Axogen, Inc. Reports First Quarter 2026 Financial Results

April 28, 2026 7:00am EDT

Raises Full Year Revenue Guidance to at Least 20% Growth or $270 million

ALACHUA, Fla. and TAMPA, Fla., April 28, 2026 (GLOBE NEWSWIRE) -- Axogen, Inc. (NASDAQ: AXGN), a global leader in developing and marketing innovative surgical solutions for the restoration of peripheral nerve function, today reported financial results and business highlights for the first quarter ended March 31, 2026.

First Quarter Financial Results

First quarter 2026 revenue was $61.5 million, a 26.6% increase compared to first quarter 2025 revenue of $48.6 million.

Gross margin was 75.2% for the first quarter of 2026, compared to 71.9% in the first quarter of 2025.

Net loss for the first quarter of 2026 was $19.6 million, or $0.38 per share, compared to $3.8 million, or $0.08 per share for the first quarter of 2025.

Adjusted net income was $4.1 million for the first quarter of 2026, or $0.07 per share, compared to an adjusted net loss of $0.9 million, or $0.02 per share for the first quarter 2025.

Adjusted EBITDA was $5.7 million for the first quarter of 2026, compared to $2.9 million for the first quarter of 2025.

As of March 31, 2026, cash and cash equivalents, restricted cash, and investments was $103.6 million, as compared to $45.5 million as of December 31, 2025, an increase of $58.1 million.

“We are pleased with our first-quarter revenue performance and the progress we’re making across each of Axogen’s strategic plan priorities,” said Michael Dale, President and CEO of Axogen, Inc. “We delivered strong growth across all of our target markets, reinforcing the relevance of our market development strategies and the strength of our commercial execution. We remain well positioned to achieve our financial guidance and continue advancing our strategic objectives for 2026.”

Summary of Business Highlights

First quarter 2026 revenue growth was broad-based, including double-digit growth in all markets, which includes Extremities, Oral Maxillofacial & Head and Neck, and Breast.

Received positive coverage decisions from Cigna and Elevance Health, two of the nation’s largest commercial insurers.

Effective January 1, 2026, CMS created a new Level 3 Nerve Procedure Code, increasing Avance facility reimbursement 40% year-over-year to $8,965 for hospital outpatient and 35% to $6,157 for ASC-based procedures.

On January 23, 2026, Axogen closed an upsized public offering with the sale of 4.6 million shares of common stock, yielding net proceeds of $133.3 million. From these net proceeds, $69.7 million were used to fully repay and terminate our Oberland loan facility on January 28, 2026. Remaining funds are available for working capital, capital expenditures, and other general corporate purposes.

2026 Financial Guidance

We expect 2026 revenue growth to be at least 20%, or $270 million, for the full-year and gross margin to be in the range of 74% to 76%. Additionally, we expect to be free cash flow positive for the full-year.

Conference Call

The Company will host a conference call and webcast for the investment community today at 8:00 a.m. ET. Investors interested in participating in the conference call by phone may do so by dialing toll free at (877) 407-0993 or use the direct dial-in number at (201) 689-8795. Those interested in listening to the conference call live via the internet may do so by visiting the Investors page of the Company’s website at www.axogeninc.com and clicking on the webcast link.

Following the conference call, a replay will be available in the Investors section of the Company’s website at www.axogeninc.com under Investors.

About Axogen

Axogen (AXGN) is the leading company focused specifically on the science, development and commercialization of technologies for peripheral nerve regeneration and repair. Axogen employees are passionate about providing the opportunity to restore nerve function and quality of life for patients with peripheral nerve injuries by providing innovative, clinically proven and economically effective repair solutions for surgeons and healthcare providers. Peripheral nerves provide the pathways for both motor and sensory signals throughout the body. Every day people suffer traumatic injuries or undergo surgical procedures that impact the function of their peripheral nerves. Physical damage to a peripheral nerve or the inability to properly reconnect peripheral nerves can result in the loss of muscle or organ function, the loss of sensory feeling, or the initiation of pain.

Axogen’s product portfolio includes Avance ® (acellular nerve allograft-arwx), Avance ® Nerve Graft, Axoguard Nerve Connector ® , Axoguard Nerve Protector ® , Axoguard HA+ Nerve Protector™, Axoguard Nerve Cap ® , and Avive+ Soft Tissue Matrix™.​

For more information, visit www.axogeninc.com.

