axgn-20260428

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): April 28, 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 April 28, 2026, Axogen, Inc. (the “Company”) issued a press release announcing its first quarter 2026 financial results. 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 April 28, 2026, the Company posted a first quarter 2026 financial results presentation to its website at https://ir.axogeninc.com/news-events. The Company may use the financial results presentation from time to time in conversation with analysts, investors, and others. A copy of the presentation is furnished as Exhibit 99.2.

On April 28, 2026, the Company 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 corporate presentation is furnished as Exhibit 99.3.

The information in this Item 7.01, including Exhibits 99.2 and 99.3, 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


Exhibit No.			Description
99.1			Axogen Inc. Earnings Press Release, dated April 28, 2026
99.2			Axogen Inc. First Quarter Financial Results Presentation, dated April 28, 2026
99.3			Axogen, Inc. Corporate Presentation, dated April 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: April 28, 2026	By:	/s/ Marc Began
		Marc Began
		Executive Vice President, General Counsel and Chief Compliance Officer

Exhibit 99.1

Axogen, Inc. Reports First Quarter 2026 Financial Results

Raises Full Year Revenue Guidance to at Least 20% Growth or $270 million

ALACHUA and TAMPA, FL – April 28, 2026 – Axogen, Inc. (NASDAQ: AXGN), a global leader in developing and marketing innovative surgical solutions for the restoration of peripheral nerve function, today reported financial results and business highlights for the first quarter ended March 31, 2026.

First Quarter Financial Results

•First quarter 2026 revenue was $61.5 million, a 26.6% increase compared to first quarter 2025 revenue of $48.6 million.

•Gross margin was 75.2% for the first quarter of 2026, compared to 71.9% in the first quarter of 2025.

•Net loss for the first quarter of 2026 was $19.6 million, or $0.38 per share, compared to $3.8 million, or $0.08 per share for the first quarter of 2025.

•Adjusted net income was $4.1 million for the first quarter of 2026, or $0.07 per share, compared to an adjusted net loss of $0.9 million, or $0.02 per share for the first quarter 2025.

•Adjusted EBITDA was $5.7 million for the first quarter of 2026, compared to $2.9 million for the first quarter of 2025.

•As of March 31, 2026, cash and cash equivalents, restricted cash, and investments was $103.6 million, as compared to $45.5 million as of December 31, 2025, an increase of $58.1 million.

“We are pleased with our first-quarter revenue performance and the progress we’re making across each of Axogen’s strategic plan priorities,” said Michael Dale, President and CEO of Axogen, Inc. “We delivered strong growth across all of our target markets, reinforcing the relevance of our market development strategies and the strength of our commercial execution. We remain well positioned to achieve our financial guidance and continue advancing our strategic objectives for 2026.”

Summary of Business Highlights

•First quarter 2026 revenue growth was broad-based, including double-digit growth in all markets, which includes Extremities, Oral Maxillofacial & Head and Neck, and Breast.

•Received positive coverage decisions from Cigna and Elevance Health, two of the nation’s largest commercial insurers.

•Effective January 1, 2026, CMS created a new Level 3 Nerve Procedure Code, increasing Avance facility reimbursement 40% year-over-year to $8,965 for hospital outpatient and 35% to $6,157 for ASC-based procedures.

•On January 23, 2026, Axogen closed an upsized public offering with the sale of 4.6 million shares of common stock, yielding net proceeds of $133.3 million. From these net proceeds, $69.7 million were used

to fully repay and terminate our Oberland loan facility on January 28, 2026. Remaining funds are available for working capital, capital expenditures, and other general corporate purposes.

2026 Financial Guidance

We expect 2026 revenue growth to be at least 20%, or $270 million, for the full-year and gross margin to be in the range of 74% to 76%. Additionally, we expect to be free cash flow positive for the full-year.

Conference Call

The Company will host a conference call and webcast for the investment community today at 8:00 a.m. ET. Investors interested in participating in the conference call by phone may do so by dialing toll free at (877) 407-0993 or use the direct dial-in number at (201) 689-8795. Those interested in listening to the conference call live via the internet may do so by visiting the Investors page of the Company’s website at www.axogeninc.com and clicking on the webcast link.

Following the conference call, a replay will be available in the Investors section of the Company’s website at www.axogeninc.com under Investors.

About Axogen

Axogen (AXGN) is the leading company focused specifically on the science, development and commercialization of technologies for peripheral nerve regeneration and repair. Axogen employees are passionate about providing the opportunity to restore nerve function and quality of life for patients with peripheral nerve injuries by providing innovative, clinically proven and economically effective repair solutions for surgeons and healthcare providers. Peripheral nerves provide the pathways for both motor and sensory signals throughout the body. Every day people suffer traumatic injuries or undergo surgical procedures that impact the function of their peripheral nerves. Physical damage to a peripheral nerve or the inability to properly reconnect peripheral nerves can result in the loss of muscle or organ function, the loss of sensory feeling, or the initiation of pain.

