AxoGen, Inc.

axogeninc.com

What Do They Do?

Sells nerve grafts, connectors and protective tissue products to hospitals and surgical facilities for use by surgeons repairing peripheral nerves.

How Do They Make Money?

Hospitals and surgical facilities buy nerve-repair products; payment is typically due within 30 days of delivery, while consigned products are sold when used or implanted.

FY2025 revenue

Who Are Their Customers?

The company sells mainly to U.S. customers, including hospitals and surgical facilities; international distributors buy implants for resale in their territories.

Do Revenues Turn Into Profits?

No. It lost $15.7M in FY2025.

Operating income, FY2025

−3% of revenue

▲ +139% (Loss) vs FY2024 (−$3.3M, −2%)

Net income, FY2025

−7% of revenue

▲ +58% (Loss) vs FY2024 (−$10M, −5%)

Free cash flow, FY2025

−1% of revenue

▼ Now a loss vs FY2024 ($1.4M, 1%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +23%; vs $56.7M in Q2 FY2025
Net income: ▼ Now a loss; vs $579K in Q2 FY2025

Jul 29, 2026 Raised revenue guidance to at least $279 million The new target is at least 24% revenue growth for the year.
Apr 28, 2026 Raised revenue guidance to at least $270 million The target was at least 20% revenue growth for the year.

Growing. Revenue grew 77% in 4 years, from $127.4M in FY2021 to $225.2M in FY2025, about 15% a year.

Expanded product range The newer portfolio lists Axoguard HA+ Nerve Protector and Avive+ Soft Tissue Matrix; the older portfolio did not list either, and the newer report says Avive+ was launched.

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