Revenue accelerated to $69.7M in Q2 2026 (up 23.1% YoY), but gross margin dipped to 72.7% and operating margin remained negative at -3.1% due to SG&A growing 32% YoY.
AxoGen, Inc. (AXGN) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Jun'01 | Jun'00 | Jun'99 | Jun'98 | Jun'97 | Jun'96 |
|---|
| Sales/Revenue | 251.17M | 225.21M | 187.34M | 159.01M | 138.58M | 127.36M | 112.3M | 106.71M | 83.94M | 60.43M | 41.11M | 27.33M | 16.82M | 10.95M | 7.69M | 4.85M | 91.27K | 24.91M | 72.71K | 100.43K | 126.66K | 443.35K | 1.06M | 7.24M | 6.85M | 15.93M | 14.6M | 12.3M | 12.9M | 12.3M | 13.1M |
| Revenue Growth % | 23.57% | 20.21% | 17.81% | 14.74% | 8.81% | 13.41% | 5.24% | 27.13% | 38.91% | 47% | 50.41% | 62.52% | 53.62% | 42.33% | 58.61% | 5213.15% | -99.63% | 34160.81% | -27.6% | -20.71% | -71.43% | -58.37% | -85.28% | 5.62% | -56.98% | 9.13% | 18.67% | -4.65% | 4.88% | -6.11% | -7.09% |
| Cost of Goods Sold | 63.91M | 57.85M | 45.36M | 37.14M | 29.77M | 22.93M | 21.58M | 17.35M | 12.92M | 9.31M | 6.47M | 4.85M | 3.44M | 2.44M | 1.96M | 2.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.5M | 5.21M | 10.51M | 8.57M | 7.3M | 8.4M | 6.9M | 7M |
| COGS % of Revenue | - | 25.69% | 24.21% | 23.36% | 21.49% | 18.01% | 19.22% | 16.26% | 15.4% | 15.41% | 15.73% | 17.74% | 20.47% | 22.29% | 25.51% | 50.04% | - | - | - | - | - | - | - | 75.93% | 76.07% | 65.96% | 58.69% | 59.35% | 65.12% | 56.1% | 53.44% |
| Gross Profit | 187.26M | 167.35M | 141.98M | 121.87M | 108.81M | 104.43M | 90.72M | 89.36M | 71.01M | 51.11M | 34.64M | 22.48M | 13.38M | 8.51M | 5.73M | 2.42M | 91.27K | 24.91M | 72.71K | 100.43K | 126.66K | 443.35K | 1.06M | 1.74M | 1.64M | 5.42M | 6.03M | 5M | 4.5M | 5.4M | 6.1M |
| Gross Margin % | 74.56% | 74.31% | 75.79% | 76.64% | 78.51% | 81.99% | 80.78% | 83.74% | 84.6% | 84.59% | 84.27% | 82.26% | 79.53% | 77.71% | 74.49% | 49.96% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 24.07% | 23.93% | 34.04% | 41.31% | 40.65% | 34.88% | 43.9% | 46.56% |
| Gross Profit Growth % | - | 17.87% | 16.5% | 12% | 4.2% | 15.11% | 1.52% | 25.84% | 38.93% | 47.56% | 54.08% | 68.09% | 57.22% | 48.48% | 136.48% | 2554.59% | -99.63% | 34160.81% | -27.6% | -20.71% | -71.43% | -58.37% | -38.85% | 6.22% | -69.76% | -10.06% | 20.58% | 11.11% | -16.67% | -11.48% | -7.58% |
| Operating Expenses | 200.11M | 175.2M | 145.26M | 143.33M | 138.52M | 129.84M | 113.9M | 120.77M | 91.51M | 59.07M | 42.77M | 31.75M | 23.18M | 18.1M | 13.53M | 9.39M | 1.94M | 8.96M | 1.13M | 900.35K | 524.04K | 769.87K | 1.19M | 2.99M | 4.13M | 8.43M | 8.92M | 6.8M | 4.9M | 5.3M | 6.7M |
| OpEx % of Revenue | - | 77.8% | 77.54% | 90.14% | 99.95% | 101.95% | 101.43% | 113.17% | 109.03% | 97.75% | 104.04% | 116.17% | 137.81% | 165.33% | 175.93% | 193.66% | 2125.27% | 35.95% | 1553.41% | 896.49% | 413.74% | 173.65% | 111.7% | 41.27% | 60.3% | 52.95% | 61.11% | 55.28% | 37.98% | 43.09% | 51.14% |
