AxoGen (AXGN) Q4 2025 earnings summary

Executive summary

• Achieved Q4 2025 revenue of $59.9M, up 21.3% year-over-year, and full-year revenue of $225.2M, up 20.2% year-over-year.

• FDA Biologics License Approval (BLA) for Avance®, granting 12 years of exclusivity and establishing it as the standard of care in nerve repair.

• Net loss for the year was $15.7M, or $0.34 per share; adjusted net income was $14.4M, or $0.29 per share.

• Completed a $133.3M public offering, retired $69.7M in term loans, and enhanced financial flexibility.

• Cash and investments increased by $6M to $45.5M at year-end 2025.

Financial highlights

• Q4 2025 gross margin was 74.1%, impacted by one-time BLA-related costs; full-year gross margin was 74.3%.

• Adjusted EBITDA for 2025 was $27.9M (12.4% margin), up from $19.8M (10.6% margin) in 2024.

• Adjusted net income for Q4 2025 was $3.5M; full-year adjusted net income was $14.4M.

• Q4 2025 net loss was $13.2M; full-year net loss was $15.7M.

• Cash and equivalents at year-end 2025 totaled $39.5M, up from $33.6M in 2024.

Outlook and guidance

• 2026 revenue expected to grow at least 18% to $265.7M.

• Gross margin guidance for 2026 is 74%-76%, with improvement expected in 2027.

• Free cash flow positive expected for 2026, with higher cash burn in Q1.

• Continued disciplined investment in innovation and commercial infrastructure.