8-K
Axogen, Inc. (AXGN)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 12, 2026
AXOGEN, INC.
(Exact Name of Registrant as Specified in Charter)
Minnesota
(State or Other Jurisdiction of
Incorporation or Organization)
001-36046
(Commission File Number)
41-1301878
(I.R.S. Employer Identification No.)
13631 Progress Boulevard, Suite 400 Alachua, Florida
(Address of principal executive offices)
32615
(Zip Code)
(386) 462-6800
(Registrant's telephone number, including area code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e- 4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of exchange on which registered |
|---|---|---|
| Common Stock, $0.01 par value | AXGN | The Nasdaq Stock Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition
On January 12, 2026, Axogen, Inc. (the “Company”) issued a press release announcing its preliminary, unaudited fourth quarter and full year 2025 financial performance. A copy of the press release is furnished as Exhibit 99.1.
The information furnished pursuant to Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of such section, nor shall it be incorporated by reference into future filings by the Company under the Securities Act of 1933, as amended (the “Securities Act”), or under the Exchange Act, unless the Company expressly sets forth in such future filing that such information is to be considered “filed” or incorporated by reference therein.
Item 7.01 Regulation FD Disclosure.
On January 12, 2026, the Company also posted an updated corporate presentation to its website at https://ir.axogeninc.com/news-events. The Company may use the corporate presentation from time to time in conversation with analysts, investors, and others. A copy of the investor update is furnished as Exhibit 99.2.
The information in this Item 7.01, including Exhibit 99.2, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section and shall not be deemed incorporated by reference into any filing under the Securities Act or Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits
| (d) Exhibits | See the Exhibit index below, which is incorporated herein by reference. |
|---|---|
| Exhibit No. | Description |
| 99.1 | Axogen Inc. Press Release dated January 12, 2026, regarding Preliminary 2025 Financial Results |
| 99.2 | Axogen, Inc. Corporate Presentation, dated January 2026 |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| AXOGEN, INC. | ||
|---|---|---|
| Dated: January 12, 2026 | By: | /s/ Marc Began |
| Marc Began | ||
| Executive Vice President, General Counsel and Chief Compliance Officer |
Document
Exhibit 99.1
Axogen, Inc. Reports Preliminary Unaudited Revenue for Fourth Quarter and Full-Year 2025
ALACHUA and TAMPA, FL - January 12, 2026 - Axogen, Inc. (NASDAQ: AXGN), a global leader in developing and marketing innovative surgical solutions for the restoration of peripheral nerve function, today announced preliminary unaudited fourth quarter and full-year 2025 key financials.
Preliminary Fourth Quarter and Year-End Key Business Highlights
•Fourth quarter 2025 revenue is expected to be approximately $59.9 million, which represents a 21.3% increase over the fourth quarter of 2024, driven by solid performance across the product portfolio.
•Full-year 2025 revenue is expected to be approximately $225.2 million, which represents a 20.2% increase over the full-year of 2024.
•Our strong performance reflects improved execution across our commercial strategy: targeting high-potential accounts in Extremities and OMF-Head & Neck, expanding utilization of Axogen’s complete peripheral nerve surgical algorithm across all procedures, and increasing penetration of Resensation® in post-mastectomy breast reconstruction.
•Fourth quarter and full-year 2025 gross margin is expected to be above 74%.
•Gross margin is expected to reflect one-time costs of approximately $1.9 million, or 3% and 1% for the fourth quarter and full-year 2025, respectively, related to the U.S. Food and Drug Administration (“FDA”) Biologics License Application (“BLA”) approval of Avance®. It is also expected that 67% of the one-time costs are non-cash and relate to the vesting of certain stock compensation awards containing FDA BLA approval of Avance® milestones.
•The balance of cash, cash equivalents, restricted cash, and investments on December 31, 2025, is expected to be approximately $45.5 million, representing an increase of approximately $6.0 million over the balance at the end of 2024.
•On December 3, 2025, FDA approved the BLA for Avance® (acellular nerve allograft-arwx).
“We are delighted with our preliminary fourth quarter and full year 2025 results. Our strong revenue growth and notable BLA milestone achievement during the quarter further validate our strategic plan and market development strategies, and importantly, Axogen’s ability to operationally execute,” said Michael Dale, President and Chief Executive Officer of Axogen. “The approval of Avance® as a biologic therapeutic option for treating peripheral nerve discontinuities combined with our positive momentum across all functions within the business give us confidence that our mission to restore health and improve quality of life by making restoration of peripheral nerve function an expected standard of care is progressing as planned.”
