AxoGen (AXGN) Financials

$43.48 -0.26 (-0.59%)

Closing price 05/6/2026 04:00 PM Eastern

Extended Trading

$42.70 -0.78 (-1.79%)

As of 07:13 AM Eastern

Annual Income Statements for AxoGen

This table shows AxoGen's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-13	-14	-10	-22	-29	-24	-27	-29	-22	-9.96	-16
Consolidated Net Income / (Loss)	-13	-14	-10	-22	-29	-24	-27	-29	-22	-9.96	-16
Net Income / (Loss) Continuing Operations	-13	-14	-10	-22	-29	-24	-27	-29	-22	-9.96	-16
Total Pre-Tax Income	-13	-14	-10	-22	-29	-24	-27	-29	-22	-9.96	-16
Total Operating Income	-9.27	-8.13	-7.95	-21	-31	-23	-25	-30	-21	-3.29	-7.85
Total Gross Profit	22	35	51	71	89	91	104	109	122	142	167
Total Revenue	27	41	60	84	107	112	127	139	159	187	225
Operating Revenue	27	41	60	84	107	112	127	139	159	187	225
Total Cost of Revenue	4.85	6.47	9.31	13	17	22	23	30	37	45	58
Operating Cost of Revenue	4.85	6.47	9.31	13	17	22	23	30	37	45	58
Total Operating Expenses	32	43	59	92	121	114	130	139	143	145	175
Selling, General & Admin Expense	8.42	10	15	23	31	26	32	41	38	39	45
Marketing Expense	20	28	38	57	72	70	73	72	78	78	98
Research & Development Expense	3.24	4.21	6.70	12	18	18	24	26	27	28	33
Total Other Income / (Expense), net	-4.09	-6.28	-2.49	-1.90	2.27	-0.60	-1.57	0.76	-0.25	-6.68	-7.85
Interest Expense	4.12	6.26	2.46	3.39	0.04	1.05	1.36	0.62	2.84	8.21	7.70
Interest & Investment Income	-	-	-	1.53	2.36	0.61	-	0.57	1.49	1.14	1.17
Other Income / (Expense), net	0.03	-0.02	-0.03	-0.03	-0.05	-0.16	-0.31	0.81	1.09	0.39	-1.32
Basic Earnings per Share	($0.51)	($0.47)	($0.31)	($0.60)	($0.74)	($0.60)	($0.65)	($0.69)	($0.51)	($0.23)	($0.34)
Weighted Average Basic Shares Outstanding	26.08M	30.70M	33.32M	37.13M	39.24M	39.97M	41.21M	42.08M	42.88M	44.26M	46.05M
Diluted Earnings per Share	($0.51)	($0.47)	($0.31)	($0.60)	($0.74)	($0.60)	($0.65)	($0.69)	($0.51)	($0.23)	($0.34)
Weighted Average Diluted Shares Outstanding	26.08M	30.70M	33.32M	37.13M	39.24M	39.97M	41.21M	42.08M	42.88M	44.26M	46.05M
Weighted Average Basic & Diluted Shares Outstanding	26.08M	30.70M	33.32M	37.13M	39.24M	39.97M	41.80M	42.60M	43.21M	44.34M	51.90M

This table shows AxoGen's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-4.09	-3.89	-6.64	-1.92	-1.86	0.45	-3.83	0.58	0.71	-13	-20
Consolidated Net Income / (Loss)	-4.09	-3.89	-6.64	-1.92	-1.86	0.45	-3.83	0.58	0.71	-13	-20
Net Income / (Loss) Continuing Operations	-4.09	-3.89	-6.64	-1.92	-1.86	0.45	-3.83	0.58	0.71	-13	-20
Total Pre-Tax Income	-4.09	-3.89	-6.64	-1.92	-1.86	0.45	-3.83	0.58	0.71	-13	-20
Total Operating Income	-4.03	-3.19	-4.56	-0.43	-0.32	2.02	-1.66	1.67	1.91	-9.77	-2.83
Total Gross Profit	32	32	33	35	36	38	35	42	46	44	46
Total Revenue	41	43	41	48	49	49	49	57	60	60	61
Operating Revenue	41	43	41	48	49	49	49	57	60	60	61
Total Cost of Revenue	9.57	11	8.76	13	12	12	14	15	14	15	15
Operating Cost of Revenue	9.57	11	8.76	13	12	12	14	15	14	15	15
Total Operating Expenses	36	35	37	36	37	36	37	40	44	54	49
Selling, General & Admin Expense	9.87	7.93	9.96	9.42	11	8.83	9.46	9.69	11	15	13
Marketing Expense	19	20	20	20	19	20	21	24	26	27	29
Research & Development Expense	6.69	7.18	7.41	6.66	7.00	6.70	6.09	6.85	7.57	12	7.52
Total Other Income / (Expense), net	-0.06	-0.70	-2.08	-1.49	-1.54	-1.57	-2.17	-1.09	-1.20	-3.38	-17
Interest Expense	0.83	1.84	2.33	2.19	1.89	1.80	2.25	1.98	1.76	1.72	18
Interest & Investment Income	0.37	0.34	0.29	0.23	0.39	0.24	0.27	0.23	0.32	0.35	0.77
Other Income / (Expense), net	0.40	0.81	-0.04	0.47	-0.04	-	-0.20	0.66	0.23	-2.02	0.02
Basic Earnings per Share	($0.10)	($0.08)	($0.15)	($0.04)	($0.04)	-	($0.08)	$0.01	$0.02	($0.29)	($0.38)
Weighted Average Basic Shares Outstanding	43.02M	42.88M	43.23M	43.71M	43.88M	44.26M	45.20M	46.06M	46.49M	46.05M	51.59M
Diluted Earnings per Share	($0.10)	($0.08)	($0.15)	($0.04)	($0.04)	-	($0.08)	$0.01	$0.01	($0.28)	($0.38)
Weighted Average Diluted Shares Outstanding	43.02M	42.88M	43.23M	43.71M	43.88M	44.26M	45.20M	47.98M	49.09M	46.05M	51.59M
Weighted Average Basic & Diluted Shares Outstanding	43.04M	43.21M	43.70M	43.83M	44.01M	44.34M	45.54M	46.01M	46.12M	51.90M	53.18M

