AxoGen, Inc. Preannounces Estimated Fourth Quarter and Full Year 2016 Revenue
January 09 2017 - 7:00AM
Q4 Revenue will be at least $11.3 million,
representing 45% growth over prior year
AxoGen, Inc. (NASDAQ:AXGN), a global leader in innovative surgical
solutions for peripheral nerve injuries, today announced
preliminary unaudited fourth quarter and full year 2016 revenue and
selected business highlights for the quarter and year ended
December 31, 2016.
Preliminary Revenue and Selected
Business Highlights
- Fourth quarter revenue is expected to be at least $11.3
million, up 45% compared to the fourth quarter of 2015 revenue of
$7.8 million
- Full year 2016 revenue is expected to be at least $41.0
million, up 50% compared to 2015 revenue of $27.3 million
- Ended the quarter with 51 direct sales representatives and 20
independent distributors
- Completed 13 national education courses in 2016 and expects to
conduct 15 courses in 2017
- The number of peer reviewed clinical publications for our
surgical portfolio increased by five to a total of 44
"We are pleased to report another successful
quarter including record revenues of at least $11.3 million
representing at least 45 percent growth over the prior year,”
stated Karen Zaderej, President and Chief Executive Officer. “This
performance continues to validate our growth strategies and
reflects the continued adoption of our product portfolio. We are
well positioned to continue to drive awareness and growth in the
emerging peripheral nerve repair market during 2017.”
2016 Financial Guidance
Management increases its full year 2016 revenue guidance to at
least $41.0 million from its previous estimate of over $40.0
million. Management reiterates its full year 2016 gross margin
guidance to exceed 80%.
2017 Financial Guidance
Management reiterates 2017 annual revenue will grow at least 40%
over 2016 revenue and gross margins will remain above
80%.
Upcoming Investor Event Members
of the AxoGen senior management team will participate in The Trout
Group Annual 1-on-1 Management Access Event in San Francisco,
January 9–11, 2017. To request a meeting, please contact
axogenevents@troutgroup.com.
The results disclosed in this press release are
preliminary and unaudited. The Company will report full, audited
results for the fourth quarter and year ended December 31, 2016 on
February 22, 2017.
About AxoGen, Inc.AxoGen Inc.
(AXGN) is a global leader in innovative surgical solutions for
peripheral nerve injuries. AxoGen’s portfolio of products includes
Avance® Nerve Graft, an off-the-shelf processed human nerve
allograft for bridging severed nerves without the comorbidities
associated with a second surgical site, AxoGuard® Nerve Connector,
a porcine submucosa extracellular matrix (ECM) coaptation aid for
tensionless repair of severed nerves, AxoGuard® Nerve Protector, a
porcine submucosa ECM product used to wrap and protect injured
peripheral nerves and reinforce the nerve reconstruction while
preventing soft tissue attachments and Avive™ Soft Tissue Membrane,
a minimally processed human umbilical cord membrane that may be
used as a soft tissue covering to reduce inflammation and scar
tissue formation. Along with these core surgical products,
AxoGen also offers AxoTouch™ Two-Point Discriminator and AcroVal™
Neurosensory & Motor Testing System. These evaluation and
measurement tools assist healthcare professionals in detecting
changes in sensation, assessing return of sensory, grip and pinch
function, evaluating effective treatment interventions, and
providing feedback to patients on nerve function. The AxoGen
portfolio of products is available in the United States, Canada,
the United Kingdom, and several European and international
countries.
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,"
"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. The forward-looking
statements may include, without limitation, statements regarding
our growth, our 2016 and 2017 guidance, product development,
product potential, financial performance, sales growth, product
adoption, market awareness of our products, data validation, our
visibility at and sponsorship of conferences and educational
events. The forward-looking statements are subject to risks and
uncertainties, which may cause results to differ materially from
those set forth in the statements. Forward-looking statements in
this release should be evaluated together with the many
uncertainties that affect AxoGen's business and its market,
particularly those discussed in the risk factors and cautionary
statements in AxoGen's filings with the Securities and Exchange
Commission. Forward-looking statements are not guarantees of future
performance, and actual results may differ materially from those
projected once audited financial statements are finalized. The
forward-looking statements are representative only as of the date
they are made and, except as required by law, AxoGen assumes no
responsibility to update any forward-looking statements, whether as
a result of new information, future events or otherwise.
Contacts:
AxoGen, Inc.
Peter J. Mariani, Chief Financial Officer
InvestorRelations@AxoGenInc.com
The Trout Group – Investor Relations
Brian Korb
646.378.2923
bkorb@troutgroup.com
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