ALACHUA, Fla., May 04, 2017 (GLOBE NEWSWIRE) -- 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 first quarter ended March 31, 2017.
First Quarter 2017 Financial Results and Recent Business Highlights
- Revenue of $12.2 million, up 51% compared to $8.1 million in the first quarter of 2016
- Gross margin of 84.4% compared to 82.7% in the first quarter of 2016
- Net loss for the first quarter of 2017 is $3.8 million, or $0.11 per share, compared with a net loss of $3.7 million, or $0.12 per share, in the first quarter of 2016
- Adjusted EBITDA loss of $2.2 million compared to Adjusted EBITDA loss of $2.3 million in Q1 2016
“We are pleased to complete another successful quarter, with record revenues of $12.2 million and growth of 51 percent,” stated Karen Zaderej, President and Chief Executive Officer. ”We are successfully executing against our strategic initiatives and driving awareness and growth in the emerging peripheral nerve repair market.”
Additional First Quarter and Recent Operational Highlights
- Increased active accounts in the first quarter to 465, up 37% from 340 in Q1 2016
- We ended the quarter with 49 direct sales reps and have 50 as of today’s call; we also have 20 independent distributors
- Conducted three national education courses in the first quarter, and four year-to-date
- Increased the number of peer reviewed clinical publications for our surgical portfolio by six to a total of 50 year to date
- Conducted a second clinical advisory panel with leading reconstructive breast surgeons - the panel reviewed patient, surgeon, and health care stakeholder perspectives and needs, as well as how the AxoGen portfolio of products may help surgeons overcome current clinical challenges related to restoring breast sensation for women who choose autologous reconstruction following a mastectomy
- Ended the quarter with $25.9 million in cash compared to $30 million at the end of 2016. Net cash burn in Q1 was $4.1 million and includes $1.2 million payment of the 2016 all-employee annual performance bonus
- Ended the quarter with $25 million of total bank debt, compared to $25 million at the end of 2016
“We continue to focus on surgeon education and growing the body of clinical evidence for our nerve repair solutions,” added Zaderej. “As a result we are building awareness of peripheral nerve repair and expanding usage of our products with innovator and early adopter surgeons, while also working to develop the middle adopter market.”
2017 Financial Guidance
Management reiterates 2017 annual revenue will grow at least 40% over 2016 revenue and gross margins will remain above 80%.
Upcoming Investor Events
Members of the AxoGen senior management team will participate at the following upcoming conferences and events:
- Jefferies Global Healthcare Conference in New York City on June 6
- JMP Securities Conference in New York City on June 21-22
Conference Call
The Company will host a conference call and webcast for the investment community today at 4:30 p.m. ET. Investors interested in participating by phone are invited to call toll free at 1-877-407-0993 or use the direct dial-in number 1-201-689-8795. Those interested in listening to the conference call live via the Internet can do so by visiting the Investors page of the Company’s website at www.axogeninc.com and clicking on the webcast link on the Investors home page.