Cautionary Statements Concerning Forward-Looking Statements

This press release and accompanying earnings call contain “forward-looking” statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements under the heading “2026 Financial Guidance” and statements regarding our business model optimization plans; market development strategies and objectives; our expectations around the potential positive impact on our business of expanded coverage and reimbursement for peripheral nerve injuries using synthetic conduits or allografts; our ability to sustain growth, operate profitably, generate positive cash flows, and fund our market development initiatives; and the anticipated use of proceeds from our recent public offering. These statements are based on management’s current expectations and estimates of trends and economic factors in the markets in which we are active. Words such as “expects,” “anticipates,” “objectives,” “targets,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “projects,” “forecasts,” “continue,” “may,” “should,” “will,” and variations of such words and similar expressions are intended to identify such forward-looking statements. Actual results or events could differ materially from those described in any forward-looking statements as a result of factors, including, without limitation, disruptions from global supply chain issues, inflation, hospital staffing challenges, product development timelines, regulatory processes, financial performance, surgeon adoption rates, market awareness of our products, the estimated total addressable market, as well as those risk factors described under Part I, Item 1A, “Risk Factors,” in our most recent Annual Report on Form 10-K and other risks and uncertainties that may be detailed from time to time in reports filed by the Company with the SEC. Forward-looking statements are not a guarantee of future performance, and actual results may differ materially from those projected. Forward-looking statements speak only as of the date they are made and, except as required by applicable law, we assume no responsibility to publicly update or revise any forward-looking statements.

About Non-GAAP Financial Measures

To supplement our condensed consolidated financial statements, we use the non-GAAP financial measures of EBITDA, which measures earnings before interest, income taxes, depreciation and amortization, EBITDA margin, and Adjusted EBITDA, which further excludes non-cash stock-based compensation expense and the loss on extinguishment of debt, and Adjusted EBITDA margin. We also use the non-GAAP financial measures of Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Common Share - diluted which excludes non-cash stock-based compensation expense and the loss on extinguishment of debt from Net Loss and Net Loss Per Common Share - diluted. Additionally, we use the non-GAAP financial measure of Free Cash Flow which consists of net cash provided by operating activities, less expenditures for property and equipment, and intangible assets.

These non-GAAP measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures should be read in conjunction with our financial statements prepared in accordance with GAAP. The reconciliations of the non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP should be carefully evaluated.

We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, and analyzing future periods. We believe these non-GAAP financial measures are useful to investors because (i) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (ii) they are used by our institutional investors and the analyst community to help them analyze the performance of our business.

Contact: Axogen, Inc. InvestorRelations@axogeninc.com

Axogen, Inc. Condensed Consolidated Balance Sheets (unaudited) (in thousands, except share and per share amounts) ​ March 31, 2026 December 31, 2025 Assets ​ Current assets: Cash and cash equivalents $ 82,654 $ 35,548 Restricted cash 2,000 4,000 Investments 18,947 5,980 Accounts receivable, net of allowance for doubtful accounts of $822 and $948, respectively 28,313 26,169 Inventory 46,074 42,373 Prepaid expenses and other assets 6,720 6,352 Total current assets 184,708 120,422 Property and equipment, net 83,038 81,783 Operating lease right-of-use assets 14,280 12,732 Intangible assets, net 7,270 6,750 Other assets 192 — Total assets $ 289,488 $ 221,687 ​ Liabilities and shareholders’ equity Current liabilities: Accounts payable and accrued expenses $ 23,898 $ 21,184 Current maturities of long-term lease obligations 2,115 2,372 Total current liabilities 26,013 23,556 ​ Long-term debt, net of debt discount and financing fees — 48,387 Long-term lease obligations 18,527 16,870 Debt derivative liabilities — 3,886 Other long-term liabilities 140 141 Total liabilities 44,680 92,840 ​ Shareholders’ equity: Common stock, $0.01 par value per share; 100,000,000 shares authorized; 53,153,471 and 47,199,797 shares issued and outstanding, respectively 532 472 Additional paid-in capital 570,823 435,338 Accumulated deficit (326,547 ) (306,963 ) Total shareholders’ equity 244,808 128,847 Total liabilities and shareholders’ equity $ 289,488 $ 221,687 ​