The results disclosed in this press release are preliminary and unaudited. The Company expects to report full results for the fourth quarter and year ended December 31, 2025, in late February 2026.
About Axogen
Axogen (NASDAQ: AXGN) is focused on the science, development and commercialization of technologies for peripheral nerve repair. With a mission to make nerve repair the expected standard of care, Axogen advances the field through research, education, and collaboration with surgeons and healthcare providers across a global network.
Axogen’s product portfolio includes Avance® (acellular nerve allograft-arwx), Axoguard Nerve Connector®, Axoguard Nerve Protector®, Axoguard HA+ Nerve Protector™, Axoguard Nerve Cap®, and Avive+ Soft Tissue Matrix™. The Axogen portfolio of products is available in the United States, Canada, Germany, the United Kingdom, Spain and several other countries.
For more information, visit www.axogeninc.com.
Cautionary Statements Concerning Forward-Looking Statements
This press release contains “forward-looking” statements as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations or predictions of future conditions, events, or results based on various assumptions and management’s estimates of trends and economic factors in the markets in which we are active, as well as our business plans. Words such as “expects,” “anticipates,” “priorities,” “objectives,” “targets,” “intends,” “plan(s),” “believes,” “seeks,” “estimates,” “projects,” “forecasts,” “continue,” “may,” “should,” “will,” “goals,” and variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements include, but are not limited to, statements regarding our preliminary, unaudited fourth quarter and full 2025 performance, statements related to our mission of making peripheral nerve care standard of care for all patients, statements related to the impact of BLA approval and strategic plan and market development, as well as statements under the subheading “Preliminary Fourth Quarter and Year-End Key Business Highlights.” Actual results or events could differ materially from those described in any forward-looking statements as a result of various factors, including, without limitation, potential disruptions from global supply chain issues, inflation, hospital staffing challenges, product development timelines, regulatory processes, financial performance, surgeon and product adoption rates, market awareness of our products, the projected TAM for targeted markets and other risks described in our filings with the SEC. Forward-looking statements are not a guarantee of future performance, and actual results may differ materially from those projected. The forward-looking statements are representative only as of the date they are made, and, except as required by applicable law, we assume no responsibility to publicly update or revise any forward-looking statements.
Media Contact:
Axogen, Inc.
InvestorRelations@axogeninc.com
ex992-axogeninccorporate
1 Making Nerve Repair an Expected Standard of Care A commitment to restoring health, improving quality of life, and advancing peripheral nerve care for every patient. Michael Dale, President & CEO January 2026
Forward-looking statements This presentation contains “forward-looking” statements as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations or predictions of future conditions, events, or results based on various assumptions and management's estimates of trends and economic factors in the markets in which we are active, as well as our business plans. Words such as “expects,” “anticipates,” “priorities,” “objectives,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “projects,” “forecasts,” “continue,” “may,” “should,” “will,” “goals,” and variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements include, but are not limited to, statements regarding financial guidance, including revenue range, cash and gross margins; reimbursement expectations; anticipated regulatory approvals; international expansion; educational initiatives; patient activation strategies; and clinical trial plans, as well as market development opportunities and priorities for peripheral nerve products; TAM estimates; estimates of potential patients who may benefit from our products; strategic plan priorities, including projected multi-year revenue, revenue growth, CAGR, margins, market and growth drivers; strategic initiatives; expectations regarding commercial performance of our products; market opportunities for use with prostatectomy; innovation, including new products and indications; clinical evidence generation and its impact on adoption and societal support; Axogen Processing Center capabilities for manufacturing Avance®; and our expectation that Avance® will be designated as the reference product for any biosimilar nerve allograft product and provide market exclusivity. Actual results or events could differ materially from those described in any forward-looking statements as a result of various factors, including, without limitation, global supply chain issues, inflation, hospital staffing issues, product development timelines, product potential, expected clinical enrollment timing and outcomes, regulatory process and approvals, financial performance, sales growth, surgeon