Axogen, Inc. Files 2023 Annual Report on Form 10-K

Ticker: AXGN · Form: 10-K · Filed: Mar 5, 2024 · CIK: 805928

Axogen, Inc. 10-K Filing Summary
FieldDetail
CompanyAxogen, Inc. (AXGN)
Form Type10-K
Filed DateMar 5, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Key Dollar Amounts$0.01, $2.7 billion, $1.9 billion, $300 million, $250 million
Sentimentneutral

Sentiment: neutral

Topics: 10-K, Axogen, Financial Report, Annual Filing, Electromedical

TL;DR

<b>Axogen, Inc. has filed its 2023 10-K report detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Axogen, Inc. (AXGN) filed a Annual Report (10-K) with the SEC on March 5, 2024. Axogen, Inc. filed its 2023 Form 10-K on March 5, 2024, reporting on its fiscal year ending December 31, 2023. The company is engaged in the electromedical & electrotherapeutic apparatus industry, SIC code 3845. Axogen, Inc. was formerly known as LECTEC CORP /MN/ before changing its name on October 4, 2011. The filing includes financial data for the fiscal years 2021, 2022, and 2023. Key financial statement components such as Common Stock, Additional Paid-In Capital, and Retained Earnings are detailed for multiple years.

Why It Matters

For investors and stakeholders tracking Axogen, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Axogen's financial health and strategic positioning for the past fiscal year, crucial for investors and stakeholders to assess performance and future outlook. Understanding the detailed financial statements and risk factors outlined in this report is essential for evaluating the company's operational efficiency, market competitiveness, and potential growth trajectories in the electromedical sector.

Risk Assessment

Risk Level: medium — Axogen, Inc. shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information, it does not inherently signal immediate positive or negative developments beyond routine disclosure, thus warranting a medium risk assessment for immediate trading decisions based solely on this filing.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-K to identify any significant trends or changes in revenue, expenses, and profitability that may impact future performance.

Key Numbers

  • 2023-12-31 — Fiscal Year End (Reporting period for the 10-K)
  • 2024-03-05 — Filing Date (Date the 10-K was filed)
  • 3845 — SIC Code (Standard Industrial Classification for Electromedical & Electrotherapeutic Apparatus)
  • 001-36046 — SEC File Number (SEC filing identifier)

Key Players & Entities

  • Axogen, Inc. (company) — Filer and subject of the report
  • LECTEC CORP /MN/ (company) — Former name of Axogen, Inc.
  • MN (location) — State of incorporation
  • FL (location) — State of business address
  • Alachua (location) — City of business address

FAQ

When did Axogen, Inc. file this 10-K?

Axogen, Inc. filed this Annual Report (10-K) with the SEC on March 5, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by Axogen, Inc. (AXGN).

Where can I read the original 10-K filing from Axogen, Inc.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Axogen, Inc..

What are the key takeaways from Axogen, Inc.'s 10-K?

Axogen, Inc. filed this 10-K on March 5, 2024. Key takeaways: Axogen, Inc. filed its 2023 Form 10-K on March 5, 2024, reporting on its fiscal year ending December 31, 2023.. The company is engaged in the electromedical & electrotherapeutic apparatus industry, SIC code 3845.. Axogen, Inc. was formerly known as LECTEC CORP /MN/ before changing its name on October 4, 2011..

Is Axogen, Inc. a risky investment based on this filing?

Based on this 10-K, Axogen, Inc. presents a moderate-risk profile. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information, it does not inherently signal immediate positive or negative developments beyond routine disclosure, thus warranting a medium risk assessment for immediate trading decisions based solely on this filing.

What should investors do after reading Axogen, Inc.'s 10-K?

Review the detailed financial statements and management's discussion and analysis within the 10-K to identify any significant trends or changes in revenue, expenses, and profitability that may impact future performance. The overall sentiment from this filing is neutral.

How does Axogen, Inc. compare to its industry peers?

Axogen, Inc. operates within the electromedical and electrotherapeutic apparatus industry, focusing on medical technologies for nerve repair.

Are there regulatory concerns for Axogen, Inc.?

The filing is a standard 10-K, adhering to the reporting requirements of the Securities Exchange Act of 1934 for publicly traded companies.

Industry Context

Axogen, Inc. operates within the electromedical and electrotherapeutic apparatus industry, focusing on medical technologies for nerve repair.

Regulatory Implications

The filing is a standard 10-K, adhering to the reporting requirements of the Securities Exchange Act of 1934 for publicly traded companies.

What Investors Should Do

  1. Analyze the revenue and net income trends for the fiscal years 2021-2023.
  2. Examine the company's balance sheet for key financial health indicators like debt-to-equity ratio and cash position.
  3. Review any disclosed risk factors to understand potential challenges and their impact on the business.

