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Medical devices & instruments · Healthcare · Fiscal year ends Dec 31
Axogen reported revenue of $225M in the fiscal year ended Dec 2025, up 20.2% from the year before. Operating income was −$8M, an operating margin of −3.5%, and net income was −$16M. Operating cash flow of $812,000 less capital expenditure of $4M left free cash flow of −$3M. Net debt was $13M.
Ranks among the 45 medical devices & instruments companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 127 | 139 | 159 | 187 | 225 |
| Cost of revenue | 22.9 | 29.8 | 37.1 | 45.4 | 57.9 |
| Gross profit | 104 | 109 | 122 | 142 | 167 |
| Research & development | 24.2 | 25.6 | 27.3 | 27.8 | 32.9 |
| Selling, general & admin | 106 | 113 | 116 | 117 | 142 |
| Operating income | −25.4 | −29.7 | −21.5 | −3.3 | −7.8 |
| Interest expense | 1.4 | 0.6 | 2.8 | 8.2 | 7.7 |
| Income tax | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Net income | −27.0 | −28.9 | −21.7 | −10.0 | −15.7 |
| Diluted EPS | −0.65 | −0.69 | −0.51 | −0.23 | −0.34 |
| Diluted shares | 41.2 | 42.1 | 42.9 | 44.3 | 46.1 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 32.8 | 15.3 | 31.0 | 27.6 | 35.5 |
| Receivables | 18.2 | 22.2 | 25.1 | 24.1 | 26.2 |
| Inventory | 16.7 | 18.9 | 23.0 | 33.2 | 42.4 |
| Current assets | 127 | 98.1 | 88.0 | 99.2 | 120 |
| Net PP&E | 62.9 | 79.3 | 88.7 | 84.7 | 81.8 |
| Total assets | 208 | 195 | 197 | 204 | 222 |
| Payables | 5.9 | 9.0 | 11.8 | 8.0 | 2.9 |
| Deferred revenue | 0.0 | – | – | – | – |
| Current liabilities | 24.3 | 23.8 | 30.4 | 30.6 | 23.6 |
| Long-term debt | 44.8 | 45.7 | 46.6 | 47.5 | 48.4 |
| Total liabilities | 95.5 | 94.4 | 101 | 99.8 | 92.8 |
| Shareholders' equity | 113 | 101 | 95.7 | 104 | 129 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −13.4 | −16.1 | −5.7 | 4.5 | 0.8 |
| Capital expenditure | 27.8 | 20.1 | 13.9 | 3.1 | 3.7 |
| Free cash flow | −41.2 | −36.1 | −19.6 | 1.4 | −2.9 |
| Depreciation & amortisation | 2.7 | 2.8 | 4.2 | 6.5 | 6.7 |
| Stock-based compensation | 10.9 | 15.6 | 14.4 | 15.9 | 30.1 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 8.8% | 14.7% | 17.8% | 20.2% |
| Gross margin | 82.0% | 78.5% | 76.6% | 75.8% | 74.3% |
| Operating margin | −20.0% | −21.4% | −13.5% | −1.8% | −3.5% |
| Net margin | −21.2% | −20.9% | −13.7% | −5.3% | −7.0% |
| Return on equityBlank when equity is negative | −24.0% | −28.7% | −22.7% | −9.6% | −12.2% |
| ROCEEBIT ÷ (assets − current liabilities) | −13.8% | −17.3% | −12.9% | −1.9% | −4.0% |
| Free cash flow margin | −32.4% | −26.1% | −12.3% | 0.8% | −1.3% |
| Cash conversion (CFO ÷ net income) | 0.50x | 0.55x | 0.26x | −0.46x | −0.05x |
| Receivable days | 52 | 58 | 58 | 47 | 42 |
| Inventory days | 266 | 232 | 226 | 267 | 267 |
| Payable days | 94 | 110 | 116 | 64 | 18 |
| Interest cover | −18.7x | −47.6x | −7.57x | −0.40x | −1.02x |
| Debt ÷ equity | 0.40x | 0.45x | 0.49x | 0.46x | 0.38x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 12.1 | 30.4 | 15.6 | 19.9 | 12.8 |
| Current ratio | 5.23x | 4.13x | 2.89x | 3.24x | 5.11x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.