Axogen, Inc. (NASDAQ: AXGN), a global leader in developing and
marketing innovative surgical solutions for peripheral nerve
injuries, today reported financial results and business highlights
for the fourth quarter and full year ended December 31, 2020.
Fourth Quarter 2020 Financial Results and
Business Highlights
- Net revenue was $32.5 million during
the quarter, a 15% increase compared to fourth quarter 2019 revenue
of $28.2 million.
- Gross margin was 83.2% for the
quarter, compared to 82.7% in the fourth quarter of 2019.
- Net loss for the quarter was $6.0
million, or $0.15 per share, compared to a net loss of $7.0
million, or $0.18 per share, in the fourth quarter of 2019.
- Adjusted net loss was $3.3 million for
the quarter, or $0.08 per share, compared with adjusted net loss of
$4.0 million, or $0.10 per share, in the fourth quarter of
2019.
- Adjusted EBITDA loss was $2.1 million
for the quarter, compared to an adjusted EBITDA loss of $4.2
million in the fourth quarter of 2019.
- The balance of cash, cash equivalents,
and investments on December 31, 2020 was $110.8 million, compared
to a balance of $106.7 million on September 30, 2020. The net
increase includes $3.5 million of equity proceeds received from
Oberland Capital related to the option exercise associated with
their debt facility, positive operating cash flow in the quarter of
$3.4 million, partially offset by capital expenditures of $2.8
million related to our new facilities in Tampa and Dayton.
- Active accounts in the fourth quarter
were 893, a 12% increase compared to 797 in the fourth quarter a
year ago, and revenue from the top 10% of our active accounts
continued to represent approximately 35% of total revenue in the
quarter.
“Our fourth quarter and 2020 results are a
testament to the resilience of our Axogen team and the ability to
successfully execute our focused strategy while also managing the
challenges associated with the COVID-19 pandemic,” said Karen
Zaderej, chairman, CEO, and president of Axogen, Inc. “We adapted
quickly and met each challenge with innovative thinking and a
patient-first approach. As a result of the efficiencies and skills
gained, we are now even better positioned to meet the growing
surgeon demand for our evidence-based nerve repair solutions.”
Full-Year 2020 Financial Results and
Business Highlights
- Full-year 2020 revenue was $112.3
million, a 5% increase compared to 2019 revenue of $106.7
million.
- Gross margin was 80.8% for the full
year, compared to 83.7% in 2019.
- Net loss for the full year was $23.8
million, or $0.60 per share, compared to $29.1 million, or $0.74
per share, in 2019.
- Adjusted net loss was $15.3 million
for the full year, or $0.38 per share, compared to $16.4 million,
or $0.42 per share, in 2019
- Adjusted EBITDA loss was $13.1 million
for the full year, compared to an adjusted EBITDA loss of $17.7
million in 2019.
- Ended the year with 111 direct sales
representatives, compared to 109 at the end of 2019.
- Ended the year with 147 peer-reviewed
clinical publications featuring Axogen’s nerve repair product
portfolio.
- Surpassed 50,000 Avance® Nerve Grafts
implanted since launch.
Conference CallThe Company will
host a conference call and webcast for the investment community
today at 4:30 p.m. ET. Investors interested in participating by
phone are invited to call toll free at 1-877-407-0993 or use the
direct dial-in number 1-201-689-8795. Those interested in listening
to the conference call live via the Internet can do so by visiting
the Investors page of the Company’s website at www.axogeninc.com
and clicking on the webcast link on the Investors home page.
Following the conference call, a replay will be
available on the Company’s website at www.axogeninc.com under
Investors.
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, Germany, United Kingdom, Spain, South
Korea, and several other 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.
About Non-GAAP Financial Measures
To supplement our 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 and litigation and related expenses. 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 and litigation
and related expenses from Net Loss and Net Loss Per Common Share -
basic and diluted, respectively. 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 Axogen’s GAAP financial measures to the
corresponding non-GAAP measures 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.
