2023 Q2 Form 10-Q Financial Statement

#000080592823000051 Filed on May 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $38.16M $36.66M
YoY Change 10.74% 18.24%
Cost Of Revenue $7.228M $6.709M
YoY Change 15.02% 20.97%
Gross Profit $30.93M $29.96M
YoY Change 9.79% 17.65%
Gross Profit Margin 81.06% 81.7%
Selling, General & Admin $30.47M $30.62M
YoY Change 4.79% 0.36%
% of Gross Profit 98.51% 102.21%
Research & Development $7.363M $6.679M
YoY Change 4.86% 6.44%
% of Gross Profit 23.81% 22.3%
Depreciation & Amortization $798.0K $709.0K
YoY Change 11.92% 0.71%
% of Gross Profit 2.58% 2.37%
Operating Expenses $37.83M $37.30M
YoY Change 4.81% 1.4%
Operating Profit -$6.902M -$7.341M
YoY Change -12.9% -35.15%
Interest Expense $148.0K $16.00K
YoY Change -40.56% -95.48%
% of Operating Profit
Other Income/Expense, Net $242.0K $267.0K
YoY Change 31.52% -272.26%
Pretax Income -$6.660M -$7.074M
YoY Change -13.95% -38.35%
Income Tax
% Of Pretax Income
Net Earnings -$6.660M -$7.074M
YoY Change -13.95% -38.35%
Net Earnings / Revenue -17.46% -19.29%
Basic Earnings Per Share -$0.16 -$0.17
Diluted Earnings Per Share -$0.16 -$0.17
COMMON SHARES
Basic Shares Outstanding 42.83M shares 42.60M shares
Diluted Shares Outstanding 42.86M shares 42.57M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $34.53M $37.87M
YoY Change -40.5% -43.83%
Cash & Equivalents $23.22M $7.707M
Short-Term Investments $11.31M $30.16M
Other Short-Term Assets $8.835M $8.705M
YoY Change -3.45% -3.99%
Inventory $21.24M $19.85M
Prepaid Expenses
Receivables $21.57M $22.28M
Other Receivables $0.00 $0.00
Total Short-Term Assets $86.18M $88.70M
YoY Change -19.29% -21.14%
LONG-TERM ASSETS
Property, Plant & Equipment $101.4M $96.92M
YoY Change 17.98% 17.67%
Goodwill
YoY Change
Intangibles $4.048M $3.858M
YoY Change 20.98% 20.94%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $105.5M $100.8M
YoY Change 18.09% 17.8%
TOTAL ASSETS
Total Short-Term Assets $86.18M $88.70M
Total Long-Term Assets $105.5M $100.8M
Total Assets $191.6M $189.5M
YoY Change -2.27% -4.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $22.89M $20.19M
YoY Change 4.83% -3.28%
Accrued Expenses $1.034M $1.043M
YoY Change -41.12% -49.49%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $6.000K $7.000K
YoY Change 0.0% -12.5%
Total Short-Term Liabilities $23.93M $21.24M
YoY Change 1.41% -7.44%
LONG-TERM LIABILITIES
Long-Term Debt $46.15M $45.93M
YoY Change 1.97% 1.98%
Other Long-Term Liabilities $24.39M $24.78M
YoY Change -4.47% -5.38%
Total Long-Term Liabilities $46.15M $45.93M
YoY Change 1.97% 1.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $23.93M $21.24M
Total Long-Term Liabilities $46.15M $45.93M
Total Liabilities $94.49M $91.96M
YoY Change 0.1% -2.35%
SHAREHOLDERS EQUITY
Retained Earnings -$273.3M -$266.7M
YoY Change 9.39% 10.14%
Common Stock $370.5M $364.2M
YoY Change 5.38% 5.26%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $97.15M $97.51M
YoY Change
Total Liabilities & Shareholders Equity $191.6M $189.5M
YoY Change -2.27% -4.32%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$6.660M -$7.074M
YoY Change -13.95% -38.35%
Depreciation, Depletion And Amortization $798.0K $709.0K
YoY Change 11.92% 0.71%
Cash From Operating Activities $292.0K -$7.423M
YoY Change -105.13% -32.83%
INVESTING ACTIVITIES
Capital Expenditures $4.678M $4.304M
YoY Change -208.26% -14.55%
Acquisitions
YoY Change
Other Investing Activities $19.00M $3.771M
YoY Change 187.88% -332.2%
Cash From Investing Activities $14.32M -$786.0K
YoY Change 528.43% -89.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 898.0K $633.0K
YoY Change 33.83% 566.32%
NET CHANGE
Cash From Operating Activities 292.0K -$7.423M
Cash From Investing Activities 14.32M -$786.0K
Cash From Financing Activities 898.0K $633.0K
Net Change In Cash 15.51M -$7.576M
YoY Change -666.54% -58.37%
FREE CASH FLOW
Cash From Operating Activities $292.0K -$7.423M
Capital Expenditures $4.678M $4.304M
Free Cash Flow -$4.386M -$11.73M
YoY Change 220.85% -27.11%

Facts In Submission

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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2023Q1 axgn Noncash Right Of Use Assets And Operating Lease Liability
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CY2023Q1 us-gaap Stock Issued During Period Value Other
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CY2023Q1 axgn Stock Issued During Period Value Stock Options Exercised And Employee Stock Purchase Plan
StockIssuedDuringPeriodValueStockOptionsExercisedAndEmployeeStockPurchasePlan
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CY2023Q1 us-gaap Basis Of Accounting