| Selling, General & Admin | 164.07M | 142.32M | 117.5M | 115.99M | 112.89M | 105.67M | 96.06M | 103.25M | 79.74M | 52.37M | 38.56M | 28.51M | 20.14M | 15.97M | 12.1M | 8.69M | 0 | 0 | 0 | 900.35K | 524.04K | 769.87K | 1.19M | 2.51M | 3.64M | 7.33M | 6.92M | 4.7M | 3.1M | 2.8M | 3.7M |
| SG&A % of Revenue | - | 63.19% | 62.72% | 72.95% | 81.46% | 82.97% | 85.53% | 96.76% | 95% | 86.66% | 93.8% | 104.32% | 119.77% | 145.92% | 157.37% | 179.28% | - | - | - | 896.49% | 413.74% | 173.65% | 111.7% | 34.68% | 53.12% | 46.05% | 47.39% | 38.21% | 24.03% | 22.76% | 28.24% |
| Research & Development | 36.05M | 32.88M | 27.77M | 27.34M | 25.63M | 24.18M | 17.85M | 17.51M | 11.77M | 6.7M | 4.21M | 3.24M | 3.03M | 2.13M | 1.43M | 697.36K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 424.46K | 491.51K | 919.79K | 1.09M | 1.2M | 1M | 1.5M | 1.9M |
| R&D % of Revenue | - | 14.6% | 14.82% | 17.19% | 18.49% | 18.98% | 15.89% | 16.41% | 14.03% | 11.09% | 10.25% | 11.84% | 18.04% | 19.42% | 18.56% | 14.38% | - | - | - | - | - | - | - | 5.87% | 7.17% | 5.77% | 7.5% | 9.76% | 7.75% | 12.2% | 14.5% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -28K | -30.77K | -19.63K | 26.82K | 3.15K | 33.89K | 23.97K | 0 | 1.94M | 8.96M | 1.13M | 0 | 0 | 0 | 0 | 52.38K | 0 | 180K | 908.02K | 900K | 800K | 1M | 1.1M |
| Operating Income | -12.85M | -7.85M | -3.29M | -21.46M | -29.71M | -25.42M | -23.18M | -31.41M | -20.5M | -7.95M | -8.13M | -9.27M | -9.8M | -9.59M | -7.8M | -6.97M | -1.85M | 15.96M | -1.06M | -799.92K | -397.38K | -326.52K | -124.6K | -1.25M | -2.49M | -3.32M | -2.89M | -1.8M | -400K | 100K | -600K |
| Operating Margin % | -5.12% | -3.49% | -1.75% | -13.5% | -21.44% | -19.96% | -20.64% | -29.43% | -24.42% | -13.16% | -19.78% | -33.91% | -58.28% | -87.62% | -101.43% | -143.7% | -2025.27% | 64.05% | -1453.41% | -796.49% | -313.74% | -73.65% | -11.7% | -17.21% | -36.37% | -20.82% | -19.8% | -14.63% | -3.1% | 0.81% | -4.58% |
| Operating Income Growth % | - | -138.79% | 84.68% | 27.75% | -16.88% | -9.64% | 26.19% | -53.2% | -157.82% | 2.2% | 12.27% | 5.45% | -2.17% | -22.95% | -11.96% | -276.99% | -111.59% | 1609.83% | -32.11% | -101.3% | -21.7% | -162.05% | 89.99% | 50.03% | 24.84% | -14.71% | -60.58% | -350% | -500% | 116.67% | -500% |
| EBITDA | -6.05M | 344K | 4.55M | -15.91M | -24.85M | -20.68M | -19.72M | -28.53M | -19.65M | -7.38M | -7.69M | -9.02M | -9.6M | -9.45M | -7.49M | -6.63M | -1.83M | 15.98M | -1.03M | -777.65K | -371.92K | -306.48K | 87.68K | -721.89K | -1.87M | -2.79M | -1.98M | -900K | 400K | 1.1M | 500K |
| EBITDA Margin % | -2.41% | 0.15% | 2.43% | -10% | -17.93% | -16.23% | -17.56% | -26.73% | -23.41% | -12.22% | -18.72% | -32.99% | -57.09% | -86.36% | -97.34% | -136.68% | -2003.61% | 64.14% | -1421.61% | -774.31% | -293.63% | -69.13% | 8.23% | -9.98% | -27.24% | -17.54% | -13.58% | -7.32% | 3.1% | 8.94% | 3.82% |
