2022 Q3 Form 10-Q Financial Statement

#000080592822000103 Filed on August 05, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $36.96M $34.45M $31.01M
YoY Change 18.44% 2.6% -0.1%
Cost Of Revenue $6.176M $6.284M $5.546M
YoY Change 17.89% -11.39% 7.23%
Gross Profit $30.78M $28.17M $25.46M
YoY Change 18.56% 6.35% -1.56%
Gross Profit Margin 83.29% 81.76% 82.11%
Selling, General & Admin $28.59M $29.07M $30.51M
YoY Change 8.91% 4.13% 15.83%
% of Gross Profit 92.87% 103.2% 119.81%
Research & Development $7.050M $7.022M $6.275M
YoY Change 10.09% 22.7% 9.17%
% of Gross Profit 22.9% 24.93% 24.65%
Depreciation & Amortization $764.0K $713.0K $704.0K
YoY Change 16.82% 12.64% -8.81%
% of Gross Profit 2.48% 2.53% 2.77%
Operating Expenses $35.64M $36.09M $36.78M
YoY Change 9.14% 7.29% 14.64%
Operating Profit -$4.855M -$7.924M -$11.32M
YoY Change -27.42% 10.76% 81.99%
Interest Expense $61.00K $249.0K $354.0K
YoY Change -85.37% -55.93% -20.27%
% of Operating Profit
Other Income/Expense, Net $537.0K $184.0K -$155.0K
YoY Change -218.81% -124.73% -64.77%
Pretax Income -$4.318M -$7.740M -$11.48M
YoY Change -39.53% -2.0% 72.3%
Income Tax
% Of Pretax Income
Net Earnings -$4.318M -$7.740M -$11.48M
YoY Change -39.53% -2.0% 72.3%
Net Earnings / Revenue -11.68% -22.46% -37.01%
Basic Earnings Per Share -$0.10 -$0.18 -$0.27
Diluted Earnings Per Share -$0.10 -$0.18 -$0.27
COMMON SHARES
Basic Shares Outstanding 42.28M shares 41.99M shares 41.80M shares
Diluted Shares Outstanding 42.22M shares 41.99M shares 41.80M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $53.11M $58.03M $67.42M
YoY Change -42.09% -41.92% -25.83%
Cash & Equivalents $14.32M $11.82M $14.56M
Short-Term Investments $38.79M $46.21M $52.86M
Other Short-Term Assets $8.865M $9.151M $9.067M
YoY Change -3.13% -6.97% -17.57%
Inventory $19.12M $19.22M $17.40M
Prepaid Expenses
Receivables $21.36M $20.37M $18.59M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $102.5M $106.8M $112.5M
YoY Change -24.09% -24.7% -16.77%
LONG-TERM ASSETS
Property, Plant & Equipment $89.62M $85.96M $82.36M
YoY Change 59.1% 68.71% 85.52%
Goodwill
YoY Change
Intangibles $3.448M $3.346M $3.190M
YoY Change 27.66% 36.02% 37.03%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $93.07M $89.31M $85.55M
YoY Change 24.08% 29.93% 37.49%
TOTAL ASSETS
Total Short-Term Assets $102.5M $106.8M $112.5M
Total Long-Term Assets $93.07M $89.31M $85.55M
Total Assets $195.5M $196.1M $198.0M
YoY Change -6.88% -6.86% 0.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $22.02M $21.84M $20.87M
YoY Change 242.52% 224.92% 127.93%
Accrued Expenses $1.523M $1.756M $2.065M
YoY Change -91.0% -88.21% -84.24%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $7.000K $6.000K $8.000K
YoY Change -41.67% -57.14%
Total Short-Term Liabilities $23.55M $23.60M $22.95M
YoY Change 0.8% 9.12% 3.02%
LONG-TERM LIABILITIES
Long-Term Debt $45.49M $45.26M $45.04M
YoY Change -1.62% -1.78% 40.14%
Other Long-Term Liabilities $25.02M $25.53M $26.19M
YoY Change 1309150.0%
Total Long-Term Liabilities $45.49M $45.26M $45.04M
YoY Change -1.62% -1.78% 40.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $23.55M $23.60M $22.95M
Total Long-Term Liabilities $45.49M $45.26M $45.04M
Total Liabilities $94.08M $94.39M $94.17M
YoY Change -0.65% 2.79% 21.26%
SHAREHOLDERS EQUITY
Retained Earnings -$254.2M -$249.8M -$242.1M
YoY Change 12.79% 14.5% 15.12%
Common Stock $355.6M $351.5M $346.0M
YoY Change 4.4% 4.34% 4.83%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $101.4M $101.7M $103.9M
YoY Change
Total Liabilities & Shareholders Equity $195.5M $196.1M $198.0M
YoY Change -6.88% -6.86% 0.33%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$4.318M -$7.740M -$11.48M
YoY Change -39.53% -2.0% 72.3%
Depreciation, Depletion And Amortization $764.0K $713.0K $704.0K
YoY Change 16.82% 12.64% -8.81%
Cash From Operating Activities -$689.0K -$5.688M -$11.05M
YoY Change 83.24% 718.42% 2.13%
INVESTING ACTIVITIES
Capital Expenditures -$4.546M -$4.321M $5.037M
YoY Change -52.44% -48.35% 62.75%
Acquisitions
YoY Change
Other Investing Activities $7.517M $6.600M -$1.624M
YoY Change 170.2% 56.81% -139.42%
Cash From Investing Activities $2.971M $2.279M -$7.241M
YoY Change -143.84% -154.82% -932.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 215.0K 671.0K $95.00K
YoY Change -73.29% -96.29% -81.62%
NET CHANGE
Cash From Operating Activities -689.0K -5.688M -$11.05M
Cash From Investing Activities 2.971M 2.279M -$7.241M
Cash From Financing Activities 215.0K 671.0K $95.00K
Net Change In Cash 2.497M -2.738M -$18.20M
YoY Change -139.34% -120.69% 92.91%
FREE CASH FLOW
Cash From Operating Activities -$689.0K -$5.688M -$11.05M
Capital Expenditures -$4.546M -$4.321M $5.037M
Free Cash Flow $3.857M -$1.367M -$16.09M
YoY Change -58.0% -117.82% 15.62%

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498000 usd
us-gaap Increase Decrease In Inventories
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us-gaap Increase Decrease In Inventories
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3341000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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1081000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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axgn Increase Decrease In Operating Lease Liabilities
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856000 usd
axgn Increase Decrease In Operating Lease Liabilities
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0 usd
us-gaap Finance Lease Interest Payment On Liability
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us-gaap Increase Decrease In Contract With Customer Liability
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Property Plant And Equipment
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9086000 usd
us-gaap Payments To Acquire Property Plant And Equipment
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10924000 usd
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6024000 usd
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23966000 usd
us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
11000000 usd
us-gaap Proceeds From Sale Of Available For Sale Securities Debt
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32295000 usd
us-gaap Payments To Acquire Intangible Assets
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852000 usd
us-gaap Payments To Acquire Intangible Assets
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692000 usd
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us-gaap Net Cash Provided By Used In Investing Activities
