Axogen : Conference Call Presentation FY 2025

About this update from Axogen, Inc.

Q4 and 2025 Financial Results February 24, 2026 1 Q4 & 2025 Business Highlights and 2026 Goals Michael Dale President and Chief Executive Officer Agenda Q4 and 2025 Business Highlights and 2026 Goals Michael Dale, President and Chief Executive Officer Q4 and 2025 Financials and 2026 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 Strategic Priorities 01 GROWTH 15-20% Revenue CAGR + Operating Leverage 03 COMMERCIAL EXPANSION Infrastructure and Sales Force expansion 02 MARKET DEVELOPMENT Elective & Planned Procedures + Prostate market development 04 COMMERCIAL EXCELLENCE Continuous business model and customer creation process optimization by market 05 STANDARD OF CARE Clinical evidence generation for societal support, standard of care & coverage requirements 06 INNOVATION Product development to drive better benefit versus risk profiles in nerve care 6 2025 Business Highlights Strategic Priorities 0 1 G R O W T H 15-20% Revenue CAGR + Operating Leverage Q4 Revenue $59.9M, +21.3% YoY Full-Year Revenue $225.2M, +20.2% YoY Capital Structure Raised $133.3M; retired $69.7M term loan 2026 Target Disciplined profitable growth; improving margins 0 2 M A R K E T D E V E L O P M E N T Elective & Planned + Prostate Extremities Solid traumatic & chronic growth; most mature market OMF / H&N High double-digit growth; quality-of-life recognition growing Breast Fast-growing; accelerating Resensation adoption Prostate 100+ procedures; 10 sites; surgical technique standardized 2026 Prostate Meaningful clinical signals expected in 2H 2026 0 3 C O M M E R C I A L E X P A N S I O N Infrastructure + Sales Force Growth Breast 21 reps, 2 regional directors Extremities 117 reps, 15 regional directors OMF / H&N 3 field-based market development managers Prostate Added 3 clinical development managers and 1 director 2026 Breast / Ext. Grow to ~30 breast reps; ~130 extremity reps 2025 Business Highlights Strategic Priorities 0 4 C O M M E R C I A L E X C E L L E N C E HiPo Accounts, Productivity & Education HiPo Revenue 61% of growth from HiPo accounts Productivity +21% avg. HiPo account productivity Active Accounts 679 HiPo accounts; +131 active surgeons Education Exceeded surgeon training targets across all markets HiPo & Training 2026 60% growth from HiPo; +18% productivity; 100+ new surgeons 0 5 S T A N D A R D O F C A R E Evidence, Coverage & Avance® FDA BLA Avance® BLA Approved First & only FDA-approved biologic for peripheral nerve repair Exclusivity 12 years of U.S. market exclusivity Societies AAHS & ASRM recognize allograft as standard of care (1) Coverage +19.8M lives added; commercial coverage now above 65% Payer & Coverage 2026 Pursue near-universal US coverage (est. 2H 2028) 0 6 I N N O V A T I O N R&D + Therapeutic Reconstruction Ease of Coaptation R&D focused on faster, more consistent nerve coaptation Chronic Injuries Advancing non-transected and chronic nerve repair solutions Therapeutic Reconstruction Next-gen technologies to improve nerve regeneration Clinical Studies BLA enables prioritized breast & mixed/motor nerve studies Program Updates 2026 Detailed updates on individual R&D programs in 2H 2026 7 (1) The American Association of Hand Surgery ("AAHS") and the American Society for Reconstructive Microsurgery ("ASRM") released official position statements recognizing nerve allograft as a standard medical practice option for the treatment of peripheral nerve defects during the third quarter of 2025. Q4 & 2025 Financials and 2026 Guidance Discussion Lindsey Hartley Chief Financial Officer Q4 & 2025 Financial Performance $240.0 $200.0 $160.0 $120.0 $80.0 $40.0 $- Q4 & 2025 Revenue ($ in millions) $187.3 $59.9 $49.4 +21.3% +20.2% $225.2 Q4 Annual Q4 & 2025 Gross Margin % (1) 76.5% 76.1% 75.8% 74.3% 74.1% -2pp -1.5pp 76.0% 75.5% 75.0% 74.5% 74.0% 73.5% 73.0% 2024 2025 Q4 Annual 2024 2025 (1) Q4 2025 and full-year 2025 include $1.9M of one-time costs, of which $1.3M is non-cash stock-based compensation, related to