Axogen, Inc. reported a revenue of $187.3 million for the fiscal year ended December 31, 2024, marking a 17.8% increase from $159.0 million in 2023. The growth was attributed to a 9% increase in unit volume, alongside a favorable product mix and pricing adjustments. Gross profit also rose to $142.0 million, although the gross margin slightly decreased to 75.8% from 76.6% in the previous year, primarily due to changes in product mix. Despite the revenue growth, Axogen recorded a net loss of $10.0 million, an improvement from the $21.7 million loss in 2023.
The company has made significant strides in its operational strategy, including the completion of its Biologics License Application (BLA) for the Avance Nerve Graft, which was submitted in September 2024. The FDA accepted the BLA for filing on November 1, 2024, with a review goal date set for September 5, 2025. This product is a key revenue driver, accounting for approximately 60% of total sales. Axogen's product portfolio also includes the Axoguard Nerve Connector and Axoguard Nerve Protector, which are distributed under a long-term agreement with Evergen, a company recently acquired by RTI Surgical.
Operationally, Axogen reported an increase in its customer base, with 1,006 active accounts as of December 31, 2023, up from 968 the previous year. The company has also expanded its workforce, employing 452 individuals, including 158 in sales and marketing. The company’s international presence includes distribution in 19 countries, with ongoing efforts to penetrate additional markets. However, challenges remain, particularly regarding the management of inventory and the potential impact of regulatory changes on product availability and reimbursement.
Looking ahead, Axogen aims to deepen its market penetration in high-potential accounts, particularly Level 1 trauma centers and academic hospitals. The company is also exploring opportunities for geographic expansion and new product development, particularly in the areas of lower extremity surgery and the surgical treatment of pain. However, the company faces risks related to regulatory compliance, market competition, and the need for continued innovation to maintain its leadership position in the peripheral nerve repair market.
About Axogen, Inc.
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.