Axogen Files Q3 2024 10-Q

TL;DR

Axogen's Q3 2024 10-Q is in. Check financials.

AI Summary

Axogen, Inc. filed its 10-Q for the period ending September 30, 2024. The company reported financial results and operational updates. Key financial figures and business developments for the third quarter of 2024 are detailed within the filing.

Why It Matters

This filing provides investors with the latest financial performance and operational status of Axogen, Inc., crucial for understanding the company's trajectory in the medical device sector.

Risk Assessment

Risk Level: medium — As a medical technology company, Axogen faces risks related to product development, regulatory approvals, market adoption, and competition.

Key Players & Entities

• Axogen, Inc. (company) — Filer of the 10-Q report
• 20240930 (date) — End of the reporting period
• 20241107 (date) — Filing date of the report

FAQ

Key Financial Figures

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

Filing Documents

• axgn-20240930.htm (10-Q) — 969KB
• axgnfy24q3ex311.htm (EX-31.1) — 10KB
• axgnfy24q3ex312.htm (EX-31.2) — 10KB
• axgnfy24q3ex32.htm (EX-32) — 5KB
• 0000805928-24-000137.txt ( ) — 5991KB
• axgn-20240930.xsd (EX-101.SCH) — 43KB
• axgn-20240930_cal.xml (EX-101.CAL) — 65KB
• axgn-20240930_def.xml (EX-101.DEF) — 183KB
• axgn-20240930_lab.xml (EX-101.LAB) — 548KB
• axgn-20240930_pre.xml (EX-101.PRE) — 377KB
• axgn-20240930_htm.xml (XML) — 911KB

- Financial Information

Part I - Financial Information Item 1.

Financial Statements

Financial Statements 3 Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 (Unaudited) 3 Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2024, and 2023 (Unaudited) 4 Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024, and 2023 (Unaudited) 5 Condensed Consolidated Statements of Changes in Shareholders' Equity for the three and nine months ended September 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 20 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 27 Item 4.

Controls and Procedures

Controls and Procedures 28

- Other Information

Part II - Other Information Item 1.

Legal Proceedings

Legal Proceedings 29 Item 1A.

Risk Factors

Risk Factors 29 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 29 Item 3. Defaults Upon Senior Securities 29 Item 4. Mine Safety Disclosures 29 Item 5. Other Information 29 Item 6. Exhibits 30

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 belief that the submission timeline will allow for a potential approval of the Biologics License Application ("BLA") for Avance Nerve Graft in September 2025; Our belief that we will continue to drive growth in the nerve protection category: Our optimism associated with interest in and adoption of the Resensation neurotization techniques for autologous and implant-based breast reconstruction; and Our

— FINANCIAL STATEMENTS

ITEM 1 — FINANCIAL STATEMENTS Axogen, Inc. Condensed Consolidated Balance Sheets (unaudited) (In thousands, except share and per share amounts) September 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 18,662 $ 31,024 Restricted cash 6,000 6,002 Investments 5,868 — Accounts receivable, net of allowance for doubtful accounts of $ 888 and $ 337 , respectively 24,629 25,147 Inventory, net 29,363 23,020 Prepaid expenses and other 1,730 2,811 Total current assets 86,252 88,004 Property and equipment, net 85,632 88,730 Operating lease right-of-use assets 14,886 15,562 Intangible assets, net 5,215 4,531 Total assets $ 191,985 $ 196,827 Liabilities and shareholders' equity Current liabilities: Accounts payable and accrued expenses $ 21,177 $ 28,883 Current maturities of long-term lease obligations 1,856 1,547 Total current liabilities 23,033 30,430 Long-term debt, net of debt discount and financing fees 47,272 46,603 Long-term lease obligations 19,734 21,142 Debt derivative liabilities 2,445 2,987 Other long-term liabilities 94 — Total liabilities 92,578 101,162 Commitments and contingencies - see Note 12 Shareholders' equity: Common stock, $ 0.01 par value per share; 100,000,000 shares authorized; 44,002,323 and 43,124,496 shares issued and outstanding 440 431 Additional paid-in capital 390,677 376,530 Accumulated deficit ( 291,710 ) ( 281,296 ) Total shareholders' equity 99,407 95,665 Total liabilities and shareholders' equity $ 191,985 $ 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 Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Revenues $ 48,644 $ 41,271 $ 137,933 $ 116,090 Cost of goods sold 12,206 9,567 33,531 26,242 Gross profit 36,438 31,704 104,402 89,848 Costs and e

View Full Filing

View this 10-Q filing on SEC EDGAR