$AXGN
Axogen, Inc.

2024 Q3 Form 10-Q Financial Statement

#000080592824000111 Filed on August 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $48.64M $47.91M
YoY Change 17.86% 25.57%
Cost Of Revenue $12.21M $12.57M
YoY Change 51.76% 73.87%
Gross Profit $36.44M $35.35M
YoY Change 9.66% 14.29%
Gross Profit Margin 74.91% 73.77%
Selling, General & Admin $29.76M $29.12M
YoY Change -1.67% -4.43%
% of Gross Profit 81.67% 82.37%
Research & Development $6.996M $6.658M
YoY Change 0.1% -9.57%
% of Gross Profit 19.2% 18.84%
Depreciation & Amortization $1.654M $1.657M
YoY Change 43.33% 107.64%
% of Gross Profit 4.54% 4.69%
Operating Expenses $36.75M $35.77M
YoY Change -1.34% -5.43%
Operating Profit -$316.0K -$428.0K
YoY Change -92.15% -93.8%
Interest Expense -$1.584M -$1.494M
YoY Change -291.54% -1109.46%
% of Operating Profit
Other Income/Expense, Net -$1.542M -$1.493M
YoY Change 2309.38% -716.94%
Pretax Income -$1.858M -$1.921M
YoY Change -54.57% -71.16%
Income Tax
% Of Pretax Income
Net Earnings -$1.858M -$1.921M
YoY Change -54.56% -71.16%
Net Earnings / Revenue -3.82% -4.01%
Basic Earnings Per Share -$0.04 -$0.04
Diluted Earnings Per Share -$0.04 -$0.04
COMMON SHARES
Basic Shares Outstanding 43.83M shares 43.70M shares
Diluted Shares Outstanding 43.88M shares 43.71M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $24.53M $21.13M
YoY Change -24.75% -38.8%
Cash & Equivalents $18.66M $19.19M
Short-Term Investments $5.868M $1.944M
Other Short-Term Assets $7.730M $7.962M
YoY Change -10.12% -9.88%
Inventory $29.36M $28.02M
Prepaid Expenses
Receivables $24.63M $25.15M
Other Receivables $0.00 $0.00
Total Short-Term Assets $86.25M $82.26M
YoY Change -1.36% -4.54%
LONG-TERM ASSETS
Property, Plant & Equipment $100.5M $101.7M
YoY Change -2.31% 0.28%
Goodwill
YoY Change
Intangibles $5.215M $4.966M
YoY Change 21.62% 22.68%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $105.7M $106.7M
YoY Change -1.36% 1.14%
TOTAL ASSETS
Total Short-Term Assets $86.25M $82.26M
Total Long-Term Assets $105.7M $106.7M
Total Assets $192.0M $188.9M
YoY Change -1.36% -1.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $21.18M $21.66M
YoY Change -17.28% -5.37%
Accrued Expenses $1.850M $1.746M
YoY Change 68.18% 68.86%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $6.000K $5.000K
YoY Change -16.67%
Total Short-Term Liabilities $23.03M $23.42M
YoY Change -13.56% -2.16%
LONG-TERM LIABILITIES
Long-Term Debt $47.27M $47.05M
YoY Change 1.93% 1.93%
Other Long-Term Liabilities $94.00K $94.00K
YoY Change -99.61% -99.61%
Total Long-Term Liabilities $47.37M $47.14M
YoY Change 2.13% 2.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $23.03M $23.42M
Total Long-Term Liabilities $47.37M $47.14M
Total Liabilities $92.58M $93.25M
YoY Change -4.38% -1.32%
SHAREHOLDERS EQUITY
Retained Earnings -$291.7M -$289.9M
YoY Change 5.16% 6.05%
Common Stock $391.1M $385.5M
YoY Change 4.24% 4.07%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $99.41M $95.69M
YoY Change
Total Liabilities & Shareholders Equity $192.0M $188.9M
YoY Change -1.36% -1.41%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$1.858M -$1.921M
YoY Change -54.56% -71.16%
Depreciation, Depletion And Amortization $1.654M $1.657M
YoY Change 43.33% 107.64%
Cash From Operating Activities $3.901M $4.165M
YoY Change 140.8% 1326.37%
INVESTING ACTIVITIES
Capital Expenditures $1.138M $1.232M
YoY Change -70.82% -73.66%
Acquisitions
YoY Change
Other Investing Activities -$3.862M -$1.000K
YoY Change -139.01% -100.01%
Cash From Investing Activities -$5.000M -$1.233M
YoY Change -183.47% -108.61%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 572.0K 544.0K
YoY Change 5620.0% -39.42%
NET CHANGE
Cash From Operating Activities 3.901M 4.165M
Cash From Investing Activities -5.000M -1.233M
Cash From Financing Activities 572.0K 544.0K
Net Change In Cash -527.0K 3.476M
YoY Change -106.92% -77.59%
FREE CASH FLOW
Cash From Operating Activities $3.901M $4.165M
Capital Expenditures $1.138M $1.232M
Free Cash Flow $2.763M $2.933M
YoY Change -221.18% -166.87%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2024Q2 us-gaap Operating Lease Liability Current Statement Of Financial Position Extensible List
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CY2024Q2 us-gaap Operating Lease Liability Noncurrent Statement Of Financial Position Extensible List
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CY2023Q4 us-gaap Finance Lease Liability Current Statement Of Financial Position Extensible List
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us-gaap Amortization Of Intangible Assets
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us-gaap Amortization Of Financing Costs
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us-gaap Provision For Doubtful Accounts
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Operating Lease Liability
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us-gaap Increase Decrease In Operating Lease Liability
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us-gaap Increase Decrease In Other Operating Liabilities
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us-gaap Basis Of Accounting
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<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10.5pt">Nature of Business</span><div style="margin-top:10pt;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%">Axogen, Inc. (together with its wholly-owned subsidiaries, the “Company”) was incorporated in Minnesota. Our business is focused on 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 HA+ Nerve Protector™, 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%">, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Avive+ Soft Tissue Matrix™, and</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%">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></div>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.
