NASDAQ : AXGN
Axogen, Inc. — Financial statements
Healthcare · Medical Devices · United States
Last price 49.85 USD (Nov 2, 2026, 4:00 PM EST) · Market cap 2.98B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Axogen, Inc. (AXGN) reported revenue of 266.93M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 266.93M | 225.21M | 187.34M | 159.01M | 138.58M | 127.36M |
| Cost of Revenue | 68.92M | 57.85M | 45.36M | 37.14M | 29.77M | 22.93M |
| Gross Profit | 198.00M | 167.35M | 141.98M | 121.87M | 108.81M | 104.43M |
| Selling, General & Admin | 174.38M | 142.32M | 117.50M | 115.99M | 112.89M | 105.67M |
| Research & Development | 37.43M | 32.88M | 27.77M | 27.34M | 25.63M | 24.18M |
| Operating Expenses | 211.81M | 175.20M | 145.26M | 143.33M | 138.52M | 129.84M |
| Operating Income | -13.80M | -7.85M | -3.29M | -21.46M | -29.71M | -25.42M |
| Interest Expense | -2.41M | -7.70M | -8.21M | -2.83M | -624.00K | -1.36M |
| Interest & Investment Income | 3.34M | 1.17M | 1.14M | 1.49M | 569.00K | 93.00K |
| Other Non Operating Income (Expenses) | -2.19M | -1.32M | 388.00K | 1.09M | 814.00K | -306.00K |
| EBT Excluding Unusual Items | -15.07M | -15.70M | -9.96M | -21.72M | -28.95M | -26.98M |
| Other Unusual Items | -16.85M | |||||
| Pretax Income | -31.92M | -15.70M | -9.96M | -21.72M | -28.95M | -26.98M |
| Net Income | -31.92M | -15.70M | -9.96M | -21.72M | -28.95M | -26.98M |
| Net Income to Common | -31.92M | -15.70M | -9.96M | -21.72M | -28.95M | -26.98M |
| Shares Outstanding (Basic) | 51.70M | 46.05M | 44.26M | 42.88M | 42.08M | 41.21M |
| Shares Outstanding (Diluted) | 51.70M | 46.05M | 44.26M | 42.88M | 42.08M | 41.21M |
| EPS (Basic) | -0.62 | -0.34 | -0.23 | -0.51 | -0.69 | -0.65 |
| EPS (Diluted) | -0.62 | -0.34 | -0.23 | -0.51 | -0.69 | -0.65 |
| Free Cash Flow | 22.04M | -2.93M | 1.43M | -19.59M | -36.14M | -41.22M |
| Free Cash Flow Per Share | 0.43 | -0.06 | 0.03 | -0.46 | -0.86 | -1.00 |
| Gross Margin | 74.18% | 74.31% | 75.79% | 76.64% | 78.52% | 81.99% |
| Operating Margin | -5.17% | -3.48% | -1.75% | -13.50% | -21.44% | -19.96% |
| Profit Margin | -11.96% | -6.97% | -5.32% | -13.66% | -20.89% | -21.19% |
| Free Cash Flow Margin | 8.26% | -1.30% | 0.77% | -12.32% | -26.08% | -32.36% |
| EBITDA | -6.96M | -874.00K | 3.45M | -16.97M | -26.61M | -22.47M |
| EBITDA Margin | -2.61% | -0.39% | 1.84% | -10.67% | -19.20% | -17.64% |
| D&A For EBITDA | 6.84M | 6.97M | 6.73M | 4.49M | 3.09M | 2.95M |
| EBIT | -13.80M | -7.85M | -3.29M | -21.46M | -29.71M | -25.42M |
| EBIT Margin | -5.17% | -3.48% | -1.75% | -13.50% | -21.44% | -19.96% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 328.89M | 35.55M | 27.55M | 31.02M | 15.28M | 32.76M |
| Short-Term Investments | 19.18M | 5.98M | 5.93M | 33.51M | 51.33M | |
| Cash & Short-Term Investments | 348.07M | 41.53M | 33.48M | 31.02M | 48.79M | 84.09M |
| Accounts Receivable | 34.01M | 26.17M | 24.11M | 25.15M | 22.19M | 18.16M |
| Receivables | 34.01M | 26.17M | 24.11M | 25.15M | 22.19M | 18.16M |
| Inventory | 49.06M | 42.37M | 33.18M | 23.02M | 18.91M | 16.69M |
| Prepaid Expenses | 4.95M | 6.35M | 2.45M | 2.81M | 1.94M | 1.86M |
| Restricted Cash | 2.00M | 4.00M | 6.00M | 6.00M | 6.25M | 6.25M |
| Total Current Assets | 438.09M | 120.42M | 99.22M | 88.00M | 98.08M | 127.05M |
| Property, Plant & Equipment | 95.34M | 94.52M | 98.93M | 104.29M | 93.66M | 78.12M |
