Slide 1: Q2 2026 Financial Results
Q2 2026 Financial Results July 29th, 2026 April 2026
Slide 2: Forward-looking Statements
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 management's cu
Slide 3: Q2 2026 Business Highlights and 2026 Goals
Q2 2026 Business Highlights and 2026 Goals Michael Dale President and Chief Executive Officer 3
Slide 4: Agenda
Agenda 1.Q2 2026 Business Highlights Michael Dale, President and Chief Executive Officer 2.Q2 2026 Financials and 2026 Guidance Lindsey Hartley, Chief Financial Officer 3.Q&A Michael Dale, Lindsey Hartley, Jens Kemp, Chief Marketing Officer Rick Ditto, VP Global Health Economics, Reimbursement & Pol
Slide 5: Strategic Priorities
Strategic Priorities 01 Growth 02 Market Development 03 Commercial Expansion 15–20% Revenue CAGR + Operating Elective & Planned Procedures + Infrastructure and Sales Force expansion Leverage Prostate market development 04 Commercial Excellence 05 Standard Of Care 06 Innovation Continuous business mo
Slide 6: Q2 2026 Business Highlights
Q2 2026 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 Extremities Q2 Revenue Steady growth; <50% of total sales for the first time as Breast $
Slide 7: Q2 2026 Business Highlights
Q2 2026 Business Highlights Strategic Priorities 04 Commercial Excellence 05 Standard Of Care 06 Innovation HiPo Accounts, Productivity & Education Evidence, Coverage & Reimbursement Strategic Investment in Nerve Visualization HiPo Revenue Avance® Strategic Investment 51% of growth from HiPo account
Slide 8: Q2 Financials and 2026 Guidance Discussion
Q2 Financials and 2026 Guidance Discussion Lindsey Hartley Chief Financial Officer 8
Slide 9: Q2 2026 Financial Performance
Q2 2026 Financial Performance Q2 Revenue Q2 Gross Margin % ($ in millions) $80.0 76.0% $69.7 75.2% $70.0 +23.1% 75.0% +3.3pp $61.5 $60.0 +26.6% $56.7 74.2% +26.6% 74.0% $50.0 $48.6 $40.0 73.0% 72.7% -1.5pp $30.0 72.0% 71.9% $20.0 71.0% $10.0 $0.0 70.0% Q1 Q2 Q1 Q2 2025 2026 2025 2026 9
Slide 10: Q2 2026 Financial Performance
Q2 2026 Financial Performance ($ in millions) Q2 2026 Q2 2025 Q2 2026 Q2 2025 YTD YTD Revenues $69.7 $56.7 $131.2 $105.2 Sales and Marketing Expenses $30.8 $23.8 $59.5 $44.8 Research and Development Expenses 8.6 6.9 16.1 12.9 General and Administrative Expenses 13.4 9.7 26.3 19.1 Total Costs and Exp
Slide 11: Q2 2026 Financial Performance
Q2 2026 Financial Performance ($ in millions, except per share data) Q2 2026 Q2 2025 Q2 2026 YTD Q2 2025 YTD Net (Loss) Income $(1.5) $0.6 $(21.1) $(3.3) Diluted EPS $(0.03) $0.01 $(0.40) $(0.07) Adjusted Net Income * $7.3 $5.7 $11.4 $4.8 Adjusted Diluted EPS* $0.12 $0.12 $0.19 $0.10 Adjusted EBITDA
Slide 12: Guidance for the Full-Year 2026
Guidance for the Full-Year 2026 Revenue growth of at least Gross margin of at least 73% Free cash flow* positive 24% or $279 million * See non-GAAP reconciliations included in Appendix. 12
Slide 13: Q&A
Q&A Michael Dale Lindsey Hartley President and Chief Financial Officer Chief Executive Officer Jens Kemp Rick Ditto Chief Marketing Officer VP, Global Health Economics, Reimbursement & Policy 13
Slide 14: Thank you
Thank you © 2026 Axogen Corporation. All rights reserved. Mat # The stylized "a" logo is a registered trademark of Axogen Corporation.
Slide 15: Appendix
Appendix 15
Slide 16: Non-GAAP Reconciliations - EBITDA & Adjusted EBITDA
Non-GAAP Reconciliations - EBITDA & Adjusted EBITDA: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2026 2025 2026 2025 Net (loss) income $ (1,516) $ 579 $ (21,100) $ (3,255) Depreciation and amortization expense 1,717 1,723 3,422 3,518 Investment income (786) (225) (1,554) (4
Slide 17: Non-GAAP Reconciliation - Adjusted Net Income: Three Months Ended June 30, 2026
Non-GAAP Reconciliation - Adjusted Net Income: Three Months Ended June 30, 2026 Non-cash Stock- Dilutive Shares GAAP Results based Compensation Impact(1) Adjusted Results (in thousands, except share and per share amounts) Expense Revenues $ 69,731 $ — $ 69,731 Cost of goods sold 19,057 (1,209) 17,8
Slide 18: Non-GAAP Reconciliation - Adjusted Net Income: Six Months Ended June 30, 2026
Non-GAAP Reconciliation - Adjusted Net Income: Six Months Ended June 30, 2026 Non-cash Stock- Loss on Dilutive Shares GAAP Results based Compensation Extinguishment of Impact(1) Adjusted Results (in thousands, except share and per share amounts) Expense Debt Revenues $ 131,188 $ — $ — $ 131,188 Cos
Slide 19: Non-GAAP Reconciliation - Adjusted Net Income: Three Months Ended June 30, 2025
Non-GAAP Reconciliation - Adjusted Net Income: Three Months Ended June 30, 2025 Non-cash Stock- GAAP Results based Compensation Adjusted Results (in thousands, except share and per share amounts) Expense Revenues $ 56,662 $ — $ 56,662 Cost of goods sold 14,644 (710) 13,934 Gross profit 42,018 710 4
Slide 20: Non-GAAP Reconciliation - Adjusted Net Income: Six Months Ended June 30, 2025
Non-GAAP Reconciliation - Adjusted Net Income: Six Months Ended June 30, 2025 Non-cash Stock- Dilutive Shares GAAP Results based Compensation Impact(1) Adjusted Results (in thousands, except share and per share amounts) Expense Revenues $ 105,222 $ — $ 105,222 Cost of goods sold 28,271 (700) 27,571
Slide 21: Non-GAAP Reconciliation - Free Cash Flows
Non-GAAP Reconciliation - Free Cash Flows Six Months Ended June 30, (in thousands) 2026 2025 Net cash provided by (used in) operating activities $ 8,786 $ (5,449) Purchase of property and equipment (3,682) (978) Cash payments for intangible assets (1,032) (793) Free cash flow $ 4,072 $ (7,220) 21
Slide 22: Large and Underserved $5.6B US Nerve Care Opportunity
Large and Underserved $5.6B* US Nerve Care Opportunity More than 1.5 million peripheral nerve injuries a year require treatment in Axogen focus markets1,2,3,4 Estimated Inclusion Comments TAM Included Procedures TAM* Traumatic Nerve Injuries Chronic Nerve Injuries o All traumatic transected nerve in
Slide 23: © 2026 Axogen Corporation. All rights reserved. The stylized "a" logo is a registered
© 2026 Axogen Corporation. All rights reserved. The stylized "a" logo is a registered trademark of Axogen Corporation.