Q4 and 2025 Financial Results February 24, 2026 1 Disclaimer Forward-looking Statements This presentation contains "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 1995, which are statements that are not historical facts and relate to future conditions, events, or results. 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 econom ...

Market Opportunity & Growth Strategy - The US nerve care market represents a large and underserved $56 billion opportunity[9] - Axogen is pursuing a strategic plan (2025-2028) with a revenue CAGR target of 15-20%[25, 72] - The company aims to achieve operational cash flow exceeding $60 million per year by the end of 2028[73] Clinical & Technological Leadership - Avance is the first FDA-approved biologic treatment for nerve discontinuities in patients aged one month and older[18] - Axogen has treated over 200,000 patients and has over 300 clinical and scientific publications supporting its nerve repair algorithm[26] - Allograft is increasingly preferred for nerve repair, with 41% preferring it for gaps >2cm in 2024[33] Reimbursement & Coverage - Approximately 35% of commercial lives remain uncovered, indicating an opportunity for expanded coverage[24, 46] - In FY25, 198 million lives were added across ten regional BCBS plans (182 million private; 16 million Medicare Advantage)[48] - New outpatient code group and Level 3 Nerve Procedure Code increases reimbursement for hospitals and ASC's[49] Financial Performance - Axogen's revenue has grown from $599 million in 2021 to $2252 million in 2025, representing a 149% 5-year CAGR[66, 67] - The company is expanding EBITDA, with projections of $198 million and $214 million for EBITDA and Adjusted EBITDA respectively in 2025[69]