This table details how cash moves in and out of AxoGen's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	18	4.11	6.49	-6.21	11	14	-17	-17	15	-3.47	5.99
Net Cash From Operating Activities	-13	-11	-9.24	-18	-20	-9.63	-13	-16	-5.72	4.54	0.81
Net Cash From Continuing Operating Activities	-13	-11	-9.24	-18	-20	-9.63	-13	-16	-5.72	4.54	0.81
Net Income / (Loss) Continuing Operations	-13	-14	-10	-22	-29	-24	-27	-29	-22	-9.96	-16
Consolidated Net Income / (Loss)	-13	-14	-10	-22	-29	-24	-27	-29	-22	-9.96	-16
Depreciation Expense	0.20	0.36	0.49	0.77	0.93	1.53	2.74	2.83	4.22	6.47	6.66
Amortization Expense	0.17	0.20	0.33	0.16	1.94	2.16	2.83	2.92	2.23	2.26	2.74
Non-Cash Adjustments To Reconcile Net Income	1.90	4.95	5.34	11	10	9.58	14	13	11	14	30
Changes in Operating Assets and Liabilities, net	-1.98	-2.34	-4.95	-7.66	-3.64	0.89	-5.81	-5.95	-1.18	-8.44	-23
Net Cash From Investing Activities	-0.56	-1.16	-1.29	-98	27	-17	-24	-3.20	19	-10	-5.32
Net Cash From Continuing Investing Activities	-0.56	-1.16	-1.29	-98	27	-17	-24	-3.20	19	-10	-5.32
Purchase of Property, Plant & Equipment	-0.41	-0.93	-1.11	-6.28	-4.66	-22	-28	-20	-14	-3.10	-3.75
Acquisitions	-0.15	-0.23	-0.19	-0.32	-0.56	-0.69	-0.59	-1.18	-1.05	-1.42	-1.85
Purchase of Investments	-	-	-	-115	-121	-78	-69	-39	-10	-5.77	-14
Sale and/or Maturity of Investments	-	-	-	23	154	83	73	57	44	0.00	14
Net Cash From Financing Activities	31	16	17	110	4.03	40	20	1.79	1.95	2.29	10
Net Cash From Continuing Financing Activities	31	16	17	110	4.03	40	20	1.79	1.95	2.29	10
Repayment of Debt	-0.18	-9.93	-58	-53	0.03	-7.83	-0.02	-0.01	-0.01	-0.01	-0.03
Issuance of Common Equity	31	19	16	133	4.00	6.80	5.47	1.81	1.96	2.30	11
Cash Interest Paid	3.53	5.77	2.20	1.33	0.03	0.82	0.50	0.00	1.94	7.30	6.81

This table details how cash moves in and out of AxoGen's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	7.63	-0.07	-15	3.48	-0.53	8.89	-9.46	1.94	1.87	12	45
Net Cash From Operating Activities	1.63	-0.21	-12	4.17	3.90	8.74	-13	7.73	3.22	3.04	1.57
Net Cash From Continuing Operating Activities	1.63	-0.21	-12	4.17	3.90	8.74	-13	7.73	3.22	3.04	1.57
Net Income / (Loss) Continuing Operations	-4.09	-3.89	-6.64	-1.92	-1.86	0.45	-3.83	0.58	0.71	-13	-20
Consolidated Net Income / (Loss)	-4.09	-3.89	-6.64	-1.92	-1.86	0.45	-3.83	0.58	0.71	-13	-20
Depreciation Expense	1.15	1.56	1.52	1.66	1.65	1.64	1.73	1.66	1.64	1.63	1.60
Amortization Expense	0.48	0.52	0.60	0.63	0.54	0.50	0.37	0.39	0.42	1.56	0.59
Non-Cash Adjustments To Reconcile Net Income	2.69	0.26	3.74	5.28	2.11	3.14	2.76	4.72	4.78	18	23
Changes in Operating Assets and Liabilities, net	1.40	1.34	-11	-1.48	1.46	3.01	-14	0.39	-4.33	-4.53	-4.09
Net Cash From Investing Activities	5.99	-0.28	-3.25	-1.23	-5.00	-0.81	1.34	-6.95	-3.75	4.04	-16
Net Cash From Continuing Investing Activities	5.99	-0.28	-3.25	-1.23	-5.00	-0.81	1.34	-6.95	-3.75	4.04	-16
Purchase of Property, Plant & Equipment	-3.69	-1.46	-0.92	-0.91	-0.60	-0.67	-0.26	-0.72	-1.52	-1.25	-2.79
Acquisitions	-0.22	-0.31	-0.42	-0.32	-0.54	-0.14	-0.41	-0.39	-0.35	-0.71	-0.18
Purchase of Investments	-	-	-1.91	-0.00	-3.86	-	0.00	-7.84	-5.89	-	-19
Sale and/or Maturity of Investments	9.90	1.50	0.00	-	-	-	2.00	2.00	4.00	6.00	6.00
Net Cash From Financing Activities	0.01	0.42	0.20	0.54	0.57	0.97	2.38	1.16	2.39	4.57	60
Net Cash From Continuing Financing Activities	0.01	0.42	0.20	0.54	0.57	0.97	2.38	1.16	2.39	4.57	60
Repayment of Debt	0.01	-0.00	-0.00	-0.00	-0.00	-0.00	-0.00	-0.01	-0.00	-0.02	-69
Repurchase of Common Equity	-	-	-	-	-	-	0.00	-	-	-	-0.79
Issuance of Common Equity	-	0.42	0.21	0.55	0.57	0.97	2.38	1.16	2.40	4.59	138
Other Financing Activities, net	-	-	-	-	-	-	0.00	-	-	-	-8.88
Cash Interest Paid	0.33	1.62	1.66	2.10	1.98	1.57	1.51	2.05	1.53	1.72	0.63

This table presents AxoGen's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	37	46	59	160	155	201	208	195	197	204	222
Total Current Assets	35	44	56	151	135	145	127	98	88	99	120
Cash & Equivalents	26	30	37	24	36	49	33	15	31	28	36
Restricted Cash	-	-	-	6.00	6.00	6.84	6.25	6.25	6.00	6.00	4.00
Short-Term Investments	-	-	-	92	61	55	51	34	0.00	5.93	5.98
Accounts Receivable	4.78	8.05	11	15	17	18	18	22	25	24	26
Inventories, net	3.93	5.46	7.32	12	14	13	17	19	23	33	42
Prepaid Expenses	0.42	0.51	0.85	1.05	1.71	4.30	1.86	1.94	2.81	2.45	6.35
Plant, Property, & Equipment, net	0.97	1.49	2.20	8.04	15	38	63	79	89	85	82
Total Noncurrent Assets	0.68	0.83	0.94	1.18	4.74	18	18	18	20	20	19
Intangible Assets	0.68	0.83	0.94	1.18	1.52	2.05	2.86	3.65	4.53	5.58	6.75
Other Noncurrent Operating Assets	-	-	-	-	3.13	16	15	14	16	14	13
Total Liabilities & Shareholders' Equity	37	46	59	160	155	201	208	195	197	204	222
Total Liabilities	29	31	34	13	22	78	95	94	101	100	93
Total Current Liabilities	3.71	11	14	13	21	23	24	24	30	31	24
Accounts Payable	3.70	7.00	8.95	13	19	22	22	22	29	29	21
Other Current Liabilities	-	-	0.03	0.02	1.74	0.86	1.83	1.31	1.55	1.97	2.37
Total Noncurrent Liabilities	25	20	20	0.15	1.61	55	71	71	71	69	69
Long-Term Debt	25	20	20	0.04	0.00	32	45	46	47	47	48
Capital Lease Obligations	-	-	-	-	1.60	21	21	20	21	19	17
Other Noncurrent Operating Liabilities	-	-	0.16	0.11	0.02	2.50	5.56	4.52	2.99	2.49	4.03
Commitments & Contingencies	-	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	8.20	15	25	147	132	123	113	101	96	104	129
Total Preferred & Common Equity	8.20	15	25	147	132	123	113	101	96	104	129
Total Common Equity	8.20	15	25	147	132	123	113	101	96	104	129
Common Stock	112	133	154	298	312	327	343	361	377	395	436
Retained Earnings	-103	-118	-128	-151	-180	-204	-231	-260	-281	-291	-307

