Business
Axogen, Inc. Reports Fourth Quarter and Full-Year 2019 Financial Results
ALACHUA, Fla., Feb. 24, 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., Feb. 24, 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 fourth quarter and full year ended December 31, 2019.\n Fourth Quarter 2019 Financial Results and Business Highlights Net sales were $28.1 million during the quarter, an increase of 20% compared to fourth quarter 2018 revenue of $23.4 million.Gross margin was 82.7% for the quarter, compared to 84.4% in the fourth quarter of 2018.Net loss for the quarter was $7.0 million, or $0.18 per share, compared to a net loss of $5.2 million, or $0.13 per share, in the fourth quarter of 2018.Adjusted net loss was $ 4.0 million for the quarter, or $0.10 per share, compared with adjusted net loss of $3.6 million, or $0.09 per share, in the fourth quarter of 2018.Adjusted EBITDA loss was $4.2 million for the quarter, compared to an adjusted EBITDA loss of $4.0 million in the fourth quarter of 2018.The balance of cash, cash equivalents, and investments, on December 31, 2019 was $102.5 million, compared to a balance of $106.1 million on September 30, 2019.Revenue from the direct sales channel represented approximately 90% of total revenue in the fourth quarter, compared to approximately 85% in the fourth quarter of 2018.Active accounts in the fourth quarter were 797, an increase of 12%, compared to 712 in the fourth quarter a year ago. “I am pleased with our fourth quarter and full-year performance. We delivered solid revenue growth and continued to make progress rebalancing and refocusing our commercial operation toward our largest market opportunity, extremity trauma,” commented Karen Zaderej, chairman, CEO, and president of Axogen, Inc. “I am confident that we have the right commercial strategy in place to drive strong surgeon adoption of our technology as we continue to develop the nerve repair market.” Full-Year 2019 Financial Results and Business Highlights Full-year 2019 revenue was $106.7 million, an increase of 27% compared to 2018 revenue of $83.9 million.Gross margin was 83.7% for the full year, compared to 84.6% in 2018.Net loss for the full year was $29.1 million, or $0.74 per share, compared to $22.4 million, or $0.60 per share, in 2018.Adjusted net loss was $16.4 million for the full year...