Revenue growth reached 26.6% in 2026Q1, though operating margins remain constrained at -4.6% due to sustained investment in sales and regulatory compliance.
| 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 | 238.1M | 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 % | 22.41% | 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 | 59.5M | 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 | 178.61M | 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 % | 75.01% | 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 | 187.63M | 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 | 153.32M | 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 | 34.31M | 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 | -9.02M | -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 % | -3.79% | -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 | -2.53M | 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 % | -1.06% | 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 % | -134.05% | -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) | 6.49M | 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 | -795K | -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 | -14.15M | -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 | 450K | 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 | 14.6M | 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 | -22.43M | -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 | -31.45M | -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 % | -13.21% | -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 | -31.45M | -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 % | -13.21% | -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 % | -339.1% | -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) | -31.45M | -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) | -0.61 | -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 % | -292.02% | -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 | 51.59M | 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 | 51.59M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Regulatory BLA transition uncertainty
According to recent quarterly filings, AXGN achieved a 26.6% year-over-year revenue growth in 2026Q1, signaling that the company's focus on surgeon education and clinical registry expansion is successfully driving deeper market penetration despite the inherent volatility of a procedure-dependent, US-centric medical device business model.
The acceleration in top-line growth suggests that the company's clinical evidence strategy is effectively converting surgical accounts into standard-of-care users. Investors should monitor whether this growth trajectory remains durable as the company approaches critical regulatory milestones that may alter its competitive positioning.
As reported in financial statements, AXGN maintains a robust gross margin profile of approximately 74% to 75%, reflecting the high value-add of its proprietary nerve graft processing despite the operational complexities associated with transitioning to a new centralized manufacturing facility in Alachua, Florida.
This margin stability indicates significant pricing power and a successful differentiation strategy against synthetic conduit competitors. However, the slight fluctuations in recent quarters suggest that manufacturing overhead absorption remains a sensitive variable that could impact profitability as the company scales its production volumes.
Based on AXGN's reported figures, operating expenses continue to scale alongside revenue, as evidenced by the 2026Q1 operating margin of -4.6%, which highlights the company's ongoing commitment to aggressive sales force expansion and heavy investment in the BLA regulatory approval process for its core products.
The lack of consistent operating leverage suggests that management is prioritizing market share capture over near-term bottom-line profitability. Analysts should evaluate whether the current SG&A intensity is a permanent structural requirement or a temporary phase that will subside once the BLA transition is finalized.
Data from recent income statements indicates that stock-based compensation remains a material factor, reaching $16.6M in 2025Q4, which significantly obscures the underlying cash-generating capability of the business and complicates the interpretation of GAAP net income figures during this high-growth, pre-profit phase of the company's lifecycle.
The reliance on equity-based incentives suggests a strategy to align talent with long-term growth, yet it creates a persistent gap between reported net income and actual cash burn. Investors should scrutinize these non-cash charges to better understand the true operational efficiency of the business model.
While revenue growth appears strong, the historical data shows that AXGN has struggled to maintain consistent profitability, with net margins fluctuating significantly, which may lead skeptics to question the long-term scalability of the current high-cost, direct-sales-driven model in a potentially more price-sensitive future regulatory environment.
The reliance on human tissue recovery introduces unique supply chain risks that could compress margins if donor availability or processing yields face unforeseen headwinds. Furthermore, the absence of a clear path to sustained positive net income warrants caution regarding the company's long-term capital requirements.
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.