Axogen’s product portfolio includes Avance® (acellular nerve allograft-arwx), Avance® Nerve Graft, Axoguard Nerve Connector®, Axoguard Nerve Protector®, Axoguard HA+ Nerve Protector™, Axoguard Nerve Cap®, and Avive+ Soft Tissue Matrix™.

For more information, visit www.axogeninc.com.

Cautionary Statements Concerning Forward-Looking Statements

This press release and accompanying earnings call contain “forward-looking” statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements under the heading “2026 Financial Guidance” and statements regarding our business model optimization plans; market development strategies and objectives; our expectations around the potential positive impact on our business of expanded coverage and reimbursement for peripheral nerve injuries using synthetic conduits or allografts; our ability to sustain growth, operate profitably, generate positive cash flows, and fund our market development initiatives; and the anticipated use of proceeds from our recent public offering. These statements are based on management’s current expectations and estimates of trends and economic factors in the markets in which we are active. Words such as “expects,” “anticipates,” “objectives,” “targets,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “projects,” “forecasts,” “continue,” “may,” “should,” “will,” and variations of such words and similar expressions are intended to identify such forward-looking statements. Actual results or events could differ materially from those described in any forward-looking statements as a result of factors, including, without limitation, disruptions from global supply chain issues, inflation, hospital staffing challenges, product development timelines, regulatory processes, financial performance, surgeon adoption rates, market awareness of our products, the estimated total addressable market, as well as those risk factors described under Part I, Item 1A, “Risk Factors,” in our most recent Annual Report on Form 10-K and other risks and uncertainties that may be detailed from time to time in reports filed by the Company with the SEC. Forward-looking statements are not a guarantee of future performance, and actual results may differ materially from those projected. Forward-looking statements speak 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, EBITDA margin, and Adjusted EBITDA, which further excludes non-cash stock-based compensation expense and the loss on extinguishment of debt, and Adjusted EBITDA margin. We also use the non-GAAP financial measures of Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Common Share - diluted which excludes non-cash stock-based compensation expense and the loss on extinguishment of debt from Net Loss and Net Loss Per Common Share - diluted. Additionally, we use the non-GAAP financial measure of Free Cash Flow which consists of net cash provided by operating activities, less expenditures for property and equipment, and intangible assets.

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 (i) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (ii) they are used by our institutional investors and the analyst community to help them analyze the performance of our business.


Contact: Axogen, Inc. [email protected]

Axogen, Inc.

Condensed Consolidated Balance Sheets

(unaudited)

(in thousands, except share and per share amounts)


	March 31, 2026		December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$	82,654	$	35,548
Restricted cash	2,000		4,000
Investments	18,947		5,980
Accounts receivable, net of allowance for doubtful accounts of $822 and $948, respectively	28,313		26,169
Inventory	46,074		42,373
Prepaid expenses and other assets	6,720		6,352
Total current assets	184,708		120,422
Property and equipment, net	83,038		81,783
Operating lease right-of-use assets	14,280		12,732
Intangible assets, net	7,270		6,750
Other assets	192		—
Total assets	$	289,488	$	221,687

Liabilities and shareholders’ equity
Current liabilities:
Accounts payable and accrued expenses	$	23,898	$	21,184
Current maturities of long-term lease obligations	2,115		2,372
Total current liabilities	26,013		23,556

Long-term debt, net of debt discount and financing fees	—		48,387
Long-term lease obligations	18,527		16,870
Debt derivative liabilities	—		3,886
Other long-term liabilities	140		141
Total liabilities	44,680		92,840



Shareholders’ equity:
Common stock, $0.01 par value per share; 100,000,000 shares authorized; 53,153,471 and 47,199,797 shares issued and outstanding, respectively	532		472
Additional paid-in capital	570,823		435,338
Accumulated deficit	(326,547)		(306,963)
Total shareholders’ equity	244,808		128,847
Total liabilities and shareholders’ equity	$	289,488	$	221,687

Axogen, Inc.

