Slide 1: Making Nerve Repair an Expected Standard of Care
Making Nerve Repair an Expected Standard of Care A commitment to restoring health, improving quality of life, and advancing peripheral nerve care for every patient. 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: Our Mission
3 To restore health and improve quality of life by making restoration of peripheral nerve function an expected standard of care. Our Mission
Slide 4: Large and Underserved $5.6B US Nerve Care Opportunity
4 Large and Underserved $5.6B US Nerve Care Opportunity More than 1.5 million peripheral nerve injuries a year require treatment in Axogen focus markets1,2,3,7 Extremities Market Every year patients suffer from 700,000 Traumatic Nerve Injuries and more than 370,000 Chronic nerve injuries.1,2,3 Breas
Slide 5: Common Types and Causes of Peripheral Nerve Injury
Common Types and Causes of Peripheral Nerve Injury Cut or Laceration Compression Stretching Neuroma Trauma Trauma that leads to damaged nerves Severe Cuts, Falling Though Glass, Compression, Gunshot Wound, Blunt Trauma Amputation Stump pain associated with nerve damage has been reported in over 68%
Slide 6: The Axogen Nerve Repair Algorithm
The Axogen Nerve Repair Algorithm 6 Connection Protection Termination
Slide 7: Avance is the First Approved Biologic Treatment for Repair of Nerve Discontinuities
Avance® is the First Approved Biologic Treatment for Repair of Nerve Discontinuities i l i reat ent for e air of Provides structural and biochemical cues for axonal regeneration 7 Native Nerve in adult and pediatric patients aged one month and older Laminin lining the endoneurial tubes has been show
Slide 8: Our Key Market Development Opportunities
8 Our Key Market Development Opportunities Care guidelines and standardized treatment algorithms are lagging and to be developed for certain care pathways Nerve Care is Not an Expected Standard of Care Low patient and surgeon awareness of treatment options Awareness of Treatment Options Approximatel
Slide 9: 2025-2028 Strategic Plan Priorities
9 2025-2028 Strategic Plan Priorities Commercial infrastructure and salesforce expansion Continuous business model and customer creation process optimization by market Product development to drive better benefit versus risk profiles in nerve care Elective and planned procedure focus Prostate market
Slide 10: Uniquely Positioned to Lead in Nerve Repair
Uniquely Positioned to Lead in Nerve Repair Avance® (acellular nerve allograft-arwx) is the only FDA approved biologic nerve scaffold for treating peripheral nerve discontinuities Axoguard® and Avive+ products for use across Axogen nerve repair algorithm 17 years of experience and 275,000+ patients
Slide 11: Elevating Nerve IQ
Elevating Nerve IQ 11 75% of hand fellows trained 13 Professional education programs across our markets with more than 225 surgeons trained 117 Regional programs helping to enhance the micro surgical skills of surgeons Surgeons trained on Axogen’s nerve repair algorithm 55 Faculty educational partne
Slide 12: Societal Support
Societal Support Avance is supported as standard medical practice by major societies and Axogen has strong KOL relationships that drive advocacy, portfolio adoption and innovation POSITIONED TO WIN Preference for allograft increasing for all gap lengths1 Comparable procedural cost to Autograft2 Allo
Slide 13: Positioned to Win: Oral Maxillofacial and Head & Neck
POSITIONED TO WIN Growing body of evidence supporting the benefits or nerve reconstruction Grow presence in H&N oncologic procedures Opportunity to build patient and surgeon awareness of the patient QoL impact Expand educational capacity & programs Societal Support OMF societal support for nerve rep
Slide 14: Positioned to Win: Breast