Contact:Axogen,
Inc.Peter J. Mariani, Chief Financial
Officerpmariani@axogeninc.comInvestorRelations@AxogenInc.com
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AXOGEN,
INC. |
|
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CONDENSED
CONSOLIDATED BALANCE SHEETS |
|
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|
(unaudited) |
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December 31, |
December 31, |
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2020 |
|
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2019 |
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Assets |
|
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Current assets: |
|
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|
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|
|
|
Cash and cash equivalents |
|
$ |
48,767 |
|
|
$ |
35,724 |
|
|
|
|
|
Restricted Cash |
|
|
6,842 |
|
|
|
6,000 |
|
|
|
|
|
Investments |
|
|
55,199 |
|
|
|
60,786 |
|
|
|
|
|
Accounts receivable, net |
|
|
17,618 |
|
|
|
16,944 |
|
|
|
|
|
Inventory |
|
|
12,529 |
|
|
|
13,861 |
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|
|
|
|
Prepaid expenses and other |
|
|
4,296 |
|
|
|
1,706 |
|
|
|
|
|
Total current assets |
|
|
145,251 |
|
|
|
135,021 |
|
|
|
|
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Property and equipment, net |
|
|
38,398 |
|
|
|
14,887 |
|
|
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Operating lease right-of-use assets |
|
|
15,614 |
|
|
|
3,133 |
|
|
|
|
|
Finance lease right-of-use assets |
|
|
64 |
|
|
|
87 |
|
|
|
|
|
Intangible assets |
|
|
2,054 |
|
|
|
1,515 |
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|
|
|
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Total assets |
|
$ |
201,381 |
|
|
$ |
154,643 |
|
|
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|
|
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|
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Liabilities and Shareholders’ Equity |
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Current liabilities: |
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Accounts payable and accrued expenses |
|
$ |
21,968 |
|
|
$ |
19,144 |
|
|
|
|
|
Current maturities of lease liabilities |
|
|
863 |
|
|
|
1,736 |
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|
|
|
|
Total current liabilities |
|
|
22,831 |
|
|
|
20,880 |
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|
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|
Long-term debt, net of financing fees |
|
|
32,027 |
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|
|
— |
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Debt derivative liability |
|
|
2,497 |
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|
|
— |
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Long-term lease obligations |
|
|
20,874 |
|
|
|
1,595 |
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Other long-term liabilities |
|
|
3 |
|
|
|
15 |
|
|
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Total liabilities |
|
|
78,232 |
|
|
|
22,490 |
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Shareholders’ equity: |
