AxoGen, Inc. (AXGN) 10-Year Financial Performance & Capital Metrics

AXGN • • Industrial / General

HealthcareMedical DevicesOrthopedic & Musculoskeletal DevicesJoint Reconstruction & Orthopedic Implants

AboutAxoGen, Inc., together with its subsidiaries, develops and markets surgical solutions for physical damage or transection to peripheral nerves. The company's products include Avance Nerve Graft, a biologically active off-the-shelf processed human nerve allograft for bridging severed nerves without the comorbidities associated with a second surgical site; AxoGuard Nerve Connector, a porcine submucosa extracellular matrix (ECM) coaptation aid for tensionless repair of severed peripheral nerves; and AxoGuard Nerve Protector, a porcine submucosa ECM product that is used to wrap and protect damaged peripheral nerves, as well as reinforces the nerve reconstruction while preventing soft tissue attachments. Its products also comprise Axoguard Nerve Cap, a porcine submucosa ECM product that is used to protect a peripheral nerve end, as well as separates the nerve from the surrounding environment to reduce the development of symptomatic or painful neuroma; and Avive Soft Tissue Membrane, a processed human umbilical cord membrane that can be used as a resorbable soft tissue covering to separate tissues in the surgical bed. In addition, the company offers AxoTouch two point discriminator, a tool that is used for measuring the innervation density of surface area of the skin. It provides its products to hospitals, surgery centers, and military hospitals plastic reconstructive surgeons, orthopedic and plastic hand surgeons, and various oral and maxillofacial surgeons in the United States, Canada, Germany, the United Kingdom and other European countries, South Korea, and internationally. AxoGen, Inc. is headquartered in Alachua, Florida.Show more

Revenue $187M +17.8%
EBITDA $5M +128.6%
Net Income -$10M +54.1%
EPS (Diluted) -0.23 +54.9%
Gross Margin 75.79% -1.1%
EBITDA Margin 2.43% +124.3%
Operating Margin -1.75% +87.0%
Net Margin -5.32% +61.1%
ROE -9.99% +54.8%
ROIC -1.77% +84.2%
Debt/Equity 0.66 -8.7%
Interest Coverage -0.40 +94.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 93 (top 7%)
✓Strong 5Y sales CAGR of 11.9%

