10-K · February 24, 2026
Axogen reports a regulatory inflection with FDA BLA approval of Avance on December 3, 2025 and commercial availability expected early in Q2 2026. Revenue accelerated year-over-year to roughly $226.0M in 2025 from…
Earnings analysis · 10-Q
AXGN earnings analysis
Filed April 28, 2026 · Our reading of the company's report
The latest report
Axogen reported Q1 revenue of $61,457,000, up 26.6% year-over-year from $48,560,000, with gross profit improving to $46,189,000 (about 75.2% gross margin). GAAP results show a net loss of $19,584,000, or $(0.38) per…
Read full summary
Axogen reported Q1 revenue of $61,457,000, up 26.6% year-over-year from $48,560,000, with gross profit improving to $46,189,000 (about 75.2% gross margin). GAAP results show a net loss of $19,584,000, or $(0.38) per share, driven largely by a $16,849,000 loss on extinguishment of debt, while operating loss was $2,832,000. Liquidity improved materially after a $133,252,000 net equity offering; operating cash flow was positive $1,565,000 for the quarter but free cash flow was negative about $1,224,000 after $2,789,000 of capex. The company discloses forward-looking statements but the 10-Q contains no numeric FY guidance.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.38
- Segment
- Company manages its operations as a single operating segment; substantially all revenues are from U.S. customers.
What stood out
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Revenue accelerated YoY
Revenues rose to $61,457,000 in Q1 2026 from $48,560,000 in Q1 2025, an increase of $12,897,000 (26.6%).
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Improved gross margin
Gross profit increased to $46,189,000, implying a gross margin of ~75.15% (46,189 / 61,457) versus $34,933,000 (≈71.96%) in Q1 2025.
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Material cash build from equity raise
Cash and cash equivalents were $82,654,000 at March 31, 2026, up from $35,548,000 at December 31, 2025 (increase of $47,106,000) after net proceeds from an offering of $133,252,000.
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Operating cash flow positive this quarter
Net cash provided by operating activities was $1,565,000 in Q1 2026 versus net cash used in operating activities of $(13,179,000) in Q1 2025.
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Debt extinguished
Long-term debt, net of debt discount and financing fees, was $0 at March 31, 2026 compared with $48,387,000 at December 31, 2025, with a related loss on extinguishment of $16,849,000 recorded in the quarter.
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Single operating segment with U.S. concentration
The company states it 'manages its operations as a single operating segment' and derives 'substantially all' of its revenues from U.S. customers.
What to watch
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Large one‑time GAAP charge
The $16,849,000 loss on extinguishment of debt contributed to a GAAP net loss of $19,584,000 in Q1 2026 versus a net loss of $3,834,000 in Q1 2025.
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Operating loss despite revenue growth
Total costs and expenses of $49,021,000 exceeded gross profit of $46,189,000, producing an operating loss of $2,832,000 for the quarter.
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Worsening GAAP EPS
Net loss per share was $(0.38) in Q1 2026 compared with net loss per share of $(0.08) in Q1 2025.
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Accumulated deficit remains large
Accumulated deficit increased to $326,547,000 at March 31, 2026 from $306,963,000 at December 31, 2025.
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Inventory and receivables increased
Inventory rose to $46,074,000 at March 31, 2026 from $42,373,000 at December 31, 2025 (increase $3,701,000); accounts receivable were $28,313,000 at March 31, 2026 versus $26,169,000 at December 31, 2025.
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Free cash flow negative this quarter
Free cash flow (operating cash flow $1,565,000 less capex $2,789,000) was approximately $(1,224,000) for the three months ended March 31, 2026.
Management's outlook
The Form 10-Q contains forward-looking statements but provides no numeric FY guidance. Management states it 'believes that our existing cash and cash equivalents and investments, as well as cash provided by sales of our products will allow us to fund our operations through at least the next twelve months' and 'expects to satisfy certain job creation milestones by the end of December 31, 2026.' For prior numerical guidance (e.g., updated FY revenue target), see the company’s related earnings release / 8-K.
Earlier filings 4
10-Q · May 8, 2025
Axogen reported Q1 revenue of $48.56M, up $7.18M (+17.4%) versus Q1 2024, with gross margin down to 71.9% and an improved operating loss of $1.66M. GAAP net loss narrowed to $3.83M (EPS $(0.08)) from $6.64M (EPS…
10-K · February 26, 2025
Axogen positions itself as the market leader in peripheral nerve regeneration with a diversified product portfolio anchored by Avance Nerve Graft (>100,000 implants; >16 years of clinical evidence) and the June 24, 2024…
10-Q · November 7, 2024
Axogen reported quarterly revenue of $48,644,000 (up $7,373,000 or ~17.9% vs. $41,271,000 a year ago) and improved operating results with a loss from operations of $316,000 (vs. $4,025,000 loss a year ago). Gross margin…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.