Axogen, Inc. · NASDAQ:AXGN
Axogen — Investor Presentation (January 2026)
27 slides from Axogen's investor presentation, Jan 12, 2026
Slide 1: Making Nerve Repair an Expected Standard of Care
1 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. Michael Dale, President & CEO January 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. These statements are based on management's current expectations or predictions of future conditions, events, or results based on various assumptions
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 markets Extremities Market Every year patients suffer from 700,000 Traumatic Nerve Injuries and more than 370,000 Chronic nerve injuries.1 Breast Reconstru
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
7 NATIVE NERVE Avance® is the First Approved Biologic Treatment for Repair of Nerve Discontinuities in adult and pediatric patients aged one month and older Preserves the delicate 3D macro and micro architecture of native nerve, which provides structural support for the regenerating axons Bioactive
Slide 8: Our Key Market Development Opportunities
8 • 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 • Approximately 60% of nerve injuries go undiagno
Slide 9: 2025-2028 Strategic Plan Priorities
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 de
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 16 years of experience and 200,000+ patients
Slide 11: Elevating Nerve IQ: Education & Training
Elevating Nerve IQ Education & Training are Key to Market Development 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 n
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 lengths8 Comparable procedural cost to Autograft7 Allo
Slide 13: 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: Breast: Positioned to Win
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: Prostate Opportunity
Oral Maxillofacial and Head & Neck $754M TAM of men will delay or chose not to have a prostatectomy due to fear of ED post procedure8 Prostate 50% Up to Post robotic prostatectomy complications for Erectile Dysfunction (ED) vary from3,4 25-90% Why We Are Here Important unsolved clinical need that ca
Slide 16: Prostate: Positioned to Win
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 17: Positive Avance Coverage Momentum Continues
Non-Covered Covered Societal support for Standard of Care designation achieved Non-Covered Covered Positive Avance Coverage Momentum Continues, but ~35% of Commercial Lives are Still Non-Covered1 79% 65% Expanded coverage fueled by Approved Biologic in 2025 Strong clinical evidence Avance Medicare &
Slide 18: 2026 CMS Facility Payment Improvements
National Average2025 FACILITY PAYMENT In 2026, CMS will Improve Facility Payments by Creating a New Outpatient Code Group New Level 3 Nerve Procedure Code increases reimbursement for hospitals and ASC’s The code for Allograft 64912 (Avance) is not specific to a clinical application and can therefore
Slide 19: Our Nerve Care Roadmap
19 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 Additional
Slide 20: Our Clinical Evidence Investments
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 Evidence A
Slide 21: 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 22: Financial Overview
Financial Overview 22
Slide 23: Accelerating Topline Drives Operational Leverage
Accelerating Topline Drives Operational Leverage Accelerating Revenue Growth 23 Expanding EBITDA $59.9* 2021 2022 2023 2024 2025 $127.4 $138.6 $159.0 $187.3 $225.2* $165.3 * Q4 2025 and full-year 2025 Revenue are preliminary and unaudited based on Axogen’s January 12, 2026, preannouncement. ($22.6)
Slide 24: 2025 – 2028 Strategic Plan
2025 – 2028 Strategic Plan MANAGEMENT EXPECTS 24 ▪ Revenue CAGR of 15% - 20% ▪ Gross Margin improvements following process improvements and increase in capacity utilization ▪ Cashflow positive for each year ▪ Operational Cashflow – expect to end 2028 with a run rate > $60m/year ▪ Cashflow Priorities
Slide 25: Investment Highlights
Investment Highlights Big Market Opportunity $5.6B TAM with minimal current penetration 25 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 26: Thank You
nasdaq: axgn Thank You
Slide 27: References
References 1. Axogen. Data on File 2. Flowers KM, Beck M, Colebaugh C, Haroutounian S, Edwards RR, Schreiber KL. Pain, numbness, or both? Distinguishing the longitudinal course and predictors o f positive, painful neuropathic features vs numbness after breast cancer surgery. Pain Rep. 2021;6(4):e976