Slide 1: Q2 2025 Financial Results
Q2 2025 Financial Results August 5, 2025 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. These statements are based on management's current expectations or predictions of future conditions, events, or results based on various a
Slide 3: Q2 2025 Business Highlights
Q2 2025 Business Highlights Michael Dale President and Chief Executive Officer 3
Slide 4: Agenda
Agenda Q2 2025 Business Highlights Michael Dale, President and Chief Executive Officer Q2 2025 Financials and Guidance Lindsey Hartley, Chief Financial Officer Q&A Michael Dale, Lindsey Hartley, Jens Kemp, Chief Marketing Officer Rick Ditto, VP Global Health Economic, Reimbursement & Policy 4
Slide 5: Q2 2025 Recent Business Highlights
Q2 2025 Recent Business Highlights 2025 Q2 Key Metrics Update Commercial Growth High Potential Accounts Profession Education Infrastructure • Q2 revenue increased to • YTD, HiPo accounts yielded • Breast: 35 pairs trained YTD • Breast: ended Q2 with 19 $56.7M, growing 18.3% YoY approx. 70% of YoY re
Slide 6: Q2 2025 Recent Business Highlights
Q2 2025 Recent Business Highlights 2025 Q2 Key Metrics Update Clinical Research Innovation Standard of Care Prostate Clinical & Market Development • Level 1 study protocol for • Therapeutic reconstruction • 6 active pilot sites; +3 in Q2 • Over 300 peer-reviewed implant based neurotization (Goal of
Slide 7: Biologics License Application for Avance Nerve Graft
Q2 2025 Update Completed in Q2: • Late-cycle review meeting Biologics License • Pre-licensing inspection Application For Avance • Sponsor Inspection (BIMO) ® Nerve Graft Anticipate FDA approval for Avance Nerve Graft as a Biologic in the US in September 2025. 7
Slide 8: Q2 2025 Financials and Guidance Discussion
Q2 2025 Financials and Guidance Discussion Lindsey Hartley Chief Financial Officer 8
Slide 9: Q2 Quarter 2025 Financial Performance
Q2 Quarter 2025 Financial Performance Q2 Revenue ($ in millions) Q2 Gross Margin $60.0 74.4% $56.7 74.2% $55.0 +18.3% 74.2% +0.4% 74.0% $50.0 $47.9 73.8% 73.8% $45.0 73.6% $40.0 73.4% $35.0 73.2% 73.0% $30.0 Gross Margin Revenue 2024 2025 2024 2025 9
Slide 10: Q2 Quarter 2025 Financial Performance
Q2 Quarter 2025 Financial Performance Gaining operating leverage with topline growth ($ in millions) Change as % Q2 2025 Q2 2024 YoY Change % of Revenue Sales & marketing expenses $23.8 $19.7 20.8% <1% Research & development $6.9 $6.7 2.9% -1.8% expenses General & administrative $9.7 $9.4 2.9% -2.6%
Slide 11: Q2 Quarter 2025 Financial Performance
Q2 Quarter 2025 Financial Performance ($ in millions, except per share data) Q2 2025 Q2 2024 Net income (loss) $0.6 -$1.9 EPS $0.01 -$0.04 Adjusted net income* $5.7 $2.0 Adjusted EPS* $0.12 $0.05 Adjusted EBITDA* $9.3 $5.6 * Excludes stock-based compensation. See non-GAAP reconciliations included in
Slide 12: Q2 Quarter 2025 Financial Performance
Q2 Quarter 2025 Financial Performance Operating cash flow ($ in millions) June 30, 2025 March 31, 2025 Change Operational cash* $35.9 $28.1 +$7.8 * Cash, cash equivalents, restricted cash, and investments. 12
Slide 13: Raising Guidance for the Full-Year 2025
Raising Guidance for the Full-Year 2025 Revenue growth of at least 17%, or $219 million Gross margin of 73% - 75% Net cash flow positive* * Net change in cash, cash equivalents, restricted cash, and investments. 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
Appendix 16
Slide 17: Non-GAAP Reconciliations: Three Months Ended June 30, 2025
Non-GAAP Reconciliations: Three Months Ended June 30, 2025 June 30, 2024 Net income (loss) $ 579 $(1,921) Depreciation and amortization 1,723 1,733 Investment income (225) (227) Income tax expense (benefit) 37 (53) Interest expense 1,977 2,185 EBITDA – non-GAAP $4,091 $1,717 Noncash stock-based comp
Slide 18: Axogen
axogen’