the U.S. Food and Drug Administration ("FDA") Biologics License Application ("BLA") approval of Avance ® , impacting gross margin by -3.3% and -0.9%, respectively. Q4 & 2025 Financial Performance Gaining operating leverage with topline growth ($ in millions) Q4 2025 Q4 2024 2025 2024 Revenues $59.9 $49.4 $225.2 $187.3 Sales and marketing expenses $27.2 $20.1 $97.7 $78.5 Research and development expenses 12.4 6.7 32.9 27.8 General and administrative expenses 14.6 8.9 44.6 39.0 Total costs and expenses (1) $54.2 $35.6 $175.2 $145.3 YoY change % 52.0% 20.6% Change as a % of revenue (2) 18.3% 0.3% (1) Q4 2025 and full-year 2025 total costs and expenses include $7.2M of non-cash, one-time stock-based compensation costs related to the FDA BLA approval for Avance® ($0.7M in sales and marketing, $4.6M in research and development, and $1.9M in general and administrative expenses). (2) One-time stock-based compensation costs related to the FDA BLA approval for Avance ® impacted Q4 2025 and full-year 2025 operating margin by approximately -12.1% and -3.2%, respectively. Q4 & 2025 Financial Performance Q4 2025 Q4 2024 2025 2024 ($ in millions, except per share data) Net (loss) income $(13.2) $0.5 $(15.7) $(10.0) Diluted EPS $(0.28) $0.01 $(0.34) $(0.23) Adjusted net income* $3.5 $3.5 $14.4 $5.9 Adjusted Diluted EPS* $0.07 $0.07 $0.29 $0.13 Adjusted EBITDA* $6.5 $6.7 $27.9 $19.8 Adjusted EBITDA margin* 10.9% 13.6% 12.4% 10.6% * Excludes stock-based compensation. See non-GAAP reconciliations included in Appendix. Q4 and 2025 Financial Performance Operating cash flow ($ in millions) +$6.0 +$5.7 $45.5 Operational cash* 2025 Change Q4 Change December 31, 2025 * Cash, cash equivalents, restricted cash, and investments. Guidance for the Full-Year 2026 Revenue growth of at least 18% or $265.7 million Gross margin of 74% to 76% Net free cash flow positive Q&A Michael Dale President and Chief Executive Officer Jens Kemp Chief Marketing Officer Lindsey Hartley Chief Financial Officer Rick Ditto VP, Global Health Economics, Reimbursement & Policy Thank you Appendix 16 Non-GAAP Reconciliations: Three Months Ended December 31, Years Ended December 31, (in thousands, except share and per share amounts) 2025 2024 2025 2024 Net (loss) income $ (13,156) $ 450 $ (15,703) $ (9,964) Depreciation and amortization expense 1,727 1,700 6,975 6,734 Investment income (352) (325) (1,168) (1,141) Income tax expense - 21 4 97 Interest expense 1,718 1,801 7,702 8,206 EBITDA - non-GAAP $ (10,063) $ 3,647 $ (2,190) $ 3,932 EBITDA margin - non-GAAP (16.8)% 7.4 % (1.0)% 2.1 % Noncash stock-based compensation expense 16,611 3,076 30,112 15,906 Adjusted EBITDA - non-GAAP $ 6,548 $ 6,723 $ 27,922 $ 19,838 Adjusted EBITDA margin - non-GAAP 10.9 % 13.6 % 12.4 % 10.6 % Net (loss) income $ (13,156) $ 450 $ (15,703) $ (9,964) Noncash stock-based compensation expense 16,611 3,076 30,112 15,906 Adjusted net income - non-GAAP $ 3,455 $ 3,526 $ 14,409 $ 5,942 Weighted average common shares outstanding -diluted GAAP 46,929,309 48,064,916 46,050,266 44,257,754 Weighted average common shares outstanding -diluted non-GAAP (1) 52,230,508 48,064,916 49,812,186 46,197,934 Net (loss) income per common share - diluted - GAAP $ (0.28) $ 0.01 $ (0.34) $ (0.23) Noncash stock-based compensation expense 0.35 0.06 0.65 0.36 Adjusted net income per common share - diluted - non-GAAP (1) $ 0.07 $ 0.07 $ 0.29 $ 0.13 (1) Due to a GAAP net loss, antidilutive securities are excluded from GAAP diluted weighted average common shares outstanding for the three months ended December 31, 2025 and the years ended December 31, 2025 and 2024. However, considering the adjusted net income position for the three months ended December 31, 2025 and the years ended December 31, 2025 and 2024, adjusted diluted weighted average common shares outstanding incorporates securities that would have been dilutive for GAAP. 17 Attention : This is an excerpt of the original content. To continue reading it, access the original document here .

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