This table presents AxoGen's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	196	189	192	195	187	189	192	196	205	216	289
Total Current Assets	102	89	86	87	79	82	86	93	103	114	185
Cash & Equivalents	14	7.71	23	31	16	19	19	18	20	24	83
Restricted Cash	6.25	6.25	6.25	6.00	6.00	6.00	6.00	6.00	6.00	4.00	2.00
Short-Term Investments	39	30	11	1.49	1.92	1.94	5.87	3.97	9.89	12	19
Accounts Receivable	21	22	22	23	24	25	25	26	28	31	28
Inventories, net	19	20	21	23	28	28	29	36	37	41	46
Prepaid Expenses	2.61	2.45	2.58	2.57	3.18	1.96	1.73	3.20	2.69	3.31	6.72
Plant, Property, & Equipment, net	75	83	87	89	88	87	86	83	82	82	83
Total Noncurrent Assets	18	18	18	18	20	20	20	20	20	20	22
Intangible Assets	3.45	3.86	4.05	4.29	4.77	4.97	5.22	5.88	6.12	6.43	7.27
Other Noncurrent Operating Assets	15	14	14	14	15	15	15	14	14	13	14
Total Liabilities & Shareholders' Equity	196	189	192	195	187	189	192	196	205	216	289
Total Liabilities	94	92	94	97	93	93	93	91	93	96	45
Total Current Liabilities	24	21	24	27	23	23	23	22	25	28	26
Accounts Payable	22	20	23	26	21	22	21	20	23	26	24
Other Current Liabilities	1.53	1.05	1.04	1.10	1.64	1.75	1.86	2.09	2.21	2.34	2.12
Total Noncurrent Liabilities	71	71	71	70	70	70	70	69	68	68	19
Long-Term Debt	45	46	46	46	47	47	47	48	48	48	0.00
Capital Lease Obligations	-	-	-	-	21	20	20	19	18	17	19
Other Noncurrent Operating Liabilities	25	25	24	24	2.92	2.55	2.54	2.70	2.22	2.01	0.14
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	101	98	97	98	93	96	99	105	112	121	245
Total Preferred & Common Equity	101	98	97	98	93	96	99	105	112	121	245
Total Common Equity	101	98	97	98	93	96	99	105	112	121	245
Common Stock	356	364	370	375	381	386	391	400	407	415	571
Retained Earnings	-254	-267	-273	-277	-288	-290	-292	-295	-295	-294	-327