✗Weaknesses

✗Expensive at 13.3x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y27.26%

5Y11.91%

3Y13.73%

TTM18.72%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM85.34%

EPS CAGR

10Y-

5Y-

3Y-

TTM84.51%

ROCE

10Y Avg-18.6%

5Y Avg-12.05%

3Y Avg-10.45%

Latest-1.94%

Peer Comparison

Joint Reconstruction & Orthopedic Implants

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SYKStryker Corporation	138.62B	362.49	46.71	10.23%	12.07%	13.51%	2.52%	0.68
SNNSmith & Nephew plc	13.96B	32.89	34.99	4.7%	6.88%	14.44%	4.34%	0.63
ZBHZimmer Biomet Holdings, Inc.	17.59B	88.75	20.03	3.85%	10.05%	6.31%	6.5%	0.50
CNMDCONMED Corporation	1.32B	42.55	9.99	5%	4.75%	6.35%	11.68%	0.94
DHAIDIH Holding US, Inc.	6.7K	0.00	-0.00	-2.5%	-13.8%
LFWDLifeward Ltd.	13.23M	0.72	-0.22	85.24%	-121.82%	-233.98%		0.05
ANIKAnika Therapeutics, Inc.	137.43M	9.53	-2.49	-0.73%	-40.83%	-22.5%		0.17
SNWVSANUWAVE Health, Inc.	237.99M	27.75	-3.95	59.99%	-17.06%		0.83%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	27.33M	41.11M	60.43M	83.94M	106.71M	112.3M	127.36M	138.58M	159.01M	187.34M
Revenue Growth %	0.63%	0.5%	0.47%	0.39%	0.27%	0.05%	0.13%	0.09%	0.15%	0.18%
Cost of Goods Sold+	4.85M	6.47M	9.31M	12.92M	17.35M	21.58M	22.93M	29.77M	37.14M	45.36M
COGS % of Revenue	0.18%	0.16%	0.15%	0.15%	0.16%	0.19%	0.18%	0.21%	0.23%	0.24%
Gross Profit+	22.48M	34.64M	51.11M	71.01M	89.36M	90.72M	104.43M	108.81M	121.87M	141.98M
Gross Margin %	0.82%	0.84%	0.85%	0.85%	0.84%	0.81%	0.82%	0.79%	0.77%	0.76%
Gross Profit Growth %	0.68%	0.54%	0.48%	0.39%	0.26%	0.02%	0.15%	0.04%	0.12%	0.16%
Operating Expenses+	31.75M	42.77M	59.07M	91.51M	120.77M	113.9M	129.84M	138.52M	143.33M	145.26M
OpEx % of Revenue	1.16%	1.04%	0.98%	1.09%	1.13%	1.01%	1.02%	1%	0.9%	0.78%
Selling, General & Admin	28.51M	38.56M	52.37M	79.74M	103.25M	96.06M	105.67M	112.89M	115.99M	117.5M
SG&A % of Revenue	1.04%	0.94%	0.87%	0.95%	0.97%	0.86%	0.83%	0.81%	0.73%	0.63%
Research & Development	3.24M	4.21M	6.7M	11.77M	17.51M	17.85M	24.18M	25.63M	27.34M	27.77M
R&D % of Revenue	0.12%	0.1%	0.11%	0.14%	0.16%	0.16%	0.19%	0.18%	0.17%	0.15%
Other Operating Expenses	26.82K	-19.63K	-30.77K	-28K	0	0	0	0	0	0
Operating Income+	-9.27M	-8.13M	-7.95M	-20.5M	-31.41M	-23.18M	-25.42M	-29.71M	-21.46M	-3.29M
Operating Margin %	-0.34%	-0.2%	-0.13%	-0.24%	-0.29%	-0.21%	-0.2%	-0.21%	-0.13%	-0.02%
Operating Income Growth %	0.05%	0.12%	0.02%	-1.58%	-0.53%	0.26%	-0.1%	-0.17%	0.28%	0.85%
EBITDA+	-9.02M	-7.69M	-7.38M	-19.65M	-28.53M	-19.72M	-20.68M	-24.85M	-15.91M	4.55M
EBITDA Margin %	-0.33%	-0.19%	-0.12%	-0.23%	-0.27%	-0.18%	-0.16%	-0.18%	-0.1%	0.02%
EBITDA Growth %	0.06%	0.15%	0.04%	-1.66%	-0.45%	0.31%	-0.05%	-0.2%	0.36%	1.29%
D&A (Non-Cash Add-back)	248.97K	436.49K	566.6K	851K	2.88M	3.46M	4.74M	4.85M	5.55M	7.84M
EBIT	-9.24M	-8.15M	-7.98M	-21.19M	-29.09M	-22.73M	-25.63M	-28.32M	-18.88M	-1.76M
Net Interest Income+	-4.12M	-6.26M	-2.46M	-1.21M	-40K	-1.05M	-1.36M	-624K	-2.83M	-8.21M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	4.12M	6.26M	2.46M	1.21M	40K	1.05M	1.36M	624K	2.83M	8.21M
Other Income/Expense	-4.09M	-6.28M	-2.49M	-1.9M	2.27M	-604K	-1.57M	759K	-254K	-6.68M
Pretax Income+	-13.36M	-14.41M	-10.45M	-22.4M	-29.14M	-23.79M	-26.98M	-28.95M	-21.72M	-9.96M
Pretax Margin %	-0.49%	-0.35%	-0.17%	-0.27%	-0.27%	-0.21%	-0.21%	-0.21%	-0.14%	-0.05%
Income Tax+	0	0	2.49M	0	0	0	0	0	0	0
Effective Tax Rate %	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%
Net Income+	-13.36M	-14.41M	-10.45M	-22.4M	-29.12M	-23.79M	-26.98M	-28.95M	-21.72M	-9.96M
Net Margin %	-0.49%	-0.35%	-0.17%	-0.27%	-0.27%	-0.21%	-0.21%	-0.21%	-0.14%	-0.05%
