Axogen, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Axogen, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	41.1	60.4	83.9	107	112	127	139	159	187	225
Cost of revenue	6.47	9.31	12.9	17.3	21.6	22.9	29.8	37.1	45.4	57.9
Gross profit	34.6	51.1	71	89.4	90.7	104	109	122	142	167
Research and development	4.21	6.7	11.8	17.5	17.8	24.2	25.6	27.3	27.8	32.9
Selling and marketing	28.4	37.6	56.6	72	69.7	73.3	72	77.6	78.5	97.7
General and administrative	10.1	14.7	23.1	31.3	26.4	32.3	40.9	38.4	39	44.6
Operating income	-8.13	-7.95	-20.5	-31.4	-23.2	-25.4	-29.7	-21.5	-3.29	-7.85
Interest expense	5.39	2.22	1.21	0.04	1.05	1.36	0.62	2.84	8.21	7.7
Other non-operating income	-6.28	-2.49	-1.9	2.27	-0.6	-1.57	0.76	-0.25	-6.68	-7.85
Income tax	0	0	0	0	0	0	0	0	0	0
Net income	-14.4	-10.4	-22.4	-29.1	-23.8	-27	-28.9	-21.7	-9.96	-15.7
EBITDA	-7.77	-7.46	-19.7	-30.5	-21.7	-22.7	-26.9	-17.2	3.18	-1.19
EPS, basic	-0.47	-0.31	-0.60	-0.74	-0.60	-0.65	-0.69	-0.51	-0.23	-0.34
EPS, diluted	-0.47	-0.31	-0.60	-0.74	-0.60	-0.65	-0.69	-0.51	-0.23	-0.34
Shares, basic (weighted)	0.03	0.03	37.1	39.2	40	41.2	42.1	42.9	44.3	46.1
Shares, diluted (weighted)	0.03	0.03	37.1	39.2	40	41.2	42.1	42.9	44.3	46.1

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	30	36.5	24.3	35.7	48.8	32.8	15.3	31	27.6	35.5
Short-term investments			92.3	60.8	55.2	51.3	33.5	0	5.93	5.98
Receivables	8.05	11.1	15.3	16.9	17.6	18.2	22.2	25.1	24.1	26.2
Inventory	5.46	7.32	12	13.9	12.5	16.7	18.9	23	33.2	42.4
Other current assets	0.51	0.85	1.05	1.71	4.3	1.86	1.94	2.81	2.45	6.35
Total current assets	44	55.7	151	135	145	127	98.1	88	99.2	120
Property, plant and equipment	1.49	2.2	8.04	14.9	38.4	62.9	79.3	88.7	84.7	81.8
Lease right-of-use assets				3.13	15.6	15.2	14.4	15.6	14.3	12.7
Intangible assets	0.83	0.94	1.18	1.52	2.05	2.86	3.65	4.53	5.58	6.75
Other non-current assets					0					0
Total assets	46.4	58.9	160	155	201	208	195	197	204	222
Accounts payable	3.61	3.24	4.52	8.26	4.6	5.92	8.96	11.8	8.01	2.89
Deferred revenue	0.03	0.03	0.02	0.01	0.01	0.01
Short-term debt	0.02	0.74	0.03	1.74
Total current liabilities	11.1	13.7	13	20.9	22.8	24.3	23.8	30.4	30.6	23.6
Long-term debt	20.3	19.8	0.04	0	32	44.8	45.7	46.6	47.5	48.4
Lease liabilities				1.57	20.9	20.8	20.4	21.1	19.2	16.8
Other non-current liabilities		0.1	0.07	0.02	0	0		0	0.09	0.14
Total liabilities	31.4	33.7	13.2	22.5	78.2	95.5	94.4	101	99.8	92.8
Total debt	24.3	24.5	0.06	0	32	44.8	45.7	46.6	47.5	48.4
Paid-in capital	132	153	297	312	326	343	360	377	395	435
Retained earnings	-118	-128	-151	-180	-204	-231	-260	-281	-291	-307
Shareholders' equity	14.9	25.2	147	132	123	113	101	95.7	104	129
Total equity	14.9	25.2	147	132	123	113	101	95.7	104	129
Total liabilities and equity	46.4	58.9	160	155	201	208	195	197	204	222
Shares outstanding	33	34.4	38.9	39.6	40.6	41.7	42.4	43.1	44.1	47.2

