Axogen Reports Preliminary Unaudited Revenue for Fourth Quarter and Full-Year 2020

ALACHUA, Fla., Jan. 11, 2021 (GLOBE NEWSWIRE) -- 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 week
Members 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.