Core Viewpoint - The Meridian Small Cap Growth Fund's fourth-quarter 2025 performance reflects a mixed market sentiment influenced by optimism regarding monetary easing and caution about economic growth, with small caps achieving a 12.8% annual return despite a modest 0.90% return in Q4 compared to the Russell 2000 Growth Index's 1.22% [1] Group 1: Fund Performance - The U.S. equity markets experienced early gains due to strong AI-related earnings and a rate cut by the US Federal Reserve in October, but sentiment cooled later in the quarter [1] - The Meridian Small Cap Growth Fund achieved a 0.90% net return in Q4 2025, while small caps overall delivered a 2.2% gain for the quarter [1] Group 2: Axogen, Inc. Overview - Axogen, Inc. (NASDAQ:AXGN) is recognized as a leader in technologies for peripheral nerve regeneration and repair, with a market capitalization of $1.768 billion [2] - The stock of Axogen, Inc. closed at $35.25 per share on February 18, 2026, with a one-month return of 10.16% and a twelve-month increase of 90.54% [2] Group 3: Axogen, Inc. Developments - Axogen, Inc. reported a 20% revenue growth and gross margins of nearly 77%, surpassing investor expectations, and received favorable reimbursement terms for its flagship product [3] - The FDA approved a key therapy's BLA submission for Axogen, granting 12 years of market exclusivity, which is expected to enhance the company's commercial coverage and growth potential [3] Group 4: Hedge Fund Interest - Axogen, Inc. was held by 20 hedge fund portfolios at the end of Q3 2025, a slight decrease from 21 in the previous quarter, indicating a moderate level of interest among hedge funds [4] - Despite recognizing Axogen's potential, the company is not among the 30 most popular stocks among hedge funds, with some analysts suggesting that certain AI stocks may offer greater upside potential [4]

Company Overview - Axogen, Inc. (NASDAQ: AXGN) is a leader in developing and marketing surgical solutions aimed at restoring peripheral nerve function [3] - The company focuses on the science, development, and commercialization of technologies for peripheral nerve regeneration and repair [3] - Axogen's mission is to help restore peripheral nerve function and improve the quality of life for patients with nerve damage through innovative and clinically proven solutions [3] Product Portfolio - Axogen's product offerings include: - **Avance Nerve Graft**: A processed human nerve allograft for bridging severed peripheral nerves [4] - **Axoguard Nerve Connector**: An extracellular matrix coaptation aid for tensionless repair of severed nerves [4] - **Axoguard Nerve Protector**: A product used to wrap and protect damaged nerves while minimizing soft tissue attachments [4] - **Axoguard HA+ Nerve Protector™**: A next-generation technology designed to enhance nerve gliding and provide protection for peripheral nerve injuries [4] - **Axoguard Nerve Cap**: A product to protect nerve ends and reduce the development of painful neuromas [4] - **Avive+ Soft Tissue Matrix™**: An amniotic membrane allograft used to protect and separate tissues during healing [4] - The product portfolio is available in multiple countries including the United States, Canada, Germany, the United Kingdom, Spain, and South Korea [4] Upcoming Investor Conferences - Axogen management is scheduled to participate in several investor conferences: - **Cantor Global Healthcare Conference**: Fireside chat on September 3, 2025 [1] - **Wells Fargo Healthcare Conference**: 1x1 investor meetings on September 4, 2025 [2] - **Morgan Stanley Annual Global Healthcare Conference**: 1x1 investor meetings on September 10, 2025 [2] - **Lake Street Best Ideas Growth (BIG 9) Conference**: 1x1 investor meetings on September 11, 2025 [2] - Webcast events will be accessible live and archived for 90 days on Axogen's investor page [2]