Axogen, Inc. income statement
In fiscal 2025, Axogen, Inc. reported revenue of $225m, up 20.2% on the year before, operating income of −$7.8m (a -3.5% margin) and net income of −$15.7m, or −$0.34 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.
Income statement
| Fiscal year | 2010Dec 2010 | 2011Dec 2011 | 2012Dec 2012 | 2013Dec 2013 | 2014Dec 2014 | 2015Dec 2015 | 2016Dec 2016 | 2017Dec 2017 | 2018Dec 2018 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMSept 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 3 | 5 | 8 | 11 | 17 | 27 | 41 | 60 | 84 | 107 | 112 | 127 | 139 | 159 | 187 | 225 | 267 |
| Cost of revenue | — | — | — | — | — | — | 6 | 9 | 13 | 17 | 22 | 23 | 30 | 37 | 45 | 58 | 69 |
| Gross profit | 2 | 2 | 6 | 9 | 13 | 22 | 35 | 51 | 71 | 89 | 91 | 104 | 109 | 122 | 142 | 167 | 198 |
| Research and development | 0 | 1 | 1 | 2 | 3 | 3 | 4 | 7 | 12 | 18 | 18 | 24 | 26 | 27 | 28 | 33 | 37 |
| Selling and marketing | 3 | 4 | 7 | 10 | 13 | 20 | 28 | 38 | 57 | 72 | 70 | 73 | 72 | 78 | 78 | 98 | 117 |
| General and administrative | 3 | 4 | 5 | 6 | 7 | 8 | 10 | 15 | 23 | 31 | 26 | 32 | 41 | 38 | 39 | 45 | 57 |
| Operating income | −4 | −7 | −8 | −10 | −10 | −9 | −8 | −8 | −21 | −31 | −23 | −25 | −30 | −21 | −3 | −8 | −14 |
| Interest expense | 1 | 1 | 1 | 5 | 7 | 4 | 5 | 2 | 1 | 0 | 1 | 1 | 1 | 3 | 8 | 8 | 2 |
| Income before tax | — | −9 | −10 | −15 | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Income tax | — | — | −1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net income | −5 | −9 | −9 | −15 | −18 | −13 | −14 | −10 | −22 | −29 | −24 | −27 | −29 | −22 | −10 | −16 | −32 |
| Diluted EPS | −$8.35 | −$2.77 | −$0.85 | −$1.08 | −$0.99 | −$0.51 | −$0.47 | −$0.31 | −$0.60 | −$0.74 | −$0.60 | −$0.65 | −$0.69 | −$0.51 | −$0.23 | −$0.34 | −$0.61 |
| Diluted shares (average) | — | — | 11m | 13m | 18m | 26m | 31m | 33m | 37m | 39m | 40m | 41m | 42m | 43m | 44m | 46m | 52m |
| EBITDA | −4 | −7 | −8 | −10 | −10 | −9 | −8 | −7 | −20 | −30 | −22 | −23 | −27 | −17 | 3 | −1 | −7 |
| Quarter | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Mar 2026 | 2026 Q2Jun 2026 | 2026 Q3Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 49 | 49 | 57 | 60 | 60 | 61 | 70 | 76 |
| Cost of revenue | 12 | 14 | 15 | 14 | 15 | 15 | 19 | 19 |
| Gross profit | 38 | 35 | 42 | 46 | 44 | 46 | 51 | 57 |
| Research and development | 7 | 6 | 7 | 8 | 12 | 8 | 9 | 9 |
| Selling and marketing | 20 | 21 | 24 | 26 | 27 | 29 | 31 | 30 |
| General and administrative | 9 | 9 | 10 | 11 | 15 | 13 | 13 | 16 |
| Operating income | 2 | −2 | 2 | 2 | −10 | −3 | −2 | 1 |
| Interest expense | 2 | 2 | 2 | 2 | 2 | 1 | 0 | 0 |
| Income tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net income | 0 | −4 | 1 | 1 | −13 | −20 | −2 | 2 |
| Diluted EPS | $0.01 | −$0.08 | $0.01 | $0.01 | −$0.28 | −$0.38 | −$0.03 | $0.04 |
| EBITDA | 4 | 0 | 3 | 4 | −8 | −1 | −1 | 3 |
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