Axogen, Inc. (NASDAQ: AXGN), a global leader in developing and
marketing innovative surgical solutions for peripheral nerve
injuries, today reported financial results and business highlights
for the second quarter ended June 30, 2024.
Second Quarter Financial
Results
- Second quarter
revenue was $47.9 million, a 25.6% increase compared to the second
quarter of 2023.
- In the second
quarter of 2024, our gross margin decreased to 73.8%, down from
77.7% in the second quarter of 2023.
- Net loss for the
quarter was $1.9 million, or $0.04 per share, compared to net loss
of $6.7 million, or $0.16 per share in the second quarter of
2023.
- Adjusted net
income for the quarter was $2.0 million, or $0.05 per share,
compared to adjusted net loss of $1.3 million, or $0.03 per share
in the second quarter of 2023.
- Adjusted EBITDA
was $5.6 million for the quarter, compared to an adjusted EBITDA
loss of $0.2 million in the second quarter of 2023.
- The balance of all
cash, cash equivalents, and investments on June 30, 2024, was
$27.1 million, as compared to a balance of $23.6 million on March
31, 2024.
“We are pleased with our strong revenue growth,
bottom line performance and overall results this quarter as we
continue to execute on our commercial strategy to drive focus in
high potential accounts and increase sales rep productivity,”
commented Karen Zaderej, Chairman, CEO, and President of Axogen,
Inc. “This aligns with our goal of leveraging top-line growth to
improve profitability and cash flow. Additionally, we’ve
successfully initiated the rolling submission process of our
Biologics License Application for Avance Nerve Graft® with FDA and
continue to expect to complete the submission in the third
quarter.”
Summary of Operational and Business
Highlights
- Core Accounts
totaled 412, an increase of 18.7% over the prior-year level of 347,
and an increase of 3.0% sequentially. Revenue from Core Accounts
represents approximately 65% of revenue in the second quarter.
- We ended the
second quarter with 117 direct sales representatives compared to
115 sequentially and a year ago.
- In May, we
submitted to the FDA the complete non-clinical data package for the
BLA of Avance Nerve Graft®. We anticipate the rolling submission of
the BLA to be completed in the third quarter of 2024. We believe
the submission timeline will allow for a potential approval in
mid-2025.
- In June, we
successfully launched Avive+ Soft Tissue Matrix™ and we are seeing
positive trends in surgeon adoption and new use cases in targeted
applications. We continue to be pleased with the adoption of
Axoguard HA+ Nerve Protector™ across multiple applications.
2024 Financial Guidance
We are increasing our annual revenue guidance to the range of
$182 million to $186 million. We are also adjusting our gross
margin guidance for the full year to be in the range of 74% to 76%.
Additionally, we reiterate that we expect to be net cash flow
positive cumulatively for the period from April 1st through year
end.
Conference Call
The Company will host a conference call and
webcast for the investment community today at 8:00 a.m. ET.
Investors interested in participating in the conference call by
phone may do so by dialing toll free at (877) 407-0993 or use the
direct dial-in number at (201) 689-8795. Those interested in
listening to the conference call live via the Internet may do so by
visiting the Investors page of the Company's website at
www.axogeninc.com and clicking on the webcast link.
Following the conference call, a replay will be
available in the Investors section of the Company's website at
www.axogeninc.com under Investors.
About Axogen
Axogen (AXGN) is the leading Company focused
specifically on the science, development, and commercialization of
technologies for peripheral nerve regeneration and repair. Axogen
employees are passionate about helping to restore peripheral nerve
function and quality of life to patients with physical damage or
transection to peripheral nerves by providing innovative,
clinically proven, and economically effective repair solutions for
surgeons and health care providers. Peripheral nerves provide the
pathways for both motor and sensory signals throughout the body.
Every day, people suffer traumatic injuries or undergo surgical
procedures that impact the function of their peripheral nerves.
Physical damage to a peripheral nerve, or the inability to properly
reconnect peripheral nerves, can result in the loss of muscle or
organ function, the loss of sensory feeling, or the initiation of
pain.
