Axogen, Inc. (NASDAQ: AXGN) has reported its preliminary unaudited revenue for the fourth quarter and full-year of 2024. The company announced that the fourth quarter revenue is expected to be approximately $49.4 million, reflecting a 15.1% increase over the fourth quarter of 2023. This growth was attributed to a solid performance across the product portfolio.
For the full-year 2024, Axogen anticipates revenue of approximately $187.3 million, marking a substantial 17.8% increase over the full-year of 2023. The positive performance was attributed to continued improvements in the execution of commercial strategies, including a focus on high-potential accounts in extremities and omf-head & neck applications, as well as the adoption of Axogen’s complete peripheral nerve surgical algorithm across all procedures.
Additionally, the company expects the full-year gross margin to be above 75.5%, indicating an improvement in profitability. Furthermore, the total balance of cash, cash equivalents, and investments on December 31, 2024, is expected to be approximately $39.5 million, representing an increase of approximately $2.5 million over the balance at the end of 2023.
Michael Dale, President and Chief Executive Officer of Axogen, expressed satisfaction with the company's performance, highlighting the continued improvements in effectiveness and efficiency across the business.
Axogen is set to host an investor day on March 4th, 2025, during which the company plans to share its strategic priorities for the future and the work it believes will best advance its mission.
It's important to note that the results disclosed in the press release are preliminary and unaudited, and the company expects to report full, audited results for the fourth quarter and year ended December 31, 2024, on or before the investor day.
Axogen, Inc. is a global leader in developing and marketing innovative surgical solutions for peripheral nerve injuries. The company focuses specifically on the science, development, and commercialization of technologies for peripheral nerve regeneration and repair, providing innovative, clinically proven, and economically effective repair solutions for surgeons and healthcare providers.
Axogen's product portfolio includes various solutions for peripheral nerve repair, such as the Avance® nerve graft, Axoguard nerve connector®, Axoguard nerve protector®, Axoguard HA+ nerve protector™, and Axoguard nerve cap®. These products are utilized in scheduled, non-trauma procedures as well as emergent trauma procedures.
The company's positive financial performance in the fourth quarter and full-year of 2024 reflects its continued commitment to advancing peripheral nerve care and its mission to make peripheral nerve care standard-of-care for all patients. The market has reacted to these announcements by moving the company's shares 16.0% to a price of $17.71. If you want to know more, read the company's complete 8-K report here.