Axogen, Inc. Condensed Consolidated Statements of Operations (unaudited) (in thousands, except share and per share amounts) ​ Three Months Ended ​ March 31, 2026 March 31, 2025 Revenues $ 61,457 $ 48,560 Cost of goods sold 15,268 13,627 Gross profit 46,189 34,933 Costs and expenses: Sales and marketing 28,633 21,045 Research and development 7,517 6,091 General and administrative 12,871 9,458 Total costs and expenses 49,021 36,594 Loss from operations (2,832 ) (1,661 ) Other income (expense): Investment income 768 272 Interest expense (694 ) (2,250 ) Loss on extinguishment of debt (16,849 ) — Change in fair value of debt derivative liabilities — (158 ) Other income (expense), net 23 (37 ) Total other expense, net (16,752 ) (2,173 ) Net loss $ (19,584 ) $ (3,834 ) Weighted average common shares outstanding — basic 51,591,504 45,204,076 Weighted average common shares outstanding — diluted 51,591,504 45,204,076 Net loss per common share — basic $ (0.38 ) $ (0.08 ) Net loss per common share — diluted $ (0.38 ) $ (0.08 ) Axogen, Inc. Condensed Consolidated Statements of Cash Flows (unaudited) (in thousands)​ ​ Three Months Ended ​ March 31, 2026 March 31, 2025 Cash flows from operating activities: ​ Net loss $ (19,584 ) $ (3,834 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation 1,604 1,728 Amortization of right-of-use assets 420 87 Amortization of intangible assets 101 67 Amortization of debt discount and deferred financing fees 68 220 (Recovery of) provision for bad debts (120 ) 187 Change in fair value of debt derivative liabilities — 158 Investment losses (gains), net 33 (45 ) Loss on extinguishment of debt 16,849 — Stock-based compensation expense 6,843 2,909 Change in operating assets and liabilities: Accounts receivable (2,024 ) (2,377 ) Inventory (3,701 ) (2,321 ) Prepaid expenses and other assets (368 ) (489 ) Other assets (192 ) — Accounts payable and accrued expenses 2,198 (9,079 ) Operating lease obligations (559 ) (452 ) Cash paid for interest portion of financing lease obligations (2 ) (1 ) Other long-term liabilities (1 ) 63 Net cash provided by (used in) operating activities 1,565 (13,179 ) ​ ​ Cash flows from investing activities: ​ Purchase of property and equipment (2,789 ) (256 ) Purchase of investments (19,000 ) — Proceeds from sale of investments 6,000 2,000 Cash payments for intangible assets (175 ) (405 ) Net cash (used in) provided by investing activities (15,964 ) 1,339 ​ ​ Cash flows from financing activities: ​ Proceeds from issuance of common stock 134,044 — Payment of stock issuance costs (792 ) — Repayment of long-term debt (48,585 ) — Fees paid to lender related to debt extinguishment (20,498 ) — Fees paid to third parties related to debt extinguishment (107 ) — Payments of employee tax withholding on vested stock awards (8,776 ) — Cash paid for debt portion of financing lease obligations (7 ) (1 ) Proceeds from exercise of stock options 4,226 2,383 Net cash provided by financing activities 59,505 2,382 Net increase (decrease) in cash and cash equivalents, and restricted cash 45,106 (9,458 ) Cash and cash equivalents, and restricted cash, beginning of period 39,548 33,554 Cash and cash equivalents, and restricted cash, end of period $ 84,654 $ 24,096 Axogen, Inc. Condensed Consolidated Statements of Changes in Shareholders’ Equity (unaudited) (in thousands, except share amounts) ​ Common Stock Additional Paid-in Capital