Condensed Consolidated Statements of Operations

(unaudited)

(in thousands, except share and per share amounts)


	Three Months Ended
		March 31, 2026		March 31, 2025
Revenues		$	61,457	$	48,560
Cost of goods sold		15,268		13,627
Gross profit		46,189		34,933
Costs and expenses:
Sales and marketing		28,633		21,045
Research and development		7,517		6,091
General and administrative		12,871		9,458
Total costs and expenses		49,021		36,594
Loss from operations		(2,832)		(1,661)
Other income (expense):
Investment income		768		272

Interest expense		(694)		(2,250)
Loss on extinguishment of debt		(16,849)		—
Change in fair value of debt derivative liabilities		—		(158)
Other income (expense), net		23		(37)
Total other expense, net		(16,752)		(2,173)
Net loss		$	(19,584)	$	(3,834)

Weighted average common shares outstanding — basic		51,591,504		45,204,076
Weighted average common shares outstanding — diluted		51,591,504		45,204,076

Net loss per common share — basic		$	(0.38)	$	(0.08)
Net loss per common share — diluted		$	(0.38)	$	(0.08)

Axogen, Inc.

Condensed Consolidated Statements of Cash Flows

(unaudited)

(in thousands)


	Three Months Ended
	March 31, 2026		March 31, 2025
Cash flows from operating activities:
Net loss	$	(19,584)	$	(3,834)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation	1,604		1,728
Amortization of right-of-use assets	420		87
Amortization of intangible assets	101		67
Amortization of debt discount and deferred financing fees	68		220
(Recovery of) provision for bad debts	(120)		187

Change in fair value of debt derivative liabilities	—		158
Investment losses (gains), net	33		(45)

Loss on extinguishment of debt	16,849		—
Stock-based compensation expense	6,843		2,909
Change in operating assets and liabilities:
Accounts receivable	(2,024)		(2,377)
Inventory	(3,701)		(2,321)
Prepaid expenses and other assets	(368)		(489)
Other assets	(192)		—
Accounts payable and accrued expenses	2,198		(9,079)
Operating lease obligations	(559)		(452)
Cash paid for interest portion of financing lease obligations	(2)		(1)
Other long-term liabilities	(1)		63
Net cash provided by (used in) operating activities	1,565		(13,179)

Cash flows from investing activities:
Purchase of property and equipment	(2,789)		(256)

Purchase of investments	(19,000)		—
Proceeds from sale of investments	6,000		2,000
Cash payments for intangible assets	(175)		(405)
Net cash (used in) provided by investing activities	(15,964)		1,339

Cash flows from financing activities:
Proceeds from issuance of common stock	134,044		—
Payment of stock issuance costs	(792)		—
Repayment of long-term debt	(48,585)		—
Fees paid to lender related to debt extinguishment	(20,498)		—
Fees paid to third parties related to debt extinguishment	(107)		—
Payments of employee tax withholding on vested stock awards	(8,776)		—
Cash paid for debt portion of financing lease obligations	(7)		(1)
Proceeds from exercise of stock options	4,226		2,383
Net cash provided by financing activities	59,505		2,382
Net increase (decrease) in cash and cash equivalents, and restricted cash	45,106		(9,458)
Cash and cash equivalents, and restricted cash, beginning of period	39,548		33,554
Cash and cash equivalents, and restricted cash, end of period	$	84,654	$	24,096

Axogen, Inc.

Condensed Consolidated Statements of Changes in Shareholders’ Equity

(unaudited)

(in thousands, except share amounts)


	Common Stock			Additional Paid-in Capital		Accumulated Deficit		Total Shareholders' Equity
	Shares	Amount








Three Months Ended March 31, 2026
Balance at December 31, 2025	47,199,797	$	472	$	435,338	$	(306,963)	$	128,847
Net loss	—	—		—		(19,584)		(19,584)
Issuance of common shares	4,600,000	46		133,206		—		133,252
Stock-based compensation	—	—		6,843		—		6,843
Issuance of restricted and performance stock units, net of shares withheld for withholding taxes	985,796	10		(8,786)		—		(8,776)
Exercise of stock options	367,878	4		4,222		—		4,226
Balance at March 31, 2026	53,153,471	$	532	$	570,823	$	(326,547)	$	244,808









Three Months Ended March 31, 2025
Balance at December 31, 2024	44,148,836	$	441	$	394,726	$	(291,260)	$	103,907
Net loss	—	—		—		(3,834)		(3,834)
Stock-based compensation	—	—		2,909		—		2,909
Issuance of restricted and performance stock units	1,105,214	11		(11)		—		—
Exercise of stock options	258,573	3		2,380		—		2,383
Balance at March 31, 2025	45,512,623	$	455	$	400,004	$	(295,094)	$	105,365

Axogen, Inc.

Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures

(unaudited)

(in thousands, except share and per share amounts)


EBITDA & Adjusted EBITDA	Three Months Ended
		March 31, 2026			March 31, 2025
Net loss		$	(19,584)		$	(3,834)
Depreciation and amortization expense		1,706			1,795
Investment income		(768)			(272)
Income tax (benefit) expense		(33)			29
Interest expense		694			2,250
EBITDA - non-GAAP		$	(17,985)		$	(32)
EBITDA margin - non-GAAP		(29.3)		%	(0.1)		%

Non-cash stock-based compensation expense		6,843			2,909
Loss on extinguishment of debt		16,849			—
Adjusted EBITDA - non-GAAP		$	5,707		$	2,877
Adjusted EBITDA margin - non-GAAP		9.3		%	5.9		%


Adjusted Net Income	Three Months Ended March 31, 2026
	GAAP Results		Non-cash Stock-based Compensation Expense		Loss on Extinguishment of Debt		Dilutive Shares Impact(1)		Adjusted Results

Revenues	$	61,457	$	—	$	—			$	61,457
Cost of goods sold	15,268		(919)		—				14,349
Gross profit	46,189		919		—				47,108
Costs and expenses:
Sales and marketing	28,633		(1,558)		—				27,075
Research and development	7,517		(1,419)		—				6,098
General and administrative	12,871		(2,947)		—				9,924
Total costs and expenses	49,021		(5,924)		—				43,097
(Loss) income from operations	(2,832)		6,843		—				4,011
Other income (expense):
Investment income	768		—		—				768

Interest expense	(694)		—		—				(694)
Loss on extinguishment of debt	(16,849)		—		16,849				—

Other income, net	23		—		—				23
Total other (expense) income, net	(16,752)		—		16,849				97
Net (loss) income	$	(19,584)	$	6,843	$	16,849			$	4,108

Weighted average common shares outstanding - diluted	51,591,504		51,591,504		51,591,504		5,183,717		56,775,221
Net (loss) income per common share - diluted	$	(0.38)	$	0.13	$	0.33	$	(0.01)	$	0.07

__________

(1)Due to a GAAP net loss, antidilutive securities are excluded from GAAP diluted weighted average common shares outstanding. However, considering the adjusted net income position, adjusted diluted weighted average common shares outstanding incorporates securities that would have been dilutive for GAAP.

Axogen, Inc.

Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures

(unaudited)

(in thousands, except share and per share amounts)


Adjusted Net Income	Three Months Ended March 31, 2025				Three Months Ended June 30, 2025					Three Months Ended September 30, 2025						Three Months Ended December 31, 2025
	GAAP Results		Non-cash Stock-based Compensation Expense			Adjusted Results		GAAP Results		Non-cash Stock-based Compensation Expense		Adjusted Results		GAAP Results		Non-cash Stock-based Compensation Expense		Adjusted Results		GAAP Results		Non-cash Stock-based Compensation Expense		Adjusted Results (1)

Revenues	$	48,560	$	—		$	48,560	$	56,662	$	—	$	56,662	$	60,082	$	—	$	60,082	$	59,904	$	—	$	59,904
Cost of goods sold	13,627		10			13,637		14,644		(709)		13,935		14,089		(706)		13,383		15,495		(2,274)		13,221
Gross profit	34,933		(10)			34,923		42,018		709		42,727		45,993		706		46,699		44,409		2,274		46,683
Costs and expenses:
Sales and marketing	21,045		(584)			20,461		23,804		(1,314)		22,490		25,680		(1,524)		24,156		27,211		(2,939)		24,272
Research and development	6,091		(720)			5,371		6,853		(1,030)		5,823		7,565		(1,047)		6,518		12,376		(6,052)		6,324
General and administrative	9,458		(1,615)			7,843		9,689		(2,115)		7,574		10,836		(2,147)		8,689		14,594		(5,346)		9,248
Total costs and expenses	36,594		(2,919)			33,675		40,346		(4,459)		35,887		44,081		(4,718)		39,363		54,181		(14,337)		39,844
(Loss) income from operations	(1,661)		2,909			1,248		1,672		5,168		6,840		1,912		5,424		7,336		(9,772)		16,611		6,839
Other income (expense):
Investment income	272		—			272		225		—		225		319		—		319		352		—		352

Interest expense	(2,250)		—			(2,250)		(1,977)		—		(1,977)		(1,757)		—		(1,757)		(1,718)		—		(1,718)

Change in fair value of debt derivative liabilities	(158)		—			(158)		480		—		480		209		—		209		(2,018)		—		(2,018)
Other (expense) income, net	(37)		—			(37)		179		—		179		25		—		25		—		—		—
Total other expense, net	(2,173)		—			(2,173)		(1,093)		—		(1,093)		(1,204)		—		(1,204)		(3,384)		—		(3,384)
Net (loss) income	$	(3,834)	$	2,909		$	(925)	$	579	$	5,168	$	5,747	$	708	$	5,424	$	6,132	$	(13,156)	$	16,611	$	3,455