This table displays calculated financial ratios and metrics derived from AxoGen's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	29,885,688.00	32,898,115.00	33,456,091.00	38,672,871.00	39,468,518.00	40,126,253.00	41,562,559.00	-	-	-	46,122,289.00
DEI Adjusted Shares Outstanding	29,885,688.00	32,898,115.00	33,456,091.00	38,672,871.00	39,468,518.00	40,126,253.00	41,562,559.00	-	-	-	46,122,289.00
DEI Earnings Per Adjusted Shares Outstanding	-0.45	-0.44	-0.31	-0.58	-0.74	-0.59	-0.65	-	-	-	-0.34
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	62.52%	50.41%	46.99%	38.91%	27.13%	5.24%	13.41%	8.81%	14.74%	17.81%	20.21%
EBITDA Growth	5.71%	14.39%	5.52%	-173.34%	-45.86%	31.27%	-2.57%	-14.88%	39.85%	141.88%	-96.06%
EBIT Growth	5.69%	11.80%	2.06%	-157.18%	-53.25%	25.82%	-10.22%	-12.33%	29.51%	85.77%	-216.28%
NOPAT Growth	5.45%	12.27%	2.20%	-157.83%	-53.20%	26.19%	-9.64%	-16.88%	27.75%	84.68%	-138.79%
Net Income Growth	24.58%	-7.90%	27.52%	-114.43%	-30.08%	18.36%	-13.45%	-7.27%	24.98%	54.12%	-57.60%
EPS Growth	48.48%	7.84%	34.04%	-93.55%	-23.33%	18.92%	-8.33%	-6.15%	26.09%	54.90%	-47.83%
Operating Cash Flow Growth	-24.89%	13.90%	17.79%	-93.35%	-11.25%	51.56%	-39.26%	-19.85%	64.42%	179.34%	-82.09%
Free Cash Flow Firm Growth	-17.85%	8.35%	-20.77%	-167.26%	-12.56%	-74.52%	19.61%	-11.53%	34.88%	75.93%	-224.81%
Invested Capital Growth	44.65%	31.92%	43.41%	84.87%	27.82%	108.85%	34.62%	27.60%	12.77%	3.76%	13.29%
Revenue Q/Q Growth	12.40%	9.60%	10.14%	8.34%	4.64%	4.01%	-0.75%	3.45%	4.44%	3.58%	4.89%
EBITDA Q/Q Growth	0.66%	-0.18%	12.43%	-26.70%	-3.73%	11.30%	1.73%	-2.90%	22.97%	326.24%	-98.23%
EBIT Q/Q Growth	0.53%	-0.80%	10.18%	-24.79%	-5.42%	7.98%	0.29%	-1.70%	14.55%	60.29%	-297.69%
NOPAT Q/Q Growth	0.61%	-0.84%	10.30%	-24.61%	-5.24%	8.11%	0.08%	-0.87%	10.11%	61.32%	-299.21%
Net Income Q/Q Growth	17.74%	-16.26%	23.05%	-13.88%	-6.62%	4.14%	2.61%	-0.45%	6.55%	30.36%	-648.83%
EPS Q/Q Growth	32.00%	-17.50%	24.39%	-9.09%	-7.25%	4.76%	2.99%	-1.47%	10.53%	25.81%	-466.67%
Operating Cash Flow Q/Q Growth	-16.31%	19.98%	4.21%	-28.18%	7.65%	39.05%	-48.06%	15.18%	-37.97%	202.81%	-87.53%
Free Cash Flow Firm Q/Q Growth	-20.77%	19.49%	-6.33%	-17.24%	6.63%	4.88%	-210.56%	-0.71%	15.57%	80.52%	-188.37%
Invested Capital Q/Q Growth	18.42%	-8.70%	2.57%	5.42%	-5.68%	-4.44%	38.39%	27.98%	19.68%	-3.49%	1.35%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	82.26%	84.27%	84.59%	84.60%	83.74%	80.78%	81.99%	78.51%	76.64%	75.79%	74.31%
EBITDA Margin	-32.43%	-18.46%	-11.86%	-23.35%	-26.78%	-17.49%	-15.82%	-16.70%	-8.76%	3.11%	0.10%
Operating Margin	-33.91%	-19.78%	-13.16%	-24.42%	-29.43%	-20.64%	-19.96%	-21.44%	-13.50%	-1.75%	-3.49%
EBIT Margin	-33.81%	-19.83%	-13.21%	-24.46%	-29.48%	-20.78%	-20.20%	-20.85%	-12.81%	-1.55%	-4.07%
Profit (Net Income) Margin	-48.87%	-35.06%	-17.29%	-26.68%	-27.30%	-21.18%	-21.19%	-20.89%	-13.66%	-5.32%	-6.97%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	99.66%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	144.55%	176.82%	130.86%	109.10%	92.61%	101.92%	105.27%	100.19%	106.62%	343.70%	171.26%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-109.77%	-70.23%	-49.61%	-76.21%	-78.97%	-33.64%	-23.25%	-20.80%	-12.60%	-1.79%	-3.93%
ROIC Less NNEP Spread (ROIC-NNEP)	-202.18%	182.14%	5.63%	-64.24%	-72.57%	-24.12%	-0.99%	98.73%	-44.63%	-28.23%	-47.40%
Return on Net Nonoperating Assets (RNNOA)	985.58%	-54.45%	-2.48%	50.19%	58.09%	15.01%	0.35%	-6.31%	-9.48%	-8.20%	-9.56%
Return on Equity (ROE)	875.81%	-124.68%	-52.09%	-26.02%	-20.88%	-18.63%	-22.90%	-27.11%	-22.08%	-9.99%	-13.49%
Cash Return on Invested Capital (CROIC)	-146.27%	-97.76%	-85.28%	-135.79%	-103.39%	-104.13%	-52.76%	-45.06%	-24.60%	-5.48%	-16.39%
Operating Return on Assets (OROA)	-34.80%	-19.62%	-15.17%	-18.74%	-19.99%	-13.11%	-12.57%	-14.32%	-10.39%	-1.45%	-4.31%
Return on Assets (ROA)	-50.31%	-34.70%	-19.85%	-20.45%	-18.51%	-13.36%	-13.18%	-14.35%	-11.07%	-4.98%	-7.38%
Return on Common Equity (ROCE)	875.81%	-124.68%	-52.09%	-26.02%	-20.88%	-18.63%	-22.90%	-27.11%	-22.08%	-9.99%	-13.49%
Return on Equity Simple (ROE_SIMPLE)	-162.97%	-96.58%	-41.48%	-15.24%	-22.05%	-19.31%	-23.98%	-28.66%	-22.70%	-9.59%	0.00%
Net Operating Profit after Tax (NOPAT)	-6.49	-5.69	-5.57	-14	-22	-16	-18	-21	-15	-2.30	-5.49
NOPAT Margin	-23.73%	-13.84%	-9.21%	-17.10%	-20.60%	-14.45%	-13.97%	-15.01%	-9.45%	-1.23%	-2.44%
Net Nonoperating Expense Percent (NNEP)	92.41%	-252.37%	-55.24%	-11.97%	-6.40%	-9.52%	-22.25%	-119.54%	32.03%	26.45%	43.47%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-12.44%	-9.19%	-1.35%	-2.83%
Cost of Revenue to Revenue	17.74%	15.73%	15.41%	15.40%	16.26%	19.22%	18.01%	21.49%	23.36%	24.21%	25.69%
SG&A Expenses to Revenue	30.82%	24.65%	24.38%	27.55%	29.34%	23.50%	25.39%	29.52%	24.16%	20.84%	19.79%
R&D to Revenue	11.84%	10.25%	11.09%	14.03%	16.41%	15.89%	18.98%	18.49%	17.19%	14.82%	14.60%
Operating Expenses to Revenue	116.17%	104.05%	97.75%	109.03%	113.17%	101.43%	101.95%	99.95%	90.14%	77.54%	77.80%
Earnings before Interest and Taxes (EBIT)	-9.24	-8.15	-7.98	-21	-31	-23	-26	-29	-20	-2.90	-9.17
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-8.86	-7.59	-7.17	-20	-29	-20	-20	-23	-14	5.83	0.23
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	18.23	19.84	37.60	5.38	5.34	5.83	3.46	4.18	3.07	6.98	11.72
Price to Tangible Book Value (P/TBV)	19.88	21.01	39.05	5.42	5.40	5.93	3.55	4.34	3.23	7.38	12.36
Price to Revenue (P/Rev)	5.47	7.20	15.67	9.41	6.62	6.40	3.06	3.05	1.85	3.87	6.70
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	21.21	31.50	70.71	27.31	19.37	10.12	4.15	3.86	2.57	5.74	10.29
Enterprise Value to Revenue (EV/Rev)	5.42	7.06	15.47	7.95	5.67	5.88	2.86	3.13	2.04	4.02	6.79
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	129.05	6,649.18
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	165.93	1,883.39
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	3.01	1.63	0.97	0.00	0.01	0.43	0.58	0.65	0.71	0.64	0.51
Long-Term Debt to Equity	3.01	1.36	0.79	0.00	0.01	0.43	0.58	0.65	0.71	0.64	0.51
Financial Leverage	-4.87	-0.30	-0.44	-0.78	-0.80	-0.62	-0.35	-0.06	0.21	0.29	0.20
Leverage Ratio	-17.41	3.59	2.62	1.27	1.13	1.39	1.74	1.89	1.99	2.01	1.83
Compound Leverage Factor	-25.17	6.35	3.43	1.39	1.04	1.42	1.83	1.89	2.13	6.90	3.13
Debt to Total Capital	75.09%	61.97%	49.36%	0.04%	1.19%	30.05%	36.83%	39.56%	41.46%	39.10%	33.62%
Short-Term Debt to Total Capital	0.00%	10.31%	9.52%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	75.09%	51.66%	39.84%	0.02%	1.19%	30.05%	36.83%	39.56%	41.46%	39.10%	33.62%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	24.91%	38.03%	50.64%	99.96%	98.81%	69.95%	63.17%	60.44%	58.54%	60.90%	66.38%
Debt to EBITDA	-2.79	-3.20	-3.42	0.00	-0.06	-2.69	-3.26	-2.86	-4.87	11.44	283.73
Net Debt to EBITDA	0.14	0.75	1.67	6.25	3.53	2.95	1.23	-0.48	-2.21	4.67	85.78
Long-Term Debt to EBITDA	-2.79	-2.67	-2.76	0.00	-0.06	-2.69	-3.26	-2.86	-4.87	11.44	283.73
Debt to NOPAT	-3.81	-4.27	-4.41	0.00	-0.07	-3.26	-3.69	-3.18	-4.51	-29.00	-11.88
Net Debt to NOPAT	0.19	1.00	2.15	8.54	4.59	3.57	1.39	-0.53	-2.04	-11.84	-3.59
Long-Term Debt to NOPAT	-3.81	-3.56	-3.56	0.00	-0.07	-3.26	-3.69	-3.18	-4.51	-29.00	-11.88
Altman Z-Score	0.14	3.25	15.24	35.75	18.11	5.00	1.69	1.50	0.56	3.63	9.22
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	9.45	3.97	4.06	11.57	6.47	6.36	5.23	4.13	2.89	3.24	5.11
Quick Ratio	8.27	3.44	3.47	10.11	5.43	5.33	4.21	2.99	1.85	1.88	2.87
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-8.64	-7.92	-9.57	-26	-29	-50	-40	-45	-29	-7.06	-23
Operating Cash Flow to CapEx	-3,192.86%	-1,206.98%	-836.02%	-284.34%	-426.07%	-43.94%	-48.20%	-80.02%	-41.21%	146.24%	21.68%
Free Cash Flow to Firm to Interest Expense	-2.10	-1.27	-3.88	-7.53	-719.56	-47.66	-29.78	-72.18	-10.35	-0.86	-2.98
Operating Cash Flow to Interest Expense	-3.17	-1.79	-3.75	-5.26	-496.80	-9.13	-9.89	-25.75	-2.02	0.55	0.11
Operating Cash Flow Less CapEx to Interest Expense	-3.27	-1.94	-4.20	-7.11	-613.40	-29.92	-30.40	-57.92	-6.91	0.17	-0.38
