Business
Axogen, Inc. Reports First Quarter 2020 Financial Results
ALACHUA, Fla., May 06, 2020 (GLOBE NEWSWIRE) -- Axogen, Inc. (NASDAQ: AXGN), a global leader in developing and marketing innovative surgical solutions for
About this update from Axogen, Inc.
[{"type":"text","content":"ALACHUA, Fla., May 06, 2020 (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 first quarter ended March 31, 2020.\n First Quarter 2020 Financial Results and Business Highlights Net revenue was $24.3 million during the quarter, an increase of 4% compared to first quarter 2019 revenue of $23.3 million.Gross margin was 80.1% for the quarter, compared to 84.0% in the first quarter of 2019.Net loss was $8.2 million for the quarter, or $0.21 per share, compared to a net loss of $9.5 million, or $0.24 per share, in the first quarter of 2019.Adjusted net loss was $7.6 million for the quarter, or $0.19 per share, compared with adjusted net loss of $6.0 million, or $0.15 per share, in the first quarter of 2019.Adjusted EBITDA loss was $7.6 million for the quarter, compared to an adjusted EBITDA loss of $6.5 million in the first quarter of 2019.The balance of cash, cash equivalents, and investments on March 31, 2020 was $89.0 million, compared to a balance of $102.5 million on December 31, 2019. “Our first quarter results were negatively impacted in the month of March as our customers reallocated resources to prepare for and treat COVID-19 patients, and as shelter-in-place orders reduced the incidence of traumatic injuries,” commented Karen Zaderej, chairman, CEO, and president of Axogen, Inc. “We have taken a number of steps to protect our employees and customers and have adapted our business to enable continued support of all of our key stakeholders through this pandemic. We believe the long-term fundamentals of our business remain intact, and we are well-positioned to drive continued growth in the future.” Additional Operational and Business Highlights Ended the first quarter with 109 direct sales representatives, which is consistent with 2019 year-end, and up from 93 at the end of Q1 2019.Active accounts in the first quarter were 825, an increase of 13% compared to 731 in the first quarter a year ago.Revenue from the direct sales channel represented approximately 90% of total revenue in the first quarter, compared to approximately 85% in the first quarter of 2019.Ended the quarter with 119 peer-reviewed clinical publications featuring Axogen’s nerve repair product portf...