Weighted average common shares outstanding - diluted	45,204,076		45,204,076			45,204,076		47,980,830		47,980,830		47,980,830		49,088,436		49,088,436		49,088,436		46,929,309		46,929,309		52,230,508
Net (loss) income per common share - diluted	$	(0.08)	$	0.06		$	(0.02)	$	0.01	$	0.11	$	0.12	$	0.01	$	0.11	$	0.12	$	(0.28)	$	0.35	$	0.07

__________

(1)Due to a GAAP net loss during the three months ended December 31, 2025, 5,301,199 antidilutive securities are excluded from GAAP diluted weighted average common shares outstanding. However, considering the adjusted net income position, adjusted diluted weighted average common shares outstanding incorporates securities that would have been dilutive for GAAP. The inclusion of these shares decreased adjusted Net income per common share by less than $0.01.

Axogen, Inc.

Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures

(unaudited)

(in thousands, except share and per share amounts)


Adjusted Net Income	Twelve Months Ended December 31, 2025
	GAAP Results		Non-cash Stock-based Compensation Expense		Dilutive Shares Impact(1)		Adjusted Results

Revenues	$	225,208	$	—			$	225,208
Cost of goods sold	57,855		(3,680)				54,175
Gross profit	167,353		3,680				171,033
Costs and expenses:
Sales and marketing	97,740		(6,361)				91,379
Research and development	32,885		(8,848)				24,037
General and administrative	44,577		(11,223)				33,354
Total costs and expenses	175,202		(26,432)				148,770
(Loss) income from operations	(7,849)		30,112				22,263
Other income (expense):
Investment income	1,168		—				1,168

Interest expense	(7,702)		—				(7,702)

Change in fair value of debt derivative liabilities	(1,487)		—				(1,487)
Other income, net	167		—				167
Total other expense, net	(7,854)		—				(7,854)
Net (loss) income	$	(15,703)	$	30,112			$	14,409

Weighted average common shares outstanding - diluted	46,050,266		46,050,266		3,761,920		49,812,186
Net (loss) income per common share - diluted	$	(0.34)	$	0.65	$	(0.02)	$	0.29

__________


Free Cash Flow	Three Months Ended
	March 31, 2026		March 31, 2025
Net cash provided by (used in) operating activities	$	1,565	$	(13,179)
Purchase of property and equipment	(2,789)		(256)
Cash payments for intangible assets	(175)		(405)
Free cash flow	$	(1,399)	$	(13,840)

Q1 2026 Financial Results April 28th, 2026 April 2026

Forward-looking Statements This presentation contains “forward-looking” statements as defined in the Private Securities Litigation Reform Act of 1995, which are statements that are not historical facts and relate to future conditions, events, or results. 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,” “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 related to: clinical development activities, including expansion into prostate applications; commercial growth initiatives, including planned expansion of breast and extremities sales specialists; market development opportunities; expectations regarding disciplined, profitable growth and margin improvement; financial guidance and outlook for 2026, including projected revenue growth, free cash flow, gross margins, and other operating performance metrics; and statements regarding our training and education initiatives, reimbursement and market access efforts, and research and development activities. Actual results or events could differ materially from those described in any forward-looking statements as a result of various factors, including, without limitation, risks related to global supply chain conditions, inflationary pressures, hospital staffing challenges, product development and product potential, clinical enrollment timing and outcomes, regulatory processes 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, geopolitical and macroeconomic conditions, including armed conflicts and government actions or policies that may affect our business, tax position, or regulatory processes, as well as those risk factors described under Part I, Item 1A., “Risk Factors,” of our most recent Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, and other filings made from time to time with the Securities and Exchange Commission. Forward-looking statements are not a guarantee of future performance, and actual results may differ materially from those projected. Forward-looking statements speak 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. 2 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, EBITDA margin, and Adjusted EBITDA, which further excludes non-cash stock-based compensation expense and the loss on extinguishment of debt, and Adjusted EBITDA margin. We also use the non-GAAP financial measures of Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Common Share - diluted which excludes non-cash stock-based compensation expense and the loss on extinguishment of debt from Net Loss and Net Loss Per Common Share - diluted. Additionally, we use the non-GAAP financial measure of Free Cash Flow which consists of net cash provided by operating activities, less expenditures for property and equipment, and intangible assets. 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.