| EBITDA Growth % | -165.14% | -92.44% | 128.6% | 35.99% | -20.21% | -4.83% | 30.87% | -45.19% | -166.08% | 4.01% | 14.69% | 6.08% | -1.57% | -26.27% | -12.96% | -262.43% | -111.44% | 1645.84% | -32.92% | -109.09% | -21.35% | -449.53% | 112.15% | 61.33% | 33.2% | -40.95% | -120.27% | -325% | -63.64% | 120% | -37.5% |
| D&A (Non-Cash Add-back) | 6.79M | 8.19M | 7.84M | 5.55M | 4.85M | 4.74M | 3.46M | 2.88M | 851K | 566.6K | 436.49K | 248.97K | 198.89K | 138.33K | 314.83K | 340.68K | 19.77K | 23.01K | 23.12K | 22.27K | 25.46K | 20.04K | 212.28K | 523.27K | 625.14K | 521.28K | 908.02K | 900K | 800K | 1M | 1.1M |
| EBIT | -21.57M | -8M | -1.76M | -18.88M | -28.32M | -25.63M | -22.73M | -29.09M | -21.19M | -7.98M | -8.15M | -9.24M | -9.8M | -9.56M | -7.78M | -6.9M | -4.48M | 15.96M | -1.06M | -799.92K | -397.38K | -326.52K | -124.6K | -1.62M | -2.49M | -7.72M | -3.01M | -2.89M | -1.8M | -400K | 100K |
| Net Interest Income | -11.61M | -7.7M | -8.21M | -2.83M | -624K | -1.36M | -1.05M | -40K | -1.21M | -2.46M | -6.26M | -4.12M | -7.91M | -5M | -2.38M | -2.32M | -2.14M | 1.95K | 16.08K | 0 | 61.85K | 0 | 0 | -37.79K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 1.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.95K | 16.08K | 0 | 61.85K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 12.62M | 7.7M | 8.21M | 2.83M | 624K | 1.36M | 1.05M | 40K | 1.21M | 2.46M | 6.26M | 4.12M | 7.91M | 5M | 2.38M | 2.32M | 2.14M | 0 | 0 | 0 | 0 | 0 | 0 | 37.79K | 131.08K | -8.78M | 0 | 0 | 0 | 2.2M | 0 |
| Other Income/Expense | -20.7M | -7.85M | -6.68M | -254K | 759K | -1.57M | -604K | 2.27M | -1.9M | -2.49M | -6.28M | -4.09M | -7.91M | -4.96M | -2.35M | -2.25M | 2.66M | 1.95K | 16.08K | 50.94K | 61.85K | 0 | 0 | -370.27K | -136.38K | 4.71M | 4.28M | -7.71K | 1.4M | 500K | 0 |
| Pretax Income | -33.55M | -15.7M | -9.96M | -21.72M | -28.95M | -26.98M | -23.79M | -29.14M | -22.4M | -10.45M | -14.41M | -13.36M | -17.71M | -14.56M | -10.16M | -6.9M | -1.83M | 15.96M | 0 | 0 | 0 | -326.52K | -124.6K | -1.28M | -2.63M | 1.39M | -2.9M | -1.7M | -400K | 100K | -600K |
| Pretax Margin % | -13.36% | -6.97% | -5.32% | -13.66% | -20.89% | -21.19% | -21.18% | -27.3% | -26.68% | -17.29% | -35.06% | -48.87% | -105.31% | -132.97% | -132.04% | -142.31% | -1999.88% | 64.06% | - | - | - | -73.65% | -11.7% | -17.67% | -38.36% | 8.74% | -19.86% | -13.82% | -3.1% | 0.81% | -4.58% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.49M | 0 | 0 | 0 | 0 | -738.19K | -134.58K | -509.05K | 1.04M | -16.08K | -50.94K | -30.2K | 0 | -1.45K | 3K | -25.47K | 48K | -38.93K | -200K | -100K | 4.6M | -100K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -23.88% | 0% | 0% | 0% | 0% | 7.27% | 1.95% | 27.89% | 6.53% | - | - | - | 0% | 1.16% | -0.23% | 0.97% | 3.45% | 1.34% | 11.76% | 25% | 4600% | 16.67% |
| Net Income | -33.55M | -15.7M | -9.96M | -21.72M | -28.95M | -26.98M | -23.79M | -29.12M | -22.4M | -10.45M | -14.41M | -13.36M | -17.71M | -14.56M | -9.42M | -9.22M | -1.32M | 15.05M | -1.04M | -748.98K | -367.18K | -530.61K | 2.3M | -1.28M | -2.6M | 1.34M | -2.86M | -1.7M | -400K | -2.3M | -600K |