Net Income Growth %	0.25%	-0.08%	0.28%	-1.14%	-0.3%	0.18%	-0.13%	-0.07%	0.25%	0.54%
Net Income (Continuing)	-13.36M	-14.41M	-10.45M	-22.4M	-29.14M	-23.79M	-26.98M	-28.95M	-21.72M	-9.96M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.51	-0.47	-0.31	-0.60	-0.74	-0.60	-0.65	-0.69	-0.51	-0.23
EPS Growth %	0.49%	0.08%	0.34%	-0.94%	-0.23%	0.19%	-0.08%	-0.06%	0.26%	0.55%
EPS (Basic)	-0.51	-0.47	-0.31	-0.60	-0.74	-0.60	-0.65	-0.69	-0.51	-0.23
Diluted Shares Outstanding	26.08M	30.7M	33.32M	37.13M	39.23M	39.97M	41.22M	42.08M	42.88M	44.26M
Basic Shares Outstanding	26.08M	30.7M	33.32M	37.13M	39.23M	39.97M	41.22M	42.08M	42.88M	44.26M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	35.05M	44.04M	55.74M	150.95M	135.02M	145.25M	127.05M	98.08M	88M	99.22M
Cash & Short-Term Investments	25.91M	30.01M	36.51M	116.61M	96.51M	103.97M	84.09M	48.79M	31.02M	33.48M
Cash Only	25.91M	30.01M	36.51M	24.29M	35.72M	48.77M	32.76M	15.28M	31.02M	27.55M
Short-Term Investments	0	0	0	92.31M	60.79M	55.2M	51.33M	33.51M	0	5.93M
Accounts Receivable	4.78M	8.05M	11.06M	15.32M	16.94M	17.62M	18.16M	22.19M	25.15M	24.11M
Days Sales Outstanding	63.88	71.5	66.84	66.62	57.96	57.26	52.04	58.43	57.72	46.97
Inventory	3.93M	5.46M	7.32M	11.98M	13.86M	12.53M	16.69M	18.91M	23.02M	33.18M
Days Inventory Outstanding	296.16	308.09	286.77	338.42	291.62	211.9	265.71	231.75	226.21	267.01
Other Current Assets	424.93K	511.8K	853.38K	6M	6M	6.84M	6.25M	6.25M	6M	8.45M
Total Non-Current Assets+	2.49M	2.32M	3.13M	9.22M	19.62M	56.13M	80.97M	97.31M	108.82M	104.51M
Property, Plant & Equipment	970.87K	1.49M	2.2M	8.04M	18.11M	54.08M	78.12M	93.66M	104.29M	98.93M
Fixed Asset Turnover	28.15x	27.51x	27.50x	10.44x	5.89x	2.08x	1.63x	1.48x	1.52x	1.89x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	678.08K	828.98K	936.99K	1.18M	1.51M	2.05M	2.86M	3.65M	4.53M	5.58M
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	845.73K	0	0	0	0	0	0	0	0	0
Total Assets+	37.55M	46.36M	58.87M	160.17M	154.64M	201.38M	208.02M	195.39M	196.83M	203.73M
Asset Turnover	0.73x	0.89x	1.03x	0.52x	0.69x	0.56x	0.61x	0.71x	0.81x	0.92x
Asset Growth %	1.29%	0.23%	0.27%	1.72%	-0.03%	0.3%	0.03%	-0.06%	0.01%	0.04%
Total Current Liabilities+	3.71M	11.08M	13.72M	13.04M	20.88M	22.83M	24.29M	23.75M	30.43M	30.61M
Accounts Payable	2.11M	3.61M	3.24M	4.52M	8.26M	4.6M	5.92M	8.96M	11.77M	8.01M
Days Payables Outstanding	158.55	203.97	126.92	127.58	173.82	77.75	94.28	109.89	115.7	64.44
Short-Term Debt	0	4.05M	735.02K	28K	1.74M	863K	0	0	0	0
Deferred Revenue (Current)	14.12K	33.28K	31.67K	18K	14K	0	0	0	0	0
Other Current Liabilities	0	-804.69K	7.94M	2M	7.62M	12.73M	9.67M	0	0	18.58M
Current Ratio	9.45x	3.97x	4.06x	11.57x	6.47x	6.36x	5.23x	4.13x	2.89x	3.24x
Quick Ratio	8.39x	3.48x	3.53x	10.65x	5.80x	5.81x	4.54x	3.33x	2.14x	2.16x
Cash Conversion Cycle	201.49	175.62	226.69	277.47	175.75	191.42	223.47	180.3	168.24	249.54
Total Non-Current Liabilities+	25.64M	20.36M	19.97M	147K	1.61M	55.4M	71.18M	70.64M	70.73M	69.21M
Long-Term Debt	24.7M	20.27M	19.91M	35K	1.59M	32.03M	44.82M	45.71M	46.6M	47.5M
Capital Lease Obligations	0	0	0	0	1.59M	20.87M	20.8M	20.41M	21.14M	19.22M
Deferred Tax Liabilities	-25.55M	-92.22K	-164K	0	0	0	0	0	0	0
Other Non-Current Liabilities	0	0	0	70K	-1.59M	2.5M	5.56M	4.52M	2.99M	2.49M
Total Liabilities	29.35M	31.44M	33.69M	13.19M	22.49M	78.23M	95.47M	94.39M	101.16M	99.82M
Total Debt+	25.55M	24.31M	24.64M	63K	4.93M	54.63M	67.45M	67.43M	69.29M	68.69M
Net Debt	-362.08K	-5.7M	-11.87M	-24.23M	-30.8M	5.86M	34.7M	52.14M	38.27M	41.13M
Debt / Equity	3.12x	1.63x	0.98x	0.00x	0.04x	0.44x	0.60x	0.67x	0.72x	0.66x