3 Q1 2026 Business Highlights and 2026 Goals Michael Dale President and Chief Executive Officer

Agenda 4 1.Q1 2026 Business Highlights Michael Dale, President and Chief Executive Officer 2.Q1 2026 Financials and 2026 Guidance Lindsey Hartley, Chief Financial Officer 3.Q&A Michael Dale, Lindsey Hartley, Jens Kemp, Chief Marketing Officer Rick Ditto, VP Global Health Economics, Reimbursement & Policy

Strategic Priorities 01 Growth 15–20% Revenue CAGR + Operating Leverage 02 Market Development Elective & Planned Procedures + Prostate market development 03 Commercial Expansion Infrastructure and Sales Force expansion 04 Commercial Excellence Continuous business model and customer creation process optimization by market 05 Standard Of Care Clinical evidence generation for societal support, standard of care & coverage requirements 06 Innovation Product development to drive better benefit versus risk profiles in nerve care 5

Large and Underserved $5.6B* US Nerve Care Opportunity 6 Traumatic Nerve Injuries  Transected Nerves  Non-Transected Nerve Injuries  Brachial Plexus Nerve Injuries Breast Procedures  Autologous Flap Procedures  Implant based reconstruction Robotic Assisted Radical Prostatectomies  Nerve Sparing  Unilateral Nerve Sparing  Non-Nerve Sparing Extremities $2.9bn Estimated TAM* OMF/H&N $1.2bn Breast $677m Prostate $754m TAM Included Procedures Chronic Nerve Injuries  Carpal & Cubital Tunnel Revision  Neuroma & Tumor Excisions  Lower Extremity Neuropathy OMF/H&N Procedures  Mandibular Resection  Iatrogenic Injuries  Orthognathic Surgery  Parotidectomy  Thyroidectomy  Corneal Neurotization  Radical neck dissection 1. National Hospital Ambulatory Medical Care Survey: 2015 Emergency Department Summary Tables 2.Axogen Data on File, 3. AcuityMD 4. 2022 ASPS Procedural Statistics Release Inclusion Comments o All traumatic transected nerve injuries o All traumatic non-transected nerve injuries o Revision decompression in upper extremities o Lower extremity decompressions, Morton’s neuroma excision, and addressable amputations o Benign and malignant mandible resections o H&N procedures * TAM = Addressable procedures X Algorithm utilization X Product ASP o DEIP flaps and other neurotizable flaps o Direct to implant, <400cc o All robotic assisted radical prostatectomies o Procedure split estimated: 60% Nerve sparing, 20% unilateral nerve sparing and 20% non nerve sparing More than 1.5 million peripheral nerve injuries a year require treatment in Axogen focus markets1,2,3,4

7 Strategic Priorities Q1 2026 Business Highlights 01 Growth 15–20% Revenue CAGR + Operating Leverage Q1 Revenue $61.5M, +26.6% YoY Capital Structure Raised $133.3M; retired $69.7M term loan 2026 Target Disciplined profitable growth; improving margins 02 Market Development Elective & Planned + Prostate Extremities Solid traumatic & chronic growth; most mature market OMF / H&N High double-digit growth; quality-of-life recognition growing Breast Fast-growing; accelerating Resensation adoption Prostate 10+ active clinical sites 2026 Prostate Meaningful clinical signals expected in 2H 2026 03 Commercial Expansion Infrastructure + Sales Force Growth Breast 26 reps, 3 regional directors Extremities 120 reps, 15 regional directors OMF / H&N 4 field-based market development managers Prostate 3 clinical development managers and 1 director 2026 Breast / Ext. Grow to ~30 breast reps; ~130 extremity reps 7 Q1 Adjusted EBITDA* $5.7M, +3.4 pp as a percent of revenue YoY

8 Strategic Priorities Q1 2026 Business Highlights 2026 2026 2026 04 Commercial Excellence HiPo Accounts, Productivity & Education HiPo Revenue 48% of growth from HiPo accounts Productivity +21% avg. HiPo account productivity Active Accounts 681 HiPo accounts; added 70+ active surgeons Education Surgeon training across all markets on track to plan HiPo & Training 60% growth from HiPo; +18% productivity; add 100+ active surgeons. 21 professional education programs; train 300 surgeons and 75 surgeon pairs. 05 Standard Of Care Evidence, Coverage & Avance® FDA BLA Avance® First & only FDA-approved biologic for peripheral nerve repair and 12 years of U.S. biologics exclusivity period Societies AAHS & ASRM recognize allograft as standard of care (1) Coverage Positive coverage decisions from Cigna and Elevance received Payer & Coverage Pursue near-universal US coverage (est. 2H 2028) 06 Innovation R&D + Therapeutic Reconstruction Program Updates Detailed updates on individual R&D programs in 2H 2026 Ease of Coaptation R&D focused on faster, more consistent nerve coaptation Chronic Injuries Advancing non-transected and chronic nerve repair solutions Therapeutic Reconstruction Next-gen technologies to improve nerve regeneration Clinical Studies Breast & mixed/motor nerve studies on track to plan 8 (1) The American Association of Hand Surgery (“AAHS”) and the American Society for Reconstructive Microsurgery (“ASRM”) released official position statements recognizing nerve allograft as a standard medical practice option for the treatment of peripheral nerve defects during the third quarter of 2025.

