Business
Axogen, Inc Reports 2022 Third Quarter Financial Results
ALACHUA, Fla. and TAMPA, Fla., Nov. 08, 2022 (GLOBE NEWSWIRE) -- Axogen, Inc. (NASDAQ: AXGN), a global leader in developing and marketing innovative surgical
About this update from Axogen, Inc.
[{"type":"text","content":"ALACHUA, Fla. and TAMPA, Fla., Nov. 08, 2022 (GLOBE NEWSWIRE) -- Axogen, Inc. (NASDAQ: AXGN), a global leader in developing and marketing innovative surgical solutions for peripheral nerve injuries, today reported financial results and business highlights for the third quarter ended September 30, 2022. Third Quarter Financial Results 2022 and Business Highlights Net revenue was $37.0 million during the third quarter, an increase of 18% over the third quarter of 2021.*Gross margin was 83.3% for the quarter compared to 83.2% in the third quarter of 2021.Net loss for the quarter was $4.3 million, or $0.10 per share, compared to net loss of $7.1 million, or $0.17 per share in the third quarter of 2021.Adjusted net loss for the quarter was $0.4 million, or $0.01 per share, compared to adjusted net loss of $3.6 million, or $0.08 per share, in the third quarter of 2021.Adjusted EBITDA was $0.4 million for the quarter, compared to an adjusted EBITDA loss of $2.5 million in the third quarter of 2021.The balance of all cash and cash equivalents and investments on September 30, 2022 was $59.4 million, as compared to a balance of $64.3 million on June 30, 2022. The net change includes capital expenditures of $3.9 million related to the construction of the company's new processing facility in Dayton, OH, and approximately $1.0 million net operating cash burn.Appointed William Burke to the Axogen Board of Directors, and Chair of the Audit Committee.As previously announced, Adrian Tyndall, M.D., MPH, FACEP will join the Axogen Board of Directors effective December 13, 2022, filling a vacancy with the simultaneous retirement of founding director, Mark Gold, M.D. “We are pleased with our performance this quarter, as solid execution drove revenue growth in each of our products and across our applications,” commented Karen Zaderej, chairman, CEO, and president of Axogen, Inc. “We are encouraged with our year-to-date progress including surgeons reception of our RECON study results, and are confident in our ability to achieve sustainable long-term growth as we continue our mission to restore nerve function and quality of life to patients with peripheral nerve injuries.” Additional Operational and Business Highlights Core Accounts totaled 331, an increase of 11% sequentially, and 17% over an adjusted* prior year level of 283. Revenue from Core Accoun...