Axogen's platform for peripheral nerve repair
features a comprehensive portfolio of products used across various
applications and surgical specialties, including traumatic
injuries, oral and maxillofacial surgery, breast reconstruction,
and the surgical treatment of pain. These applications encompass
both scheduled and emergent procedures. Specifically, scheduled
procedures are often pursued by patients seeking relief from
conditions caused by a nerve defect or previous surgical
interventions. Such procedures include providing sensation for
women undergoing breast reconstruction following a mastectomy,
nerve reconstruction after the surgical removal of painful
neuromas, and oral and maxillofacial procedures, as well as nerve
decompression. Conversely, emergent procedures typically arise from
injuries that initially present in an emergency room, with
specialists intervening either immediately or within a few days
following the initial injury. This broad range of applications
underscores Axogen’s vital role in addressing diverse patient needs
in peripheral nerve repair.
Axogen's platform for peripheral nerve repair
features a comprehensive portfolio of products, including Avance®
Nerve Graft, a biologically active off-the-shelf processed human
nerve allograft for bridging severed peripheral 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;
Axoguard Nerve Protector®, a porcine submucosa ECM product used to
wrap and protect damaged peripheral nerves and reinforce the nerve
reconstruction while preventing soft tissue attachments; Axoguard
HA+ Nerve Protector™, a porcine submucosa ECM base layer coated
with a proprietary hyaluronate-alginate gel, a next-generation
technology designed to enhance nerve gliding and provide short- and
long-term protection for peripheral nerve injuries; Avive+ Soft
Tissue MatrixTM, a multi-layer amniotic membrane allograft used to
protect and separate tissues in the surgical bed during the
critical phase of tissue repair; and Axoguard Nerve Cap®, a porcine
submucosa ECM product used to protect a peripheral nerve end and
separate the nerve from the surrounding environment to reduce the
development of symptomatic or painful neuroma. The Axogen portfolio
of products is available in the United States, Canada, the United
Kingdom, South Korea, and several other European and international
countries.
For more information, visit
www.axogeninc.com.
Cautionary Statements Concerning
Forward-Looking Statements
This press release contains “forward-looking”
statements as defined in the Private Securities Litigation Reform
Act of 1995. These statements are based on management's current
expectations or predictions of future conditions, events, or
results based on various assumptions and management's estimates of
trends and economic factors in the markets in which we are active,
as well as our business plans. Words such as “expects,”
“anticipates,” “intends,” “plans,” “believes,” “seeks,”
“estimates,” “projects,” “forecasts,” “continue,” “may,” “should,”
“will,” “goals,” and variations of such words and similar
expressions are intended to identify such forward-looking
statements. Forward-looking statements include, without limitation,
the Company’s expectations and estimates regarding the use of the
product across various applications and surgical specialties that
encompass scheduled and emergent procedures, statements on the
Company’s future focus and the anticipated timing of the completion
of the rolling BLA submission, the Company's expectations regarding
the potential for approval of the BLA in mid-2025, as well as
statements under the subheading “2024 Financial Guidance.” Actual
results or events could differ materially from those described in
any forward-looking statements as a result of various factors,
including, without limitation, global supply chain issues, hospital
staffing issues, product development, product potential, clinical
outcomes, regulatory process and approvals, financial performance,
sales growth, surgeon and product adoption, market awareness of our
products, data validation, our visibility at and sponsorship of
conferences and educational events, global business disruption
caused by Russia’s invasion of Ukraine and related sanctions,
recent geopolitical conflicts in the Middle East, potential
disruptions due to management transitions, as well as those risk
factors described under Part I, Item 1A, “Risk Factors,” of our
Annual Report on Form 10-K for the most recently ended fiscal year.
Forward-looking statements are not a guarantee of future
performance, and actual results may differ materially from those
projected. The forward-looking statements are representative only
as of the date they are made and, except as required by applicable
law, we assume no responsibility to publicly update or revise any
forward-looking statements.
About Non-GAAP Financial Measures
To supplement our condensed consolidated
financial statements, we use the non-GAAP financial measures of
EBITDA, which measures earnings before interest, income taxes,
depreciation and amortization, and Adjusted EBITDA which further
excludes non-cash stock compensation expense and litigation and
related expenses. We also use the non-GAAP financial measures of
Adjusted Net Income or Loss and Adjusted Net Income or Loss Per
Common Share - basic and diluted which excludes non-cash stock
compensation expense and litigation and related expenses from Net
Loss and Net Loss Per Common Share - basic and diluted,
respectively. These non-GAAP measures are not based on any
comprehensive set of accounting rules or principles and should not
be considered a substitute for, or superior to, financial measures
calculated in accordance with GAAP, and may be different from
non-GAAP measures used by other companies. In addition, these
non-GAAP measures should be read in conjunction with our financial
statements prepared in accordance with GAAP. The reconciliations of
the non-GAAP measures to the most directly comparable financial
measures calculated and presented in accordance with GAAP should be
carefully evaluated.