Debt / EBITDA	-	-	-	-	-	-	-	-	-	15.10x
Net Debt / EBITDA	-	-	-	-	-	-	-	-	-	9.04x
Interest Coverage	-2.25x	-1.30x	-3.23x	-16.97x	-785.15x	-21.99x	-18.74x	-47.61x	-7.57x	-0.40x
Total Equity+	8.2M	14.92M	25.18M	146.98M	132.15M	123.15M	112.55M	101M	95.67M	103.91M
Equity Growth %	1.73%	0.82%	0.69%	4.84%	-0.1%	-0.07%	-0.09%	-0.1%	-0.05%	0.09%
Book Value per Share	0.31	0.49	0.76	3.96	3.37	3.08	2.73	2.40	2.23	2.35
Total Shareholders' Equity	8.2M	14.92M	25.18M	146.98M	132.15M	123.15M	112.55M	101M	95.67M	103.91M
Common Stock	299.85K	330.09K	343.5K	389K	396K	406K	417K	424K	431K	441K
Retained Earnings	-103.47M	-117.88M	-128.33M	-150.73M	-179.86M	-203.65M	-230.63M	-259.58M	-281.3M	-291.26M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-1.94M	-1.8M	-2.29M	-2.86M	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-13.05M	-11.2M	-9.24M	-17.86M	-19.87M	-9.63M	-13.4M	-16.07M	-5.72M	4.54M
Operating CF Margin %	-0.48%	-0.27%	-0.15%	-0.21%	-0.19%	-0.09%	-0.11%	-0.12%	-0.04%	0.02%
Operating CF Growth %	-0.25%	0.14%	0.18%	-0.93%	-0.11%	0.52%	-0.39%	-0.2%	0.64%	1.79%
Net Income	-13.36M	-14.41M	-10.45M	-22.4M	-29.14M	-23.79M	-26.98M	-28.95M	-21.72M	-9.96M
Depreciation & Amortization	248.97K	436.49K	566.6K	851K	2.88M	3.46M	4.74M	4.85M	5.55M	7.84M
Stock-Based Compensation	1.32M	1.39M	3.61M	7.61M	10.3M	8.47M	10.92M	15.59M	14.42M	15.91M
Deferred Taxes	125.37K	830.07K	223.32K	4.38M	0	2.21M	3.37M	0	0	0
Other Non-Cash Items	589.56K	2.05M	246.56K	81K	1.53M	232K	831K	2M	415K	797K
Working Capital Changes	-1.98M	-1.5M	-3.44M	-8.38M	-5.45M	-209K	-6.28M	-9.56M	-4.39M	-10.04M
Change in Receivables	-2.04M	-3.35M	-3.24M	-5.11M	-2.14M	-635K	-499K	-4.64M	-2.69M	392K
Change in Inventory	-720.34K	-1.52M	-1.86M	-6.01M	-3.77M	-910K	-7.48M	-3.66M	-6.05M	-10.16M
Change in Payables	1.12M	3.44M	1.93M	3.71M	2.92M	4.96M	-270K	660K	6.51M	125K
Cash from Investing+	-555.52K	-1.19M	-1.29M	-98.19M	27.27M	-16.96M	-23.65M	-3.2M	19.25M	-10.3M
Capital Expenditures	-555.52K	-1.19M	-1.29M	-6.6M	-4.66M	-22.6M	-28.4M	-21.25M	-13.87M	0
CapEx % of Revenue	0.02%	0.03%	0.02%	0.08%	0.04%	0.2%	0.22%	0.15%	0.09%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-146.74K	-226K	-187K	-321K	-562K	-692K	1.54M	-3.2M	-1.05M	-10.3M
Cash from Financing+	31.3M	16.5M	17.02M	109.84M	4.03M	40.47M	20.45M	1.79M	1.95M	2.29M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	332.66K	0	1.15M	132.35M	4M	1.99M	0	0	0	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-13.61M	-12.39M	-10.53M	-24.46M	-25.1M	-32.22M	-41.8M	-37.32M	-20.63M	11K
FCF Margin %	-0.5%	-0.3%	-0.17%	-0.29%	-0.24%	-0.29%	-0.33%	-0.27%	-0.13%	0%
FCF Growth %	-0.23%	0.09%	0.15%	-1.32%	-0.03%	-0.28%	-0.3%	0.11%	0.45%	1%
FCF per Share	-0.52	-0.40	-0.32	-0.66	-0.64	-0.81	-1.01	-0.89	-0.48	0.00
FCF Conversion (FCF/Net Income)	0.98x	0.78x	0.88x	0.80x	0.68x	0.40x	0.50x	0.55x	0.26x	-0.46x
Interest Paid	0	0	0	0	34K	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-162.97%	-124.68%	-52.09%	-26.02%	-20.87%	-18.63%	-22.9%	-27.11%	-22.08%	-9.99%
Return on Invested Capital (ROIC)	-103.29%	-71.52%	-52.93%	-22.6%	-21.02%	-15.09%	-13.8%	-14.83%	-11.21%	-1.77%
Gross Margin	82.26%	84.27%	84.59%	84.6%	83.74%	80.78%	81.99%	78.51%	76.64%	75.79%
Net Margin	-48.87%	-35.06%	-17.29%	-26.68%	-27.29%	-21.18%	-21.19%	-20.89%	-13.66%	-5.32%
Debt / Equity	3.12x	1.63x	0.98x	0.00x	0.04x	0.44x	0.60x	0.67x	0.72x	0.66x
Interest Coverage	-2.25x	-1.30x	-3.23x	-16.97x	-785.15x	-21.99x	-18.74x	-47.61x	-7.57x	-0.40x
FCF Conversion	0.98x	0.78x	0.88x	0.80x	0.68x	0.40x	0.50x	0.55x	0.26x	-0.46x
Revenue Growth	62.52%	50.41%	47%	38.91%	27.13%	5.24%	13.41%	8.81%	14.74%	17.81%