Accumulated Deficit

Total Shareholders' Equity

​ Shares Amount Three Months Ended March 31, 2026 ​ ​ ​ ​ ​ Balance at December 31, 2025 47,199,797 $ 472 $ 435,338 $ (306,963 ) $ 128,847 Net loss — — — (19,584 ) (19,584 ) Issuance of common shares 4,600,000 46 133,206 — 133,252 Stock-based compensation — — 6,843 — 6,843 Issuance of restricted and performance stock units, net of shares withheld for withholding taxes 985,796 10 (8,786 ) — (8,776 ) Exercise of stock options 367,878 4 4,222 — 4,226 Balance at March 31, 2026 53,153,471 $ 532 $ 570,823 $ (326,547 ) $ 244,808 Three Months Ended March 31, 2025 Balance at December 31, 2024 44,148,836 $ 441 $ 394,726 $ (291,260 ) $ 103,907 Net loss — — — (3,834 ) (3,834 ) Stock-based compensation — — 2,909 — 2,909 Issuance of restricted and performance stock units 1,105,214 11 (11 ) — — Exercise of stock options 258,573 3 2,380 — 2,383 Balance at March 31, 2025 45,512,623 $ 455 $ 400,004 $ (295,094 ) $ 105,365 Axogen, Inc. Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures (unaudited) (in thousands, except share and per share amounts)​ EBITDA & Adjusted EBITDA Three Months Ended March 31, 2026 March 31, 2025 Net loss $ (19,584 ) $ (3,834 ) Depreciation and amortization expense 1,706 1,795 Investment income (768 ) (272 ) Income tax (benefit) expense (33 ) 29 Interest expense 694 2,250 EBITDA – non-GAAP $ (17,985 ) $ (32 ) EBITDA margin – non-GAAP (29.3 )% (0.1 )% Non-cash stock-based compensation expense 6,843 2,909 Loss on extinguishment of debt 16,849 — Adjusted EBITDA – non-GAAP $ 5,707 $ 2,877 Adjusted EBITDA margin – non-GAAP 9.3 % 5.9 % ​

Axogen, Inc. Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures (unaudited) (in thousands, except share and per share amounts)​ Adjusted Net Income Three Months Ended March 31, 2026 GAAP Results

Non-cash Stock-based Compensation Expense

Loss on Extinguishment of Debt Dilutive Shares Impact (1)

Adjusted Results

Revenues $ 61,457 $ — $ — $ 61,457 Cost of goods sold 15,268 (919 ) — 14,349 Gross profit 46,189 919 — 47,108 Costs and expenses: Sales and marketing 28,633 (1,558 ) — 27,075 Research and development 7,517 (1,419 ) — 6,098 General and administrative 12,871 (2,947 ) — 9,924 Total costs and expenses 49,021 (5,924 ) — 43,097 (Loss) income from operations (2,832 ) 6,843 — 4,011 Other income (expense): Investment income 768 — — 768 Interest expense (694 ) — — (694 ) Loss on extinguishment of debt (16,849 ) — 16,849 — Other income, net 23 — — 23 Total other (expense) income, net (16,752 ) — 16,849 97 Net (loss) income $ (19,584 ) $ 6,843 $ 16,849 $ 4,108 Weighted average common shares outstanding – diluted 51,591,504 51,591,504 51,591,504 5,183,717 56,775,221 Net (loss) income per common share – diluted $ (0.38 ) $ 0.13 $ 0.33 $ (0.01 ) $ 0.07 __________ (1) Due to a GAAP net loss, antidilutive securities are excluded from GAAP diluted weighted average common shares outstanding. However, considering the adjusted net income position, adjusted diluted weighted average common shares outstanding incorporates securities that would have been dilutive for GAAP. Axogen, Inc. Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures (unaudited) (in thousands, except share and per share amounts)​ Adjusted Net Income Three Months Ended March 31, 2025 Three Months Ended June 30, 2025 Three Months Ended September 30, 2025 Three Months Ended December 31, 2025 GAAP Results

Non-cash Stock-based Compensation Expense

Adjusted Results

GAAP Results

Non-cash Stock-based Compensation Expense

Adjusted Results

GAAP Results

Non-cash Stock-based Compensation Expense

Adjusted Results

GAAP Results

Non-cash Stock-based Compensation Expense

Adjusted Results (1)

