AxoGen, Inc. Preannounces Estimated Fourth Quarter and Full Year 2017 Revenue
January 08 2018 - 7:00AM
Q4 Revenue will be at least $16.5 million,
representing 45% growth over prior year2017 Revenue will be at
least $60.0 million, representing 46% growth over prior year
AxoGen, Inc. (NASDAQ:AXGN), a global leader in developing and
marketing innovative surgical solutions for peripheral nerve
injuries, today announced preliminary unaudited fourth quarter and
full year 2017 revenue and selected business highlights for the
quarter and year ended December 31, 2017.
Preliminary Revenue and Selected Business
Highlights
- Fourth quarter revenue is expected to be at least $16.5
million, up 45% compared to the fourth quarter of 2016 revenue of
$11.4 million
- Full year 2017 revenue is expected to be at least $60.0
million, up 46% compared to 2016 revenue of $41.1 million
- Ended the quarter with 60 direct sales representatives and 20
independent distributors
- Completed 15 national education programs in 2017 and expect to
conduct 18 programs in 2018
“We are pleased to report another successful
quarter and a solid finish to 2017,” said Karen Zaderej, president
and CEO of AxoGen. “These results reflect the strength of our
growing platform for nerve repair where we see continued momentum
in our core trauma, nerve protection and oral and maxillofacial
markets. We enter 2018 with an expanding sales force that will
allow us to continue growth in our core markets while also
supporting our newest application in breast reconstruction
neurotization.”
2017 Financial Guidance Management
increases its full year 2017 revenue guidance to at least $60.0
million. Management reiterates its full year 2017 gross margin
guidance to exceed 80%.
2018 Financial Guidance Management
reiterates 2018 annual revenue will grow at least 40% over 2017
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 8–10, 2018. To request a meeting, please contact
axogenevents@troutgroup.com.
- AxoGen will also participate in the Leerink 7th Annual Global
Healthcare Conference in New York City, February 14, 2018.
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, 2017 on
February 28, 2018.
About AxoGenAxoGen (AXGN) is the
leading company focused specifically on the science, development
and commercialization of technologies for peripheral nerve
regeneration and repair. We are passionate about helping to restore
nerve function and quality of life to patients with peripheral
nerve injuries by providing innovative, clinically proven and
economically effective repair solutions for surgeons and health
care 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. Damage to a
peripheral nerve can result in the loss of muscle or organ
function, the loss of sensory feeling, or the initiation of
pain.
AxoGen's platform for nerve repair features a
comprehensive portfolio of products, including 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
resorbable soft tissue covering to separate tissue layers and
modulate inflammation in the surgical bed. Along with these core
surgical products, AxoGen also offers AcroVal® Neurosensory &
Motor Testing System and AxoTouch® Two-Point Discriminator. These
evaluation and measurement tools assist health care 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 other
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 assessment on
our internal control over financial reporting, our growth, our 2017
and 2018 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 statement 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 OfficerInvestorRelations@AxoGenInc.com
The Trout Group – Investor
Relations
Brian Korb 646.378.2923bkorb@troutgroup.com
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