AxoGen(AXGN) - 2025 Q3 - Quarterly Results

Financial Performance - Third quarter revenue was $60.1 million, a 23.5% increase compared to the third quarter of 2024, and a 6.0% increase over the second quarter of 2025[5] - Gross margin for the third quarter was 76.6%, up from 74.9% for the third quarter of 2024[5] - Net income for the quarter was $0.7 million, or $0.01 per share, compared to a net loss of $1.9 million, or $0.04 per share for the third quarter of 2024[5] - Adjusted EBITDA was $9.2 million for the quarter, compared to $6.5 million for the third quarter of 2024[5] - Adjusted net income for the quarter was $6.1 million, or $0.12 per share, compared to $3.1 million, or $0.07 per share, for the third quarter of 2024[5] - Revenues for the three months ended September 30, 2025, were $60,082 thousand, a 23.5% increase from $48,644 thousand in the same period of 2024[20] - Gross profit for the three months ended September 30, 2025, was $45,993 thousand, compared to $36,438 thousand for the same period in 2024, reflecting a gross margin improvement[20] - Net income for the three months ended September 30, 2025, was $708 thousand, a significant recovery from a net loss of $1,858 thousand in the same period of 2024[22] - Adjusted EBITDA for the nine months ended September 30, 2025, was $21,374 thousand, up from $13,115 thousand for the same period in 2024, indicating a strong operational performance[22] Cash Flow and Guidance - The company raised its full year revenue guidance to at least 19% growth, or $222.8 million[7] - The company expects to be net cash flow positive for the full year[7] - The company reported a net cash used in operating activities of $2,226 thousand for the nine months ended September 30, 2025, an improvement compared to $4,200 thousand for the same period in 2024[26] - Cash and cash equivalents, restricted cash, and investments increased by $3.9 million during the third quarter of 2025, totaling $39.8 million as of September 30, 2025[5] - Cash and cash equivalents, and restricted cash at the end of the period were $27,902 thousand, down from $33,554 thousand at the beginning of the period[26] Expenses and Investments - Total costs and expenses for the three months ended September 30, 2025, were $44,081 thousand, compared to $36,754 thousand in the same period of 2024, reflecting increased investment in sales and marketing[20] - The company incurred $25,680 thousand in sales and marketing expenses for the three months ended September 30, 2025, up from $18,924 thousand in the same period of 2024[20] Operational Metrics - The number of covered lives increased by 1.1 million, bringing the total to approximately 18.1 million in 2025[12] - The weighted average common shares outstanding — diluted for the three months ended September 30, 2025, was 49,088,436, compared to 43,882,110 for the same period in 2024[22] - The adjusted net income per common share — diluted for the three months ended September 30, 2025, was $0.12, compared to $0.07 for the same period in 2024[22] Regulatory Updates - The FDA has extended the PDUFA goal date for the Avance Nerve Graft BLA to December 5, 2025[12]