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.03	0.99	1.15	0.77	0.68	0.63	0.62	0.69	0.81	0.94	1.06
Accounts Receivable Turnover	7.14	6.41	6.32	6.36	6.61	6.50	7.12	6.87	6.72	7.61	8.96
Inventory Turnover	1.36	1.38	1.46	1.34	1.34	1.64	1.57	1.67	1.77	1.61	1.53
Fixed Asset Turnover	34.38	33.35	32.74	16.40	9.31	4.22	2.51	1.95	1.89	2.16	2.71
Accounts Payable Turnover	1.58	1.21	1.17	1.18	1.08	1.05	1.03	1.33	1.45	1.58	2.32
Days Sales Outstanding (DSO)	51.12	56.98	57.74	57.37	55.18	56.17	51.27	53.13	54.32	47.98	40.74
Days Inventory Outstanding (DIO)	269.04	265.07	250.39	272.53	271.85	223.17	232.57	218.19	206.00	226.12	238.34
Days Payable Outstanding (DPO)	230.60	301.88	312.71	309.98	338.11	347.66	353.58	275.22	252.19	231.44	157.17
Cash Conversion Cycle (CCC)	89.56	20.17	-4.58	19.92	-11.08	-68.33	-69.75	-3.90	8.13	42.67	121.91
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	6.99	9.22	13	24	31	65	88	112	126	131	149
Invested Capital Turnover	4.63	5.07	5.39	4.46	3.83	2.33	1.66	1.39	1.33	1.45	1.61
Increase / (Decrease) in Invested Capital	2.16	2.23	4.00	11	6.80	34	23	24	14	4.76	17
Enterprise Value (EV)	148	290	935	668	605	660	365	433	325	752	1,529
Market Capitalization	149	296	947	790	706	718	389	422	294	725	1,510
Book Value per Share	$0.27	$0.45	$0.75	$3.80	$3.35	$3.07	$2.71	$2.39	$2.22	$2.36	$2.79
Tangible Book Value per Share	$0.25	$0.43	$0.72	$3.77	$3.31	$3.02	$2.64	$2.30	$2.12	$2.23	$2.65
Total Capital	33	39	50	147	134	176	178	167	163	171	194
Total Debt	25	24	25	0.06	1.60	53	66	66	68	67	65
Total Long-Term Debt	25	20	20	0.04	1.60	53	66	66	68	67	65
Net Debt	-1.21	-5.70	-12	-123	-101	-58	-25	11	31	27	20
Capital Expenditures (CapEx)	0.41	0.93	1.11	6.28	4.66	22	28	20	14	3.10	3.75
Debt-free, Cash-free Net Working Capital (DFCFNWC)	5.43	6.99	10	15	12	12	12	19	21	29	51
Debt-free Net Working Capital (DFNWC)	31	37	47	138	114	122	103	74	58	69	97
Net Working Capital (NWC)	31	33	42	138	114	122	103	74	58	69	97
Net Nonoperating Expense (NNE)	6.87	8.72	4.88	8.05	7.15	7.56	9.19	8.15	6.69	7.66	10
Net Nonoperating Obligations (NNO)	-1.21	-5.70	-12	-123	-101	-58	-25	11	31	27	20
Total Depreciation and Amortization (D&A)	0.38	0.56	0.81	0.93	2.88	3.69	5.57	5.74	6.44	8.73	9.40
Debt-free, Cash-free Net Working Capital to Revenue	19.88%	17.00%	16.96%	18.27%	10.90%	10.34%	9.75%	13.91%	12.92%	15.55%	22.80%
Debt-free Net Working Capital to Revenue	114.68%	90.01%	77.38%	164.33%	106.96%	109.01%	80.68%	53.63%	36.21%	36.62%	43.01%
Net Working Capital to Revenue	114.68%	80.17%	69.54%	164.30%	106.96%	109.01%	80.68%	53.63%	36.21%	36.62%	43.01%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.51)	($0.47)	($0.31)	($0.60)	($0.74)	($0.60)	($0.65)	($0.69)	($0.51)	($0.23)	($0.34)
Adjusted Weighted Average Basic Shares Outstanding	29.98M	33.01M	34.50M	38.95M	39.73M	40.74M	41.22M	42.08M	42.88M	44.26M	46.05M
Adjusted Diluted Earnings per Share	($0.51)	($0.47)	($0.31)	($0.60)	($0.74)	($0.60)	($0.65)	($0.69)	($0.51)	($0.23)	($0.34)
Adjusted Weighted Average Diluted Shares Outstanding	29.98M	33.01M	34.50M	38.95M	39.73M	40.74M	41.22M	42.08M	42.88M	44.26M	46.05M
Adjusted Basic & Diluted Earnings per Share	($0.51)	($0.47)	($0.31)	($0.60)	($0.74)	($0.60)	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	26.08M	30.70M	33.32M	37.13M	39.24M	39.97M	41.80M	42.60M	43.21M	44.34M	51.90M
Normalized Net Operating Profit after Tax (NOPAT)	-6.49	-5.69	-5.57	-14	-22	-16	-18	-21	-15	-2.30	-5.49
Normalized NOPAT Margin	-23.73%	-13.84%	-9.21%	-17.10%	-20.60%	-14.45%	-13.97%	-15.01%	-9.45%	-1.23%	-2.44%
Pre Tax Income Margin	-48.87%	-35.06%	-17.29%	-26.68%	-27.30%	-21.18%	-21.26%	-20.89%	-13.66%	-5.32%	-6.97%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-2.24	-1.30	-3.24	-6.05	-786.48	-22.14	-18.97	-46.30	-7.18	-0.35	-1.19
NOPAT to Interest Expense	-1.58	-0.91	-2.26	-4.23	-549.61	-15.40	-13.12	-33.33	-5.30	-0.28	-0.71
EBIT Less CapEx to Interest Expense	-2.34	-1.45	-3.69	-7.90	-903.08	-42.92	-39.48	-78.48	-12.08	-0.73	-1.68
NOPAT Less CapEx to Interest Expense	-1.68	-1.06	-2.71	-6.08	-666.21	-36.18	-33.63	-65.50	-10.19	-0.66	-1.20
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	-0.69%	-2.18%	-1.15%	0.00%	-2.70%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from AxoGen's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	44,343,785.00	45,544,044.00	46,012,574.00	46,122,289.00	51,897,682.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	44,343,785.00	45,544,044.00	46,012,574.00	46,122,289.00	51,897,682.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-0.09	0.01	0.02	-0.29	-0.38
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	11.67%	18.69%	12.86%	25.57%	17.86%	15.10%	17.36%	18.26%	23.51%	21.25%	26.56%
EBITDA Growth	32.17%	93.11%	59.59%	142.35%	192.09%	1,453.75%	109.91%	88.57%	128.93%	-306.91%	-350.41%
EBIT Growth	18.32%	59.24%	39.50%	100.55%	90.33%	184.57%	59.67%	6,200.00%	711.40%	-684.53%	-51.35%
NOPAT Growth	17.10%	43.05%	37.88%	93.80%	92.15%	190.21%	63.57%	658.08%	964.38%	-439.14%	-70.50%
Net Income Growth	5.30%	28.11%	6.21%	71.16%	54.56%	111.56%	42.22%	130.14%	138.11%	-3,023.56%	-410.80%
EPS Growth	0.00%	42.86%	11.76%	75.00%	60.00%	0.00%	46.67%	125.00%	125.00%	0.00%	-375.00%
Operating Cash Flow Growth	335.99%	-115.49%	-65.24%	1,326.37%	139.91%	4,239.81%	-7.44%	85.59%	-17.38%	-65.22%	111.88%
Free Cash Flow Firm Growth	24.21%	41.27%	-39.86%	-36.15%	-46.35%	83.43%	80.96%	85.63%	71.16%	-785.60%	-131.99%
Invested Capital Growth	20.59%	12.77%	37.96%	32.49%	28.68%	3.76%	4.83%	4.79%	7.88%	13.29%	11.20%
Revenue Q/Q Growth	8.17%	4.00%	-3.60%	15.79%	1.53%	1.56%	-1.71%	16.68%	6.04%	-0.30%	2.59%
EBITDA Q/Q Growth	63.53%	84.63%	-708.79%	193.40%	-20.70%	125.99%	-94.08%	1,677.64%	-3.73%	-304.25%	92.84%
EBIT Q/Q Growth	46.21%	34.28%	-92.96%	100.80%	-1,048.65%	674.64%	-192.02%	225.59%	-7.94%	-649.39%	76.17%
NOPAT Q/Q Growth	41.68%	20.65%	-42.77%	90.61%	26.17%	1,011.84%	-157.65%	243.80%	14.35%	-457.76%	71.02%
Net Income Q/Q Growth	38.60%	4.79%	-70.43%	71.05%	3.28%	124.22%	-952.00%	115.10%	22.28%	-1,958.19%	-48.86%
EPS Q/Q Growth	37.50%	20.00%	-87.50%	73.33%	0.00%	0.00%	0.00%	112.50%	0.00%	-2,900.00%	-35.71%
Operating Cash Flow Q/Q Growth	456.85%	-112.98%	-5,713.27%	133.96%	-6.34%	123.92%	-250.88%	158.65%	-58.31%	-5.74%	-48.49%
Free Cash Flow Firm Q/Q Growth	15.56%	20.63%	-147.19%	17.82%	9.23%	91.01%	-184.08%	38.00%	-82.21%	-175.94%	25.58%
Invested Capital Q/Q Growth	3.00%	19.68%	8.42%	-0.87%	0.04%	-3.49%	9.54%	-0.92%	2.99%	1.35%	7.51%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	76.82%	74.60%	78.83%	73.77%	74.91%	76.05%	71.94%	74.16%	76.55%	74.13%	75.16%
EBITDA Margin	-4.84%	-0.72%	-6.00%	4.84%	3.78%	8.41%	0.51%	7.72%	7.01%	-14.35%	-1.00%
Operating Margin	-9.75%	-7.44%	-11.02%	-0.89%	-0.65%	4.08%	-3.42%	2.95%	3.18%	-16.31%	-4.61%
EBIT Margin	-8.79%	-5.56%	-11.12%	0.08%	-0.72%	4.08%	-3.82%	4.11%	3.57%	-19.68%	-4.57%
Profit (Net Income) Margin	-9.91%	-9.07%	-16.04%	-4.01%	-3.82%	0.91%	-7.90%	1.02%	1.18%	-21.96%	-31.87%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	112.68%	163.23%	144.18%	-5,191.89%	529.34%	22.31%	206.57%	24.84%	32.99%	111.59%	697.19%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-10.76%	-6.95%	-10.69%	-0.91%	-0.68%	5.94%	-3.32%	4.31%	4.84%	-18.39%	-5.06%
ROIC Less NNEP Spread (ROIC-NNEP)	31.02%	-14.88%	-25.76%	-8.03%	-8.08%	0.53%	-9.82%	1.20%	0.97%	-45.28%	70.18%
Return on Net Nonoperating Assets (RNNOA)	-0.95%	-3.16%	-6.17%	-1.90%	-1.81%	0.15%	-4.06%	0.40%	0.27%	-9.14%	-9.38%
Return on Equity (ROE)	-11.71%	-10.11%	-16.86%	-2.81%	-2.49%	6.09%	-7.38%	4.72%	5.11%	-27.52%	-14.44%
Cash Return on Invested Capital (CROIC)	-35.97%	-24.60%	-42.97%	-35.12%	-30.01%	-5.48%	-4.91%	-3.81%	-5.63%	-16.39%	-14.76%
Operating Return on Assets (OROA)	-6.86%	-4.51%	-9.69%	0.07%	-0.68%	3.82%	-3.89%	4.24%	3.76%	-20.84%	-4.48%
Return on Assets (ROA)	-7.73%	-7.35%	-13.97%	-3.66%	-3.57%	0.85%	-8.03%	1.05%	1.24%	-23.25%	-31.25%
Return on Common Equity (ROCE)	-11.71%	-10.11%	-16.86%	-2.81%	-2.49%	6.09%	-7.38%	4.72%	5.11%	-27.52%	-14.44%