We use these non-GAAP financial measures for
financial and operational decision-making and as a means to
evaluate period-to-period comparisons. We believe that these
non-GAAP financial measures provide meaningful supplemental
information regarding our performance and that both management and
investors benefit from referring to these non-GAAP financial
measures in assessing our performance and when planning,
forecasting, and analyzing future periods. We believe these
non-GAAP financial measures are useful to investors because (1)
they allow for greater transparency with respect to key metrics
used by management in its financial and operational decision-making
and (2) they are used by our institutional investors and the
analyst community to help them analyze the performance of our
business, the Company’s cash available for operations, and the
Company’s ability to meet future capital expenditure and working
capital requirements.
Contact:Axogen, Inc.Harold D. Tamayo, Vice President of Finance and
Investor Relations htamayo@axogeninc.com |
AXOGEN, INC.Condensed
Consolidated Balance
Sheets(unaudited)(In thousands,
except share and per share amounts) |
|
June 30,2024 |
|
December 31, 2023 |
Assets |
|
|
|
Current
assets: |
|
|
|
Cash and cash equivalents |
$ |
19,189 |
|
|
$ |
31,024 |
|
Restricted cash |
|
6,000 |
|
|
|
6,002 |
|
Investments |
|
1,944 |
|
|
|
— |
|
Accounts receivable, net of allowance for doubtful accounts of $831
and $337, respectively |
|
25,152 |
|
|
|
25,147 |
|
Inventory, net |
|
28,015 |
|
|
|
23,020 |
|
Prepaid expenses and other |
|
1,962 |
|
|
|
2,811 |
|
Total current assets |
|
82,262 |
|
|
|
88,004 |
|
Property and equipment,
net |
|
86,752 |
|
|
|
88,730 |
|
Operating lease right-of-use
assets |
|
14,952 |
|
|
|
15,562 |
|
Intangible assets, net |
|
4,966 |
|
|
|
4,531 |
|
Total assets |
$ |
188,932 |
|
|
$ |
196,827 |
|
|
|
|
|
Liabilities and
shareholders’ equity |
|
|
|
Current
liabilities: |
|
|
|
Accounts payable and accrued expenses |
$ |
21,664 |
|
|
$ |
28,883 |
|
Current maturities of long-term lease obligations |
|
1,751 |
|
|
|
1,547 |
|
Total current liabilities |
|
23,415 |
|
|
|
30,430 |
|
|
|
|
|
Long-term debt, net of debt
discount and financing fees |
|
47,047 |
|
|
|
46,603 |
|
Long-term lease
obligations |
|
20,231 |
|
|
|
21,142 |
|
Debt derivative
liabilities |
|
2,458 |
|
|
|
2,987 |
|
Other long-term
liabilities |
|
94 |
|
|
|
— |
|
Total liabilities |
|
93,245 |
|
|
|
101,162 |
|
|
|
|
|
Commitments and
contingencies - see Note 12 |
|
|
|
|
|
|
|
Shareholders’
equity: |
|
|
|
Common stock, $0.01 par value per share; 100,000,000 shares
authorized; 43,824,738 and 43,124,496 shares issued and
outstanding |
|
438 |
|
|
|
431 |
|
Additional paid-in capital |
|
385,101 |
|
|
|
376,530 |
|
Accumulated deficit |
|
(289,852 |
) |
|
|
(281,296 |
) |
Total shareholders’ equity |
|
95,687 |
|
|
|
95,665 |
|
Total liabilities and shareholders’ equity |
$ |
188,932 |
|
|
|
196,827 |
|
