Axogen, Inc. Q1 FY26 Results

Summary

Axogen, Inc. reported strong financial results for the first quarter ended March 31, 2026, with revenue increasing by 26.6% year-over-year to $61.5 million. The company also saw an improvement in gross margin, reaching 75.2% compared to 71.9% in the prior year. While a net loss of $19.6 million was recorded, adjusted net income turned positive at $4.1 million, and adjusted EBITDA more than doubled to $5.7 million. Management expressed satisfaction with the performance and progress across strategic priorities, reinforcing confidence in achieving the raised full-year revenue guidance of at least 20% growth, or $270 million, and becoming free cash flow positive for 2026.

Key Highlights

1. 1

   First quarter 2026 revenue increased by 26.6% to $61.5 million, compared to $48.6 million in the first quarter of 2025.

2. 2

   Gross margin for the first quarter of 2026 improved to 75.2% from 71.9% in the prior year period.

3. 3

   The company reported a net loss of $19.6 million, or $0.38 per share, for Q1 2026, compared to a net loss of $3.8 million, or $0.08 per share, in Q1 2025.

4. 4

   Adjusted net income for the first quarter of 2026 was $4.1 million, or $0.07 per share, a notable improvement from an adjusted net loss of $0.9 million, or $0.02 per share, in Q1 2025.

5. 5

   Adjusted EBITDA for Q1 2026 more than doubled to $5.7 million from $2.9 million in the first quarter of 2025.

6. 6

   Cash and cash equivalents, restricted cash, and investments significantly increased by $58.1 million to $103.6 million as of March 31, 2026, from $45.5 million as of December 31, 2025.

7. 7

   Axogen raised its full-year 2026 revenue guidance to at least 20% growth, projecting $270 million, and anticipates being free cash flow positive for the full year.