AXGN earnings analysis
What we found in AXGN's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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%).
- 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.
- 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.
- 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.
- 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.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
- 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.
- 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.
- Accumulated deficit remains large
- Accumulated deficit increased to $326,547,000 at March 31, 2026 from $306,963,000 at December 31, 2025.
- 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.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.38
- Gross margin
- 75.154892%
- Operating margin
- -4.606511%
- Segment
- Company manages its operations as a single operating segment; substantially all revenues are from U.S. customers.
What they said about what is next.
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.
The filing reads about the same as the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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