Frequently Asked Questions

Growth & Financials

AxoGen, Inc. (AXGN) reported $214.7M in revenue for fiscal year 2024. This represents a 4327% increase from $4.8M in 2011.

AxoGen, Inc. (AXGN) grew revenue by 17.8% over the past year. This is strong growth.

AxoGen, Inc. (AXGN) reported a net loss of $2.1M for fiscal year 2024.

Dividend & Returns

AxoGen, Inc. (AXGN) has a return on equity (ROE) of -10.0%. Negative ROE indicates the company is unprofitable.

AxoGen, Inc. (AXGN) generated $2.9M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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AxoGen, Inc. (AXGN) 10-Year Financial Performance & Capital Metrics

AXGN • • Industrial / General

HealthcareMedical DevicesOrthopedic & Musculoskeletal DevicesJoint Reconstruction & Orthopedic Implants

Revenue $187M +17.8%
EBITDA $5M +128.6%
Net Income -$10M +54.1%
EPS (Diluted) -0.23 +54.9%
Gross Margin 75.79% -1.1%
EBITDA Margin 2.43% +124.3%
Operating Margin -1.75% +87.0%
Net Margin -5.32% +61.1%
ROE -9.99% +54.8%
ROIC -1.77% +84.2%
Debt/Equity 0.66 -8.7%
Interest Coverage -0.40 +94.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 93 (top 7%)
✓Strong 5Y sales CAGR of 11.9%