Return on Equity Simple (ROE_SIMPLE)	-23.76%	0.00%	-22.84%	-17.28%	-14.39%	0.00%	-6.80%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-2.82	-2.24	-3.19	-0.30	-0.22	2.02	-1.16	1.67	1.91	-6.84	-1.98
NOPAT Margin	-6.83%	-5.21%	-7.71%	-0.63%	-0.45%	4.08%	-2.39%	2.95%	3.18%	-11.42%	-3.23%
Net Nonoperating Expense Percent (NNEP)	-41.78%	7.93%	15.07%	7.12%	7.40%	5.41%	6.50%	3.11%	3.87%	26.90%	-75.24%
Return On Investment Capital (ROIC_SIMPLE)	-	-1.37%	-	-	-	1.18%	-0.68%	0.94%	1.03%	-3.52%	-0.75%
Cost of Revenue to Revenue	23.18%	25.40%	21.17%	26.23%	25.09%	23.95%	28.06%	25.84%	23.45%	25.87%	24.84%
SG&A Expenses to Revenue	23.92%	18.48%	24.06%	19.65%	22.27%	17.87%	19.48%	17.10%	18.04%	24.36%	20.94%
R&D to Revenue	16.22%	16.72%	17.91%	13.90%	14.38%	13.57%	12.54%	12.09%	12.59%	20.66%	12.23%
Operating Expenses to Revenue	86.57%	82.04%	89.85%	74.66%	75.56%	71.97%	75.36%	71.20%	73.37%	90.45%	79.76%
Earnings before Interest and Taxes (EBIT)	-3.63	-2.39	-4.60	0.04	-0.35	2.02	-1.86	2.33	2.15	-12	-2.81
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-2.00	-0.31	-2.48	2.32	1.84	4.16	0.25	4.37	4.21	-8.60	-0.62
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.20	3.07	3.74	3.31	6.18	6.98	7.79	4.40	6.80	11.72	7.02
Price to Tangible Book Value (P/TBV)	2.30	3.23	3.94	3.49	6.52	7.38	8.25	4.65	7.18	12.36	7.24
Price to Revenue (P/Rev)	1.41	1.85	2.13	1.82	3.40	3.87	4.22	2.43	3.82	6.70	7.22
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	2.11	2.57	2.86	2.63	4.79	5.74	5.98	3.68	5.78	10.29	10.23
Enterprise Value to Revenue (EV/Rev)	1.46	2.04	2.40	2.06	3.60	4.02	4.41	2.58	3.94	6.79	6.86
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	475.86	129.05	100.31	49.39	65.20	6,649.18	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	244.84	182.55	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	437.42	306.98	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	165.93	237.06	72.94	130.07	1,883.39	105.06
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.47	0.71	0.72	0.70	0.67	0.64	0.63	0.59	0.54	0.51	0.08
Long-Term Debt to Equity	0.47	0.71	0.72	0.70	0.67	0.64	0.63	0.59	0.54	0.51	0.08
Financial Leverage	-0.03	0.21	0.24	0.24	0.22	0.29	0.41	0.34	0.28	0.20	-0.13
Leverage Ratio	1.96	1.99	1.97	1.97	1.96	2.01	1.93	1.90	1.85	1.83	1.39
Compound Leverage Factor	2.21	3.26	2.84	-102.46	10.38	0.45	3.98	0.47	0.61	2.04	9.67
Debt to Total Capital	32.17%	41.46%	42.02%	41.28%	40.26%	39.10%	38.64%	37.01%	35.18%	33.62%	7.04%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	32.17%	41.46%	42.02%	41.28%	40.26%	39.10%	38.64%	37.01%	35.18%	33.62%	7.04%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	67.84%	58.54%	57.98%	58.72%	59.74%	60.90%	61.36%	62.99%	64.82%	66.38%	92.96%
Debt to EBITDA	-2.57	-4.87	-6.58	-27.26	48.98	11.44	7.75	6.22	5.05	283.73	-29.31
Net Debt to EBITDA	-0.43	-2.21	-4.27	-16.27	26.66	4.67	4.47	2.83	1.99	85.78	134.61
Long-Term Debt to EBITDA	-2.57	-4.87	-6.58	-27.26	48.98	11.44	7.75	6.22	5.05	283.73	-29.31
Debt to NOPAT	-2.77	-4.51	-5.16	-7.87	-11.26	-29.00	-244.32	55.06	23.78	-11.88	-2.93
Net Debt to NOPAT	-0.47	-2.04	-3.36	-4.70	-6.13	-11.84	-140.97	25.08	9.35	-3.59	13.47
Long-Term Debt to NOPAT	-2.77	-4.51	-5.16	-7.87	-11.26	-29.00	-244.32	55.06	23.78	-11.88	-2.93
Altman Z-Score	0.43	0.86	1.23	1.18	3.19	3.71	4.71	2.66	4.76	9.18	22.96
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.28	2.89	3.43	3.51	3.74	3.24	4.28	4.14	4.09	5.11	7.10
Quick Ratio	2.10	1.85	1.82	1.98	2.13	1.88	2.22	2.32	2.38	2.87	4.99
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-21	-17	-41	-34	-31	-2.74	-7.79	-4.83	-8.80	-24	-18
Operating Cash Flow to CapEx	44.07%	-14.42%	-1,327.49%	457.69%	653.43%	1,303.73%	-5,148.05%	1,070.64%	212.04%	243.62%	56.11%
Free Cash Flow to Firm to Interest Expense	-25.21	-8.97	-17.58	-15.38	-16.12	-1.52	-3.46	-2.44	-5.01	-14.13	-1.03
Operating Cash Flow to Interest Expense	1.97	-0.11	-5.27	1.91	2.06	4.85	-5.86	3.91	1.83	1.77	0.09
Operating Cash Flow Less CapEx to Interest Expense	-2.50	-0.91	-5.67	1.49	1.75	4.48	-5.97	3.54	0.97	1.04	-0.07
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.78	0.81	0.87	0.91	0.94	0.94	1.02	1.03	1.05	1.06	0.98
Accounts Receivable Turnover	6.82	6.72	7.04	7.43	7.55	7.61	7.70	7.64	7.75	8.96	8.72
Inventory Turnover	1.54	1.77	1.34	1.45	1.47	1.61	1.59	1.61	1.55	1.53	1.46
Fixed Asset Turnover	1.86	1.89	1.92	1.99	2.07	2.16	2.27	2.40	2.56	2.71	2.86
Accounts Payable Turnover	1.36	1.45	1.53	1.61	1.64	1.58	2.45	2.35	2.31	2.32	2.73
Days Sales Outstanding (DSO)	53.49	54.32	51.82	49.15	48.33	47.98	47.39	47.75	47.09	40.74	41.86
Days Inventory Outstanding (DIO)	237.46	206.00	273.17	251.16	248.78	226.12	229.41	226.05	235.56	238.34	250.24
Days Payable Outstanding (DPO)	268.07	252.19	238.60	227.22	221.92	231.44	148.77	155.03	157.78	157.17	133.61
Cash Conversion Cycle (CCC)	22.88	8.13	86.39	73.10	75.18	42.67	128.02	118.77	124.87	121.91	158.49
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	106	126	137	136	136	131	144	142	147	149	160
Invested Capital Turnover	1.58	1.33	1.39	1.46	1.50	1.45	1.39	1.46	1.52	1.61	1.57
Increase / (Decrease) in Invested Capital	18	14	38	33	30	4.76	6.62	6.50	11	17	16
Enterprise Value (EV)	223	325	393	357	651	752	859	524	847	1,529	1,634
Market Capitalization	215	294	349	316	614	725	820	494	821	1,510	1,719
Book Value per Share	$2.28	$2.22	$2.16	$2.19	$2.27	$2.36	$2.38	$2.47	$2.63	$2.79	$4.72
Tangible Book Value per Share	$2.18	$2.12	$2.05	$2.08	$2.15	$2.23	$2.24	$2.33	$2.49	$2.65	$4.58
Total Capital	144	163	161	163	166	171	172	178	186	194	263
Total Debt	46	68	68	67	67	67	66	66	66	65	19
Total Long-Term Debt	46	68	68	67	67	67	66	66	66	65	19
Net Debt	7.79	31	44	40	36	27	38	30	26	20	-85
Capital Expenditures (CapEx)	3.69	1.46	0.92	0.91	0.60	0.67	0.26	0.72	1.52	1.25	2.79
Debt-free, Cash-free Net Working Capital (DFCFNWC)	22	21	32	32	33	29	43	43	47	51	55
Debt-free Net Working Capital (DFNWC)	61	58	56	59	63	69	71	78	86	97	159
Net Working Capital (NWC)	61	58	56	59	63	69	71	78	86	97	159
Net Nonoperating Expense (NNE)	1.27	1.66	3.44	1.62	1.64	1.57	2.67	1.09	1.20	6.32	18
Net Nonoperating Obligations (NNO)	7.79	31	44	40	36	27	38	30	26	20	-85
Total Depreciation and Amortization (D&A)	1.63	2.08	2.12	2.28	2.19	2.14	2.10	2.04	2.06	3.19	2.19
Debt-free, Cash-free Net Working Capital to Revenue	14.58%	12.92%	19.60%	18.28%	18.07%	15.55%	22.24%	20.92%	21.73%	22.80%	23.14%
Debt-free Net Working Capital to Revenue	39.93%	36.21%	34.04%	33.92%	34.96%	36.62%	36.67%	38.59%	40.26%	43.01%	66.65%
Net Working Capital to Revenue	39.93%	36.21%	34.04%	33.92%	34.96%	36.62%	36.67%	38.59%	40.26%	43.01%	66.65%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.10)	($0.08)	($0.15)	($0.04)	($0.04)	$0.00	($0.08)	$0.01	$0.02	($0.29)	($0.38)
Adjusted Weighted Average Basic Shares Outstanding	43.02M	42.88M	43.23M	43.71M	43.88M	44.26M	45.20M	46.06M	46.49M	46.05M	51.59M
Adjusted Diluted Earnings per Share	($0.10)	($0.08)	($0.15)	($0.04)	($0.04)	$0.00	($0.08)	$0.01	$0.01	($0.28)	($0.38)
Adjusted Weighted Average Diluted Shares Outstanding	43.02M	42.88M	43.23M	43.71M	43.88M	44.26M	45.20M	47.98M	49.09M	46.05M	51.59M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	43.04M	43.21M	43.70M	43.83M	44.01M	44.34M	45.54M	46.01M	46.12M	51.90M	53.18M
Normalized Net Operating Profit after Tax (NOPAT)	-2.82	-2.24	-3.19	-0.30	-0.22	1.41	-1.16	1.17	1.34	-6.84	-1.98
Normalized NOPAT Margin	-6.83%	-5.21%	-7.71%	-0.63%	-0.45%	2.86%	-2.39%	2.07%	2.23%	-11.42%	-3.23%
Pre Tax Income Margin	-9.91%	-9.07%	-16.04%	-4.01%	-3.82%	0.91%	-7.90%	1.02%	1.18%	-21.96%	-31.87%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-4.39	-1.29	-1.98	0.02	-0.19	1.12	-0.82	1.18	1.22	-6.86	-0.16
NOPAT to Interest Expense	-3.41	-1.21	-1.37	-0.14	-0.12	1.12	-0.52	0.85	1.09	-3.98	-0.11
EBIT Less CapEx to Interest Expense	-8.85	-2.09	-2.38	-0.40	-0.50	0.75	-0.94	0.81	0.36	-7.59	-0.32
NOPAT Less CapEx to Interest Expense	-7.87	-2.01	-1.77	-0.55	-0.43	0.75	-0.63	0.48	0.22	-4.71	-0.27
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

