AxoGen
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AxoGen (AXGN) investor relations material

AxoGen Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary24 Feb, 2026

Executive summary

  • Achieved Q4 2025 revenue of $59.9M, up 21.3% year-over-year, and full-year revenue of $225.2M, up 20.2% year-over-year.

  • FDA Biologics License Approval (BLA) for Avance®, granting 12 years of exclusivity and establishing it as the standard of care in nerve repair.

  • Net loss for the year was $15.7M, or $0.34 per share; adjusted net income was $14.4M, or $0.29 per share.

  • Completed a $133.3M public offering, retired $69.7M in term loans, and enhanced financial flexibility.

  • Cash and investments increased by $6M to $45.5M at year-end 2025.

Financial highlights

  • Q4 2025 gross margin was 74.1%, impacted by one-time BLA-related costs; full-year gross margin was 74.3%.

  • Adjusted EBITDA for 2025 was $27.9M (12.4% margin), up from $19.8M (10.6% margin) in 2024.

  • Adjusted net income for Q4 2025 was $3.5M; full-year adjusted net income was $14.4M.

  • Q4 2025 net loss was $13.2M; full-year net loss was $15.7M.

  • Cash and equivalents at year-end 2025 totaled $39.5M, up from $33.6M in 2024.

Outlook and guidance

  • 2026 revenue expected to grow at least 18% to $265.7M.

  • Gross margin guidance for 2026 is 74%-76%, with improvement expected in 2027.

  • Free cash flow positive expected for 2026, with higher cash burn in Q1.

  • Continued disciplined investment in innovation and commercial infrastructure.

Projected Avance revenue uplift from CMS code
Post-offering capital structure and debt position
Path to GAAP net income profitability
Prostate market: What H2 2026 signals are key?
BLA: What specific payer coverage changes expected?
Gross margin: What drives 2027 improvement?
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47th Annual Raymond James Institutional Investor Conference3 Mar, 2026
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47th Annual Raymond James Institutional Investor Conference3 Mar, 2026

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Frequently asked questions

AxoGen Inc develops and markets surgical solutions for peripheral nerve injuries. The company provides nerve grafts, connectors, and related products used by surgeons to repair damaged or severed nerves. It serves hospitals and surgical centers across the United States. The company is headquartered in Alachua, Florida, and its shares are listed on the NASDAQ.

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