✗Weaknesses

✗Expensive at 13.3x book value

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y27.26%

5Y11.91%

3Y13.73%

TTM18.72%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM85.34%

EPS CAGR

10Y-

5Y-

3Y-

TTM84.51%

ROCE

10Y Avg-18.6%

5Y Avg-12.05%

3Y Avg-10.45%

Latest-1.94%

Peer Comparison

Joint Reconstruction & Orthopedic Implants

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SYKStryker Corporation	138.62B	362.49	46.71	10.23%	12.07%	13.51%	2.52%	0.68
SNNSmith & Nephew plc	13.96B	32.89	34.99	4.7%	6.88%	14.44%	4.34%	0.63
ZBHZimmer Biomet Holdings, Inc.	17.59B	88.75	20.03	3.85%	10.05%	6.31%	6.5%	0.50
CNMDCONMED Corporation	1.32B	42.55	9.99	5%	4.75%	6.35%	11.68%	0.94
DHAIDIH Holding US, Inc.	6.7K	0.00	-0.00	-2.5%	-13.8%
LFWDLifeward Ltd.	13.23M	0.72	-0.22	85.24%	-121.82%	-233.98%		0.05
ANIKAnika Therapeutics, Inc.	137.43M	9.53	-2.49	-0.73%	-40.83%	-22.5%		0.17
SNWVSANUWAVE Health, Inc.	237.99M	27.75	-3.95	59.99%	-17.06%		0.83%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	27.33M	41.11M	60.43M	83.94M	106.71M	112.3M	127.36M	138.58M	159.01M	187.34M
Revenue Growth %	0.63%	0.5%	0.47%	0.39%	0.27%	0.05%	0.13%	0.09%	0.15%	0.18%
Cost of Goods Sold+	4.85M	6.47M	9.31M	12.92M	17.35M	21.58M	22.93M	29.77M	37.14M	45.36M
COGS % of Revenue	0.18%	0.16%	0.15%	0.15%	0.16%	0.19%	0.18%	0.21%	0.23%	0.24%
Gross Profit+	22.48M	34.64M	51.11M	71.01M	89.36M	90.72M	104.43M	108.81M	121.87M	141.98M
Gross Margin %	0.82%	0.84%	0.85%	0.85%	0.84%	0.81%	0.82%	0.79%	0.77%	0.76%
Gross Profit Growth %	0.68%	0.54%	0.48%	0.39%	0.26%	0.02%	0.15%	0.04%	0.12%	0.16%
Operating Expenses+	31.75M	42.77M	59.07M	91.51M	120.77M	113.9M	129.84M	138.52M	143.33M	145.26M
OpEx % of Revenue	1.16%	1.04%	0.98%	1.09%	1.13%	1.01%	1.02%	1%	0.9%	0.78%
Selling, General & Admin	28.51M	38.56M	52.37M	79.74M	103.25M	96.06M	105.67M	112.89M	115.99M	117.5M
SG&A % of Revenue	1.04%	0.94%	0.87%	0.95%	0.97%	0.86%	0.83%	0.81%	0.73%	0.63%
Research & Development	3.24M	4.21M	6.7M	11.77M	17.51M	17.85M	24.18M	25.63M	27.34M	27.77M
R&D % of Revenue	0.12%	0.1%	0.11%	0.14%	0.16%	0.16%	0.19%	0.18%	0.17%	0.15%
Other Operating Expenses	26.82K	-19.63K	-30.77K	-28K	0	0	0	0	0	0
Operating Income+	-9.27M	-8.13M	-7.95M	-20.5M	-31.41M	-23.18M	-25.42M	-29.71M	-21.46M	-3.29M
Operating Margin %	-0.34%	-0.2%	-0.13%	-0.24%	-0.29%	-0.21%	-0.2%	-0.21%	-0.13%	-0.02%
Operating Income Growth %	0.05%	0.12%	0.02%	-1.58%	-0.53%	0.26%	-0.1%	-0.17%	0.28%	0.85%
EBITDA+	-9.02M	-7.69M	-7.38M	-19.65M	-28.53M	-19.72M	-20.68M	-24.85M	-15.91M	4.55M
EBITDA Margin %	-0.33%	-0.19%	-0.12%	-0.23%	-0.27%	-0.18%	-0.16%	-0.18%	-0.1%	0.02%
EBITDA Growth %	0.06%	0.15%	0.04%	-1.66%	-0.45%	0.31%	-0.05%	-0.2%	0.36%	1.29%
D&A (Non-Cash Add-back)	248.97K	436.49K	566.6K	851K	2.88M	3.46M	4.74M	4.85M	5.55M	7.84M
EBIT	-9.24M	-8.15M	-7.98M	-21.19M	-29.09M	-22.73M	-25.63M	-28.32M	-18.88M	-1.76M
Net Interest Income+	-4.12M	-6.26M	-2.46M	-1.21M	-40K	-1.05M	-1.36M	-624K	-2.83M	-8.21M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	4.12M	6.26M	2.46M	1.21M	40K	1.05M	1.36M	624K	2.83M	8.21M
Other Income/Expense	-4.09M	-6.28M	-2.49M	-1.9M	2.27M	-604K	-1.57M	759K	-254K	-6.68M
Pretax Income+	-13.36M	-14.41M	-10.45M	-22.4M	-29.14M	-23.79M	-26.98M	-28.95M	-21.72M	-9.96M
Pretax Margin %	-0.49%	-0.35%	-0.17%	-0.27%	-0.27%	-0.21%	-0.21%	-0.21%	-0.14%	-0.05%
Income Tax+	0	0	2.49M	0	0	0	0	0	0	0
Effective Tax Rate %	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%
Net Income+	-13.36M	-14.41M	-10.45M	-22.4M	-29.12M	-23.79M	-26.98M	-28.95M	-21.72M	-9.96M
Net Margin %	-0.49%	-0.35%	-0.17%	-0.27%	-0.27%	-0.21%	-0.21%	-0.21%	-0.14%	-0.05%
Net Income Growth %	0.25%	-0.08%	0.28%	-1.14%	-0.3%	0.18%	-0.13%	-0.07%	0.25%	0.54%