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0 usd
us-gaap Proceeds From Issuance Of Long Term Debt
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15000000 usd
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us-gaap Finance Lease Principal Payments
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8000 usd
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767000 usd
us-gaap Proceeds From Stock Options Exercised
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3612000 usd
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766000 usd
us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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3802000 usd
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39007000 usd
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55609000 usd
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18073000 usd
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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us-gaap Interest Paid Net
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us-gaap Capital Expenditures Incurred But Not Yet Paid
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us-gaap Capital Expenditures Incurred But Not Yet Paid
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3035000 usd
axgn Noncash Right Of Use Assets And Operating Lease Liability
NoncashRightOfUseAssetsAndOperatingLeaseLiability
700000 usd
axgn Noncash Right Of Use Assets And Operating Lease Liability
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371000 usd
axgn Embedded Derivative Associated With The Long Term Debt
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186000 usd
us-gaap Noncash Or Part Noncash Acquisition Intangible Assets Acquired1
NoncashOrPartNoncashAcquisitionIntangibleAssetsAcquired1
190000 usd
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4910000 usd
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101690000 usd
CY2021Q4 us-gaap Stockholders Equity
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112550000 usd
us-gaap Net Income Loss
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us-gaap Stock Issued During Period Value Other
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101690000 usd
CY2021Q1 us-gaap Stockholders Equity
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119704000 usd
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CY2021Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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3804000 usd
CY2021Q2 us-gaap Stock Issued During Period Value Other
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0 usd
CY2021Q2 axgn Stock Issued During Period Value Stock Options Exercised And Employee Stock Purchase Plan
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3093000 usd
CY2021Q2 us-gaap Stockholders Equity
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118703000 usd
CY2020Q4 us-gaap Stockholders Equity
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123149000 usd
us-gaap Net Income Loss
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us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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6499000 usd
us-gaap Stock Issued During Period Value Other
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0 usd
axgn Stock Issued During Period Value Stock Options Exercised And Employee Stock Purchase Plan
StockIssuedDuringPeriodValueStockOptionsExercisedAndEmployeeStockPurchasePlan
3613000 usd
CY2021Q2 us-gaap Stockholders Equity
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118703000 usd
us-gaap Basis Of Accounting
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Basis of Presentation<div style="margin-top:12pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">General</span></div><div style="margin-top:12pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Unless the context otherwise requires, all references in these Notes to “Axogen,” the “Company,” “we,” “us” and “our” refer to Axogen, Inc. and its wholly owned subsidiaries Axogen Corporation (“AC”), Axogen Processing Corporation, and Axogen Europe GmbH.</span></div><div style="margin-top:12pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying unaudited condensed consolidated financial statements include the accounts of the Company as of June 30, 2022, and December 31, 2021, and for the three and six months ended June 30, 2022, and 2021. The Company’s condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X, and; therefore, do not include all information and footnotes necessary for a fair presentation of consolidated financial position, results of operations, and cash flows in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) and should be read in conjunction with the audited financial statements of the Company for the year ended December 31, 2021, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. </span></div><div style="margin-top:12pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The interim condensed consolidated financial statements are unaudited and in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of results for the periods presented. Results for interim periods are not necessarily indicative of results for the full year. All intercompany accounts and transactions have been eliminated in consolidation. </span></div><div style="margin-top:12pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The results of operations for the three and six months ended June 30, 2022, are not necessarily indicative of the results to be expected for the full year due primarily to the impact of the continued uncertainty of general economic conditions that may impact our markets for the remainder of fiscal year 2022. Specifically, there can be no assurances that resurgences of COVID-19 will not affect future results.</span></div><div style="margin-top:12pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations.</span></div>
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39007000 usd
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CY2021Q4 us-gaap Inventory Finished Goods Net Of Reserves
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11011000 usd
CY2022Q2 us-gaap Inventory Work In Process Net Of Reserves
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CY2021Q4 us-gaap Inventory Work In Process Net Of Reserves
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19222000 usd
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16693000 usd