AxoGen, Inc. (AXGN) shows revenue growth in 2025 versus 2024 and some improvement in cash generation, but profitability remains challenging and the company carries a meaningful debt load and a large accumulated deficit. Below are the most notable trends from the quarterly financial statements available for the last four years.

Seasonal revenue growth in 2025 vs 2024: Q3 2025 operating revenue is $60.082 million (versus $48.640 million in Q3 2024), and Q4 2025 operating revenue is $59.904 million (versus $49.404 million in Q4 2024), illustrating solid year‑over‑year top‑line growth.
Strong gross margins in the latest quarter: Q4 2025 gross profit is $44.409 million on $59.904 million of revenue (about 74% gross margin), indicating a healthy gross profitability base despite ongoing operating expenses.
Positive net cash from continuing operating activities in 2025 after earlier losses: Net cash from continuing operating activities turned positive in Q2 2025 (+$7.73 million) and remained positive in Q3 (+$3.22 million) and Q4 (+$3.04 million).
Active equity financing in 2025 providing cash runway: Issuance of common equity added cash across several quarters (Q1 +$2.38M, Q2 +$1.16M, Q3 +$2.40M, Q4 +$4.59M), totaling roughly $10.5 million for the year.
Cash from investing activities supported by asset sales in 2025: Sale/maturity of investments contributed cash in Q3 (+$4.0M) and Q4 (+$6.0M), boosting liquidity.
Solid growth of the equity base through 2025: Total Common Equity sits around $120.8 million in 2025 (e.g., Q3 2025 and Q4 2025), reflecting a strengthening capital base to support operations and ongoing R&D.

