Axogen, Inc. (AXGN) Financial Statements
Industry: Electromedical & Electrotherapeutic Apparatus
In fiscal 2025, Axogen reported revenue of $225.2M, up 20.2% from $187.3M the year before. Net income was -$15.7M (a -7.0% net margin), or -$0.34 per diluted share. Gross margin was 74.3% and operating margin was -3.5%. Operating activities generated $812,000 of cash, leaving -$2.9M of free cash flow. At fiscal year end, Axogen held $221.7M in total assets against $92.8M in total liabilities, including $35.5M of cash and equivalents.
Open the full interactive Axogen financials → Quarterly statements, key ratios, valuation history and price charts.
Axogen Key Stats
| Share Price | $36.17 |
|---|---|
| Market Cap | $1.93B |
| Revenue YoY Growth | +20.2% |
| 52-Week Range | $15.59 – $51.73 |
| Shares Outstanding | 53.3 million (basic, 2026 Q2) |
Axogen Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $112.3M | $127.4M | $138.6M | $159.0M | $187.3M | $225.2M |
| Cost of Goods Sold | $21.6M | $22.9M | $24.1M | $31.1M | $45.4M | $57.9M |
| Gross Profit | $90.7M | $104.4M | $114.4M | $127.9M | $142.0M | $167.4M |
| Operating Income | -$23.2M | -$25.4M | -$29.7M | -$21.5M | -$3.3M | -$7.8M |
| Pre-Tax Income | -$23.8M | -$27.0M | -$28.9M | -$21.7M | -$10.0M | -$15.7M |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Income | -$23.8M | -$27.0M | -$28.9M | -$21.7M | -$10.0M | -$15.7M |
| Diluted EPS | -$0.60 | -$0.65 | -$0.69 | -$0.51 | -$0.23 | -$0.34 |
Axogen Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $60.1M | $59.9M | $61.5M | $69.7M |
| Net Income | $708,000 | -$13.2M | -$19.6M | -$1.5M |
| Diluted EPS | $0.01 | -$0.29 | -$0.38 | -$0.03 |
Axogen Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $48.8M | $32.8M | $15.3M | $31.0M | $27.6M | $35.5M |
| Current Assets | $145.3M | $127.0M | $98.1M | $88.0M | $99.2M | $120.4M |
| Total Assets | $201.4M | $208.0M | $195.4M | $196.8M | $203.7M | $221.7M |
| Current Liabilities | $22.8M | $24.3M | $23.8M | $30.4M | $30.6M | $23.6M |
| Total Long-Term Debt | $32.0M | $44.8M | $45.7M | $46.6M | $47.5M | $48.4M |
| Total Liabilities | $78.2M | $95.5M | $94.4M | $101.2M | $99.8M | $92.8M |
| Shareholders' Equity | $123.1M | $112.5M | $101.0M | $95.7M | $103.9M | $128.8M |
Axogen Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | -$9.6M | -$13.4M | -$16.1M | -$5.7M | $4.5M | $812,000 |
| Cash From Investing | -$17.0M | -$23.6M | -$3.2M | $19.3M | -$10.3M | -$5.3M |
| Cash From Financing | $40.5M | $20.5M | $1.8M | $2.0M | $2.3M | $10.5M |
| Free Cash Flow | -$31.5M | -$41.2M | -$36.1M | -$19.6M | $1.4M | -$2.9M |
Figures from Axogen's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Axogen financials page for every line item.
Axogen Company Profile
| Ticker | AXGN |
|---|---|
| Exchange | Nasdaq |
| Industry | Electromedical & Electrotherapeutic Apparatus |
| Headquarters | Alachua, Florida |
| Incorporated in | Minnesota |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0000805928 |
Frequently Asked Questions
What was Axogen's revenue in fiscal 2025?
Axogen (AXGN) reported revenue of $225.2M for fiscal 2025.
What is Axogen's annual revenue history?
Axogen's annual revenue by fiscal year: 2020: $112.3M; 2021: $127.4M; 2022: $138.6M; 2023: $159.0M; 2024: $187.3M; 2025: $225.2M.
What was Axogen's net income in fiscal 2025?
Axogen reported net income of -$15.7M for fiscal 2025.
What was Axogen's earnings per share (EPS) in fiscal 2025?
Axogen's diluted EPS was -$0.34 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Axogen generate in fiscal 2025?
Axogen generated -$2.9M of free cash flow in fiscal 2025.
What was Axogen's revenue last quarter?
In its most recent reported quarter (2026 Q2), Axogen reported revenue of $69.7M.
How much debt does Axogen have?
Axogen reported $48.4M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Axogen are outstanding?
Axogen reported a weighted average of 53.3 million basic shares outstanding in 2026 Q2.
What is Axogen's market cap?
Based on its latest closing price, Axogen (AXGN) has a market capitalization of about $1.93B.
When does Axogen's fiscal year end?
Axogen's fiscal year end, as registered with the SEC, is December 31.
Where is Axogen headquartered?
Axogen lists its business address in Alachua, Florida in its SEC filings.