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us-gaap Inventory Write Down
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2455000 usd
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80020000 usd
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70537000 usd
CY2022Q2 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
9032000 usd
CY2021Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
7614000 usd
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PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
70988000 usd
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PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
62923000 usd
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713000 usd
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633000 usd
us-gaap Depreciation
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1418000 usd
us-gaap Depreciation
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1405000 usd
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1219000 usd
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2965000 usd
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3570000 usd
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us-gaap Allocated Share Based Compensation Expense
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1086000 usd
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2484000 usd
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4565000 usd
CY2022Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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us-gaap Amortization Of Intangible Assets
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CY2021Q2 us-gaap Lease Cost
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us-gaap Lease Cost
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us-gaap Lease Cost
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CY2021Q4 us-gaap Operating Lease Right Of Use Asset
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CY2021Q4 us-gaap Operating Lease Liability Current
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1825000 usd
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
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0.1032
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6251000 usd
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0.0684
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0.0723
CY2022Q2 axgn Lessee Operating And Financing Lease Liability To Be Paid Remainder Of Fiscal Year
LesseeOperatingAndFinancingLeaseLiabilityToBePaidRemainderOfFiscalYear
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CY2022Q2 axgn Lessee Operating And Financing Lease Liability To Be Paid Year One
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3415000 usd
CY2022Q2 axgn Lessee Operating And Financing Lease Liability To Be Paid Year Two
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3186000 usd
CY2022Q2 axgn Lessee Operating And Financing Lease Liability To Be Paid Year Three
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3268000 usd
CY2022Q2 axgn Lessee Operating And Financing Lease Liability To Be Paid Year Four
LesseeOperatingAndFinancingLeaseLiabilityToBePaidYearFour
3276000 usd
CY2022Q2 axgn Lessee Operating And Financing Lease Liability To Be Paid Year Five
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CY2022Q2 axgn Lessee Operating And Financing Lease Liability To Be Paid After Year Five
LesseeOperatingAndFinancingLeaseLiabilityToBePaidAfterYearFive
23939000 usd
CY2022Q2 axgn Lessee Operating And Financing Lease Liability To Be Paid
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39296000 usd
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16879000 usd
CY2022Q2 axgn Operating And Financing Lease Liability
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22417000 usd
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1762000 usd
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20655000 usd
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4737000 usd
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5179000 usd
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45263000 usd
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44821000 usd
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223000 usd
CY2021Q2 us-gaap Amortization Of Financing Costs
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153000 usd
us-gaap Amortization Of Financing Costs
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442000 usd
us-gaap Amortization Of Financing Costs
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227000 usd
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6251000 usd
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4910000 usd
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CY2021Q2 us-gaap Net Income Loss
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us-gaap Net Income Loss
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-19215000 usd
us-gaap Net Income Loss
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-14558000 usd
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41994618 shares
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41080898 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41900000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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40894405 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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41994618 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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41994618 shares
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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41080898 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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41900000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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40894405 shares
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-0.18
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.18
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.18
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.18
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.19
CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.19
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.46
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.46
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.36
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.36

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