9 Q1 Financials and 2026 Guidance Discussion Lindsey Hartley Chief Financial Officer

Q1 2026 Financial Performance 10 +3.3pp +26.6%

Q1 2026 Financial Performance 11 Q1 2026 Q1 2025 Revenues $61.5 $48.6 Sales and Marketing Expenses $28.6 $21.0 Research and Development Expenses 7.5 6.1 General and Administrative Expenses 12.9 9.5 Total Costs and Expenses $49.0 $36.6 YoY Change % 34.0% Change as a % Of Revenue (1) 4.5% (1) Non-cash stock-based compensation expense negatively impacted Q1 operating margin by approximately 3.5 percentage points. ($ in millions)

12 Q1 2026 Q1 2025 Net Loss $(19.6) $(3.8) Diluted EPS $(0.38) $(0.08) Adjusted Net Income (Loss)* $4.1 $(0.9) Adjusted Diluted EPS* $0.07 $(0.02) Adjusted EBITDA* $5.7 $2.9 Adjusted EBITDA Margin* 9.3% 5.9% Free Cash Flow* $(1.4) $(13.8) Q1 2026 Financial Performance ($ in millions, except per share data) * See non-GAAP reconciliations included in Appendix.

Guidance for the Full-Year 2026 13 Free cash flow* positiveGross margin of 74% to 76%Revenue growth of at least 20% or $270 million * See non-GAAP reconciliations included in Appendix.

President and Chief Executive Officer Michael Dale Chief Marketing Officer Jens Kemp VP, Global Health Economics, Reimbursement & Policy Rick Ditto 14 Chief Financial Officer Lindsey Hartley Q&A

Appendix 16

17 Non-GAAP Reconciliations - EBITDA & Adjusted EBITDA: Three Months Ended March 31, (in thousands) 2026 2025 Net loss $ (19,584) $ (3,834) Depreciation and amortization expense 1,706 1,795 Investment income (768) (272) Income tax (benefit) expense (33) 29 Interest expense 694 2,250 EBITDA - non-GAAP $ (17,985) $ (32) EBITDA margin - non-GAAP (29.3)% (0.1)% Non-cash stock-based compensation expense 6,843 2,909 Loss on extinguishment of debt 16,849 — Adjusted EBITDA - non-GAAP $ 5,707 $ 2,877 Adjusted EBITDA margin - non-GAAP 9.3 % 5.9 %

18 ___________ (1) Due to a GAAP net loss, antidilutive securities are excluded from GAAP diluted weighted average common shares outstanding. However, considering the adjusted net income position, adjusted diluted weighted average common shares outstanding incorporates securities that would have been dilutive for GAAP.

20 Non-GAAP Reconciliation - Free Cash Flow: Three Months Ended March 31, (in thousands) 2026 2025 Net cash provided by (used in) operating activities $ 1,565 $ (13,179) Purchase of property and equipment (2,789) (256) Cash payments for intangible assets (175) (405) Free cash flow $ (1,399) $ (13,840)

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. April 2026

Forward-looking Statements This presentation contains “forward-looking” statements as defined in the Private Securities Litigation Reform Act of 1995, which are statements that are not historical facts and relate to future conditions, events, or results. 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,” “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 related to: clinical development activities, including expansion into prostate applications; commercial growth initiatives, including planned expansion of breast and extremities sales specialists; market development opportunities; expectations regarding disciplined, profitable growth and margin improvement; financial guidance and outlook for 2026, including, but not limited to, projected revenue, growth, free cash flows, gross margins, and other operating performance and financial metrics; and statements regarding our training and education initiatives, reimbursement and market access efforts, and research and development activities. Actual results or events could differ materially from those described in any forward-looking statements as a result of various factors, including, without limitation, risks related to global supply chain conditions, inflationary pressures, hospital staffing challenges, product development and product potential, clinical enrollment timing and outcomes, regulatory processes 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, geopolitical and macroeconomic conditions, including armed conflicts and government actions or policies that may affect our business, tax position, or regulatory processes, as well as those risk factors described under Part I, Item 1A., “Risk Factors,” of our most recent Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, and other filings made from time to time with the Securities and Exchange Commission. Forward-looking statements are not a guarantee of future performance, and actual results may differ materially from those projected. Forward-looking statements speak 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. 2 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, EBITDA margin, Adjusted EBITDA, which further excludes non-cash stock-based compensation expense and litigation related costs, and Adjusted EBITDA margin. We also use the Free Cash Flow metric, which corresponds to the net cash provided by (used in) operating activities less cash used for purchases of property and equipment and intangible assets. 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.