| Other Intangible Assets | 7.91M | 6.75M | 5.58M | 4.53M | 3.65M | 2.86M |
| Total Assets | 550.34M | 221.69M | 203.73M | 196.83M | 195.39M | 208.02M |
| Accounts Payable | 34.63M | 2.89M | 8.01M | 11.77M | 8.96M | 5.92M |
| Accrued Expenses | 18.30M | 20.63M | 17.11M | 13.48M | 16.54M | |
| Current Portion of Leases | 1.83M | 2.37M | 1.97M | 1.55M | 1.31M | 1.83M |
| Total Current Liabilities | 36.46M | 23.56M | 30.61M | 30.43M | 23.75M | 24.29M |
| Long-Term Debt | 52.27M | 49.90M | 49.59M | 50.23M | 50.38M | |
| Long-Term Leases | 17.64M | 16.87M | 19.22M | 21.14M | 20.41M | 20.80M |
| Other Long-Term Liabilities | 141.00K | 141.00K | 94.00K | |||
| Total Liabilities | 54.24M | 92.84M | 99.82M | 101.16M | 94.39M | 95.47M |
| Common Stock | 597.00K | 472.00K | 441.00K | 431.00K | 424.00K | 417.00K |
| Additional Paid-In Capital | 821.24M | 435.34M | 394.73M | 376.53M | 360.15M | 342.76M |
| Retained Earnings | -325.73M | -306.96M | -291.26M | -281.30M | -259.58M | -230.63M |
| Shareholders' Equity | 496.10M | 128.85M | 103.91M | 95.67M | 101.00M | 112.55M |
| Total Liabilities & Equity | 550.34M | 221.69M | 203.73M | 196.83M | 195.39M | 208.02M |
| Total Debt | 19.47M | 71.52M | 71.09M | 72.28M | 71.94M | 73.02M |
| Net Cash (Debt) | 328.60M | -29.99M | -37.60M | -41.26M | -23.16M | 11.07M |
| Net Cash Per Share | 6.36 | -0.65 | -0.85 | -0.96 | -0.55 | 0.27 |
| Filing Date Shares Outstanding | 59.73M | 51.90M | 44.34M | 43.21M | 42.60M | 41.80M |
| Total Common Shares Outstanding | 59.72M | 47.20M | 44.15M | 43.12M | 42.45M | 41.74M |
| Working Capital | 401.64M | 96.87M | 68.61M | 57.57M | 74.32M | 102.76M |
| Book Value Per Share | 8.31 | 2.73 | 2.35 | 2.22 | 2.38 | 2.70 |
| Tangible Book Value | 488.19M | 122.10M | 98.33M | 91.13M | 97.35M | 109.69M |
| Tangible Book Value Per Share | 8.17 | 2.59 | 2.23 | 2.11 | 2.29 | 2.63 |
| Land | 1.09M | 731.00K | 731.00K | 731.00K | 731.00K | 731.00K |
| Buildings | 62.28M | 60.68M | 60.68M | 60.68M | ||
| Machinery | 27.70M | 27.42M | 23.53M | 21.86M | 9.54M | 9.08M |
| Construction In Progress | 2.19M | 1.24M | 1.50M | 3.67M | 63.70M | 45.66M |
| Leasehold Improvements | 18.15M | 18.06M | 17.98M | 15.35M | 15.48M | 14.95M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -31.92M | -15.70M | -9.96M | -21.72M | -28.95M | -26.98M |
| Depreciation & Amortization | 9.39M | 8.51M | 7.84M | 5.55M | 4.85M | 4.74M |
| Other Amortization | 293.00K | 891.00K | 893.00K | 891.00K | 891.00K | 831.00K |
| Loss (Gain) From Sale of Assets | 26.00K | 56.00K | ||||
| Asset Writedown & Restructuring Costs | 64.00K | 64.00K | ||||
| Loss (Gain) From Sale of Investments | -282.00K | -329.00K | -155.00K | -666.00K | -228.00K | 68.00K |
| Stock-Based Compensation | 41.01M | 30.11M | 15.91M | 14.42M | 15.59M | 10.92M |
| Provision & Write-off of Bad Debts | 46.00K | 400.00K | 650.00K | -271.00K | 612.00K | -41.00K |
| Other Operating Activities | 18.87M | 1.49M | -587.00K | -1.53M | -1.04M | 3.34M |
| Change in Accounts Receivable | -3.28M | -2.46M | 392.00K | -2.69M | -4.64M | -499.00K |
| Change in Inventory | -8.48M | -9.19M | -10.16M | -4.12M | -1.89M | -7.48M |
| Change in Accounts Payable | 9.19M | -7.16M | 125.00K | 6.51M | 660.00K | -270.00K |
| Change in Unearned Revenue | -3.00K | |||||
| Change in Other Net Operating Assets | -6.56M | -5.81M | -399.00K | -2.15M | -1.93M | 1.97M |
| Operating Cash Flow | 28.36M | 812.00K | 4.54M | -5.72M | -16.07M | -13.40M |
