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Axogen, Inc.
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$2.8B
Market Cap
—
P/E
—
PEG
-4.7%
ROCE
-18.2%
ROE
0.08
D/E
-5.1%
OPM
-4.6%
% from 52W High
94
α RS
🔍 AXGN is showing a multi-screen setup because it matches 3 of 39 tracked screener presets, Sector RRG has Health Care in the Leading quadrant with the trail still weakening further, and RS Rating is 94 (top decile vs market). Net: Broad signal stack, not a recommendation. ? Conviction RRG RS Rating
Sources
Conviction 3/39 · Health Care in Leading quadrant · RS Rating 94
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🌏 Global Investor Returns
Currency-adjusted total returns for AXGN including FX impact
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📈 Price History
Ratio Health
— Excellent
— Good
— Average
— Poor
By Category
📊 Peer Medians
About

Axogen, Inc., together with its subsidiaries, engages in the development and commercialization of the technologies used for peripheral nerve regeneration and repair worldwide. The company offers Avance Nerve Graft, a processed nerve allograft intended for the surgical repair of peripheral nerve discontinuities; Axoguard Nerve Connector, a coaptation aid used to align and connect severed peripheral nerve ends in a tensionless repair; and Axoguard Nerve Protector, a product used to protect and wrap damaged peripheral nerves and reinforce reconstructed nerve gaps. It also provides Axoguard HA+ Nerve Protector, a surgical implant for non-constricting protection of the peripheral nerves; Axoguard Nerve Cap, a porcine submucosa ECM product; Avive+ Soft Tissue Matrix, a multi-layer amniotic membrane allograft; and Avance Method, a technique to process Avance Nerve Graft from donated human peripheral nerve tissue. In addition, the company offers peripheral nerve tissue recovery and acquisition, and testing, as well as donor medical review and release, debridement and other processing steps, packaging, and sterilization. It provides its products to hospitals, surgery centers and military hospitals, calling on surgeons, including plastic reconstructive surgeons, orthopedic and plastic hand surgeons, and certain oral and maxillofacial surgeons through independent in-country distributors. The company is headquartered in Alachua, Florida.

Key Ratios Snapshot
📈 Growth Pattern
📊 Quick Scorecard
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Manager Shares Value % of Fund Period
Steve Cohen Point72 Asset Management 202.4K $6.7M 0.01% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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📊 MIXED AxoGen Q1 2026 revenue $61.5M (+26.6% YoY), raises FY guide to ≥20% growth
Revenue & Profitability
Q1 2026 revenue was $61.5 million, up 26.6% year-over-year. Gross profit was $46.2 million (75.2% margin). Net loss was $19.6 million, including a $16.8 million one-time loss on debt extinguishment; adjusted net income was $4.1 million. Adjusted EBITDA was $5.7 million. Cash, equivalents, restricted cash and investments totaled $103.6 million as of March 31, 2026.
Outlook
Management is confident in achieving at least 20% revenue growth for full-year 2026 (≥$270 million). They see long-term double-digit growth potential across underpenetrated markets. Industry tailwinds include increasing awareness of nerve repair and multimodal market development; headwinds were not discussed.
Growth Drivers
Key growth levers are surgeon activation (active surgeon count increased by more than 70 in high-potential accounts in Q1), sales force expansion (146 total reps, with recent hires ramping), and expanding commercial insurance coverage (Cigna broadened coverage; Elevance removed its experimental/investigational list). All three core markets delivered strong double-digit growth, with breast being the fastest-growing segment.
Balance Sheet & CapEx
Not discussed in this earnings call beyond general references to infrastructure development and capital allocation for systems. Cash balances are sufficient for organic investment and opportunistic M&A.
Margins
Q1 2026 gross margin was 75.2%, reflecting a pre-BLA cost structure. Full-year gross margin is guided at 74%-76% due to incremental costs of biologic manufacturing. Adjusted EBITDA margin improved to 9.3% from 5.9% a year ago. Operating expenses rose as a percentage of revenue, driven by higher compensation and sales/marketing investments.
Key Risks
Management flagged risks related to payer coverage restrictions (e.g., Elevance's initial 5mm-25mm gap length criterion) and the time needed to socialize new coverage. Other risks include the need to build awarenss in developing markets (breast and prostate), reliance on sales force productivity, and the impact of the BLA transition on gross margins.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (6 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (6)
Q3 2026 Q3 2026 2026-10-28
Q3 revenue grew 26.2% YoY, with adjusted EBITDA margin reaching 17.7%. FY 2026 revenue guidance rose to at least $290M, while BioCircuit integration and near-term gross-margin pressure remain key considerations.
Q2 2026 Q2 2026 2026-07-29
Q2 2026 saw 23.1% revenue growth, led by accelerating Breast market adoption and strong Avance demand. Updated guidance calls for at least 24% revenue growth and 73% gross margin for the year, with robust sales force productivity and continued investment in innovation and evidence generation.
Q1 2026 Q1 2026 2026-04-28
Revenue grew 26.6% year-over-year to $61.5M in Q1 2026, with strong double-digit growth across all markets and expanded commercial coverage. Full-year guidance was raised to at least $270M revenue and 74%-76% gross margin, with continued investment in sales force and innovation.
Q4 2025 Q4 2025 2026-02-24
Revenue grew 20.2% for the year, driven by strong adoption across all markets and a historic FDA BLA approval for Avance, which secured 12 years of exclusivity. Guidance for 2026 targets at least 18% revenue growth and stable gross margins, with continued investment in commercial expansion and innovation.
Q3 2025 Q3 2025 2025-10-29
Q3 2025 saw 23.5% revenue growth, strong gross margin, and net income improvement, driven by Avance Nerve Graft adoption and expanded payer coverage. BLA approval for Avance is expected by December, securing market exclusivity and supporting further growth.
Q2 2025 Q2 2025 2025-08-05
Q2 2025 revenue grew 18.3% year-over-year to $56.7 million, driven by strong adoption across all target markets and high-potential accounts. Gross margin improved to 74.2%, and full-year revenue guidance was raised to at least 17% growth, with BLA approval for Avance Nerve Graft on track for September.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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