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

Axogen brought in $225.2M of revenue in fiscal 2025, LivaNova $1.4B in fiscal 2025. Revenue changed by +20.2% at Axogen and +10.7% at LivaNova on the year before, so Axogen grew faster. Axogen kept -7.0% of its revenue as net profit, LivaNova -17.5%. Free cash flow was -$2.9M at Axogen and $173.3M at LivaNova.

Side by side, latest fiscal year

AXGNLIVN
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$225.2M$1.4B
Revenue growth+20.2%+10.7%
Net income-$15.7M-$242.5M
Net margin-7.0%-17.5%
Free cash flow-$2.9M$173.3M
Free cash flow margin-1.3%12.5%
Earnings per share (diluted)-$0.34-$4.45
Cash$35.5M$635.6M
Debt$48.4M$376.1M
Price to earningsn/an/a
Market value$2.3B$4.2B
Dividend yieldn/an/a
Rank by revenue in sector#245 of 523 · Health care#130 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: $225.2MLIVN FY2018: $1.1BLIVN FY2019: $1.1BLIVN FY2020: $934.2MLIVN FY2021: $1BLIVN FY2022: $1BLIVN FY2023: $1.2BLIVN FY2024: $1.3BLIVN FY2025: $1.4BFY18FY19FY20FY21FY22FY23FY24FY25
AXGN $225.2MLIVN $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: -$15.7MLIVN FY2018: -$189.4MLIVN FY2019: -$157.6MLIVN FY2020: -$348.8MLIVN FY2021: -$135.8MLIVN FY2022: -$86.2MLIVN FY2023: $17.5MLIVN FY2024: $63.2MLIVN FY2025: -$242.5MFY18FY19FY20FY21FY22FY23FY24FY25
AXGN -$15.7MLIVN -$242.5M
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%LIVN FY2018: -17.1%LIVN FY2019: -14.5%LIVN FY2020: -37.3%LIVN FY2021: -13.1%LIVN FY2022: -8.4%LIVN FY2023: 1.5%LIVN FY2024: 5.0%LIVN FY2025: -17.5%FY18FY19FY20FY21FY22FY23FY24FY25
AXGN -7.0%LIVN -17.5%
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%LIVN FY2019: -2.1%LIVN FY2020: -13.8%LIVN FY2021: +10.8%LIVN FY2022: -1.3%LIVN FY2023: +12.9%LIVN FY2024: +8.7%LIVN FY2025: +10.7%FY19FY20FY21FY22FY23FY24FY25
AXGN +20.2%LIVN +10.7%
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: -$2.9MLIVN FY2018: $83.3MLIVN FY2019: -$115.8MLIVN FY2020: -$114.4MLIVN FY2021: $77.1MLIVN FY2022: $43.4MLIVN FY2023: $39.9MLIVN FY2024: $135.9MLIVN FY2025: $173.3MFY18FY19FY20FY21FY22FY23FY24FY25
AXGN -$2.9MLIVN $173.3M

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

Questions about Axogen and LivaNova

Which is bigger by revenue, Axogen or LivaNova?

LivaNova 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 LivaNova?

Axogen had a net margin of -7.0% in fiscal 2025; LivaNova had -17.5% in fiscal 2025.

Which grew revenue faster, Axogen or LivaNova?

In their latest fiscal years revenue changed by +20.2% at Axogen and +10.7% at LivaNova.

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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