Slide 1: Q4 and 2025 Financial Results
Q4 and 2025 Financial Results February 24, 2026 1
Slide 2: Disclaimer
Disclaimer Forward-looking Statements This presentation contains “forward-looking” statements as defined in the Private Securities Litigation Reform Act of 1995, which are statements that are not historical facts and relate to future conditions, events, or results. These statements are based on mana
Slide 3: Q4 & 2025 Business Highlights and 2026 Goals
Q4 & 2025 Business Highlights and 2026 Goals Michael Dale President and Chief Executive Officer 3
Slide 4: Agenda
Agenda Q4 and 2025 Business Highlights and 2026 Goals Michael Dale, President and Chief Executive Officer Q4 and 2025 Financials and 2026 Guidance Lindsey Hartley, Chief Financial Officer Q&A Michael Dale, Lindsey Hartley, Jens Kemp, Chief Marketing Officer Rick Ditto, VP Global Health Economic, Rei
Slide 5: Strategic Priorities
Strategic Priorities 01 GROWTH 02 MARKET 03 COMMERCIAL DEVELOPMENT EXPANSION 15–20% Revenue CAGR + Elective & Planned Procedures + Infrastructure and Sales Force Operating Leverage Prostate market development expansion 04 COMMERCIAL 05 STANDARD OF CARE 06 INNOVATION EXCELLENCE Continuous business mo
Slide 6: 2025 Business Highlights
2025 Business Highlights Strategic Priorities 01 GROWTH 02 MARKET DEVELOPMENT 03 COMMERCIAL EXPANSION 15–20% Revenue CAGR + Operating Leverage Elective & Planned + Prostate Infrastructure + Sales Force Growth Q4 Revenue Extremities Breast $59.9M, +21.3% YoY Solid traumatic & chronic growth; most mat
Slide 7: 2025 Business Highlights
2025 Business Highlights Strategic Priorities 04 COMMERCIAL EXCELLENCE 05 STANDARD OF CARE 06 INNOVATION HiPo Accounts, Productivity & Education Evidence, Coverage & Avance® FDA BLA R&D + Therapeutic Reconstruction HiPo Revenue Avance® BLA Approved Ease of Coaptation 61% of growth from HiPo accounts
Slide 8: Q4 & 2025 Financials and 2026 Guidance Discussion
Q4 & 2025 Financials and 2026 Guidance Discussion Lindsey Hartley Chief Financial Officer 8
Slide 9: Q4 & 2025 Financial Performance
Q4 & 2025 Financial Performance Q4 & 2025 Revenue (1) ($ in millions) Q4 & 2025 Gross Margin % 76.5% $240.0 $225.2 76.1% 76.0% 75.8% $200.0 $187.3 75.5% $160.0 75.0% $120.0 74.5% 74.3% 74.1% $80.0 $59.9 74.0% $49.4 $40.0 73.5% +21.3% +20.2% -2pp -1.5pp $— 73.0% Q4 Annual Q4 Annual 2024 2025 2024 202
Slide 10: Q4 & 2025 Financial Performance
Q4 & 2025 Financial Performance Gaining operating leverage with topline growth ($ in millions) Q4 2025 Q4 2024 2025 2024 Revenues $59.9 $49.4 $225.2 $187.3 Sales and marketing expenses $27.2 $20.1 $97.7 $78.5 Research and development expenses 12.4 6.7 32.9 27.8 General and administrative expenses 14
Slide 11: Q4 & 2025 Financial Performance
Q4 & 2025 Financial Performance ($ in millions, except per share data) Q4 2025 Q4 2024 2025 2024 Net (loss) income $(13.2) $0.5 $(15.7) $(10.0) Diluted EPS $(0.28) $0.01 $(0.34) $(0.23) Adjusted net income* $3.5 $3.5 $14.4 $5.9 Adjusted Diluted EPS* $0.07 $0.07 $0.29 $0.13 Adjusted EBITDA* $6.5 $6.7
Slide 12: Q4 and 2025 Financial Performance
Q4 and 2025 Financial Performance Operating cash flow ($ in millions) December 31, 2025 Q4 Change 2025 Change Operational cash* $45.5 +$5.7 +$6.0 * Cash, cash equivalents, restricted cash, and investments. 12
Slide 13: Guidance for the Full-Year 2026
Guidance for the Full-Year 2026 Revenue growth of at least 18% or $265.7 million Gross margin of 74% to 76% Net free cash flow positive 13
Slide 14: Q&A
Q&A Lindsey Hartley Michael Dale Chief Financial Officer President and Chief Executive Officer Jens Kemp Rick Ditto Chief Marketing Officer VP, Global Health Economics, Reimbursement & Policy 14
Slide 15: Thank you
Thank you
Slide 16: Appendix
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Slide 17: Non-GAAP Reconciliations: Three Months Ended December 31, Years Ended December 31,
Non-GAAP Reconciliations: Three Months Ended December 31, Years Ended December 31, (in thousands, except share and per share amounts) 2025 2024 2025 2024 Net (loss) income $ (13,156) $ 450 $ (15,703) $ (9,964) Depreciation and amortization expense 1,727 1,700 6,975 6,734 Investment income (352) (325
Slide 18: axogen’
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