| Capital Expenditures | -6.32M | -3.75M | -3.10M | -13.87M | -20.08M | -27.81M |
| Sale (Purchase) of Intangibles | -2.02M | -1.85M | -1.42M | -1.05M | -1.18M | -589.00K |
| Investment in Securities | -14.02M | 277.00K | -5.77M | 34.17M | 18.05M | 3.80M |
| Other Investing Activities | 950.00K | |||||
| Investing Cash Flow | -22.36M | -5.32M | -10.30M | 19.25M | -3.20M | -23.65M |
| Long-Term Debt Issued | 15.00M | |||||
| Total Debt Issued | 15.00M | |||||
| Long-Term Debt Repaid | -32.00K | -10.00K | -10.00K | -12.00K | -15.00K | |
| Total Debt Repaid | -48.62M | -32.00K | -10.00K | -10.00K | -12.00K | -15.00K |
| Net Debt Issued (Repaid) | -48.62M | -32.00K | -10.00K | -10.00K | -12.00K | 14.98M |
| Issuance of Common Stock | 376.99M | 10.53M | 2.30M | 1.96M | 1.81M | 5.47M |
| Repurchase of Common Stock | -9.45M | |||||
| Other Financing Activities | -21.95M | |||||
| Financing Cash Flow | 296.98M | 10.50M | 2.29M | 1.95M | 1.79M | 20.45M |
| Net Cash Flow | 302.99M | 5.99M | -3.47M | 15.49M | -17.47M | -16.60M |
| Free Cash Flow | 22.04M | -2.93M | 1.43M | -19.59M | -36.14M | -41.22M |
| Free Cash Flow Margin | 8.26% | -1.30% | 0.77% | -12.32% | -26.08% | -32.36% |
| Free Cash Flow Per Share | 0.43 | -0.06 | 0.03 | -0.46 | -0.86 | -1.00 |
| Levered Free Cash Flow | 29.81M | 3.58M | 3.93M | -10.50M | -25.21M | -29.83M |
| Unlevered Free Cash Flow | 31.03M | 7.50M | 8.17M | -9.61M | -25.71M | -29.81M |
| Cash Interest Paid | 2.35M | 6.81M | 7.30M | 1.94M | 495.00K | |
| Change in Working Capital | -9.13M | -24.62M | -10.04M | -2.45M | -7.79M | -6.28M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 2.98B | 1.51B | 725.26M | 293.99M | 422.02M | 389.44M |
| Enterprise Value | 2.65B | 1.54B | 772.03M | 332.67M | 440.97M | 370.73M |
| Last Close Price | 49.37 | 32.73 | 16.48 | 6.83 | 9.98 | 9.37 |
| Forward PE | 293.54 | |||||
| PS Ratio | 11.19 | 6.70 | 3.87 | 1.85 | 3.04 | 3.06 |
| PB Ratio | 5.94 | 11.72 | 6.98 | 3.07 | 4.18 | 3.46 |
| P/TBV Ratio | 6.12 | 12.36 | 7.38 | 3.23 | 4.33 | 3.55 |
| P/FCF Ratio | 135.51 | 505.76 | ||||
| P/OCF Ratio | 105.31 | 1,859.09 | 159.92 | |||
| EV/Sales Ratio | 9.96 | 6.85 | 4.12 | 2.09 | 3.18 | 2.91 |
| EV/EBITDA Ratio | 223.97 | |||||
| EV/FCF Ratio | 120.60 | 538.38 | ||||
| Debt / Equity Ratio | 0.04 | 0.56 | 0.68 | 0.76 | 0.71 | 0.65 |
| Debt / EBITDA Ratio | 22.11 | 8.81 | ||||
| Debt / FCF Ratio | 0.88 | 49.57 | ||||
| Net Debt / Equity Ratio | -0.66 | 0.23 | 0.36 | 0.43 | 0.23 | -0.10 |
| Net Debt / EBITDA Ratio | 47.20 | -34.31 | 10.91 | -2.43 | -0.87 | 0.49 |
| Net Debt / FCF Ratio | -14.91 | -10.22 | 26.22 | -2.11 | -0.64 | 0.27 |
| Asset Turnover | 0.70 | 1.06 | 0.94 | 0.81 | 0.69 | 0.62 |
| Inventory Turnover | 1.54 | 1.53 | 1.61 | 1.77 | 1.67 | 1.57 |
| Quick Ratio | 10.48 | 2.87 | 1.88 | 1.85 | 2.99 | 4.21 |
| Current Ratio | 12.02 | 5.11 | 3.24 | 2.89 | 4.13 | 5.23 |
| Return on Equity (ROE) | -10.35% | -13.49% | -9.98% | -22.08% | -27.11% | -22.90% |
| Return on Assets (ROA) | -2.25% | -2.31% | -1.03% | -6.84% | -9.21% | -7.76% |
| Return on Capital Employed (ROCE) | -2.70% | -4.00% | -1.90% | -12.90% | -17.30% | -13.80% |
| Earnings Yield | -1.24% | -1.04% | -1.37% | -7.39% | -6.86% | -6.93% |
| FCF Yield | 0.74% | -0.19% | 0.20% | -6.66% | -8.57% | -10.58% |
| Buyback Yield / Dilution | -12.44% | -4.05% | -3.22% | -1.89% | -2.11% | -3.12% |