towards BLA submission for potential approval in mid-2025.
Fourth quarter revenue increased by 18.7% year-over-year, reaching $42.9 million.
Emergent trauma procedures and scheduled non-trauma procedures each represented approximately half of total revenues.
Gross margin was 78.7% for the quarter.
Net loss for the quarter was $3.9 million, or $0.09 per share.
Axogen
Axogen
Forward Guidance
Axogen expects revenue to be in the range of $177 million to $181 million, representing an annual growth rate of approximately 11% to 14%. The company anticipates gross margin for the full year to be in the range of 76% to 79%.
Positive Outlook
- Revenue growth expected between 11% and 14%.
- Penetrating core accounts by leveraging clinical evidence.
- Expanding use cases with new products and applications.
- Expanding leadership position in nerve repair with the 2024 Q2 launch of Avive+ Sofit Tissue Matrix.
- Rolling submission process with FDA aligned.
Challenges Ahead
- Potential impacts from global supply chain issues.
- Hospital staffing issues may create headwinds.
- Product development and regulatory approvals are subject to risk.
- Geopolitical conflicts in the Middle East may cause business disruption.
- Management transitions may create potential disruption.