Axogen Reports Preliminary Unaudited Revenue for Fourth Quarter and Full-Year 2020
January 11 2021 - 7:00AM
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 2020 revenue.
Preliminary Unaudited Fourth Quarter and
Year-End Performance Highlights
- Fourth quarter revenue is expected to
be at least $32.4 million, a 15% increase compared to fourth
quarter 2019 revenue of $28.2 million
- Full-year 2020 revenue is expected to
be at least $112.2 million, a 5% increase compared to 2019 revenue
of $106.7 million
- Ended the fourth quarter with 111
direct sales representatives compared to 110 at the end of the
third quarter, and 109 as of December 31, 2019
- Increased active accounts in the
fourth quarter to 893, a 12% increase from 797 in the fourth
quarter a year ago
- Revenue from the top 10% of our active
accounts continued to represent approximately 35% of total revenue
in the quarter
“I am pleased with our fourth quarter performance,
as we achieved year-over-year revenue growth despite the continued
dampening effect of the COVID-19 pandemic,” commented Karen
Zaderej, chairman, CEO, and president of Axogen, Inc. “While it was
a challenging year, our team continued to execute our focused
strategy and improved the strength and resilience of our business.
I am extremely proud that we achieved an important milestone in
2020, surpassing 50,000 Avance® Nerve Grafts implanted since
launch. This accomplishment underscores Axogen’s commitment to our
mission of restoring 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.”
Investor meetings scheduled this
weekMembers of the Axogen senior management team will
participate in the Solebury Trout Virtual Management Access Event
January 11-14, 2021. These annual meetings provide an opportunity
for management to meet individually with investors to discuss
Axogen’s differentiated platform for nerve repair in an expanding
set of applications.
The results disclosed in this press release are
preliminary and unaudited. The Company expects to report full,
audited results for the fourth quarter and year ended December 31,
2020 on February 22, 2021. The company’s updated corporate
presentation is available through the investors page on
www.axogeninc.com.
About AxogenAxogen (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
helping to restore peripheral nerve function and quality of life to
patients with physical damage or transection to peripheral nerves
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. 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 platform for peripheral nerve repair
features a comprehensive portfolio of products, including Avance®
Nerve Graft, a biologically active off-the-shelf processed human
nerve allograft for bridging severed peripheral 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 peripheral nerves;
Axoguard® Nerve Protector, a porcine submucosa ECM product used to
wrap and protect damaged peripheral nerves and reinforce the nerve
reconstruction while preventing soft tissue attachments; Axoguard®
Nerve Cap, a porcine submucosa ECM product used to protect a
peripheral nerve end and separate the nerve from the surrounding
environment to reduce the development of symptomatic or painful
neuroma; and Avive® Soft Tissue Membrane, a processed human
umbilical cord intended for surgical use as a resorbable soft
tissue barrier. The Axogen portfolio of products is available in
the United States, Canada, the United Kingdom, South Korea, and
several other European and international countries.
Cautionary Statements Concerning
Forward-Looking StatementsThis 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,” “goals,” 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 related to the expected
impact of COVID-19 on our business, statements regarding our
growth, product development, product potential, financial
performance, sales growth, product adoption, market awareness of
our products, data validation, our assessment of our internal
controls over financial reporting, our visibility at and
sponsorship of conferences and educational events. The
forward-looking statements are and will be subject to risks and
uncertainties, which may cause actual results to differ materially
from those expressed or implied in such forward-looking statements.
Forward-looking statements contained in this press release should
be evaluated together with the many uncertainties that affect our
business and our market, particularly those discussed under Part I,
Item 1A., “Risk Factors,” of our Annual Report on Form 10-K, as
amended on Form 10-K/A, for the fiscal year ended December 31,
2019, as well as other risks and cautionary statements set forth in
our filings with the U.S. Securities and Exchange Commission.
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, whether as a result of new information,
future events, changed circumstances, or otherwise.
Contact:Axogen, Inc.Peter J. Mariani,
Chief Financial
Officerpmariani@axogeninc.comInvestorRelations@AxogenInc.com
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