Axogen, Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company, which specializes in technologies for peripheral nerve regeneration and repair, experienced a notable increase in revenue, with total revenues for the three months reaching $48.6 million, up 17.9% from $41.3 million in the same period of 2023. For the nine months ended September 30, 2024, revenues totaled $137.9 million, reflecting an 18.8% increase from $116.1 million year-over-year.
Gross profit for the third quarter was $36.4 million, a 14.9% increase from $31.7 million in the prior year, although the gross margin slightly decreased to 74.9% from 76.8%. The company reported a loss from operations of $316,000 for the quarter, a significant improvement from a loss of $4.0 million in Q3 2023. The net loss for the quarter was $1.9 million, compared to a net loss of $4.1 million in the same quarter last year. For the nine-month period, the net loss improved to $10.4 million from $17.8 million in 2023.
Axogen's total assets as of September 30, 2024, were $192.0 million, a slight decrease from $196.8 million at the end of 2023. Cash and cash equivalents also declined to $18.7 million from $31.0 million. The company reported total current liabilities of $23.0 million, down from $30.4 million at the end of the previous year.
Strategically, Axogen completed the Biologics License Application (BLA) submission for its Avance® Nerve Graft on September 6, 2024, with the FDA accepting the application for filing on November 1, 2024. The company also launched the Avive+ Soft Tissue Matrix on June 24, 2024, which is processed in compliance with FDA regulations.
In terms of expenses, Axogen's research and development costs increased by 4% to $21.1 million for the nine months ended September 30, 2024, while general and administrative expenses decreased slightly to $30.2 million. The company also reported an increase in interest expenses, totaling $6.4 million for the nine-month period, up from $1.0 million in the previous year, primarily due to its credit facility.
Overall, Axogen's financial performance reflects a positive trend in revenue growth and operational efficiency, alongside strategic advancements in product development and regulatory compliance.
About Axogen, Inc.
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.