Slide 1: Q1 2026 Financial Results
Q1 2026 Financial Results April 28th, 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: Q1 2026 Business Highlights and 2026 Goals
Q1 2026 Business Highlights and 2026 Goals Michael Dale President and Chief Executive Officer 3
Slide 4: Agenda
Agenda 1.Q1 2026 Business Highlights Michael Dale, President and Chief Executive Officer 2.Q1 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: 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 7: Q1 2026 Business Highlights
Q1 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 Q1 Revenue Extremities Breast $61.5M, +26.6% YoY Solid traumatic & chronic growth; most
Slide 8: Q1 2026 Business Highlights
Q1 2026 Business Highlights Strategic Priorities 04 Commercial Excellence 05 Standard Of Care 06 Innovation HiPo Accounts, Productivity & Education Evidence, Coverage & Avance® FDA BLA R&D + Therapeutic Reconstruction HiPo Revenue Avance® Ease of Coaptation 48% of growth from HiPo accounts First & o
Slide 9: Q1 Financials and 2026 Guidance Discussion
Q1 Financials and 2026 Guidance Discussion Lindsey Hartley Chief Financial Officer 9
Slide 10: Q1 2026 Financial Performance
Q1 2026 Financial Performance +3.3pp +26.6% 10
Slide 11: Q1 2026 Financial Performance
Q1 2026 Financial Performance ($ in millions) Q1 2026 Q1 2025 Revenues $61.5 $48.6 Sales and Marketing Expenses $28.6 $21.0 Research and Development Expenses 7.5 6.1 General and Administrative Expenses 12.9 9.5 Total Costs and Expenses $49.0 $36.6 YoY Change % 34.0% Change as a % Of Revenue (1) 4.5%
Slide 12: Q1 2026 Financial Performance
Q1 2026 Financial Performance ($ in millions, except per share data) Q1 2026 Q1 2025 Net Loss $(19.6) $(3.8) Diluted EPS $(0.38) $(0.08) Adjusted Net Income (Loss)* $4.1 $(0.9) Adjusted Diluted EPS* $0.07 $(0.02) Adjusted EBITDA* $5.7 $2.9 Adjusted EBITDA Margin* 9.3% 5.9% Free Cash Flow* $(1.4) $(1
Slide 13: Guidance for the Full-Year 2026
Guidance for the Full-Year 2026 Revenue growth of at least Gross margin of 74% to 76% Free cash flow* positive 20% or $270 million * See non-GAAP reconciliations included in Appendix. 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. Mat # The stylized "a" logo is a registered trademark of Axogen Corporation.
Slide 16: Appendix
Appendix 16
Slide 17: Non-GAAP Reconciliations - EBITDA & Adjusted EBITDA: Three Months Ended March 31
Non-GAAP Reconciliations - EBITDA & Adjusted EBITDA: Three Months Ended March 31, (in thousands) 2026 2025 Net loss $ (19,584) $ (3,834) Depreciation and amortization expense 1,706 1,795 Investment income (768) (272) Income tax (benefit) expense (33) 29 Interest expense 694 2,250 EBITDA - non-GAAP
Slide 18: Non-GAAP Reconciliation - Adjusted Net Income
___________ (1) Due to a GAAP net loss, antidilutive securities are excluded from GAAP diluted weighted average common shares outstanding. However, considering the adjusted net income position, adjusted diluted weighted average common shares outstanding incorporates securities that would have been d
Slide 19: Non-GAAP Reconciliation - Adjusted Net Income: Three Months Ended March 31, 2025
Non-GAAP Reconciliation - Adjusted Net Income: Three Months Ended March 31, 2025 Non-cash Stock- GAAP Results based Compensation Adjusted Results. (in thousands, except share and per share amounts) Expense Revenues $ 48,560 $ — $ 48,560 Cost of goods sold 13,627 10 13,637 Gross profit 34,933 (10) 34
Slide 20: Non-GAAP Reconciliation - Free Cash Flow: Three Months Ended March 31
Non-GAAP Reconciliation - Free Cash Flow: Three Months Ended March 31, (in thousands) 2026 2025 Net cash provided by (used in) operating activities $ 1,565 $ (13,179) Purchase of property and equipment (2,789) (256) Cash payments for intangible assets (175) (405) Free cash flow $ (1,399) $ (13,840)
Slide 21: © 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.