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Common stock, $.01 par value; 100,000,000 shares authorized;
40,618,766 and 39,589,775 shares issued and outstanding |
|
|
406 |
|
|
|
396 |
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|
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Additional paid-in capital |
|
|
326,390 |
|
|
|
311,618 |
|
|
|
|
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Accumulated deficit |
|
|
(203,647 |
) |
|
|
(179,861 |
) |
|
|
|
|
Total shareholders’ equity |
|
|
123,149 |
|
|
|
132,153 |
|
|
|
|
|
Total liabilities and shareholders' equity |
|
$ |
201,381 |
|
|
$ |
154,643 |
|
|
|
|
|
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AXOGEN,
INC. |
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS |
Three and
Twelve Months ended December 31, 2020 and 2019 |
(unaudited) |
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Three Months Ended |
|
Fiscal Year Ended |
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|
Dec
31, |
|
Dec
31, |
|
Dec
31, |
|
Dec
31, |
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|
|
2020 |
|
|
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2019 |
|
|
|
2020 |
|
|
|
2019 |
|
Revenues |
|
$ |
32,495 |
|
|
$ |
28,162 |
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|
$ |
112,300 |
|
|
$ |
106,712 |
|
Cost of goods sold |
|
|
5,463 |
|
|
|
4,881 |
|
|
|
21,581 |
|
|
|
17,349 |
|
Gross profit |
|
|
27,032 |
|
|
|
23,281 |
|
|
|
90,719 |
|
|
|
89,363 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
Sales and marketing |
|
|
19,805 |
|
|
|
18,804 |
|
|
|
69,659 |
|
|
|
71,950 |
|
Research and development |
|
|
4,931 |
|
|
|
4,912 |
|
|
|
17,846 |
|
|
|
17,514 |
|
General and administrative |
|
|
7,670 |
|
|
|
6,984 |
|
|
|
26,396 |
|
|
|
31,305 |
|
Total costs and expenses |
|
|
32,406 |
|
|
|
30,700 |
|
|
|
113,901 |
|
|
|
120,769 |
|
Loss
from operations |
|
|
(5,374 |
) |
|
|
(7,419 |
) |
|
|
(23,182 |
) |
|
|
(31,406 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
Interest income |
|
|
29 |
|
|
|
439 |
|
|
|
605 |
|
|
|
2,364 |
|
Interest expense |
|
|
(595 |
) |
|
|
(8 |
) |
|
|
(1,054 |
) |
|
|
(40 |
) |
Change in fair value of derivative liabilities |
|
|
(46 |
) |
|
|
— |
|
|
|
(117 |
) |
|
|
— |
|
Other expense |
|
|
(24 |
) |
|
|
(50 |
) |
|
|
(38 |
) |
|
|
(53 |
) |
Total other expense |
|
|
(636 |
) |
|
|
381 |
|
|
|
(604 |
) |
|
|
2,271 |
|
Net
loss |
|
$ |
(6,010 |
) |
|
$ |
(7,038 |
) |
|
$ |
(23,786 |
) |
|
$ |
(29,135 |
) |
|
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Weighted average common shares outstanding – basic and diluted |
|
|
40,246 |
|
|
|
39,485 |
|
|
|
39,967 |
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|
|
39,235 |
|
Loss per common share – basic and diluted |
|
$ |
(0.15 |
) |
|
$ |
(0.18 |
) |
|
$ |
(0.60 |
) |
|
$ |
(0.74 |
) |
|
|
|
|
|
|
|
|
|
Adjusted net loss - non GAAP |
|
|
(3,265 |
) |
|
|
(3,978 |
) |
|
|
(15,281 |
) |
|
|
(16,364 |
) |
Adjusted net loss per common share - basic and diluted |
|
$ |
(0.08 |
) |
|
$ |
(0.10 |
) |
|
$ |
(0.38 |
) |
|
$ |
(0.42 |
) |
|
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|
