Axogen, Inc. Files Q2 2024 10-Q

TL;DR

Axogen's Q2 2024 10-Q is out - check financials and operations.

AI Summary

Axogen, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported its financial results and provided updates on its business operations. Key financial data and operational details are disclosed in this filing, which is crucial for investors and stakeholders to assess the company's performance and outlook.

Why It Matters

This filing provides investors with a detailed look at Axogen's financial health and operational performance for the second quarter of 2024, enabling informed investment decisions.

Risk Assessment

Risk Level: medium — 10-Q filings are standard financial reports, but the specific content within can reveal significant risks or opportunities for the company.

Key Players & Entities

• Axogen, Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240808 (date) — Filing date

FAQ

Key Financial Figures

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

Filing Documents

• axgn-20240630.htm (10-Q) — 964KB
• axgnfy24q2ex311.htm (EX-31.1) — 10KB
• axgnfy24q2ex312.htm (EX-31.2) — 10KB
• axgnfy24q2ex32.htm (EX-32) — 5KB
• 0000805928-24-000111.txt ( ) — 5925KB
• axgn-20240630.xsd (EX-101.SCH) — 43KB
• axgn-20240630_cal.xml (EX-101.CAL) — 65KB
• axgn-20240630_def.xml (EX-101.DEF) — 176KB
• axgn-20240630_lab.xml (EX-101.LAB) — 541KB
• axgn-20240630_pre.xml (EX-101.PRE) — 369KB
• axgn-20240630_htm.xml (XML) — 899KB

- Financial Information

Part I - Financial Information Item 1.

Financial Statements

Financial Statements 3 Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 (Unaudited) 3 Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2024, and 2023 (Unaudited) 4 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024, and 2023 (Unaudited) 5 Condensed Consolidated Statements of Changes in Shareholders' Equity for the three and si x months ended June 30 , 2024 and 2023 (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 26 Item 4.

Controls and Procedures

Controls and Procedures 27

- Other Information

Part II - Other Information Item 1.

Legal Proceedings

Legal Proceedings 28 Item 1A.

Risk Factors

Risk Factors 28 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 28 Item 3. Defaults Upon Senior Securities 28 Item 4. Mine Safety Disclosures 28 Item 5. Other Information 28 Item 6. Exhibits 29

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 ability to market Avive+, our expectation to drive continued growth within the nerve protection category following its full launch and our expectations that Avive+ will continue to, be regulated solely under Section 361 of the Public Health Service Act; Our expectation that the rolling BLA submission for Avance Nerve Graft will be completed in the third quarter of 2024; Our belief that the submission timeline will allow for a potential approval of the BLA for Avance Nerve Graft in mid-2025; Our optimism associated with interest in and adoption of the Resensation neurotization techniques for autologous and implant-based breast reconstruction; and Our bel

— FINANCIAL STATEMENTS

ITEM 1 — FINANCIAL STATEMENTS Axogen, Inc. Condensed Consolidated Balance Sheets (unaudited) (In thousands, except share and per share amounts) June 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 19,189 $ 31,024 Restricted cash 6,000 6,002 Investments 1,944 — Accounts receivable, net of allowance for doubtful accounts of $ 831 and $ 337 , respectively 25,152 25,147 Inventory, net 28,015 23,020 Prepaid expenses and other 1,962 2,811 Total current assets 82,262 88,004 Property and equipment, net 86,752 88,730 Operating lease right-of-use assets 14,952 15,562 Intangible assets, net 4,966 4,531 Total assets $ 188,932 $ 196,827 Liabilities and shareholders' equity Current liabilities: Accounts payable and accrued expenses $ 21,664 $ 28,883 Current maturities of long-term lease obligations 1,751 1,547 Total current liabilities 23,415 30,430 Long-term debt, net of debt discount and financing fees 47,047 46,603 Long-term lease obligations 20,231 21,142 Debt derivative liabilities 2,458 2,987 Other long-term liabilities 94 — Total liabilities 93,245 101,162 Commitments and contingencies - see Note 12 Shareholders' equity: Common stock, $ 0.01 par value per share; 100,000,000 shares authorized; 43,824,738 and 43,124,496 shares issued and outstanding 438 431 Additional paid-in capital 385,101 376,530 Accumulated deficit ( 289,852 ) ( 281,296 ) Total shareholders' equity 95,687 95,665 Total liabilities and shareholders' equity $ 188,932 $ 196,827 See notes to condensed consolidated financial statements. 3 Axogen, Inc. Condensed Consolidated Statements of Operations (unaudited) (In thousands, except share and per share amounts) Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Revenues $ 47,912 $ 38,155 $ 89,289 $ 74,819 Cost of goods sold 12,567 8,503 21,325 16,675 Gross profit 35,345 29,652 67,964 58,144 Costs and expenses: Sales and marketing

View Full Filing

View this 10-Q filing on SEC EDGAR