Axogen Reports Preliminary Unaudited Revenue for Fourth Quarter and Full-Year 2023

ALACHUA, Fla. and TAMPA, Fla., Jan. 04, 2024 (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 2023 revenue.

Preliminary Unaudited Fourth Quarter and Year-End Performance and Business Highlights

• Fourth quarter revenue is expected to be approximately $42.7 million, which represents an 18% increase over the fourth-quarter of 2022 driven by solid performance across the product portfolio.
• Full-year 2023 revenue is expected to be approximately $158.8 million, which represents a 15% increase over the full-year of 2022. This growth is attributed to the effective implementation of sales strategies and the performance of our diverse product portfolio including the launch of Axoguard HA+ Nerve Protector^TM, mirroring the positive trends observed in our fourth-quarter results.
• Revenue from Core Accounts for the full-year 2023 is expected to represent approximately 65% of revenue. We ended the fourth quarter with Core Accounts at 375, an increase of 13% over prior year, indicating solid growth and strengthened relationships within this important customer base.
• At the end of the fourth quarter, our team demonstrated efficient sales growth with 116 direct sales representatives, compared to the 115 representatives recorded as of December 31, 2022.
• In 2023, we achieved a significant milestone by surpassing 100,000 Avance Nerve Graft implants since its launch. This achievement reflects the growing trust and preference for Avance in the healthcare community.
• We continue our commitment to drive innovation by the introduction of Axoguard HA+ Nerve Protector^TM and the strategic roll-out in Q2 of 2024 of Avive+ Soft Tissue Matrix^TM, a resorbable nerve protection product that provides temporary protection and tissue separation during the critical phase of healing for nerve injuries. This application was previously addressed by Avive Soft Tissue membrane. These initiatives reflect our ongoing dedication to advancing our product offerings and enhancing value for our patients and stakeholders.

"We are pleased with our fourth-quarter and full-year 2023 performance. Growth in the quarter was driven by improved commercial execution across our products and their applications,” commented Karen Zaderej, Axogen's Chairman, CEO, and President. “As we enter 2024, we continue to fortify our foundation by driving innovation in nerve protection with the planned market expansion for Axoguard HA+^TM, the roll-out for Avive+^TM, and our BLA submission for Avance, which remains on track for the end of the first half of 2024. In 2024, we look forward to continuing to enhance patients’ quality of life with our product portfolio and delivering value for our stakeholders through our drive toward being cash flow positive and profitable.”