AXOGEN, INC.Condensed
Consolidated Statements of
Operations(unaudited)(In
thousands, Except share and per share
amounts) |
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30,2024 |
|
June 30,2023 |
|
June 30,2024 |
|
June 30,2023 |
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
47,912 |
|
|
$ |
38,155 |
|
|
$ |
89,289 |
|
|
$ |
74,819 |
|
Cost of goods
sold |
|
|
12,567 |
|
|
|
8,503 |
|
|
|
21,325 |
|
|
|
16,675 |
|
Gross profit |
|
|
35,345 |
|
|
|
29,652 |
|
|
|
67,964 |
|
|
|
58,144 |
|
Costs and
expenses: |
|
|
|
|
|
|
|
|
Sales and marketing |
|
|
19,698 |
|
|
|
18,860 |
|
|
|
39,513 |
|
|
|
38,307 |
|
Research and development |
|
|
6,658 |
|
|
|
7,144 |
|
|
|
14,066 |
|
|
|
13,470 |
|
General and administrative |
|
|
9,417 |
|
|
|
10,550 |
|
|
|
19,373 |
|
|
|
20,611 |
|
Total costs and expenses |
|
|
35,773 |
|
|
|
36,554 |
|
|
|
72,952 |
|
|
|
72,388 |
|
Loss from operations |
|
|
(428 |
) |
|
|
(6,902 |
) |
|
|
(4,988 |
) |
|
|
(14,244 |
) |
Other income
(expense): |
|
|
|
|
|
|
|
|
Investment income |
|
|
227 |
|
|
|
235 |
|
|
|
520 |
|
|
|
784 |
|
Interest expense |
|
|
(2,185 |
) |
|
|
(148 |
) |
|
|
(4,512 |
) |
|
|
(164 |
) |
Change in fair value of derivatives |
|
|
464 |
|
|
|
432 |
|
|
|
529 |
|
|
|
247 |
|
Other expense |
|
|
1 |
|
|
|
(277 |
) |
|
|
(105 |
) |
|
|
(357 |
) |
Total other (expense) income, net |
|
|
(1,493 |
) |
|
|
242 |
|
|
|
(3,568 |
) |
|
|
510 |
|
Net loss |
|
$ |
(1,921 |
) |
|
$ |
(6,660 |
) |
|
$ |
(8,556 |
) |
|
$ |
(13,734 |
) |
|
|
|
|
|
|
|
|
|
Weighted average common shares
outstanding — basic and diluted |
|
|
43,713,313 |
|
|
|
42,862,384 |
|
|
|
43,473,541 |
|
|
|
42,719,096 |
|
Loss per common share — basic
and diluted |
|
$ |
(0.04 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.20 |
) |
|
$ |
(0.32 |
) |
AXOGEN INC.RECONCILIATION OF GAAP
FINANCIAL MEASURES TO NON-GAAP FINANCIAL
MEASURES(unaudited)(In thousands,
except per share amounts) |
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30,2024 |
|
June 30,2023 |
|
June 30,2024 |
|
June 30,2023 |
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(1,921 |
) |
|
$ |
(6,660 |
) |
|
$ |
(8,556 |
) |
|
$ |
(13,734 |
) |
Depreciation and amortization
expense |
|
|
1,733 |
|
|
|
871 |
|
|
|
3,315 |
|
|
|
1,650 |
|
Investment income |
|
|
(227 |
) |
|
|
(235 |
) |
|
|
(520 |
) |
|
|
(784 |
) |
Income tax expense |
|
|
(53 |
) |
|
|
240 |
|
|
|
51 |
|
|
|
318 |
|
Interest expense |
|
|
2,185 |
|
|
|
148 |
|
|
|
4,512 |
|
|
|
164 |
|
EBITDA - non
GAAP |
|
$ |
1,717 |
|
|
$ |
(5,636 |
) |
|
$ |
(1,198 |
) |
|
$ |
(12,386 |
) |
|
|
|
|
|
|
|
|
|
Non cash stock-based
compensation expense |
|
|
3,907 |
|
|
|
5,390 |
|
|
|
7,826 |
|
|
|
8,344 |
|
Adjusted EBITDA - non
GAAP |
|
$ |
5,624 |
|
|
$ |
(246 |
) |
|
$ |
6,628 |
|
|
$ |
(4,043 |
) |
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(1,921 |
) |
|
$ |
(6,660 |
) |
|
$ |
(8,556 |
) |
|
$ |
(13,734 |
) |
Non cash stock-based
compensation expense |
|
|
3,907 |
|
|
|