Net Income (Continuing)	-13.36M	-14.41M	-10.45M	-22.4M	-29.14M	-23.79M	-26.98M	-28.95M	-21.72M	-9.96M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.51	-0.47	-0.31	-0.60	-0.74	-0.60	-0.65	-0.69	-0.51	-0.23
EPS Growth %	0.49%	0.08%	0.34%	-0.94%	-0.23%	0.19%	-0.08%	-0.06%	0.26%	0.55%
EPS (Basic)	-0.51	-0.47	-0.31	-0.60	-0.74	-0.60	-0.65	-0.69	-0.51	-0.23
Diluted Shares Outstanding	26.08M	30.7M	33.32M	37.13M	39.23M	39.97M	41.22M	42.08M	42.88M	44.26M
Basic Shares Outstanding	26.08M	30.7M	33.32M	37.13M	39.23M	39.97M	41.22M	42.08M	42.88M	44.26M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	35.05M	44.04M	55.74M	150.95M	135.02M	145.25M	127.05M	98.08M	88M	99.22M
Cash & Short-Term Investments	25.91M	30.01M	36.51M	116.61M	96.51M	103.97M	84.09M	48.79M	31.02M	33.48M
Cash Only	25.91M	30.01M	36.51M	24.29M	35.72M	48.77M	32.76M	15.28M	31.02M	27.55M
Short-Term Investments	0	0	0	92.31M	60.79M	55.2M	51.33M	33.51M	0	5.93M
Accounts Receivable	4.78M	8.05M	11.06M	15.32M	16.94M	17.62M	18.16M	22.19M	25.15M	24.11M
Days Sales Outstanding	63.88	71.5	66.84	66.62	57.96	57.26	52.04	58.43	57.72	46.97
Inventory	3.93M	5.46M	7.32M	11.98M	13.86M	12.53M	16.69M	18.91M	23.02M	33.18M
Days Inventory Outstanding	296.16	308.09	286.77	338.42	291.62	211.9	265.71	231.75	226.21	267.01
Other Current Assets	424.93K	511.8K	853.38K	6M	6M	6.84M	6.25M	6.25M	6M	8.45M
Total Non-Current Assets+	2.49M	2.32M	3.13M	9.22M	19.62M	56.13M	80.97M	97.31M	108.82M	104.51M
Property, Plant & Equipment	970.87K	1.49M	2.2M	8.04M	18.11M	54.08M	78.12M	93.66M	104.29M	98.93M
Fixed Asset Turnover	28.15x	27.51x	27.50x	10.44x	5.89x	2.08x	1.63x	1.48x	1.52x	1.89x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	678.08K	828.98K	936.99K	1.18M	1.51M	2.05M	2.86M	3.65M	4.53M	5.58M
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	845.73K	0	0	0	0	0	0	0	0	0
Total Assets+	37.55M	46.36M	58.87M	160.17M	154.64M	201.38M	208.02M	195.39M	196.83M	203.73M
Asset Turnover	0.73x	0.89x	1.03x	0.52x	0.69x	0.56x	0.61x	0.71x	0.81x	0.92x
Asset Growth %	1.29%	0.23%	0.27%	1.72%	-0.03%	0.3%	0.03%	-0.06%	0.01%	0.04%
Total Current Liabilities+	3.71M	11.08M	13.72M	13.04M	20.88M	22.83M	24.29M	23.75M	30.43M	30.61M
Accounts Payable	2.11M	3.61M	3.24M	4.52M	8.26M	4.6M	5.92M	8.96M	11.77M	8.01M
Days Payables Outstanding	158.55	203.97	126.92	127.58	173.82	77.75	94.28	109.89	115.7	64.44
Short-Term Debt	0	4.05M	735.02K	28K	1.74M	863K	0	0	0	0
Deferred Revenue (Current)	14.12K	33.28K	31.67K	18K	14K	0	0	0	0	0
Other Current Liabilities	0	-804.69K	7.94M	2M	7.62M	12.73M	9.67M	0	0	18.58M
Current Ratio	9.45x	3.97x	4.06x	11.57x	6.47x	6.36x	5.23x	4.13x	2.89x	3.24x
Quick Ratio	8.39x	3.48x	3.53x	10.65x	5.80x	5.81x	4.54x	3.33x	2.14x	2.16x
Cash Conversion Cycle	201.49	175.62	226.69	277.47	175.75	191.42	223.47	180.3	168.24	249.54
Total Non-Current Liabilities+	25.64M	20.36M	19.97M	147K	1.61M	55.4M	71.18M	70.64M	70.73M	69.21M
Long-Term Debt	24.7M	20.27M	19.91M	35K	1.59M	32.03M	44.82M	45.71M	46.6M	47.5M
Capital Lease Obligations	0	0	0	0	1.59M	20.87M	20.8M	20.41M	21.14M	19.22M
Deferred Tax Liabilities	-25.55M	-92.22K	-164K	0	0	0	0	0	0	0
Other Non-Current Liabilities	0	0	0	70K	-1.59M	2.5M	5.56M	4.52M	2.99M	2.49M
Total Liabilities	29.35M	31.44M	33.69M	13.19M	22.49M	78.23M	95.47M	94.39M	101.16M	99.82M
Total Debt+	25.55M	24.31M	24.64M	63K	4.93M	54.63M	67.45M	67.43M	69.29M	68.69M
Net Debt	-362.08K	-5.7M	-11.87M	-24.23M	-30.8M	5.86M	34.7M	52.14M	38.27M	41.13M
Debt / Equity	3.12x	1.63x	0.98x	0.00x	0.04x	0.44x	0.60x	0.67x	0.72x	0.66x
Debt / EBITDA	-	-	-	-	-	-	-	-	-	15.10x
Net Debt / EBITDA	-	-	-	-	-	-	-	-	-	9.04x
Interest Coverage	-2.25x	-1.30x	-3.23x	-16.97x	-785.15x	-21.99x	-18.74x	-47.61x	-7.57x	-0.40x
Total Equity+	8.2M	14.92M	25.18M	146.98M	132.15M	123.15M	112.55M	101M	95.67M	103.91M
Equity Growth %	1.73%	0.82%	0.69%	4.84%	-0.1%	-0.07%	-0.09%	-0.1%	-0.05%	0.09%
Book Value per Share	0.31	0.49	0.76	3.96	3.37	3.08	2.73	2.40	2.23	2.35