Revenues $ 48,560 $ — $ 48,560 $ 56,662 $ — $ 56,662 $ 60,082 $ — $ 60,082 $ 59,904 $ — $ 59,904 Cost of goods sold 13,627 10 13,637 14,644 (709 ) 13,935 14,089 (706 ) 13,383 15,495 (2,274 ) 13,221 Gross profit 34,933 (10 ) 34,923 42,018 709 42,727 45,993 706 46,699 44,409 2,274 46,683 Costs and expenses: Sales and marketing 21,045 (584 ) 20,461 23,804 (1,314 ) 22,490 25,680 (1,524 ) 24,156 27,211 (2,939 ) 24,272 Research and development 6,091 (720 ) 5,371 6,853 (1,030 ) 5,823 7,565 (1,047 ) 6,518 12,376 (6,052 ) 6,324 General and administrative 9,458 (1,615 ) 7,843 9,689 (2,115 ) 7,574 10,836 (2,147 ) 8,689 14,594 (5,346 ) 9,248 Total costs and expenses 36,594 (2,919 ) 33,675 40,346 (4,459 ) 35,887 44,081 (4,718 ) 39,363 54,181 (14,337 ) 39,844 (Loss) income from operations (1,661 ) 2,909 1,248 1,672 5,168 6,840 1,912 5,424 7,336 (9,772 ) 16,611 6,839 Other income (expense): Investment income 272 — 272 225 — 225 319 — 319 352 — 352 Interest expense (2,250 ) — (2,250 ) (1,977 ) — (1,977 ) (1,757 ) — (1,757 ) (1,718 ) — (1,718 ) Change in fair value of debt derivative liabilities (158 ) — (158 ) 480 — 480 209 — 209 (2,018 ) — (2,018 ) Other (expense) income, net (37 ) — (37 ) 179 — 179 25 — 25 — — — Total other expense, net (2,173 ) — (2,173 ) (1,093 ) — (1,093 ) (1,204 ) — (1,204 ) (3,384 ) — (3,384 ) Net (loss) income $ (3,834 ) $ 2,909 $ (925 ) $ 579 $ 5,168 $ 5,747 $ 708 $ 5,424 $ 6,132 $ (13,156 ) $ 16,611 $ 3,455 Weighted average common shares outstanding – diluted 45,204,076 45,204,076 45,204,076 47,980,830 47,980,830 47,980,830 49,088,436 49,088,436 49,088,436 46,929,309 46,929,309 52,230,508 Net (loss) income per common share – diluted $ (0.08 ) $ 0.06 $ (0.02 ) $ 0.01 $ 0.11 $ 0.12 $ 0.01 $ 0.11 $ 0.12 $ (0.28 ) $ 0.35 $ 0.07 __________ (1) Due to a GAAP net loss during the three months ended December 31, 2025, 5,301,199 antidilutive securities are excluded from GAAP diluted weighted average common shares outstanding. However, considering the adjusted net income position, adjusted diluted weighted average common shares outstanding incorporates securities that would have been dilutive for GAAP. The inclusion of these shares decreased adjusted Net income per common share by less than $0.01. Axogen, Inc. Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures (unaudited) (in thousands, except share and per share amounts)​ Adjusted Net Income Twelve Months Ended December 31, 2025 GAAP Results

Non-cash Stock-based Compensation Expense

Dilutive Shares Impact (1)

Adjusted Results

Revenues $ 225,208 $ — $ 225,208 Cost of goods sold 57,855 (3,680 ) 54,175 Gross profit 167,353 3,680 171,033 Costs and expenses: Sales and marketing 97,740 (6,361 ) 91,379 Research and development 32,885 (8,848 ) 24,037 General and administrative 44,577 (11,223 ) 33,354 Total costs and expenses 175,202 (26,432 ) 148,770 (Loss) income from operations (7,849 ) 30,112 22,263 Other income (expense): Investment income 1,168 — 1,168 Interest expense (7,702 ) — (7,702 ) Change in fair value of debt derivative liabilities (1,487 ) — (1,487 ) Other income, net 167 — 167 Total other expense, net (7,854 ) — (7,854 ) Net (loss) income $ (15,703 ) $ 30,112 $ 14,409 Weighted average common shares outstanding – diluted 46,050,266 46,050,266 3,761,920 49,812,186 Net (loss) income per common share – diluted $ (0.34 ) $ 0.65 $ (0.02 ) $ 0.29 __________ (1) Due to a GAAP net loss, antidilutive securities are excluded from GAAP diluted weighted average common shares outstanding. However, considering the adjusted net income position, adjusted diluted weighted average common shares outstanding incorporates securities that would have been dilutive for GAAP. Free Cash Flow Three Months Ended March 31, 2026 March 31, 2025 Net cash provided by (used in) operating activities $ 1,565 $ (13,179 ) Purchase of property and equipment (2,789 ) (256 ) Cash payments for intangible assets (175 ) (405 ) Free cash flow $ (1,399 ) $ (13,840 )

Source: Axogen, Inc. Released April 28, 2026