AxoGen (NASDAQ:AXGN) Issues Earnings Results

AxoGen (NASDAQ:AXGN) issued its quarterly earnings data on Tuesday. The medical equipment provider reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.36), reports. AxoGen had a negative return on equity of 1.90% and a negative net margin of 0.98%.The firm had revenue of $59.90 million for the quarter, compared to analysts’ expectations of $59.90 million.

Here are the key takeaways from AxoGen’s conference call:

• Strong 2025 financial performance — Q4 revenue $59.9M (+21.3% YoY) and FY revenue $225.2M (+20.2%), adjusted EBITDA up 41% to $27.9M, cash increased $6M, and the company generated positive cash flow while using $133.3M raised to retire its term loan and strengthen the balance sheet.
• Regulatory milestone — FDA BLA approval for Avance in December 2025 (first/only FDA‑approved biologic for peripheral nerve discontinuities with 12 years exclusivity) which management says enables payer engagement, prioritized clinical studies, and manufacturing scale efforts.
• Commercial momentum and runway — expanded sales force (breast to 21 reps with plan for ~30, extremities to 117 reps with plan for ~130), 679 active high‑potential accounts driving 61% of revenue growth, and continued surgeon education programs to support adoption.
• Near‑term margin and expense headwinds — Q4 net loss of $13.2M (versus prior year income) driven in part by $7.2M of one‑time stock‑based compensation tied to the BLA, materially higher R&D and S&M spend in Q4, and expected gross‑margin pressure in 2Q/H2 2026 as biologic mix increases before projected improvement in 2027.
• Reimbursement and new indications remain promising but early — commercial coverage rose to >65% (≈19.8M lives) and CMS added an outpatient payment classification improving economics, while prostate work (100+ procedures at 10 sites) may produce clinical signals in H2 2026 but is not expected to materially contribute revenue in 2026.

AxoGen Stock Down 5.2%

Shares of AXGN opened at $33.54 on Tuesday. The firm has a fifty day moving average price of $33.02 and a 200-day moving average price of $24.72. The company has a current ratio of 4.09, a quick ratio of 2.64 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $1.55 billion, a P/E ratio of -665.56 and a beta of 1.00. AxoGen has a 12-month low of $9.22 and a 12-month high of $36.00.

Analysts Set New Price Targets

AXGN has been the subject of several research reports. Raymond James Financial reiterated an “outperform” rating and set a $41.00 price objective on shares of AxoGen in a research report on Monday. Wells Fargo & Company initiated coverage on shares of AxoGen in a research report on Thursday. They set an “overweight” rating and a $40.00 target price on the stock. Citigroup reiterated an “outperform” rating on shares of AxoGen in a research report on Tuesday. Mizuho initiated coverage on AxoGen in a research note on Monday, December 1st. They issued an “outperform” rating and a $40.00 price objective for the company. Finally, HC Wainwright lifted their target price on AxoGen from $26.00 to $39.00 and gave the stock a “buy” rating in a report on Friday, December 5th. Ten analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $37.67.

Insider Activity at AxoGen

In other AxoGen news, Director Kathy Johnson Weiler sold 46,653 shares of the business’s stock in a transaction dated Tuesday, December 16th. The shares were sold at an average price of $29.55, for a total value of $1,378,596.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Marc A. Began sold 9,278 shares of the stock in a transaction that occurred on Tuesday, December 9th. The stock was sold at an average price of $31.21, for a total value of $289,566.38. Following the completion of the transaction, the executive vice president directly owned 31,507 shares in the company, valued at approximately $983,333.47. This trade represents a 22.75% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 301,680 shares of company stock worth $9,174,052 over the last ninety days. 2.78% of the stock is currently owned by company insiders.

Institutional Trading of AxoGen

Several institutional investors and hedge funds have recently made changes to their positions in the company. First Light Asset Management LLC boosted its stake in AxoGen by 1.2% in the second quarter. First Light Asset Management LLC now owns 4,529,243 shares of the medical equipment provider’s stock valued at $49,142,000 after acquiring an additional 55,028 shares in the last quarter. Morgan Stanley lifted its holdings in shares of AxoGen by 6.5% during the 4th quarter. Morgan Stanley now owns 2,586,870 shares of the medical equipment provider’s stock valued at $84,668,000 after purchasing an additional 157,029 shares during the last quarter. Balyasny Asset Management L.P. grew its stake in AxoGen by 183.9% during the 2nd quarter. Balyasny Asset Management L.P. now owns 1,931,158 shares of the medical equipment provider’s stock worth $20,953,000 after buying an additional 1,250,968 shares during the last quarter. Wasatch Advisors LP increased its position in AxoGen by 14.3% during the 3rd quarter. Wasatch Advisors LP now owns 1,639,351 shares of the medical equipment provider’s stock valued at $29,246,000 after buying an additional 205,569 shares in the last quarter. Finally, Soleus Capital Management L.P. raised its stake in AxoGen by 0.9% in the second quarter. Soleus Capital Management L.P. now owns 1,459,395 shares of the medical equipment provider’s stock valued at $15,834,000 after buying an additional 13,278 shares during the last quarter. 80.29% of the stock is currently owned by institutional investors.

About AxoGen

AxoGen, Inc is a Florida-based medical technology company that develops and commercializes surgical solutions for peripheral nerve damage. Founded in 2002 and headquartered in Alachua, Florida, the company focuses on restoring nerve function and improving patient outcomes through innovative biologic and engineered products. AxoGen’s offerings address a range of traumatic and iatrogenic injuries, offering alternatives to traditional nerve autografts.

The company’s core product portfolio includes the Avance® Nerve Graft, a decellularized human nerve allograft designed to bridge nerve gaps without the need for a secondary harvest site, and the Axoguard® Nerve Connector and Protector devices, which facilitate nerve coaptation and protect repaired sites from surrounding scar tissue.