AXGN · Axogen, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $225.21M | $187.34M | $159.01M | $138.58M | $127.36M | $112.30M |
| Cost of Revenue | $57.85M | $45.36M | $31.14M | $24.15M | $22.93M | $21.58M |
| Gross Profit | $167.35M | $141.98M | $127.87M | $114.44M | $104.43M | $90.72M |
| R&D | $32.88M | $27.77M | $28.33M | $27.16M | $24.18M | $17.85M |
| SG&A | $44.58M | $39.04M | $34.94M | $36.76M | $32.34M | $26.40M |
| Total Operating Expenses | $175.20M | $145.26M | $149.34M | $144.14M | $129.84M | $113.90M |
| D&A | $6.66M | $6.47M | $4.22M | $1.53M | $2.72M | $1.51M |
| Operating Income | ($7.85M) | ($3.29M) | ($21.46M) | ($29.71M) | ($25.42M) | ($23.18M) |
| Interest Expense | $7.70M | $8.21M | $2.83M | $624.0K | $1.36M | $1.05M |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Income | ($15.70M) | ($9.96M) | ($21.72M) | ($28.95M) | ($26.98M) | ($23.79M) |
| EPS - Basic | ($0.34) | ($0.23) | ($0.51) | ($0.69) | ($0.60) | - |
| EPS - Diluted | ($0.34) | ($0.23) | ($0.51) | ($0.69) | ($0.60) | - |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $35.55M | $27.55M | $31.02M | $15.28M | $32.76M | $48.77M |
| Accounts Receivable | $26.17M | $24.11M | $25.15M | $22.19M | $18.16M | $17.62M |
| Inventory | $42.37M | $33.18M | $23.02M | $18.91M | $16.69M | $12.53M |
| Accounts Payable | $2.89M | $8.01M | $11.77M | $8.96M | $5.92M | $4.60M |
| Current Assets | $120.42M | $99.22M | $88.00M | $98.08M | $127.05M | $145.25M |
| Total Assets | $221.69M | $203.73M | $196.83M | $195.39M | $208.02M | $201.38M |
| Current Liabilities | $23.56M | $30.61M | $30.43M | $23.75M | $24.29M | $22.83M |
| Long-term Debt | $48.39M | $47.50M | $46.60M | $45.71M | $44.82M | $32.03M |
| Total Liabilities | $92.84M | $99.82M | $101.16M | $94.39M | $95.47M | $78.23M |
| Stockholders' Equity | $128.85M | $103.91M | $95.67M | $101.00M | $112.55M | $123.15M |
| Retained Earnings | ($306.96M) | ($291.26M) | ($281.30M) | ($259.58M) | ($230.63M) | ($203.65M) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $812.0K | $4.54M | ($5.72M) | ($16.07M) | ($13.40M) | ($9.63M) |
| Investing Cash Flow | ($5.32M) | ($10.30M) | $19.25M | ($3.20M) | ($23.65M) | ($16.96M) |
| Financing Cash Flow | $10.50M | $2.29M | $1.95M | $1.79M | $20.45M | $40.47M |
| CapEx | $3.75M | $3.10M | $13.87M | $20.08M | $27.81M | $21.91M |
| Free Cash Flow | ($2.93M) | $1.43M | ($19.59M) | ($36.14M) | ($41.22M) | ($31.53M) |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 74.3% | 75.8% | 80.4% | 82.6% | 82.0% | 80.8% |
| Operating margin | -3.5% | -1.8% | -13.5% | -21.4% | -20.0% | -20.6% |
| EBITDA margin | -0.5% | 1.7% | -10.8% | -20.3% | -17.8% | -19.3% |
| Net margin | -7.0% | -5.3% | -13.7% | -20.9% | -21.2% | -21.2% |
| Free cash flow margin | -1.3% | 0.8% | -12.3% | -26.1% | -32.4% | -28.1% |
| FCF / Net income | 0.19 | -0.14 | 0.90 | 1.25 | 1.53 | 1.33 |
| R&D / Revenue | 14.6% | 14.8% | 17.8% | 19.6% | 19.0% | 15.9% |