POSITIONED TO WIN Specialized Sales & Marketing Dedicated, deeply knowledgeable sales team enables effective surgeon development, support and market penetration Marketing expertise in the creation of strategies, tactics, tools, and resources support the sales process Established, predictable custome
Slide 15: Positioned to Win: Prostate
POSITIONED TO WIN Clinical Education Leadership Extensive expertise in developing standardized surgical techniques and building comprehensive training courses to equip surgeons with the necessary skills and knowledge to successfully perform the procedures Nerve Repair Portfolio Axogen’s nerve repair
Slide 16: Avance Coverage Momentum Continues
Non-Covered Covered Societal support for Standard of Care designation achieved Non-Covered Covered Positive Avance coverage momentum continues as payers respond to Axogen’s educational efforts 86% 86% Expanded coverage fueled by Biologic approval in 2025 Strong clinical evidence Avance Medicare & Me
Slide 17: CMS Improved Facility Payments with New Outpatient Code Group
National Average2025 FACILITY PAYMENT In 2026, CMS Improved Facility Payments by Creating a New Outpatient Code Group The code for Allograft 64912 (Avance) is not specific to a clinical application and can therefore be applied to nerve repair in all anatomical locations CPT Code Descriptor C-APC Rei
Slide 18: Our Nerve Care Roadmap
18 INNOVATION METRICS Avance Biologic License Approval 3 Active Development Projects Prostate Clinical Development 2022 2023 2024 2025 2026 2027 2028 + New Product Development Axoguard HA+ Nerve Protector® Avive+ Soft Tissue Matrix New Clinical Applications Resensation Implant NAC Prostate Our Nerve
Slide 19: Our Clinical Evidence Investments in Support of Standard of Care Objectives
Our Clinical Evidence Investments in Support of Standard of Care Objectives Completed CHANGE Digital Nerve Pilot Study RECON ® Phase 3 RCT RALP-N Pilot Technique Feasibility and Outcomes REPOSE ® Post-Market Axoguard Nerve Cap RCT Underway Planned Establishing the Foundation Strengthening the Eviden
Slide 20: Management Team with a Track Record of Success
Management Team with a Track Record of Success Michael Dale Chief Executive Officer and Board Director Marc Began Executive Vice President and General Counsel Lindsey Hartley Chief Financial Officer Erick DeVinney Chief Innovation Officer Jens Schroeder Kemp Chief Marketing Officer Ivica Ducic, M.D.
Slide 21: Financial Overview
Financial Overview 21
Slide 22: Accelerating Topline Drives Operational Leverage
Accelerating Topline Drives Operational Leverage Accelerating Revenue Growth 22 Expanding EBITDA 2022 2023 2024 2025 2026 Q1 $61.5 $138.6 $159.0 $187.3 $225.2 ($22.6) ($25.6) ($15.5) $3.9 ($2.2) ($9.3) ($9.3) ($1.1) $19.8 $27.9 ($30.0) ($20.0) ($10.0) $0.0 $10.0 $20.0 $30.0 $40.0 EBITDA Adj-EBITDA*
Slide 23: 2026 Guidance
Revenue growth of at least 20% or $270 million Gross margin of 74% to 76% 23 Free cash flow positive 2026 Guidance
Slide 24: Investment Highlights
Investment Highlights Big Market Opportunity $5.6B TAM with minimal current penetration 24 Clinical Leadership Unique comprehensive solution with strong evidence Multiple Growth Catalysts Four distinct market opportunities at different stages Reimbursement Tailwinds Expanding coverage and improving
Slide 25: Thank you
Thank you © 2026 Axogen Corporation. All rights reserved. The stylized "a" logo is a registered trademark of Axogen Corporation.
Slide 26: Non-GAAP Reconciliations: Twelve Months Ended December 31
Non-GAAP Reconciliations: Twelve Months Ended December 31, Gan thonsacids) 2022 2023 2024 2025 Net loss $ (26,985) $ (28,948) $ (21,716) $ (9,964) $ (15,703) Depreciation and amortization expense 2,923 3,093 4,491 6,734 6,975 Investment income (93) (569) (1,487) (1,141) (1,168) Income tax expense 20