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%;text-decoration:underline">Reclassifications</span></div><div style="margin-top:10pt;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:112%">Certain reclassifications have been made to the prior period financial information to conform to the presentation used in the condensed consolidated statement of operations for the three and six months ended June 30, 2024.</span></div><div style="margin-top:10pt;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:112%">Effective in the first quarter of 2024, the Company voluntarily changed its accounting policy for shipping and handling costs. Under the new accounting policy, these costs are included in Costs of goods sold, whereas they were previously included in Sales and marketing expenses. Including these expenses in Costs of goods sold better aligns these costs with the related revenue in the gross profit calculation. Although the prior method of accounting continues to be an accepted alternative, the new accounting policy is more widely used in the industry and provides improved comparability of the Company's financial statements to its peers. This change in accounting policy has been applied retrospectively. The consolidated statement of operations for the three and six months ended June 30, 2023, has been reclassified to reflect this change in accounting policy. The impact of this reclassification was an increase of $1,278 and $2,743 to Cost of goods sold for the three and six months ended June 30, 2023, respectively, and a corresponding decrease to Sales and marketing expenses in the same periods. </span></div><div style="margin-top:10pt;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:112%">Effective in the first quarter of 2024, the Company also ceased allocating certain costs to and from certain departments. Previously such costs had been allocated based on the Company’s estimate of the proportionate share of total expense to Cost of goods sold, Sales and marketing, Research and development, and General and administrative. The Company determined that these changes would better reflect industry practice and would provide more meaningful information as well as increased transparency of its operations.</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> To conform the 2023 presentation to the current quarter and year to date presentation, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">$922</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> and </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">$1,984 </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">was reclassified to General and administrative, of which </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">$219</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> and </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">$572 </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">was previously included in Research and development,</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">$699</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> and </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">$1,406 </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">was previously included in Sales and marketing, and </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">$3 and $6</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> was previously included in Cost of goods sold for the </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">three and six</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> months ended June 30, 2023, respectively, in the condensed consolidated statement of operations.</span></div><div style="margin-top:10pt;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:112%">These reclassifications had no impact on net revenue, loss from operations, net loss, or loss per common share for prior periods and do not represent a restatement of the Company's previously issued condensed consolidated financial statements.</span></div>
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CY2024Q2 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
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CY2023Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
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us-gaap Depreciation
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us-gaap Depreciation
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CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1907000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
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4099000 usd
CY2023Q4 us-gaap Intangible Assets Gross Excluding Goodwill
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6438000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1907000 usd
CY2023Q4 us-gaap Intangible Assets Net Excluding Goodwill
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us-gaap Amortization Of Intangible Assets
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138000 usd
us-gaap Amortization Of Intangible Assets
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us-gaap Lease Cost
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2540000 usd
CY2024Q2 us-gaap Operating Lease Right Of Use Asset
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CY2023Q4 us-gaap Operating Lease Right Of Use Asset
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CY2024Q2 us-gaap Finance Lease Liability Current
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CY2024Q2 us-gaap Finance Lease Liability Noncurrent
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CY2024Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2024Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
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CY2024Q2 axgn Lessee Operating And Financing Lease Liability To Be Paid Remainder Of Fiscal Year
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CY2024Q2 axgn Lessee Operating And Financing Lease Liability To Be Paid Year Two
LesseeOperatingAndFinancingLeaseLiabilityToBePaidYearTwo
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CY2024Q2 axgn Lessee Operating And Financing Lease Liability To Be Paid Year Three
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3115000 usd
CY2024Q2 axgn Lessee Operating And Financing Lease Liability To Be Paid Year Four
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CY2024Q2 axgn Lessee Operating And Financing Lease Liability To Be Paid After Year Four
LesseeOperatingAndFinancingLeaseLiabilityToBePaidAfterYearFour
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CY2024Q2 axgn Lessee Operating And Financing Lease Liability To Be Paid
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CY2024Q2 axgn Lessee Operating And Financing Lease Liability Undiscounted Excess Amount
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CY2024Q2 axgn Operating And Financing Lease Liability
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CY2024Q2 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
2953000 usd
CY2024Q2 us-gaap Long Term Debt
LongTermDebt
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CY2024Q2 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
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CY2024Q2 us-gaap Amortization Of Financing Costs
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222000 usd
CY2024Q2 us-gaap Restricted Cash
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CY2024Q2 us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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CY2024Q2 us-gaap Net Income Loss
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CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
-8556000 usd
us-gaap Net Income Loss
NetIncomeLoss
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CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
43713313 shares
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42862384 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.04
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.16
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.16
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.20
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.20
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.32
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.32
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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