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Axogen vs CONMED: revenue, profit, margins and growth compared

Axogen brought in $225.2M of revenue in fiscal 2025, CONMED $1.4B in fiscal 2025. Revenue changed by +20.2% at Axogen and +5.2% at CONMED on the year before, so Axogen grew faster. Axogen kept -7.0% of its revenue as net profit, CONMED 3.4%. Free cash flow was -$2.9M at Axogen and $150.9M at CONMED.

Side by side, latest fiscal year

AXGNCNMD
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$225.2M$1.4B
Revenue growth+20.2%+5.2%
Net income-$15.7M$47.1M
Net margin-7.0%3.4%
Free cash flow-$2.9M$150.9M
Free cash flow margin-1.3%11.0%
Earnings per share (diluted)-$0.34$1.51
Cash$35.5M$40.8M
Debt$48.4M$834.9M
Price to earningsn/a30.1
Market value$2.3B$1.4B
Dividend yieldn/a1.32%
Rank by revenue in sector#245 of 523 · Health care#131 of 523 · Health care

Over the years

Revenue
AXGN FY2018: $83.9MAXGN FY2019: $106.7MAXGN FY2020: $112.3MAXGN FY2021: $127.4MAXGN FY2022: $138.6MAXGN FY2023: $159MAXGN FY2024: $187.3MAXGN FY2025: $225.2MCNMD FY2018: $859.6MCNMD FY2019: $955.1MCNMD FY2020: $862.5MCNMD FY2021: $1BCNMD FY2022: $1BCNMD FY2023: $1.2BCNMD FY2024: $1.3BCNMD FY2025: $1.4BFY18FY19FY20FY21FY22FY23FY24FY25
AXGN $225.2MCNMD $1.4B
Net income
AXGN FY2018: -$22.4MAXGN FY2019: -$29.1MAXGN FY2020: -$23.8MAXGN FY2021: -$27MAXGN FY2022: -$28.9MAXGN FY2023: -$21.7MAXGN FY2024: -$10MAXGN FY2025: -$15.7MCNMD FY2018: $40.9MCNMD FY2019: $28.6MCNMD FY2020: $9.5MCNMD FY2021: $62.5MCNMD FY2022: -$80.6MCNMD FY2023: $64.5MCNMD FY2024: $132.4MCNMD FY2025: $47.1MFY18FY19FY20FY21FY22FY23FY24FY25
AXGN -$15.7MCNMD $47.1M
Net margin
AXGN FY2018: -26.7%AXGN FY2019: -27.3%AXGN FY2020: -21.2%AXGN FY2021: -21.2%AXGN FY2022: -20.9%AXGN FY2023: -13.7%AXGN FY2024: -5.3%AXGN FY2025: -7.0%CNMD FY2018: 4.8%CNMD FY2019: 3.0%CNMD FY2020: 1.1%CNMD FY2021: 6.2%CNMD FY2022: -7.7%CNMD FY2023: 5.2%CNMD FY2024: 10.1%CNMD FY2025: 3.4%FY18FY19FY20FY21FY22FY23FY24FY25
AXGN -7.0%CNMD 3.4%
Revenue growth
AXGN FY2019: +27.1%AXGN FY2020: +5.2%AXGN FY2021: +13.4%AXGN FY2022: +8.8%AXGN FY2023: +14.7%AXGN FY2024: +17.8%AXGN FY2025: +20.2%CNMD FY2019: +11.1%CNMD FY2020: -9.7%CNMD FY2021: +17.2%CNMD FY2022: +3.4%CNMD FY2023: +19.1%CNMD FY2024: +5.0%CNMD FY2025: +5.2%FY19FY20FY21FY22FY23FY24FY25
AXGN +20.2%CNMD +5.2%
Free cash flow
AXGN FY2018: -$24.1MAXGN FY2019: -$24.5MAXGN FY2020: -$31.5MAXGN FY2021: -$41.2MAXGN FY2022: -$36.1MAXGN FY2023: -$19.6MAXGN FY2024: $1.4MAXGN FY2025: -$2.9MCNMD FY2018: $58.2MCNMD FY2019: $75.1MCNMD FY2020: $51.5MCNMD FY2021: $96.9MCNMD FY2022: $11.6MCNMD FY2023: $106.3MCNMD FY2024: $153.9MCNMD FY2025: $150.9MFY18FY19FY20FY21FY22FY23FY24FY25
AXGN -$2.9MCNMD $150.9M

Fiscal years as each company reports them; the two may end in different months.

Questions about Axogen and CONMED

Which is bigger by revenue, Axogen or CONMED?

CONMED is bigger by revenue: $1.4B in fiscal 2025, against $225.2M for Axogen in fiscal 2025.

Which keeps more of its revenue as profit, Axogen or CONMED?

Axogen had a net margin of -7.0% in fiscal 2025; CONMED had 3.4% in fiscal 2025.

Which grew revenue faster, Axogen or CONMED?

In their latest fiscal years revenue changed by +20.2% at Axogen and +5.2% at CONMED.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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