and product adoption, market awareness of our products, data validation, our visibility at and sponsorship of conferences and educational events, recent geopolitical conflicts, reimbursement trends, potential impact of recent government actions and policies, including the One Big Beautiful Bill Act on our business, tax position, and regulatory processes, as well as those risk factors described under Part I, Item 1A., “Risk Factors,” of our Annual Report on Form 10-K for the most recently ended fiscal year. Forward-looking statements are not a guarantee of future performance, and actual results may differ materially from those projected. The forward-looking statements are representative only as of the date they are made and, except as required by applicable law, we assume no responsibility to publicly update or revise any forward-looking statements. About Non-GAAP Financial Measures To supplement our condensed consolidated financial statements, we use the non-GAAP financial measures of EBITDA, which measures earnings before interest, income taxes, depreciation and amortization, and Adjusted EBITDA which further excludes non-cash stock compensation expense. We also use the non-GAAP financial measures of Adjusted Net Income or Loss and Adjusted Net Income or Loss Per Common Share - basic and diluted which excludes non-cash stock compensation expense from Net Income or Loss and Net Income or Loss Per Common Share - basic and diluted, respectively. We also use the Operational Cashflow metric, which corresponds to Net increase (decrease) in cash, cash equivalents, restricted cash, and investments, less cashflow from issuance or repayment of long-term debt. These non-GAAP measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures should be read in conjunction with our financial statements prepared in accordance with GAAP. The reconciliations of the non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP should be carefully evaluated. We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, and analyzing future periods. We believe these non-GAAP financial measures are useful to investors because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by our institutional investors and the analyst community to help them analyze the performance of our business, the Company’s cash available for operations, and the Company’s ability to meet future capital expenditure and working capital requirements. 2
3 To restore health and improve quality of life by making restoration of peripheral nerve function an expected standard of care. Our Mission
4 Large and Underserved $5.6B US Nerve Care Opportunity More than 1.5 million peripheral nerve injuries a year require treatment in Axogen focus markets Extremities Market Every year patients suffer from 700,000 Traumatic Nerve Injuries and more than 370,000 Chronic nerve injuries.1 Breast Reconstruction 1 of 8 women diagnosed with breast cancer. 80% of women experience pain, numbness or both after breast cancer surgery.2 Oral, Maxillofacial & Head & Neck Nerve damage caused by Oral Maxillofacial and H&N surgery is common and can result in loss of sensation and chronic pain. Prostate Surgery $1.2B$677M $754M Nerve injuries have a significant impact on patient’s quality of life… 1 of 8 men diagnosed with prostate cancer. 25-90% experience Incontinence and Erectile Dysfunction (ED) Post robotic prostatectomy.3,4 $2.9B
Common Types and Causes of Peripheral Nerve Injury Cut or Laceration Compression Stretching Neuroma Trauma Trauma that leads to damaged nerves Severe Cuts, Falling Though Glass, Compression, Gunshot Wound, Blunt Trauma Amputation Stump pain associated with nerve damage has been reported in over 68% of amputees5 Sensitivity to Touch, Residual Limb Pain, Burning Pain Surgery Nerves that have been cut, compressed or stretched during surgery Mastectomy, Laparoscopy, Tumor Resection, Wrist or Knee Arthroscopy, Hip or Knee Arthroplasty 5
The Axogen Nerve Repair Algorithm 6 Connection Protection Termination
7 NATIVE NERVE Avance® is the First Approved Biologic Treatment for Repair of Nerve Discontinuities in adult and pediatric patients aged one month and older Preserves the delicate 3D macro and micro architecture of native nerve, which provides structural support for the regenerating axons Bioactive laminin necessary for supporting neurite growth & axonal regeneration Proprietary quality assays verify structural integrity & potency
8 • Care guidelines and standardized treatment algorithms are lagging and to be developed for certain care pathways Nerve Care is Not an Expected Standard of Care • Low patient and surgeon awareness of treatment options Awareness of Treatment Options • Approximately 60% of nerve injuries go undiagnosed prior to patient discharge6 Inefficient Patient Referral and Care Pathways • 35% of commercial lives remain uncovered1Coverage & Payment Our Key Market Development Opportunities
2025-2028 Strategic Plan Priorities Commercial infrastructure and salesforce expansion Continuous business model and customer creation process optimization by market Product development to drive better benefit versus risk profiles in nerve care Elective and planned procedure focus Prostate market development CAGR 15 - 20% Commercial Excellence Commercial Expansion Innovation MarketsGrowth Level 1 clinical evidence generation for societal support, standard of care & coverage requirements Standard of Care 9