5,390 |
|
|
|
7,826 |
|
|
|
8,344 |
|
Adjusted net income
(loss) - non GAAP |
|
$ |
1,986 |
|
|
$ |
(1,270 |
) |
|
$ |
(730 |
) |
|
$ |
(5,390 |
) |
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding basic and diluted |
|
|
43,713,313 |
|
|
|
42,862,384 |
|
|
|
43,473,541 |
|
|
|
42,719,096 |
|
|
|
|
|
|
|
|
|
|
Loss per common share
— basic and diluted |
|
$ |
(0.04 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.20 |
) |
|
$ |
(0.32 |
) |
Non cash stock-based
compensation expense |
|
$ |
0.09 |
|
|
$ |
0.13 |
|
|
$ |
0.18 |
|
|
$ |
0.20 |
|
Adjusted net income
(loss) per common share - basis and diluted - non
GAAP |
|
$ |
0.05 |
|
|
$ |
(0.03 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.12 |
) |
AXOGEN, INC.CONSOLIDATED STATEMENTS
OF SHAREHOLDERS’
EQUITY(unaudited)(In thousands,
except per share) |
|
Common Stock |
|
Additional Paid-inCapital |
|
AccumulatedDeficit |
|
Total Shareholders'Equity |
|
Shares |
|
Amount |
|
|
|
Three Months Ended
June 30, 2024 |
|
|
|
|
|
|
|
|
|
Balance at March 31, 2024 |
43,687,729 |
|
$ |
437 |
|
$ |
380,650 |
|
|
$ |
(287,931 |
) |
|
$ |
93,156 |
|
Net loss |
— |
|
|
— |
|
|
— |
|
|
|
(1,921 |
) |
|
|
(1,921 |
) |
Stock-based compensation |
— |
|
|
— |
|
|
3,907 |
|
|
|
— |
|
|
|
3,907 |
|
Issuance of restricted and
performance stock units |
44,153 |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Exercise of stock options and
employee stock purchase plan |
92,856 |
|
|
1 |
|
|
544 |
|
|
|
— |
|
|
|
545 |
|
Balance at June 30,
2024 |
43,824,738 |
|
$ |
438 |
|
$ |
385,101 |
|
|
$ |
(289,852 |
) |
|
$ |
95,687 |
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June
30, 2024 |
|
|
|
|
|
|
|
|
|
Balance at December
31, 2023 |
43,124,496 |
|
$ |
431 |
|
$ |
376,530 |
|
|
$ |
(281,296 |
) |
|
$ |
95,665 |
|
Net loss |
— |
|
|
— |
|
|
— |
|
|
|
(8,556 |
) |
|
|
(8,556 |
) |
Stock-based compensation |
— |
|
|
— |
|
|
7,826 |
|
|
|
— |
|
|
|
7,826 |
|
Issuance of restricted and
performance stock units |
583,386 |
|
|
6 |
|
|
(6 |
) |
|
|
— |
|
|
|
— |
|
Exercise of stock options and
employee stock purchase plan |
116,856 |
|
|
1,169 |
|
|
751 |
|
|
|
— |
|
|
|
752 |
|
Balance at June 30,
2024 |
43,824,738 |
|
$ |
438 |
|
$ |
385,101 |
|
|
$ |
(289,852 |
) |
|
$ |
95,687 |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2023 |
|
|
|
|
|
|
|
|
|
Balance at March 31,
2023 |
42,809,994 |
|
$ |
428 |
|
$ |
363,739 |
|
|
$ |
(266,654 |
) |
|
$ |
97,513 |
|
Net loss |
— |
|
|
— |
|
|
— |
|
|
|
(6,660 |
) |
|
|
(6,660 |
) |
Stock-based compensation |
— |
|
|
— |
|
|
5,390 |
|
|
|
— |
|
|
|
5,390 |
|
Issuance of restricted and
performance stock units |
57,659 |
|
|
1 |
|
|
(1 |
) |
|
|
— |
|
|
|
— |
|
Exercise of stock options and
employee stock purchase plan |
111,888 |
|
|
1 |
|
|
908 |
|
|
|
— |
|
|
|
909 |
|
Balance at June 30,
2023 |
42,979,541 |
|
$ |
430 |
|
$ |
370,036 |
|
|
$ |
(273,314 |
) |
|
$ |
97,152 |
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June
30, 2023 |