Total Shareholders' Equity	8.2M	14.92M	25.18M	146.98M	132.15M	123.15M	112.55M	101M	95.67M	103.91M
Common Stock	299.85K	330.09K	343.5K	389K	396K	406K	417K	424K	431K	441K
Retained Earnings	-103.47M	-117.88M	-128.33M	-150.73M	-179.86M	-203.65M	-230.63M	-259.58M	-281.3M	-291.26M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-1.94M	-1.8M	-2.29M	-2.86M	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-13.05M	-11.2M	-9.24M	-17.86M	-19.87M	-9.63M	-13.4M	-16.07M	-5.72M	4.54M
Operating CF Margin %	-0.48%	-0.27%	-0.15%	-0.21%	-0.19%	-0.09%	-0.11%	-0.12%	-0.04%	0.02%
Operating CF Growth %	-0.25%	0.14%	0.18%	-0.93%	-0.11%	0.52%	-0.39%	-0.2%	0.64%	1.79%
Net Income	-13.36M	-14.41M	-10.45M	-22.4M	-29.14M	-23.79M	-26.98M	-28.95M	-21.72M	-9.96M
Depreciation & Amortization	248.97K	436.49K	566.6K	851K	2.88M	3.46M	4.74M	4.85M	5.55M	7.84M
Stock-Based Compensation	1.32M	1.39M	3.61M	7.61M	10.3M	8.47M	10.92M	15.59M	14.42M	15.91M
Deferred Taxes	125.37K	830.07K	223.32K	4.38M	0	2.21M	3.37M	0	0	0
Other Non-Cash Items	589.56K	2.05M	246.56K	81K	1.53M	232K	831K	2M	415K	797K
Working Capital Changes	-1.98M	-1.5M	-3.44M	-8.38M	-5.45M	-209K	-6.28M	-9.56M	-4.39M	-10.04M
Change in Receivables	-2.04M	-3.35M	-3.24M	-5.11M	-2.14M	-635K	-499K	-4.64M	-2.69M	392K
Change in Inventory	-720.34K	-1.52M	-1.86M	-6.01M	-3.77M	-910K	-7.48M	-3.66M	-6.05M	-10.16M
Change in Payables	1.12M	3.44M	1.93M	3.71M	2.92M	4.96M	-270K	660K	6.51M	125K
Cash from Investing+	-555.52K	-1.19M	-1.29M	-98.19M	27.27M	-16.96M	-23.65M	-3.2M	19.25M	-10.3M
Capital Expenditures	-555.52K	-1.19M	-1.29M	-6.6M	-4.66M	-22.6M	-28.4M	-21.25M	-13.87M	0
CapEx % of Revenue	0.02%	0.03%	0.02%	0.08%	0.04%	0.2%	0.22%	0.15%	0.09%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-146.74K	-226K	-187K	-321K	-562K	-692K	1.54M	-3.2M	-1.05M	-10.3M
Cash from Financing+	31.3M	16.5M	17.02M	109.84M	4.03M	40.47M	20.45M	1.79M	1.95M	2.29M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	332.66K	0	1.15M	132.35M	4M	1.99M	0	0	0	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-13.61M	-12.39M	-10.53M	-24.46M	-25.1M	-32.22M	-41.8M	-37.32M	-20.63M	11K
FCF Margin %	-0.5%	-0.3%	-0.17%	-0.29%	-0.24%	-0.29%	-0.33%	-0.27%	-0.13%	0%
FCF Growth %	-0.23%	0.09%	0.15%	-1.32%	-0.03%	-0.28%	-0.3%	0.11%	0.45%	1%
FCF per Share	-0.52	-0.40	-0.32	-0.66	-0.64	-0.81	-1.01	-0.89	-0.48	0.00
FCF Conversion (FCF/Net Income)	0.98x	0.78x	0.88x	0.80x	0.68x	0.40x	0.50x	0.55x	0.26x	-0.46x
Interest Paid	0	0	0	0	34K	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-162.97%	-124.68%	-52.09%	-26.02%	-20.87%	-18.63%	-22.9%	-27.11%	-22.08%	-9.99%
Return on Invested Capital (ROIC)	-103.29%	-71.52%	-52.93%	-22.6%	-21.02%	-15.09%	-13.8%	-14.83%	-11.21%	-1.77%
Gross Margin	82.26%	84.27%	84.59%	84.6%	83.74%	80.78%	81.99%	78.51%	76.64%	75.79%
Net Margin	-48.87%	-35.06%	-17.29%	-26.68%	-27.29%	-21.18%	-21.19%	-20.89%	-13.66%	-5.32%
Debt / Equity	3.12x	1.63x	0.98x	0.00x	0.04x	0.44x	0.60x	0.67x	0.72x	0.66x
Interest Coverage	-2.25x	-1.30x	-3.23x	-16.97x	-785.15x	-21.99x	-18.74x	-47.61x	-7.57x	-0.40x
FCF Conversion	0.98x	0.78x	0.88x	0.80x	0.68x	0.40x	0.50x	0.55x	0.26x	-0.46x
Revenue Growth	62.52%	50.41%	47%	38.91%	27.13%	5.24%	13.41%	8.81%	14.74%	17.81%

Frequently Asked Questions

Growth & Financials

AxoGen, Inc. (AXGN) reported $214.7M in revenue for fiscal year 2024. This represents a 4327% increase from $4.8M in 2011.

AxoGen, Inc. (AXGN) grew revenue by 17.8% over the past year. This is strong growth.

AxoGen, Inc. (AXGN) reported a net loss of $2.1M for fiscal year 2024.

Dividend & Returns

AxoGen, Inc. (AXGN) has a return on equity (ROE) of -10.0%. Negative ROE indicates the company is unprofitable.

AxoGen, Inc. (AXGN) generated $2.9M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.