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AXOGEN,
INC. |
RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP
FINANCIAL MEASURES |
Three and
Twelve Months ended December 31, 2020 and 2019 |
(unaudited) |
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Three Months Ended |
|
Fiscal Year Ended |
|
|
Dec
31, |
|
Dec
31, |
|
Dec
31, |
|
Dec
31, |
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
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2019 |
|
Net loss |
|
$ |
(6,010 |
) |
|
$ |
(7,038 |
) |
|
$ |
(23,786 |
) |
|
$ |
(29,135 |
) |
Depreciation
and amortization expense |
|
|
556 |
|
|
|
299 |
|
|
|
1,660 |
|
|
|
1,056 |
|
Investment
income |
|
|
(29 |
) |
|
|
(439 |
) |
|
|
(605 |
) |
|
|
(2,364 |
) |
Income
tax |
|
|
77 |
|
|
|
(52 |
) |
|
|
77 |
|
|
|
(67 |
) |
Interest
expense |
|
|
595 |
|
|
|
8 |
|
|
|
1,054 |
|
|
|
40 |
|
EBITDA - non GAAP |
|
$ |
(4,811 |
) |
|
$ |
(7,222 |
) |
|
$ |
(21,600 |
) |
|
$ |
(30,470 |
) |
|
|
|
|
|
|
|
|
|
Non cash
stock compensation expense |
|
|
2,745 |
|
|
|
2,920 |
|
|
|
8,470 |
|
|
|
10,304 |
|
Litigation
and related costs |
|
|
— |
|
|
|
140 |
|
|
|
35 |
|
|
|
2,467 |
|
Adjusted EBITDA - non GAAP |
|
$ |
(2,066 |
) |
|
$ |
(4,162 |
) |
|
$ |
(13,095 |
) |
|
$ |
(17,699 |
) |
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(6,010 |
) |
|
$ |
(7,038 |
) |
|
$ |
(23,786 |
) |
|
$ |
(29,135 |
) |
Non cash
stock compensation expense |
|
|
2,745 |
|
|
|
2,920 |
|
|
|
8,470 |
|
|
|
10,304 |
|
Litigation
and related costs |
|
|
— |
|
|
|
140 |
|
|
|
35 |
|
|
|
2,467 |
|
Adjusted Net Loss - non GAAP |
|
$ |
(3,265 |
) |
|
$ |
(3,978 |
) |
|
$ |
(15,281 |
) |
|
$ |
(16,364 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding – basic and
diluted |
|
|
40,246 |
|
|
|
39,485 |
|
|
|
39,967 |
|
|
|
39,235 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net loss per common share - basic and diluted |
|
$ |
(0.08 |
) |
|
$ |
(0.10 |
) |
|
$ |
(0.38 |
) |
|
$ |
(0.42 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AXOGEN,
INC. |
CONDENSED
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS'
EQUITY |
Fiscal Year
Ended December 31, 2020 and 2019 |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
Additional Paid-in Capital |
|
Accumulated Deficit |
|
Total Shareholders' Equity |
For
the Three Months Ended December 31, 2020: |
|
|
|
|
|
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|
|
Balance at September 30, 2020 |
|
$ |
401 |
|
|
$ |
318,949 |
|
|
$ |
(197,637 |
) |
|
$ |
121,713 |
|
Net
Loss |
|
|
- |
|
|
|
- |
|
|
|
(6,010 |
) |
|
|
(6,010 |
) |
Stock-based
compensation |
|
|
- |
|
|
|
2,745 |
|
|
|
- |
|
|
|
2,745 |
|
Shares
surrendered by employees to pay tax withholdings |
|
|
1 |
|
|
|
(6 |
) |
|
|
|
|
(5 |
) |
Issuance of
common stock from exercise of option (Oberland) |
|
|
2 |
|
|
|
3,680 |
|
|
|
- |
|
|
|
3,682 |
|
Exercise of
stock options and employee stock purchase plan |
|
|
2 |
|
|
|
1,022 |
|
|
|
- |
|
|
|
1,024 |
|
Balance at December 31, 2020 |
|
$ |
406 |
|
|
$ |
326,390 |
|
|
$ |
(203,647 |
) |
|
$ |
123,149 |
|
|
|
|
|
|
|
|
|
|
For
the Fiscal Year Ended December 31, 2020: |