| Net Margin % | -13.36% | -6.97% | -5.32% | -13.66% | -20.89% | -21.19% | -21.18% | -27.29% | -26.68% | -17.29% | -35.06% | -48.87% | -105.31% | -132.97% | -122.44% | -190.11% | -1442.16% | 60.4% | -1431.3% | -745.77% | -289.9% | -119.68% | 215.65% | -17.71% | -37.99% | 8.43% | -19.59% | -13.82% | -3.1% | -18.7% | -4.58% |
| Net Income Growth % | -619.45% | -57.6% | 54.12% | 24.98% | -7.27% | -13.45% | 18.32% | -30.03% | -114.42% | 27.52% | -7.9% | 24.58% | -21.66% | -54.57% | -2.16% | -600.39% | -108.75% | 1545.78% | -38.95% | -103.98% | 30.8% | -123.1% | 279.18% | 50.75% | -293.73% | 146.99% | -68.19% | -325% | 82.61% | -283.33% | -400% |
| Net Income (Continuing) | -33.55M | -15.7M | -9.96M | -21.72M | -28.95M | -26.98M | -23.79M | -29.14M | -22.4M | -10.45M | -14.41M | -13.36M | -17.71M | -14.56M | -9.42M | -9.22M | -1.32M | 14.92M | -1.04M | -748.98K | -335.53K | -326.52K | -123.15K | -1.62M | -2.6M | 1.34M | 1.34M | -2.86M | -1.7M | -400K | -2.3M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 130K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.63 | -0.34 | -0.23 | -0.51 | -0.69 | -0.65 | -0.60 | -0.74 | -0.60 | -0.31 | -0.47 | -0.51 | -1.00 | -1.08 | -0.85 | -2.49 | -0.31 | 3.49 | -0.24 | -0.18 | -0.09 | -0.13 | 0.57 | -0.32 | -0.66 | 0.34 | -0.74 | -0.43 | -0.10 | -0.60 | -0.16 |
| EPS Growth % | -539.77% | -47.83% | 54.9% | 26.09% | -6.15% | -8.33% | 18.92% | -23.33% | -93.55% | 34.04% | 7.84% | 49% | 7.41% | -27.06% | 65.86% | -703.23% | -108.88% | 1554.17% | -33.33% | -103.39% | 31.92% | -122.81% | 278.13% | 51.52% | -294.12% | 145.95% | -72.09% | -330.43% | 83.35% | -275% | -405.93% |
| EPS (Basic) | - | -0.34 | -0.23 | -0.51 | -0.69 | -0.65 | -0.60 | -0.74 | -0.60 | -0.31 | -0.47 | -0.51 | -1.00 | -1.08 | -0.85 | -2.49 | -0.31 | 3.51 | -0.24 | -0.18 | -0.09 | -0.13 | 0.57 | -0.32 | -0.66 | 0.34 | -0.74 | -0.43 | -0.10 | -0.60 | -0.16 |
| Diluted Shares Outstanding | 53.34M | 46.05M | 44.26M | 42.88M | 42.08M | 41.22M | 39.97M | 39.23M | 37.13M | 33.32M | 30.7M | 26.08M | 17.72M | 13.5M | 11.09M | 3.7M | 4.31M | 4.31M | 4.27M | 4.17M | 4.15M | 4.13M | 4.12M | 3.97M | 3.96M | 3.93M | 3.89M | 3.95M | 4.01M | 3.86M | 3.8M |
| Basic Shares Outstanding | 53.34M | 46.05M | 44.26M | 42.88M | 42.08M | 41.22M | 39.97M | 39.23M | 37.13M | 33.32M | 30.7M | 26.08M | 17.72M | 13.5M | 11.09M | 3.7M | 4.31M | 4.29M | 4.27M | 4.17M | 4.15M | 4.13M | 4.01M | 3.97M | 3.96M | 3.91M | 3.89M | 3.95M | 4.01M | 3.84M | 3.8M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying AXGN stock.
For fiscal year 2025, AxoGen, Inc. (AXGN) reported total revenue of $225.2M. This represents a 1619.1% increase compared to $13.1M in 1996.
AxoGen, Inc. (AXGN) reported a net loss of $15.7M for the fiscal year ending 2025.
AxoGen, Inc. (AXGN) reported an operating income of $-7.8M, resulting in an operating profit margin of -3.5%. This margin reflects the operational efficiency of the business before interest and taxes.
