Axogen, Inc. · NASDAQ:AXGN
Axogen — Q3 2026 Earnings Presentation
24 slides from Axogen's earnings presentation, Oct 28, 2026
Slide 1: Q3 2026 Financial Results
Q3 2026 Financial Results October 28, 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: Q3 2026 Business Highlights and 2026 Goals
Q3 2026 Business Highlights and 2026 Goals Michael Dale President and Chief Executive Officer 3
Slide 4: Agenda
Agenda 1.Q3 2026 Business Highlights Michael Dale, President and Chief Executive Officer 2.Q3 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: Q3 2026 Business Highlights
Q3 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 Q3 Revenue Extremities Breast $75.8M, +26.2% YoY Continued steady growth 31 reps, 3 regi
Slide 7: Q3 2026 Business Highlights
Q3 2026 Business Highlights Strategic Priorities 04 Commercial Excellence 05 Standard Of Care 06 Innovation HiPo Accounts, Productivity & Education Evidence, Coverage & Reimbursement Strategic Investment in Nerve Visualization HiPo Revenue Avance® Acquired BioCircuit Technologies 55% of growth from
Slide 8: A closer look at the prostate clinical and market rationale
UPCOMING WEBCAST A closer look at the prostate November 9th clinical and market rationale 9 am On November 9, we will share a detailed overview of the clinical outcomes and market research underlying our decision to move forward. Clinical and Patient Perspectives from Dr. David Lee Dr. Zeyad Schwen
Slide 9: Q3 Financials and 2026 Guidance Discussion
Q3 Financials and 2026 Guidance Discussion Lindsey Hartley Chief Financial Officer 9
Slide 10: Q3 2026 Financial Performance
Q3 2026 Financial Performance Q3 Revenue Q3 Gross Margin % ($ in millions) $80.0 $75.8 77.0% 76.6% $69.7 +26.2% $70.0 76.0% +23.1% +3.3pp $60.1 $60.0 $56.7 +26.6% 75.0% 74.8% -1.8pp $50.0 74.2% 74.0% $40.0 73.0% 72.7% $30.0 -1.5pp 72.0% $20.0 $10.0 71.0% $0.0 70.0% Q2 Q3 Q2 Q3 2025 2026 2025 2026 10
Slide 11: Q3 2026 Financial Performance
Q3 2026 Financial Performance ($ in millions) Q3 2026 Q3 2025 Q3 2026 Q3 2025 YTD YTD Revenues $75.8 $60.1 $207.0 $165.3 Sales and Marketing Expenses $30.4 $25.7 $89.8 $70.5 Research and Development Expenses 9.0 7.6 25.1 20.5 General and Administrative Expenses 16.5 10.8 42.7 30.0 Total Costs and Ex
Slide 12: Q3 2026 Financial Performance
Q3 2026 Financial Performance ($ in millions, except per share data) Q3 2026 Q3 2025 Q3 2026 YTD Q3 2025 YTD Net Income (Loss) $2.3 $0.7 $(18.8) $(2.5) Diluted EPS $0.04 $0.01 $(0.35) $(0.06) Adjusted Net Income * $13.1 $6.1 $24.5 $11.0 Adjusted Diluted EPS* $0.21 $0.12 $0.41 $0.22 Adjusted EBITDA*
Slide 13: Guidance for the Full-Year 2026
Guidance for the Full-Year 2026 Revenue growth of at least 29% or $290 million; Gross margin of at least 73% Free cash flow positive Organic revenue growth of at least 26% or $283 million. 13
Slide 14: 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 14
Slide 15: Thank you
Thank you © 2026 Axogen Corporation. All rights reserved. The stylized "a" logo is a registered trademark of Axogen Corporation.
Slide 16: Appendix
Appendix 16
Slide 17: Non-GAAP Reconciliations - EBITDA & Adjusted EBITDA
Non-GAAP Reconciliations - EBITDA & Adjusted EBITDA: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2026 2025 2026 2025 Net income (loss) $ 2,334 $ 708 $ (18,766) $ (2,547) Depreciation and amortization expense 1,694 1,730 5,116 5,248 Investment income (1,431) (319)
Slide 18: Non-GAAP Reconciliation - Adjusted Net Income: Three Months Ended September 30, 2026
Non-GAAP Reconciliation - Adjusted Net Income: Three Months Ended September 30, 2026 Non-cash Stock- BioCircuit GAAP Results based Compensation Transaction and Adjusted Results (in thousands, except share and per share amounts) Expense Integration Costs Revenues $ 75,834 $ — $ — $ 75,834 Cost of go
Slide 19: Non-GAAP Reconciliation - Adjusted Net Income: Three Months Ended September 30, 2025
Non-GAAP Reconciliation - Adjusted Net Income: Three Months Ended September 30, 2025 Non-cash Stock- GAAP Results based Compensation Adjusted Results (in thousands, except share and per share amounts) Expense Revenues $ 60,082 $ — $ 60,082 Cost of goods sold 14,089 (706) 13,383 Gross profit 45,993
Slide 20: Non-GAAP Reconciliation - Adjusted Net Income: Nine Months Ended September 30, 2026
Non-GAAP Reconciliation - Adjusted Net Nine Months Ended September 30, 2026 Income: Non-cash Stock- BioCircuit Loss on Dilutive Shares GAAP Results based Compensation Transaction and Extinguishment of Impact(1) Adjusted Results (in thousands, except share and per share amounts) Expense Integration
Slide 21: Non-GAAP Reconciliation - Adjusted Net Income: Nine Months Ended September 30, 2025
Non-GAAP Reconciliation - Adjusted Net Income: Nine Months Ended September 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 $ 165,304 $ — $ 165,304 Cost of goods sold 42,360 (1,406
Slide 22: Non-GAAP Reconciliation - Free Cash Flows
Non-GAAP Reconciliation - Free Cash Flows Nine Months Ended September 30, (in thousands) 2026 2025 Net cash provided by (used in) operating activities $ 25,322 $ (2,226) Purchase of property and equipment (5,074) (2,498) Cash payments for intangible assets (1,306) (1,138) Free cash flow $ 18,942 $
Slide 23: 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 24: © 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.