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Axogen vs Outset Medical: revenue, profit, margins and growth compared

Axogen brought in $225.2M of revenue in fiscal 2025, Outset Medical $119.5M in fiscal 2025. Revenue changed by +20.2% at Axogen and +5.1% at Outset Medical on the year before, so Axogen grew faster. Axogen kept -7.0% of its revenue as net profit, Outset Medical -68.3%. Free cash flow was -$2.9M at Axogen and -$47.1M at Outset Medical.

Side by side, latest fiscal year

AXGNOM
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$225.2M$119.5M
Revenue growth+20.2%+5.1%
Net income-$15.7M-$81.7M
Net margin-7.0%-68.3%
Free cash flow-$2.9M-$47.1M
Free cash flow margin-1.3%-39.4%
Earnings per share (diluted)-$0.34-$5.37
Cash$35.5M$35M
Debt$48.4M$96.2M
Price to earningsn/an/a
Market value$2.3B$57.3M
Dividend yieldn/an/a
Rank by revenue in sector#245 of 523 · Health care#287 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: $225.2MOM FY2018: $2MOM FY2020: $15.1MOM FY2020: $49.9MOM FY2021: $102.6MOM FY2022: $115.4MOM FY2023: $130.4MOM FY2024: $113.7MOM FY2025: $119.5MFY18FY19FY20FY21FY22FY23FY24FY25
AXGN $225.2MOM $119.5M
Net income
AXGN FY2018: -$22.4MAXGN FY2019: -$29.1MAXGN FY2020: -$23.8MAXGN FY2021: -$27MAXGN FY2022: -$28.9MAXGN FY2023: -$21.7MAXGN FY2024: -$10MAXGN FY2025: -$15.7MOM FY2018: -$49.8MOM FY2020: -$68.3MOM FY2020: -$121.5MOM FY2021: -$131.9MOM FY2022: -$163MOM FY2023: -$172.8MOM FY2024: -$128MOM FY2025: -$81.7MFY18FY19FY20FY21FY22FY23FY24FY25
AXGN -$15.7MOM -$81.7M
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%OM FY2018: -2,480.3%OM FY2020: -453.0%OM FY2020: -243.3%OM FY2021: -128.6%OM FY2022: -141.2%OM FY2023: -132.5%OM FY2024: -112.6%OM FY2025: -68.3%FY18FY19FY20FY21FY22FY23FY24FY25
AXGN -7.0%OM -68.3%
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%OM FY2020: +651.3%OM FY2020: +231.2%OM FY2021: +105.5%OM FY2022: +12.4%OM FY2023: +13.0%OM FY2024: -12.8%OM FY2025: +5.1%FY19FY20FY21FY22FY23FY24FY25
AXGN +20.2%OM +5.1%
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: -$2.9MOM FY2018: -$48.2MOM FY2020: -$73.6MOM FY2020: -$108.1MOM FY2021: -$133.4MOM FY2022: -$154.1MOM FY2023: -$134.8MOM FY2024: -$117.2MOM FY2025: -$47.1MFY18FY19FY20FY21FY22FY23FY24FY25
AXGN -$2.9MOM -$47.1M

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

Questions about Axogen and Outset Medical

Which is bigger by revenue, Axogen or Outset Medical?

Axogen is bigger by revenue: $225.2M in fiscal 2025, against $119.5M for Outset Medical in fiscal 2025.

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

Axogen had a net margin of -7.0% in fiscal 2025; Outset Medical had -68.3% in fiscal 2025.

Which grew revenue faster, Axogen or Outset Medical?

In their latest fiscal years revenue changed by +20.2% at Axogen and +5.1% at Outset Medical.

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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