Key Dates

  • 2023-12-31: Fiscal Year End — The end of the reporting period for the 10-K filing.
  • 2024-03-05: Filing Date — The date Axogen, Inc. submitted its 10-K to the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing analyzed for Axogen, Inc. for the fiscal year 2023. Previous filings would provide comparative data.

Filing Stats: 4,531 words · 18 min read · ~15 pages · Grade level 15.6 · Accepted 2024-03-05 16:27:20

Key Financial Figures

  • $0.01 — ange on which registered Common Stock, $0.01 par value AXGN The Nasdaq Stock Market
  • $2.7 billion — io and believe it is presently at least $2.7 billion. Estimating the Total Addressable Marke
  • $1.9 billion — et and presently believe it is at least $1.9 billion based upon epidemiological studies rega
  • $300 million — et and presently believe it is at least $300 million annually, based upon research indicatin
  • $250 million — et and presently believe it is at least $250 million annually. We estimate that there is an
  • $270 million — d presently believe it is approximately $270 million annually, or 130,000 procedures . We es

Filing Documents

Business

Business 7 Item 1A.

Risk Factors

Risk Factors 31 Item 1B. Unresolved Staff Comments 59 Item 2.

Properties

Properties 62 Item 3.

Legal Proceedings

Legal Proceedings 62 Item 4. Mine Safety Disclosures 62 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 63 Item 6. Reserved 64 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 65 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 72 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 73 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 99 Item 9A.

Controls and Procedures

Controls and Procedures 99 Item 9B. Other Information 100 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 100 PART III Item 10. Directors, Executive Officers and Corporate Governance 101 Item 11.

Executive Compensation

Executive Compensation 101 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 101 Item 13. Certain Relationships and Related Transactions, and Director Independence 101 Item 14. Principal Accountant Fees and Services 101 PART IV Item 15. Exhibits and Financial Statement Schedules 102 Exhibit Index 103 Item 16. Form 10-K Summary 111

Signatures

Signatures 112 P3 Table of Conten t

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS From time to time, in reports filed with the U.S. Securities and Exchange Commission (the "SEC") (including this Annual Report on Form 10-K), in press releases, and in other communications to shareholders or the investment community, Axogen, Inc. (including Axogen, Inc.'s wholly owned subsidiaries, Axogen Corporation, Axogen Processing Corporation, Axogen Europe GmbH, and Axogen Germany GmbH, (the "Company," "Axogen," "we," "our," or "us") may provide forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995, concerning possible or anticipated future results of operations or business developments. These statements are based on management's current expectations or predictions of future conditions, events, or results based on various assumptions and management's estimates of trends and economic factors in the markets in which we are active, as well as its business plans. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "projects," "forecasts," "continue," "may," "should," "will," "goals," and variations of such words and similar expressions are intended to identify such forward-looking statements. The forward-looking statements in this Form 10-K include, but are not limited to the following: Our expectations regarding the timing of manufacturing of Avive+, our expectation to launch Avive+ in the second quarter of 2024, our ability to market Avive+, and our expectations that Avive+ will, and will continue to, be regulated solely under Section 361 of the Public Health Service Act;

BUSINESS

ITEM 1. BUSINESS General We are the leading company focused specifically on the science, development, and commercialization of technologies for peripheral nerve regeneration and repair. We are passionate about providing the opportunity to restore nerve function and quality of life for patients with peripheral nerve injuries. We provide innovative, clinically proven, and economically effective repair solutions for surgeons and healthcare providers. Peripheral nerves provide the pathways for both motor and sensory signals throughout the body. Every day, people suffer traumatic injuries or undergo surgical procedures that impact the function of their peripheral nerves. Physical damage to a peripheral nerve or the inability to properly reconnect peripheral nerves can result in the loss of muscle or organ function, the loss of sensory feeling, or the initiation of pain. Our platform for peripheral nerve repair features a comprehensive portfolio of products, including: Avance Nerve Graft, a biologically active off-the-shelf processed human nerve allograft for bridging severed peripheral nerves without the comorbidities associated with a second surgical site; Axoguard Nerve Connector , a porcine (pig) submucosa extracellular matrix ("ECM") coaptation aid for tensionless repair of severed peripheral nerves; Axoguard Nerve Protector , a porcine submucosa ECM product used to wrap and protect damaged peripheral nerves and reinforce the nerve reconstruction while minimizing soft tissue attachments; Axoguard HA+ Nerve Protector, a porcine submucosa ECM base layer coated with a proprietary hyaluronate-alginate gel, a next-generation technology designed to enhance nerve gliding and provide short- and long-term protection for peripheral nerve injuries. Axoguard Nerve Cap , a porcine submucosa ECM product used to protect a peripheral nerve end and separate the nerve from the surrounding environment to reduce the development of symptomatic or painful neuroma; and Axotouch Tw

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