Business
Axogen Reports Preliminary Unaudited Revenue for Fourth Quarter and Full-Year 2019 and Provides 2020 Annual Guidance
ALACHUA, Fla., Jan. 13, 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., Jan. 13, 2020 (GLOBE NEWSWIRE) -- Axogen, Inc. (NASDAQ: AXGN), a global leader in developing and marketing innovative surgical solutions for peripheral nerve injuries, today announced preliminary unaudited fourth quarter and full-year 2019 revenue.\n Preliminary Unaudited Fourth Quarter and Year-End Performance Highlights Fourth quarter revenue is expected to be at least $28.1 million, up 20% compared to fourth quarter 2018 revenue of $23.4 millionFull-year 2019 revenue is expected to be at least $106.6 million, up 27% compared to 2018 revenue of $83.9 millionEnded the fourth quarter with 109 direct sales representatives, including 8 former OMF sales roles that were converted to full line territory reps during the quarter. This represents a net increase of 4 representatives during the quarter and 24 representatives in 2019Revenue from our direct sales channel represented approximately 90% of total revenue in the fourth quarter, compared to approximately 85% in the fourth quarter of 2018Increased active accounts in the fourth quarter to 797, up 12% from 712 in the fourth quarter a year ago “We delivered solid revenue growth in both the fourth quarter and the full year, and I am pleased with the progress we continue to make in rebalancing and refocusing our commercial efforts towards extremity trauma, our largest market opportunity,” commented Karen Zaderej, chairman, CEO, and president of Axogen. “New market development requires persistence and hard work, and I am confident that we have the right team and commercial strategy in place to continue driving strong surgeon adoption of our technology over the next several years.” Updated 2019 Financial Guidance Management has updated its 2019 revenue guidance and now expects 2019 revenue to be at least $106.6 million. Management reiterates its expectation of full-year 2019 gross margin above 80%. 2020 Financial Guidance Management anticipates that 2020 revenue will be approximately $124 million to $128 million and expects that the number of direct sales representatives will increase to approximately 126 to 131. Additionally, management expects gross margin to remain above 80% and that operating margin will see moderate improvement year over year. The results disclosed in this press release are preliminary and unaudited. The Company will report full, audited results for ...