|
|
|
|
|
|
|
|
Balance at December 31, 2019 |
|
$ |
396 |
|
|
$ |
311,618 |
|
|
$ |
(179,861 |
) |
|
$ |
132,153 |
|
Net
Loss |
|
|
- |
|
|
|
- |
|
|
|
(23,786 |
) |
|
|
(23,786 |
) |
Stock-based
compensation |
|
|
|
|
8,470 |
|
|
|
- |
|
|
|
8,470 |
|
Shares
surrendered by employees to pay tax withholdings |
|
|
- |
|
|
|
(670 |
) |
|
|
- |
|
|
|
(670 |
) |
Issuance of common stock from exercise of option (Oberland), net of
derivative |
|
2 |
|
|
|
3,680 |
|
|
|
- |
|
|
|
3,682 |
|
Issuance of
restricted and performance stock units |
|
|
2 |
|
|
|
(2 |
) |
|
|
- |
|
|
|
- |
|
Exercise of
stock options and employee stock purchase plan |
|
|
6 |
|
|
|
3,294 |
|
|
|
- |
|
|
|
3,300 |
|
Balance at December 31, 2020 |
|
$ |
406 |
|
|
$ |
326,390 |
|
|
$ |
(203,647 |
) |
|
$ |
123,149 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
the Three Months Ended December 31, 2019: |
|
|
|
|
|
|
|
|
Balance at September 30, 2019 |
|
$ |
395 |
|
|
$ |
307,839 |
|
|
$ |
(172,823 |
) |
|
$ |
135,411 |
|
Net
Loss |
|
|
- |
|
|
|
- |
|
|
|
(7,038 |
) |
|
|
(7,038 |
) |
Issuance of
common stock |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Stock-based
compensation |
|
|
- |
|
|
|
2,919 |
|
|
|
- |
|
|
|
2,919 |
|
Exercise of
stock options and employee stock purchase plan |
|
|
1 |
|
|
|
860 |
|
|
|
- |
|
|
|
861 |
|
Balance at December 31, 2019 |
|
$ |
396 |
|
|
$ |
311,618 |
|
|
$ |
(179,861 |
) |
|
$ |
132,153 |
|
|
|
|
|
|
|
|
|
|
For
the Fiscal Year Ended December 31, 2019: |
|
|
|
|
|
|
|
|
Balance at December 31, 2018 |
|
$ |
389 |
|
|
$ |
297,319 |
|
|
$ |
(150,726 |
) |
|
$ |
146,982 |
|
Net
Loss |
|
|
- |
|
|
|
- |
|
|
|
(29,135 |
) |
|
|
(29,135 |
) |
Stock-based
compensation |
|
|
- |
|
|
|
10,304 |
|
|
|
- |
|
|
|
10,304 |
|
Exercise of
stock options and employee stock purchase plan |
|
|
7 |
|
|
|
3,995 |
|
|
|
- |
|
|
|
4,002 |
|
Balance at December 31, 2019 |
|
$ |
396 |
|
|
$ |
311,618 |
|
|
$ |
(179,861 |
) |
|
$ |
132,153 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AXOGEN,
INC. |
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|
|
|
|
Fiscal Year
Ended December 31, 2020 and 2019 |
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year |
|
|
|
|
|
|
December
31, |
|
December
31, |
|
|
|
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
Cash
flows from operating activities: |
|
|
|
|
|
|
|
|
Net
loss |
|
$ |
(23,786 |
) |
|
$ |
(29,135 |
) |
|
|
|
|
Adjustments
to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
|
|
|
Depreciation |
|
|
1,507 |
|
|
|
933 |
|
|
|
|
|
Amortization
of right-of-use assets |
|
|
1,800 |
|
|
|
1,821 |
|
|
|
|
|
Amortization
of intangible assets |
|
|
153 |
|
|
|
123 |
|
|
|
|
|
Write-down
of trademark |
|
|
- |
|
|
|
104 |
|
|
|
|
|
Loss on
disposal of assets |
|
|
3 |
|
|
|
— |
|
|
|
|
|
Amortization
of deferred financing costs |
|
|
232 |
|
|
|
— |
|
|
|
|
|
Change in
fair value of derivatives |
|
|
117 |
|
|
|
— |
|
|
|
|
|
Provision
for bad debt |
|
|
(105 |
) |
|
|
514 |
|
|
|
|
|
Provision
for inventory write down |
|
|
2,242 |
|
|
|
1,887 |
|
|
|
|
|
Change in
investment gains and losses |
|
|
(47 |
) |
|
|
(972 |