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Nature of Business<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Axogen, Inc. (together with its wholly-owned subsidiaries, the “Company”) was incorporated in Minnesota and is the leader in the science, development and commercialization of the technologies used for peripheral nerve regeneration and repair. The Company's products include Avance</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Nerve Graft, Axoguard Nerve Connector</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">,</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Axoguard Nerve Protector</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">,</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Axoguard Nerve Cap</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">® </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">and </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Axotouch</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Two-Point Discriminator</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">. </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is headquartered in Florida. The Company has processing, warehousing, and distribution facilities in Texas and Ohio.</span>The Company manages its operations as a single operating segment. Substantially all of the Company's assets are maintained in the United States. The Company derives substantially all of its revenues from sales to customers in the United States.
CY2023Q1 us-gaap Cash Uninsured Amount
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CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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CashAndCashEquivalentsAtCarryingValue
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CY2022Q4 us-gaap Restricted Cash
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
21535000 usd
CY2023Q1 us-gaap Interest Costs Capitalized
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CY2022Q1 us-gaap Interest Costs Capitalized
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CY2022Q1 us-gaap Inventory Write Down
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CY2023Q1 us-gaap Depreciation
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CY2023Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
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CY2022Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
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CY2023Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
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CY2022Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
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CY2023Q1 us-gaap Inventory Raw Materials Net Of Reserves
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CY2022Q4 us-gaap Inventory Raw Materials Net Of Reserves
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CY2022Q4 us-gaap Inventory Net
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CY2023Q1 us-gaap Inventory Write Down
InventoryWriteDown
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CY2023Q1 us-gaap Finance Lease Right Of Use Asset Before Accumulated Amortization
FinanceLeaseRightOfUseAssetBeforeAccumulatedAmortization
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CY2022Q4 us-gaap Finance Lease Right Of Use Asset Before Accumulated Amortization
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CY2023Q1 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization
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CY2022Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization
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CY2023Q1 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
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CY2022Q1 us-gaap Depreciation
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CY2023Q1 us-gaap Finite Lived Intangible Assets Gross
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CY2023Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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1706000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
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CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
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CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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1635000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
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CY2023Q1 us-gaap Intangible Assets Gross Excluding Goodwill
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CY2023Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2023Q1 us-gaap Intangible Assets Net Excluding Goodwill
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CY2022Q4 us-gaap Intangible Assets Gross Excluding Goodwill
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CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2022Q4 us-gaap Intangible Assets Net Excluding Goodwill
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CY2023Q1 us-gaap Amortization Of Intangible Assets
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71000 usd
CY2022Q1 us-gaap Amortization Of Intangible Assets
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69000 usd