Notable quarterly cash balance dynamics: Net Change in Cash & Equivalents for Q4 2025 is +$11.646 million, indicating a meaningful cash inflow for the quarter despite mixed profitability.
Debt load is sizable but relatively steady: Long‑term debt remains around the high‑40s to mid‑40s millions range across 2025 (e.g., $48.16M in Q3 2025; $47.94M in Q2 2025), implying ongoing leverage that could influence financing decisions and risk perception.

Persistent quarterly net losses and negative earnings per share in several periods: For example, Q4 2025 shows Consolidated Net Income / (Loss) of −$13.156 million and Basic EPS of −$0.29, reflecting ongoing profitability challenges.
Significant accumulated deficit in Retained Earnings: Retained Earnings remain deeply negative (around −$294 million to −$295 million in 2025), signaling a large accumulated deficit despite equity raises and cash flow improvements.

05/07/26 06:41 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About AxoGen's Financials

When does AxoGen's fiscal year end?

According to the most recent income statement we have on file, AxoGen's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

How has AxoGen's net income changed over the last 10 years?

AxoGen's net income were at -$15.70 million at the end of 2025, a 57.6% increase from 2024, and a 17.6% increase since 2015. View AxoGen's forecast to see where analysts expect AxoGen to go next.

What is AxoGen's operating income?

AxoGen's total operating income in 2025 was -$7.85 million, based on the following breakdown:

Total Gross Profit: $167.35 million
Total Operating Expenses: $175.20 million

How has AxoGen's revenue changed over the last 10 years?

Over the last 10 years, AxoGen's total revenue changed from $27.33 million in 2015 to $225.21 million in 2025, a change of 724.0%.

How much debt does AxoGen have?

AxoGen's total liabilities were at $92.84 million at the end of 2025, a 7.0% decrease from 2024, and a 225.7% increase since 2015.

How much cash does AxoGen have?

In the past 10 years, AxoGen's cash and equivalents has ranged from $15.28 million in 2022 to $48.77 million in 2020, and is currently $35.55 million as of their latest financial filing in 2025.

How has AxoGen's book value per share changed over the last 10 years?

Over the last 10 years, AxoGen's book value per share changed from 0.27 in 2015 to 2.79 in 2025, a change of 918.8%.

Related Companies

Financial statements for NASDAQ:AXGN last updated on 4/29/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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AxoGen (AXGN) Financials

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AxoGen (AXGN) Financials

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