| SG&A / Revenue | 19.8% | 20.8% | 22.0% | 26.5% | 25.4% | 23.5% |
| Effective tax rate | - | - | - | - | - | - |
| Return on assets | -7.1% | -4.9% | -11.0% | -14.8% | -13.0% | -11.8% |
| Return on equity | -12.2% | -9.6% | -22.7% | -28.7% | -24.0% | -19.3% |
| Return on invested capital | -3.5% | -1.7% | -11.9% | -16.0% | -12.8% | -11.8% |
| Liquidity | ||||||
| Current ratio | 5.11 | 3.24 | 2.89 | 4.13 | 5.23 | 6.36 |
| Quick ratio | 3.31 | 2.16 | 2.14 | 3.33 | 4.54 | 5.81 |
| Cash ratio | 1.51 | 0.90 | 1.02 | 0.64 | 1.35 | 2.14 |
| Leverage | ||||||
| Debt / Equity | 0.38 | 0.46 | 0.49 | 0.45 | 0.40 | 0.26 |
| Debt / Assets | 0.22 | 0.23 | 0.24 | 0.23 | 0.22 | 0.16 |
| Debt / EBITDA | - | 14.94 | - | - | - | - |
| Interest coverage | -1.0x | -0.4x | -7.6x | -47.6x | -18.7x | -22.0x |
| Equity multiplier | 1.72 | 1.96 | 2.06 | 1.93 | 1.85 | 1.64 |
| Liabilities / Assets | 0.42 | 0.49 | 0.51 | 0.48 | 0.46 | 0.39 |
| Efficiency | ||||||
| Asset turnover | 1.02 | 0.92 | 0.81 | 0.71 | 0.61 | 0.56 |
| Inventory turnover | 1.37 | 1.37 | 1.35 | 1.28 | 1.37 | 1.72 |
| Days sales outstanding | 42d | 47d | 58d | 58d | 52d | 57d |
| Days inventory outstanding | 267d | 267d | 270d | 286d | 266d | 212d |
| Days payable outstanding | 18d | 64d | 138d | 135d | 94d | 78d |
| Cash conversion cycle | 292d | 250d | 190d | 209d | 223d | 191d |
| Valuation | ||||||
| P / E | - | - | - | - | - | - |
| P / B | 11.7x | 7.0x | 3.1x | 4.2x | 3.3x | - |
| P / S | 6.7x | 3.9x | 1.8x | 3.0x | 2.9x | - |
| EV / EBITDA | - | 235.6x | - | - | - | - |
| Growth | ||||||
| Revenue growth (YoY) | 20.2% | 17.8% | 14.7% | 8.8% | 13.4% | 5.2% |
| Revenue CAGR (3y) | 17.6% | 13.7% | 12.3% | 9.1% | 14.9% | 22.9% |
| Revenue CAGR (5y) | 14.9% | 11.9% | 13.6% | 18.1% | 25.4% | 32.7% |
| Gross profit growth (YoY) | 17.9% | 11.0% | 11.7% | 9.6% | 15.1% | 1.5% |
| Operating income growth (YoY) | -138.8% | 84.7% | 27.8% | -16.9% | -9.6% | 26.2% |
| Net income growth (YoY) | -57.6% | 54.1% | 25.0% | -7.3% | -13.4% | 18.4% |
| EPS growth (YoY) | -47.8% | 54.9% | 26.1% | -15.0% | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | 45.8% | 12.3% | -30.7% | -28.5% |
| FCF CAGR (5y) | - | - | - | - | - | - |
| Book value growth (YoY) | 24.0% | 8.6% | -5.3% | -10.3% | -8.6% | -6.8% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Geographic
$225.21M totalUS$222.44M · 98.8%
Non Us$2.77M · 1.2%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
0.63
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
4/9
Neutral
- ✗Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- ✗Long-term debt decreased
- ✓Current ratio improved
- ✗No share dilution
- ✗Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Electromedical & Electrotherapeutic Apparatus
Comparing Axogen against the 5 most active filers in the same SIC group.
Dividends
$0.00/share trailing 12 months
| Ex-date | Per share |
|---|---|
| Jan 27, 2010 | $1.0000 |
| Feb 23, 2005 | $0.0600 |