) |
|
|
|
|
Share-based
compensation |
|
|
8,470 |
|
|
|
10,304 |
|
|
|
|
|
Change in
assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts
receivable |
|
|
(635 |
) |
|
|
(2,136 |
) |
|
|
|
|
Inventory |
|
|
(910 |
) |
|
|
(3,767 |
) |
|
|
|
|
Prepaid
expenses and other |
|
|
(2,524 |
) |
|
|
(661 |
) |
|
|
|
|
Accounts
payable and accrued expenses |
|
|
4,958 |
|
|
|
2,920 |
|
|
|
|
|
Operating
Lease Obligations |
|
|
(1,086 |
) |
|
|
(1,773 |
) |
|
|
|
|
Cash paid
for interest portion of Finance Leases |
|
|
(3 |
) |
|
|
(4 |
) |
|
|
|
|
Contract and
other liabilities |
|
|
(12 |
) |
|
|
(30 |
) |
|
|
|
|
Net
cash used in operating activities |
|
|
(9,626 |
) |
|
|
(19,872 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
flows from investing activities: |
|
|
|
|
|
|
|
|
Purchase of
property and equipment |
|
|
(21,905 |
) |
|
|
(4,664 |
) |
|
|
|
|
Purchase of
short-term investments |
|
|
(77,806 |
) |
|
|
(121,074 |
) |
|
|
|
|
Sale/Maturities of short-term investments |
|
|
83,440 |
|
|
|
153,571 |
|
|
|
|
|
Cash
payments for intangible assets |
|
|
(692 |
) |
|
|
(562 |
) |
|
|
|
|
Net
cash provided by/ (used for) investing activities |
|
|
(16,963 |
) |
|
|
27,271 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
flows from financing activities: |
|
|
|
|
|
|
|
|
Proceeds
from the issuance of common stock |
|
|
3,500 |
|
|
|
— |
|
|
|
|
|
Proceeds
from the issuance of long-term debt |
|
|
35,000 |
|
|
|
— |
|
|
|
|
|
Proceeds
from the paycheck protection program |
|
|
7,820 |
|
|
|
— |
|
|
|
|
|
Repayment of
the paycheck protection program |
|
|
(7,820 |
) |
|
|
— |
|
|
|
|
|
Payment of
debt issuance costs |
|
|
(642 |
) |
|
|
— |
|
|
|
|
|
Payments of
employee tax withholding in exchange of common stock awards |
|
|
(670 |
) |
|
|
— |
|
|
|
|
|
Cash paid
for debt portion of finance leases |
|
|
(14 |
) |
|
|
29 |
|
|
|
|
|
Proceeds
from exercise of stock options and warrants |
|
|
3,300 |
|
|
|
4,002 |
|
|
|
|
|
Net
cash provided by financing activities |
|
|
40,474 |
|
|
|
4,031 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase
in cash, cash equivalents and restricted cash |
|
|
13,885 |
|
|
|
11,430 |
|
|
|
|
|
Cash, cash equivalents and restricted cash,
beginning of year |
|
|
41,724 |
|
|
|
30,294 |
|
|
|
|
|
Cash, cash equivalents and restricted cash, end of
period |
|
$ |
55,609 |
|
|
$ |
41,724 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental disclosures of cash flow
activity: |
|
|
|
|
|
|
|
|
Cash paid
for interest |
|
$ |
822 |
|
|
$ |
34 |
|
|
|
|
|
Supplemental disclosure of non-cash investing and financing
activities |
|
|
|
|
|
|
|
|
Acquisition
of fixed assets in accounts payable and accrued expenses |
|
$ |
1,077 |
|
|
$ |
3,212 |
|
|
|
|
|
Acquisition
of leasehold asset |
|
$ |
5,250 |
|
|
$ |
- |
|
|
|
|
|
Right-of-use
asset and operating lease liability |
|
$ |
14,259 |
|
|
$ |
26 |
|
|
|
|
|
Embedded
derivative associated with the long term debt |
|
$ |
2,563 |
|
|
$ |
- |
|
|
|
|
|
Conversion
of the Oberland Option |
|
$ |
182 |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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