Axogen, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Axogen, Inc. has filed its quarterly report (10-Q) for the period ending March 31, 2024.</b>

AI Summary

Axogen, Inc. (AXGN) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Axogen, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of the fiscal year. The company's fiscal year ends on December 31st. Axogen, Inc. is incorporated in Minnesota (MN). The company's business address is in Alachua, Florida (FL).

Why It Matters

For investors and stakeholders tracking Axogen, Inc., this filing contains several important signals. This 10-Q filing provides an update on Axogen's financial performance and operational status for the first quarter of 2024. Investors and analysts will review this report to assess the company's progress, identify trends, and make informed investment decisions.

Risk Assessment

Risk Level: low — Axogen, Inc. shows low risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report and does not contain significant new information that would alter the risk profile.

Analyst Insight

Monitor future filings for revenue growth, net income trends, and updates on product development and market penetration.

Key Numbers

• 2024-03-31 — Period End Date (The end date of the reporting period for the 10-Q filing.)
• 2024-05-02 — Filing Date (The date the 10-Q report was filed with the SEC.)
• 1231 — Fiscal Year End (The end date of Axogen, Inc.'s fiscal year.)

Key Players & Entities

• Axogen, Inc. (company) — Filer of the 10-Q report
• 2024-03-31 (date) — Period of report for the 10-Q filing
• 2024-05-02 (date) — Filing date of the 10-Q report
• Alachua, FL (location) — Business and mailing address of Axogen, Inc.
• MN (location) — State of incorporation for Axogen, Inc.

FAQ

Industry Context

Axogen, Inc. operates in the electromedical and electrotherapeutic apparatus industry, focusing on regenerative medicine solutions.

Regulatory Implications

The filing is a standard 10-Q, a mandatory quarterly report for publicly traded companies under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the detailed financial statements within the 10-Q for revenue, expenses, and profitability trends.
2. Review any Management's Discussion and Analysis (MD&A) section for insights into operational performance and future outlook.
3. Compare key financial metrics to previous quarters and the same quarter in the prior year to identify growth or decline.

Key Dates

• 2024-03-31: Quarterly Period End — Marks the end of the reporting period for the 10-Q filing.
• 2024-05-02: Filing Date — The date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, following the 10-K annual report.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value AXGN The Nasdaq Stock Market

Filing Documents

• axgn-20240331.htm (10-Q) — 798KB
• preferabilityletterex18.htm (EX-18) — 4KB
• axgnfy24q1ex311.htm (EX-31.1) — 10KB
• axgnfy24q1ex312.htm (EX-31.2) — 10KB
• axgnfy24q1ex32.htm (EX-32) — 5KB
• 0000805928-24-000072.txt (&nbsp;) — 5459KB
• axgn-20240331.xsd (EX-101.SCH) — 43KB
• axgn-20240331_cal.xml (EX-101.CAL) — 64KB
• axgn-20240331_def.xml (EX-101.DEF) — 176KB
• axgn-20240331_lab.xml (EX-101.LAB) — 522KB
• axgn-20240331_pre.xml (EX-101.PRE) — 360KB
• axgn-20240331_htm.xml (XML) — 808KB

- Financial Information

Part I - Financial Information Item 1.

Financial Statements

Financial Statements 3 Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 (Unaudited) 3 Condensed Consolidated Statements of Operations for the three months ended March 31, 202 4 and 202 3 (Unaudited) 4 Condensed Consolidated Statements of Cash Flows for the three months ended M arch 31, 202 4 and 202 3 (Unaudited) 5 Condensed Consolidated Statements of Changes in Shareholders' Equity for the three months ended M arch 31 , 202 4 and 202 3 (Unaudited) 6 Notes to Unaudited Condensed Consolidated Financial Statements 7 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 24 Item 4.

Controls and Procedures

Controls and Procedures 25

- Other Information

Part II - Other Information Item 1.

Legal Proceedings

Legal Proceedings 26 Item 1A.

Risk Factors

Risk Factors 26 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 26 Item 3. Defaults Upon Senior Securities 26 Item 4. Mine Safety Disclosures 26 Item 5. Other Information 26 Item 6. Exhibits 27

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 Quarterly Report on Form 10-Q), 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 Germany GmbH, and Axogen Europe 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 the Company is 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-Q include, but are not limited to the following: Our expectations regarding the timing of manufacturing of Avive+ Soft Tissue Matrix , our ability to market Avive+ and growth in the nerve protection category following the launch of Avive+ , and our expectations that Avive+ will, and will continue to, be regulated solely under Section 361 of the Public Health Service Act; Our expectation that we will fully launch Avive + in June 2024; Our expectation that the rolling BLA submission for Avance Nerve Graft will be completed in the third quarter of 2024; Our expectation that the BLA for Avance Nerve Graft will be approved in mid-2025; and Our belief that our existing cash and cash equivalents and investments,

— FINANCIAL STATEMENTS

ITEM 1 — FINANCIAL STATEMENTS Axogen, Inc. Condensed Consolidated Balance Sheets (unaudited) (In thousands, except share and per share amounts) March 31, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 15,713 $ 31,024 Restricted cash 6,000 6,002 Investments 1,921 — Accounts receivable, net of allowance for doubtful accounts of $ 603 and $ 337 , respectively 24,212 25,147 Inventory 27,636 23,020 Prepaid expenses and other 3,181 2,811 Total current assets 78,663 88,004 Property and equipment, net 87,838 88,730 Operating lease right-of-use assets 15,247 15,562 Intangible assets, net 4,768 4,531 Total assets $ 186,516 $ 196,827 Liabilities and shareholders' equity Current liabilities: Accounts payable and accrued expenses $ 21,288 $ 28,883 Current maturities of long-term lease obligations 1,644 1,547 Total current liabilities 22,932 30,430 Long-term debt, net of debt discount and financing fees 46,825 46,603 Long-term lease obligations 20,681 21,142 Debt derivative liabilities 2,922 2,987 Total liabilities 93,360 101,162 Commitments and contingencies - see Note 12 Shareholders' equity: Common stock, $ 0.01 par value per share; 100,000,000 shares authorized; 43,687,729 and 43,124,496 shares issued and outstanding 437 431 Additional paid-in capital 380,650 376,530 Accumulated deficit ( 287,931 ) ( 281,296 ) Total shareholders' equity 93,156 95,665 Total liabilities and shareholders' equity $ 186,516 $ 196,827 See notes to condensed consolidated financial statements. Axogen, Inc. Condensed Consolidated Statements of Operations (unaudited) (In thousands, except share and per share amounts) Three Months Ended March 31, 2024 March 31, 2023 Revenues $ 41,378 $ 36,664 Cost of goods sold 8,758 8,172 Gross profit 32,620 28,492 Costs and expenses: Sales and marketing 19,815 19,446 Research and development 7,409 6,326 General and administrative 9,956 10,061 Total costs and expenses 37,180 35,8

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View this 10-Q filing on SEC EDGAR