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-14.4	-10.4	-22.4	-29.1	-23.8	-27	-28.9	-21.7	-9.96	-15.7
Depreciation and amortization	0.36	0.49	0.77	0.93	1.53	2.74	2.83	4.22	6.47	6.66
Stock-based compensation	1.39	3.61	7.61	10.3	8.47	10.9	15.6	14.4	15.9	30.1
Change in receivables	-3.35	-3.24	-5.11	-2.14	-0.64	-0.5	-4.64	-2.69	0.39	-2.46
Change in inventory	-2.31	-3.3	-6.01	-3.77	-0.91	-7.48	-1.89	-4.12	-10.2	-9.19
Change in payables	3.41	1.93	3.71	2.92	4.96	-0.27	0.66	6.51	0.13	-7.16
Cash from operations	-11.2	-9.24	-17.9	-19.9	-9.63	-13.4	-16.1	-5.72	4.54	0.81
Capital expenditures	-0.93	-1.11	-6.28	-4.66	-21.9	-27.8	-20.1	-13.9	-3.1	-3.75
Purchases of investments			-115	-121	-77.8	-68.7	-39.2	-10.2	-5.77	-13.7
Sales and maturities of investments			23.1	154	83.4	72.5	57.3	44.4	0	14
Cash from investing	-1.16	-1.29	-98.2	27.3	-17	-23.6	-3.2	19.3	-10.3	-5.32
Debt issued			0	0	35	15	0	0
Debt repaid	-2.45	-0.02	-22.5	0	0	0	0
Stock issued	18.8	15.9	133	0	3.5	0	0
Cash from financing	16.5	17	110	4.03	40.5	20.5	1.79	1.95	2.29	10.5
Net change in cash	4.11	6.49	-6.21	11.4	13.9	-16.6	-17.5	15.5	-3.47	5.99
Free cash flow	-12.2	-10.3	-24.1	-24.5	-31.5	-41.2	-36.1	-19.6	1.43	-2.93
Interest paid	5.77	2.2	1.33	0.03	0.82	0.5	0	1.94	7.3	6.81

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $43.39 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	74.6%	Gross profit / revenue.
Operating margin	-5.1%	Operating income / revenue.
EBITDA margin	-2.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	-13.4%	Net income / revenue.
FCF margin	3.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	6.0%	Cash from operations / revenue.
Return on equity (ROE)	-13.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-11.0%	Net income / average total assets.
Return on invested capital (ROIC)	-6.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	14.4%	Research and development expense / revenue.
Stock-based pay / revenue	15.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.6%	Capital expenditures / revenue.
D&A / revenue	2.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	20.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	17.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	14.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	17.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	15.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	13.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-137.4%	EBITDA vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-82.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-304.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	24.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	8.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	0.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	8.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	1.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	4.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	3.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	2.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	6.60x	Current assets / current liabilities.
Quick ratio	4.79x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	3.67x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.00x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	0.0%	Total debt / total assets.
Liabilities / assets	15.9%	Total liabilities / total assets.
Net debt	-$111.4M	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-3.08x	Operating income / interest expense.
Working capital	$170.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	2.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	$248.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.82x	Revenue / average total assets.
Fixed asset turnover	3.05x	Revenue / average property, plant and equipment.
Inventory turnover	1.35x	Cost of revenue / average inventory.
Days inventory	270 days	365 x average inventory / cost of revenue.
Receivables turnover	7.36x	Revenue / average receivables.
Days sales outstanding	50 days	365 x average receivables / revenue.
Days payables	162 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	158 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	42.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.63	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$4.71	Revenue / diluted weighted shares.
FCF per share	$0.16	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.28	Cash from operations / diluted weighted shares.
Book value per share	$4.78	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$4.63	Tangible book value / shares outstanding.
Cash per share	$2.08	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$2.33B	Share price x shares outstanding.
Enterprise value	$2.22B	Market cap + total debt - cash - short-term investments.
P/S	9.29x	Market cap / revenue.
P/B	9.10x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	9.38x	Market cap / tangible book value, when positive.
P/FCF	271x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	155x	Market cap / cash from operations, when positive.
EV/Sales	8.84x	Enterprise value / revenue.
EV/FCF	258x	Enterprise value / free cash flow, when both are positive.
FCF yield	0.4%	Free cash flow / market cap.
Earnings yield	-1.4%	Net income / market cap (the inverse of P/E).

What was Axogen, Inc.'s revenue in fiscal 2025?

Axogen, Inc. reported revenue of $225.2M for fiscal 2025, 20.2% higher than the year before.

Was Axogen, Inc. profitable in fiscal 2025?

No. It reported a net loss of $15.7M.

How much free cash flow did Axogen, Inc. generate in fiscal 2025?

Cash from operations of $812.0K minus capital expenditures of $3.7M left free cash flow of -$2.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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