Uniquely Positioned to Lead in Nerve Repair AVANCE® (acellular nerve allograft-arwx) is the only FDA approved biologic nerve scaffold for treating peripheral nerve discontinuities Axoguard® and Avive+ products for use across Axogen nerve repair algorithm 16 years of experience and 200,000+ patients treated 300+ clinical and scientific publications supporting our nerve repair algorithm A valued educational partner committed to clinical science and innovation Trusted partner to 6,500+ surgeons Established access in more than 2,700 hospitals and outpatient centers, supported by the largest direct sales channel Technology Expertise Access 10
Elevating Nerve IQ Education & Training are Key to Market Development 11 75% of hand fellows trained 13 Professional education programs across our markets with more than 225 surgeons trained 117 Regional programs helping to enhance the micro surgical skills of surgeons Surgeons trained on Axogen’s nerve repair algorithm 55 Faculty educational partners of leading nerve repair thought leaders 2025 ACTIVITY 1400
Societal Support Avance is supported as standard medical practice by major societies and Axogen has strong KOL relationships that drive advocacy, portfolio adoption and innovation POSITIONED TO WIN Preference for allograft increasing for all gap lengths8 Comparable procedural cost to Autograft7 Allograft supported as standard medical practice by two major societies Educational Leadership Axogen is a trusted educational partner providing hand surgeons with the microsurgical skills to effectively repair nerves utilizing our portfolio Comprehensive Portfolio & Access We offer the most comprehensive portfolio of nerve repair solutions, which is widely approved and accessible in US hospital systems Focused Direct Sales Channel Dedicated sales channel for nerve repair, which ensures focus and support for nerve surgeons Clinical & Health Economic Value Avance is approved as a biologic, backed by level 1 clinical evidence and health economic value proposition versus autograft Extremities 41.0% 24.1% 18.2% 16.7% Allograft Autograft Conduit Direct repair 2024 Preferred Nerve Repair Solution for >2cm Gap 12
POSITIONED TO WIN Growing body of evidence supporting the benefits or nerve reconstruction Grow presence in H&N oncologic procedures Opportunity to build patient and surgeon awareness of the patient QoL impact Expand educational capacity & programs Societal Support OMF societal support for nerve repair and included in AAOMS ParCare Guidelines can be leveraged to influence H&N societies Clinical Education Leadership Axogen has developed and executed on high quality national attending level professional education programs with proven post program adoption Clinical Evidence Independent clinical evidence with strong outcome data in benign mandible reconstruction and lingual nerve repair Direct Sales Channel Axogen has a large direct sales channel to service the highly concentrated market Oral Maxillofacial and Head & Neck 13
POSITIONED TO WIN Specialized Sales & Marketing Dedicated, deeply knowledgeable sales team enables effective surgeon development, support and market penetration Marketing expertise in the creation of strategies, tactics, tools, and resources support the sales process Established, predictable customer creation process Proven Patient Activation Strategy Axogen’s marketing team excels at translating complex medical information into patient-friendly content, raising awareness and driving demand for Resensation® 25K+ monthly website visitors 3K+ monthly visitors to surgeon locator Clinical Education Leadership A collaborative approach to training has resulted in surgeon advocacy, high adoption rates and strong customer loyalty Standardized, branded procedure 80%+ surgeon adoption after training Breast 14
Oral Maxillofacial and Head & Neck $754M TAM of men will delay or chose not to have a prostatectomy due to fear of ED post procedure8 Prostate 50% Up to Post robotic prostatectomy complications for Erectile Dysfunction (ED) vary from3,4 25-90% Why We Are Here Important unsolved clinical need that can be addressed by Axogen’s nerve repair algorithm Large and motivated patient population Our Answer To The Problem Axogen’s nerve repair algorithm to facilitate cavernous nerve protection and reconstruction How The Problem Is Being Addressed Currently Despite the efficacy of nerve sparring robotic assisted radical prostatectomy in cancer control, nerve injury continues to impact quality of life Growing prostate cancer incidence and nerve related complications from surgery makes prostate an attractive expansion opportunity 15
POSITIONED TO WIN Clinical Education Leadership Extensive expertise in developing standardized surgical techniques and building comprehensive training courses to equip surgeons with the necessary skills and knowledge to successfully perform the procedures Nerve Repair Portfolio Axogen’s nerve repair portfolio has the potential to help surgeons address nerve protection and reconstruction needs in robotic assisted radical prostatectomy Avance Nerve Graft provides better size matching than a sural nerve autograft and Axogen has the broadest portfolio for nerve protection. 9,10,11 Patient Awareness & Activation Marketing team excels at executing campaigns that raise awareness of clinical problems and drives patient demand for new treatments 16 Prostate