CY2023Q1 us-gaap Lease Cost
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1298000 usd
CY2022Q1 us-gaap Lease Cost
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CY2023Q1 us-gaap Operating Lease Right Of Use Asset
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CY2022Q4 us-gaap Operating Lease Right Of Use Asset
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CY2023Q1 us-gaap Operating Lease Liability Current
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1043000 usd
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1303000 usd
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
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CY2022Q4 us-gaap Operating Lease Liability Noncurrent
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CY2023Q1 us-gaap Finance Lease Right Of Use Asset
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CY2022Q4 us-gaap Finance Lease Right Of Use Asset
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CY2023Q1 us-gaap Finance Lease Liability Current
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CY2022Q4 us-gaap Finance Lease Liability Current
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CY2023Q1 us-gaap Finance Lease Liability Noncurrent
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CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2023Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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CY2022Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
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CY2023Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.1207
CY2022Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
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CY2023Q1 axgn Operating And Financing Lease Liability Noncurrent
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CY2023Q1 axgn Lessee Operating And Financing Lease Liability To Be Paid Remainder Of Fiscal Year
LesseeOperatingAndFinancingLeaseLiabilityToBePaidRemainderOfFiscalYear
2417000 usd
CY2023Q1 axgn Lessee Operating And Financing Lease Liability To Be Paid Year One
LesseeOperatingAndFinancingLeaseLiabilityToBePaidYearOne
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CY2023Q1 axgn Lessee Operating And Financing Lease Liability To Be Paid Year Two
LesseeOperatingAndFinancingLeaseLiabilityToBePaidYearTwo
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CY2023Q1 axgn Lessee Operating And Financing Lease Liability To Be Paid Year Three
LesseeOperatingAndFinancingLeaseLiabilityToBePaidYearThree
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CY2023Q1 axgn Lessee Operating And Financing Lease Liability To Be Paid Year Four
LesseeOperatingAndFinancingLeaseLiabilityToBePaidYearFour
2920000 usd
CY2023Q1 axgn Lessee Operating And Financing Lease Liability To Be Paid After Year Four
LesseeOperatingAndFinancingLeaseLiabilityToBePaidAfterYearFour
20932000 usd
CY2023Q1 axgn Lessee Operating And Financing Lease Liability To Be Paid
LesseeOperatingAndFinancingLeaseLiabilityToBePaid
36206000 usd
CY2023Q1 axgn Lessee Operating And Financing Lease Liability Undiscounted Excess Amount
LesseeOperatingAndFinancingLeaseLiabilityUndiscountedExcessAmount
15067000 usd
CY2023Q1 axgn Operating And Financing Lease Liability
OperatingAndFinancingLeaseLiability
21139000 usd
CY2023Q1 axgn Operating And Financing Lease Liability Current
OperatingAndFinancingLeaseLiabilityCurrent
1050000 usd
CY2023Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
-4069000 usd
CY2022Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
-4288000 usd
CY2023Q1 us-gaap Long Term Debt
LongTermDebt
45931000 usd
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
45712000 usd
CY2023Q1 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
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CY2022Q1 us-gaap Interest Costs Capitalized
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CY2023Q1 us-gaap Amortization Of Financing Costs
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219000 usd
CY2022Q1 us-gaap Amortization Of Financing Costs
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220000 usd
CY2023Q1 us-gaap Restricted Cash
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6252000 usd
CY2022Q4 us-gaap Restricted Cash
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CY2022Q4 us-gaap Restricted Cash
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CY2023Q1 axgn Number Of Letters Of Credit
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CY2023Q1 axgn Number Of Officers
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CY2023Q1 us-gaap Allocated Share Based Compensation Expense
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2954000 usd
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2678000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-7074000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-11475000 usd

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