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 markets1,2,3,7 Extremities Market Every year patients suffer from 700,000 Traumatic Nerve Injuries and more than 370,000 Chronic nerve injuries.1,2,3 Breast Reconstruction 1 of 8 women diagnosed with breast cancer. 80% of women experience pain, numbness or both after breast cancer surgery.4 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.5,6 $2.9B 1. National Hospital Ambulatory Medical Care Survey: 2015 Emergency Department Summary Tables 2. Axogen Data on File, 3. Acuity MD, 4. Flowers et al., Pain Rep, 2021, 6(4):e976, 5. American Cancer Society, 2025, 6. Tal R, et al. J Sex Med. 2009;6(9):2538–2546. 7. 2022 ASPS Procedural Statistics Release

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 amputees1 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 51. Ephraim et al.,Arch Phys Med Rehabil, 2005;86:1910–1919

The Axogen Nerve Repair Algorithm 6 Connection Protection Termination

Avance® is the First Approved Biologic Treatment for Repair of Nerve Discontinuities i l i reat ent for e air of Provides structural and biochemical cues for axonal regeneration 7 Native Nerve in adult and pediatric patients aged one month and older Laminin lining the endoneurial tubes has been shown in in vitro assays and animal studies to be bioactive by supporting Schwann cell migration, axon growth cone interactions, and neurite extension. Proprietary quality assays verify structural integrity & potency See Full Prescribing Information at www.avancenervegraft.com

8 Our Key Market Development Opportunities 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 discharge1 Inefficient Patient Referral and Care Pathways 14% of commercial lives remain uncovered2,3Coverage & Payment 1. Padovano et al., Hand (NY), 2022, 17(4):615–623, 2. Policy Reporter online portal for medical policy information [Dec 2025, 3. Health plan enrollment data provided by Managed Markets Insight & Technology, LLC [Sept 2025]

9 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

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 17 years of experience and 275,000+ patients treated 350+ 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 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 1,400 Education & Training are Key to Market Development

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 lengths1 Comparable procedural cost to Autograft2 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 121. Axogen. Data on File., 2. Lans J, et al. Plast Reconstr Surg. 2023;151(5):814e–827e.

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® 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 25K+ monthly website visitors 3K+ monthly visitors to surgeon locator

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 Patient Awareness & Activation Marketing team excels at executing campaigns that raise awareness of clinical problems and drives patient demand for new treatments 15 Prostate

Non-Covered Covered Societal support for Standard of Care designation achieved Non-Covered Covered Positive Avance coverage momentum continues as payers respond to Axogen’s educational efforts 86% 86% Expanded coverage fueled by Biologic approval in 2025 Strong clinical evidence Avance Medicare & Medicaid Lives Covered Since Q2 2025, 61.8 million lives have been added across Cigna, Elevance* and 10 BCBS regional plans (57.3mm private; 4.5mm Medicare Advantage) 16 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. *Elevance covers Avance when: (1) the nerve gap is ≥5 mm and ≤ 25 mm, following resection; and (2) the repair is 24 weeks or less since the index injury or resection 1,2 1,2 Avance Commercial Lives Covered 1. Policy Reporter online portal for medical policy information [Dec 2025, 2. Health plan enrollment data provided by Managed Markets Insight & Technology, LLC [Sept 2025]

National Average2025 FACILITY PAYMENT In 2026, CMS Improved Facility Payments by Creating a New Outpatient Code Group 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. 17 * Device intensive status achieved in 2020 New Level 3 Nerve Procedure Code increases reimbursement for hospitals and ASC’s

18 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 Our Nerve Care Roadmap to Provide Improved Benefit-to-Risk Profiles versus Existing Standards of Care Easy Coaptation Protection Expansion Therapeutic Reconstruction Additional New Clinical Applications

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 Prospective 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 19

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 20

Financial Overview 21

Accelerating Topline Drives Operational Leverage Accelerating Revenue Growth 22 Expanding EBITDA 2022 2023 2024 2025 2026 Q1 $61.5 $138.6 $159.0 $187.3 $225.2 ($22.6) ($25.6) ($15.5) $3.9 ($2.2) ($9.3) ($9.3) ($1.1) $19.8 $27.9 ($30.0) ($20.0) ($10.0) $0.0 $10.0 $20.0 $30.0 $40.0 EBITDA Adj-EBITDA* 2021 2022 2023 2024 2025 *Excludes non-cash stock-based compensation and litigation related costs 18.1% 5-year CAGR ($ in millions) $270.0* *Q1 2026 actual and full-year 2026 guidance ($ in millions)

Revenue growth of at least 20% or $270 million Gross margin of 74% to 76% 23 Free cash flow positive 2026 Guidance

Investment Highlights Big Market Opportunity $5.6B TAM with minimal current penetration 24 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