AxoGen, Inc. (AXGN) generated $167.4M in gross profit for the year, representing a gross profit margin of 74.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
BLA delay and margin drag
Metrics are mathematically derived from official filings.
Revenue Momentum Accelerates on Broad-Based Growth
AXGN's Q2 2026 revenue of $69.7M grew 23.1% year-over-year, accelerating from 18.3% in Q2 2025, per reported financials, indicating sustained commercial traction across target markets.
The sequential acceleration from 18.3% to 23.1% suggests that the company's investments in sales force expansion and clinical evidence are translating into faster account penetration and deeper surgeon adoption. The consistent double-digit growth over the past eight quarters, with the latest quarter marking the highest growth rate, implies that the revenue trajectory is not only durable but gaining momentum. However, the sustainability of this acceleration will depend on the company's ability to convert new accounts into recurring procedural volumes without proportionally increasing SG&A.
Gross Margin Resilience Amid Facility Transition
Gross margin dipped to 72.7% in Q2 2026 from 74.2% a year earlier, as reported in the income statement, reflecting temporary under-absorption at the new Alachua facility, yet remains above the 70% threshold.
The 150 basis point year-over-year decline in gross margin is likely attributable to the transition to the new processing facility, which may have temporarily reduced processing yields or increased overhead absorption. Despite this, the gross margin remains robust relative to peers like TELA Bio (67.7%) and Novocure (74.5%), underscoring the pricing power of the Avance graft. Investors should monitor whether gross margin recovers to the mid-70s as the facility ramps to full capacity, as sustained pressure could signal structural inefficiencies in tissue processing.
Operating Leverage Elusive as SG&A Outpaces Revenue
Despite 23.1% revenue growth in Q2 2026, operating income remained negative at -$2.2M, as SG&A of $44.2M grew 32% year-over-year, according to the income statement, indicating that overhead costs are scaling faster than gross profit.
The 32% increase in SG&A versus 23% revenue growth suggests that the company is still in an investment phase, spending heavily on direct sales and clinical support to drive adoption. This has prevented operating leverage from materializing, with operating margin at -3.1% in Q2 2026, a slight improvement from -4.6% in Q1 2026 but still negative. The path to profitability hinges on whether the incremental SG&A spend can generate sufficient revenue growth to eventually outpace fixed costs, a trend that has not yet emerged.
Net Income Volatility Masks Underlying Operational Progress
Q2 2026 net loss of -$1.5M contrasts sharply with Q1 2026's -$19.6M, driven by a one-time charge, while stock-based compensation of $8.8M in Q2 2026, per reported figures, continues to inflate non-GAAP earnings.
The dramatic swing in net income from -$19.6M in Q1 2026 to -$1.5M in Q2 2026 appears to be driven by non-recurring items, likely related to the facility transition or regulatory milestones, rather than operational improvement. Excluding SBC, which totaled $8.8M in Q2 2026, the company's cash-based operating loss would be deeper, suggesting that reported losses understate the cash burn. Investors should adjust for SBC and one-time items to assess the true earnings power, which remains negative despite the revenue growth.
SG&A Dominates Cost Structure, R&D Fluctuates
SG&A of $44.2M in Q2 2026 represents 63% of revenue, up from 59% a year earlier, per the income statement, while R&D of $8.6M is down from $12.4M in Q4 2025, indicating a shift toward commercial investment.
The rising SG&A-to-revenue ratio suggests that the company is prioritizing market expansion over cost containment, which is typical for a growth-stage medtech. The R&D expense volatility, with a spike to $12.4M in Q4 2025, likely reflects timing of clinical trial costs related to the BLA submission. The overall cost structure indicates that achieving profitability will require either a significant reduction in SG&A intensity or a substantial increase in revenue per sales rep, both of which are uncertain.
Margin Compression and Regulatory Overhang
Despite strong revenue growth, AXGN's operating margin remains negative at -3.1% in Q2 2026, and the BLA transition could delay profitability, as reported in the income statement, making the stock vulnerable to execution missteps.
Short-sellers would argue that the company's persistent negative operating margins, despite 23% revenue growth, indicate that the business model lacks inherent operating leverage. The gross margin decline to 72.7% from 78.8% in Q1 2024 suggests that scaling may be accompanied by margin erosion, possibly due to product mix or processing inefficiencies. Additionally, any delay in the BLA approval could not only postpone the regulatory moat but also increase costs, further pressuring margins. The market's valuation, which appears to price in a successful BLA and eventual profitability, could be vulnerable if these assumptions are challenged.