Axogen (AXGN) financial statements
Axogen reported revenue of $225M in fiscal 2025, up 20.8% a year over 9 years.
Net income was -$16M and the operating margin -3.5%, against -19.8% in 2016.
Free cash flow was -$3M.
The diluted share count rose 50% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Axogen's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $41M | $60M | $84M | $107M | $112M | $127M | $139M | $159M | $187M | $225M |
| Cost of revenue | $6M | $9M | $13M | $17M | $22M | $23M | $30M | $37M | $45M | $58M |
| Gross profit | $35M | $51M | $71M | $89M | $91M | $104M | $109M | $122M | $142M | $167M |
| Research and development | $4M | $7M | $12M | $18M | $18M | $24M | $26M | $27M | $28M | $33M |
| Selling, general and admin | $39M | $52M | $80M | $103M | $96M | $106M | $113M | $116M | $117M | $142M |
| Operating income | -$8M | -$8M | -$20M | -$31M | -$23M | -$25M | -$30M | -$21M | -$3M | -$8M |
| Interest expense | $5M | $2M | $1M | $40,000 | $1M | $1M | $624,000 | $3M | $8M | $8M |
| Income tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net income | -$14M | -$10M | -$22M | -$29M | -$24M | -$27M | -$29M | -$22M | -$10M | -$16M |
| EPS (diluted) | -$0.47 | -$0.31 | -$0.60 | -$0.74 | -$0.60 | -$0.65 | -$0.69 | -$0.51 | -$0.23 | -$0.34 |
| Diluted shares | 31M | 33M | 37M | 39M | 40M | 41M | 42M | 43M | 44M | 46M |
| Gross margin | 84.3% | 84.6% | 84.6% | 83.7% | 80.8% | 82.0% | 78.5% | 76.6% | 75.8% | 74.3% |
| Operating margin | -19.8% | -13.2% | -24.4% | -29.4% | -20.6% | -20.0% | -21.4% | -13.5% | -1.8% | -3.5% |
| Net margin | -35.1% | -17.3% | -26.7% | -27.3% | -21.2% | -21.2% | -20.9% | -13.7% | -5.3% | -7.0% |
Balance sheet
Fiscal years, from Axogen's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $30M | $37M | $117M | $97M | $104M | $84M | $49M | $31M | $33M | $42M |
| Receivables | $8M | $11M | $15M | $17M | $18M | $18M | $22M | $25M | $24M | $26M |
| Inventory | $5M | $7M | $12M | $14M | $13M | $17M | $19M | $23M | $33M | $42M |
| Total current assets | $44M | $56M | $151M | $135M | $145M | $127M | $98M | $88M | $99M | $120M |
| Property, plant and equipment | $1M | $2M | $8M | $15M | $38M | $63M | $79M | $89M | $85M | $82M |
| Total assets | $46M | $59M | $160M | $155M | $201M | $208M | $195M | $197M | $204M | $222M |
| Total current liabilities | $11M | $14M | $13M | $21M | $23M | $24M | $24M | $30M | $31M | $24M |
| Long-term debt | $20M | $20M | $35,000 | $0 | $32M | $45M | $46M | $47M | $47M | $48M |
| Total liabilities | $31M | $34M | $13M | $22M | $78M | $95M | $94M | $101M | $100M | $93M |
| Shareholders' equity | $15M | $25M | $147M | $132M | $123M | $113M | $101M | $96M | $104M | $129M |
| Net debt | -$10M | -$16M | -$24M | -$34M | -$17M | $12M | $30M | $16M | $20M | $13M |
Cash flow
Fiscal years, from Axogen's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$11M | -$9M | -$18M | -$20M | -$10M | -$13M | -$16M | -$6M | $5M | $812,000 |
| Capital spending | $931,000 | $1M | $6M | $5M | $22M | $28M | $20M | $14M | $3M | $4M |
| Free cash flow | -$12M | -$10M | -$24M | -$25M | -$32M | -$41M | -$36M | -$20M | $1M | -$3M |
| Stock-based compensation | $1M | $4M | $8M | $10M | $8M | $11M | $16M | $14M | $16M | $30M |
| Net borrowing | -$2M | -$21,000 | -$23M | $0 | $35M | $15M | $0 | $0 | — | — |
| Free cash flow margin | -29.6% | -17.1% | -28.8% | -23.0% | -28.1% | -32.4% | -26.1% | -12.3% | 0.8% | -1.3% |
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Open AXGN in InvestinglyQuestions
What was Axogen's revenue in 2025?
$225M in fiscal 2025, from its 10-K filing.
How much free cash flow does Axogen generate?
-$3M in fiscal 2025 (operating cash flow minus capital spending).
From Axogen's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.