Non-Covered Covered Societal support for Standard of Care designation achieved Non-Covered Covered Positive Avance Coverage Momentum Continues, but ~35% of Commercial Lives are Still Non-Covered1 79% 65% Expanded coverage fueled by Approved Biologic in 2025 Strong clinical evidence Avance Medicare & Medicaid Lives Covered Avance Commercial Lives Covered In FY25, 19.8 million lives have been added across ten regional BCBS plans (18.2mm private; 1.6mm Medicare Advantage) 17 Disclaimer: The information is derived from publicly available information and is for illustrative purposes only and is not authoritative. Coverage data are for informational purposes only and do not imply clinical or financial superiority. 12,13 12,13
National Average2025 FACILITY PAYMENT In 2026, CMS will Improve Facility Payments by Creating a New Outpatient Code Group New Level 3 Nerve Procedure Code increases reimbursement for hospitals and ASC’s The code for Allograft 64912 (Avance) is not specific to a clinical application and can therefore be applied to nerve repair in all anatomical locations CPT Code Descriptor C-APC Reimbursement Hospital Outpatient Reimbursement Ambulatory Surgery Center 64912 Allograft nerve repair 5432 $8,965 $6,157* +40% YoY +96% Since 2019 +35% YoY +221% Since 2019 National Average Disclaimer: The information is derived from publicly available information and is for illustrative purposes only and is not authoritative. 18 * Device intensive status achieved in 2020
19 INNOVATION METRICS Avance Biologic License Approval 3 Active Development Projects Prostate Clinical Development 2022 2023 2024 2025 2026 2027 2028 + New Product Development Axoguard HA+ Nerve Protector Avive+ Soft Tissue Matrix New Clinical Applications Resensation Implant NAC Prostate Additional New Clinical Applications Our Nerve Care Roadmap to Provide Improved Benefit- to-Risk Profiles versus Existing Standards of Care Protection Expansion Easy Coaptation Therapeutic Reconstruction
Our Clinical Evidence Investments in Support of Standard of Care Objectives Completed CHANGE Digital Nerve Pilot Study RECON Phase 3 RCT RALP-N Pilot Technique Feasibility and Outcomes REPOSE Post-Market Axoguard Nerve Cap RCT Underway Planned Establishing the Foundation Strengthening the Evidence Advancing Standard of Care Sensation-NOW Autologous Breast Neurotization Registry RANGER Real-World Registry REPOSE-XL Post-Market Axoguard Nerve Cap Case Series COVERED Post-Market Axoguard HA+ Protection Case Series Implant NAC-N Level 1 Evidence in Breast Neurotization Mixed & Motor Nerve Level 1 Evidence: Avance vs. Autograft Protection Expansion Validating Nerve Protection Benefits Across New Applications Prostate Advancing Evidence in Cavernous Nerve Repair 20
Management Team with a Track Record of Success Michael Dale Chief Executive Officer and Board Director Marc Began Executive Vice President and General Counsel Lindsey Hartley Chief Financial Officer Erick DeVinney Chief Innovation Officer Jens Schroeder Kemp Chief Marketing Officer Ivica Ducic, M.D. Chief Medical Officer Craig Swandal Vice President, Operations Stacy Arnold Vice President of Product Development and Clinical Research Al Jacks Vice President of Quality Rick Ditto Vice President, Global Health Economics, Reimbursement & Policy Doris Quackenbush Vice President of Sales Jesse Bishop Vice President, Regulatory Prior Roles Include 21
Financial Overview 22
Accelerating Topline Drives Operational Leverage Accelerating Revenue Growth 23 Expanding EBITDA $59.9* 2021 2022 2023 2024 2025 $127.4 $138.6 $159.0 $187.3 $225.2* $165.3 * Q4 2025 and full-year 2025 Revenue are preliminary and unaudited based on Axogen’s January 12, 2026, preannouncement. ($22.6) ($25.6) ($15.5) $3.9 $7.8 ($9.3) ($9.3) ($1.1) $19.8 $21.4 ($30.0) ($20.0) ($10.0) $0.0 $10.0 $20.0 $30.0 EBITDA Adj-EBITDA*** 2021 2022 2023 2024 2025** ** YTD Data through September 30, 2025. *** Excludes stock-based compensation. 14.9% 5-year CAGR*
2025 – 2028 Strategic Plan MANAGEMENT EXPECTS 24 ▪ Revenue CAGR of 15% - 20% ▪ Gross Margin improvements following process improvements and increase in capacity utilization ▪ Cashflow positive for each year ▪ Operational Cashflow – expect to end 2028 with a run rate > $60m/year ▪ Cashflow Priorities: - Self-funding of our organic growth initiatives - Repayment of our debt and strengthening of our balance sheet - Capex and other growth initiatives
Investment Highlights Big Market Opportunity $5.6B TAM with minimal current penetration 25 Clinical Leadership Unique comprehensive solution with strong evidence Multiple Growth Catalysts Four distinct market opportunities at different stages Reimbursement Tailwinds Expanding coverage and improving payment rates Scalable Infrastructure Proven commercial model ready to capture market share Financial Inflection Point Positive cashflow, expanding margins, accelerating growth
nasdaq: axgn Thank You
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