|
|
|
|
|
|
|
|
|
Balance at December
31, 2022 |
42,445,517 |
|
$ |
424 |
|
$ |
360,155 |
|
|
$ |
(259,580 |
) |
|
$ |
100,999 |
|
Net loss |
— |
|
|
— |
|
|
— |
|
|
|
(13,734 |
) |
|
|
(13,734 |
) |
Stock-based compensation |
— |
|
|
— |
|
|
8,344 |
|
|
|
— |
|
|
|
8,344 |
|
Issuance of restricted and
performance stock units |
296,378 |
|
|
4 |
|
|
(4 |
) |
|
|
— |
|
|
|
— |
|
Exercise of stock options and
employee stock purchase plan |
237,646 |
|
|
2 |
|
|
1,541 |
|
|
|
— |
|
|
|
1,543 |
|
Balance at June 30,
2023 |
42,979,541 |
|
$ |
430 |
|
$ |
370,036 |
|
|
$ |
(273,314 |
) |
|
$ |
97,152 |
|
AXOGEN, INC.Condensed Consolidated Statements
of Cash Flows(unaudited) |
|
Six Months Ended |
|
June 30,2024 |
|
June 30,2023 |
Cash flows from
operating activities: |
|
|
|
Net loss |
$ |
(8,556 |
) |
|
$ |
(13,734 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
Depreciation |
|
3,177 |
|
|
|
1,506 |
|
Amortization of right-of-use assets |
|
642 |
|
|
|
642 |
|
Amortization of intangible assets |
|
138 |
|
|
|
144 |
|
Amortization of debt discount and deferred financing fees |
|
444 |
|
|
|
442 |
|
Provision for (recovery of) bad debt |
|
528 |
|
|
|
(37 |
) |
Provision for inventory write-down |
|
2,326 |
|
|
|
1,052 |
|
Change in fair value of derivatives |
|
(529 |
) |
|
|
(247 |
) |
Investment (gains) loss |
|
(33 |
) |
|
|
(578 |
) |
Share-based compensation |
|
7,826 |
|
|
|
8,344 |
|
Change in operating assets and liabilities: |
|
|
|
Accounts receivable |
|
(533 |
) |
|
|
650 |
|
Inventory |
|
(7,321 |
) |
|
|
(3,384 |
) |
Prepaid expenses and other |
|
957 |
|
|
|
(639 |
) |
Accounts payable and accrued expenses |
|
(6,577 |
) |
|
|
(529 |
) |
Operating lease obligations |
|
(731 |
) |
|
|
(762 |
) |
Cash paid for interest portion of finance leases |
|
(2 |
) |
|
|
(1 |
) |
Contract and other liabilities |
|
143 |
|
|
|
— |
|
Net cash used in
operating activities |
$ |
(8,101 |
) |
|
$ |
(7,131 |
) |
|
|
|
|
Cash flows from
investing activities: |
|
|
|
Purchase of property and equipment |
|
(1,834 |
) |
|
|
(8,719 |
) |
Purchase of investments |
|
(1,911 |
) |
|
|
(10,203 |
) |
Proceeds from sale of investments |
|
— |
|
|
|
32,974 |
|
Cash payments for intangible assets |
|
(739 |
) |
|
|
(516 |
) |
Net cash (used in)
provided by investing activities |
$ |
(4,484 |
) |
|
$ |
13,536 |
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
Cash paid for debt portion of finance leases |
|
(4 |
) |
|
|
(12 |
) |
Proceeds from exercise of stock options and ESPP stock
purchases |
|
752 |
|
|
|
1,543 |
|
Net cash provided by
financing activities |
$ |
748 |
|
|
$ |
1,531 |
|
Net (decrease)
increase in cash, cash equivalents, and restricted
cash |
|
(11,837 |
) |
|
|
7,936 |
|
Cash, cash
equivalents, and restricted cash, beginning of period |
|
37,026 |
|
|
|
21,535 |
|
Cash, cash
equivalents, and restricted cash, end of period |
$ |
25,189 |
|
|
$ |
29,471 |
|
|
|
|
|
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