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Stocks · Health care · Electromedical & Electrotherapeutic Apparatus

Axogen, Inc.

AXGN Clue Score44
United States Fiscal year ends December CIK 0000805928
$36.13 -0.14% Close, 9 Oct 2026
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Price $36.13 +154.44% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue41.1Operating income−8.1Net income−14.4Fiscal year 2017Revenue60.4 +47.0%Operating income−8.0Net income−10.4Fiscal year 2018Revenue83.9 +38.9%Operating income−20.5Net income−22.4Fiscal year 2019Revenue106.7 +27.1%Operating income−31.4Net income−29.1EPS, diluted−0.74Fiscal year 2020Revenue112.3 +5.2%Operating income−23.2Net income−23.8EPS, diluted−0.60Fiscal year 2021Revenue127.4 +13.4%Operating income−25.4Net income−27.0EPS, diluted−0.65Fiscal year 2022Revenue138.6 +8.8%Operating income−29.7Net income−28.9EPS, diluted−0.69Fiscal year 2023Revenue159.0 +14.7%Operating income−21.5Net income−21.7EPS, diluted−0.51Fiscal year 2024Revenue187.3 +17.8%Operating income−3.3Net income−10.0EPS, diluted−0.23Fiscal year 2025Revenue225.2 +20.2%Operating income−7.8Net income−15.7EPS, diluted−0.34
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 41.1 60.4 83.9 106.7 112.3 127.4 138.6 159.0 187.3 225.2
Growth +47.0% +38.9% +27.1% +5.2% +13.4% +8.8% +14.7% +17.8% +20.2%
Operating income −8.1 −8.0 −20.5 −31.4 −23.2 −25.4 −29.7 −21.5 −3.3 −7.8
Net income −14.4 −10.4 −22.4 −29.1 −23.8 −27.0 −28.9 −21.7 −10.0 −15.7
Growth
EPS, diluted n/a n/a n/a −0.74 −0.60 −0.65 −0.69 −0.51 −0.23 −0.34
Growth

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin84.3%Operating margin−19.8%Net margin−35.1%Free cash flow margin−29.6%Fiscal year 2017Gross margin84.6%Operating margin−13.2%Net margin−17.3%Free cash flow margin−17.1%Fiscal year 2018Gross margin84.6%Operating margin−24.4%Net margin−26.7%Free cash flow margin−28.8%Fiscal year 2019Gross margin83.7%Operating margin−29.4%Net margin−27.3%Free cash flow margin−23.0%Fiscal year 2020Gross margin80.8%Operating margin−20.6%Net margin−21.2%Free cash flow margin−28.1%Fiscal year 2021Gross margin82.0%Operating margin−20.0%Net margin−21.2%Free cash flow margin−32.4%Fiscal year 2022Gross margin78.5%Operating margin−21.4%Net margin−20.9%Free cash flow margin−26.1%Fiscal year 2023Gross margin76.6%Operating margin−13.5%Net margin−13.7%Free cash flow margin−12.3%Fiscal year 2024Gross margin75.8%Operating margin−1.8%Net margin−5.3%Free cash flow margin0.8%Fiscal year 2025Gross margin74.3%Operating margin−3.5%Net margin−7.0%Free cash flow margin−1.3%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 84.3% 84.6% 84.6% 83.7% 80.8% 82.0% 78.5% 76.6% 75.8% 74.3%
Operating margin −19.8% −13.2% −24.4% −29.4% −20.6% −20.0% −21.4% −13.5% −1.8% −3.5%
Net margin −35.1% −17.3% −26.7% −27.3% −21.2% −21.2% −20.9% −13.7% −5.3% −7.0%
Free cash flow margin −29.6% −17.1% −28.8% −23.0% −28.1% −32.4% −26.1% −12.3% 0.8% −1.3%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow−11.2Capital expenditure−0.9Free cash flow−12.2Fiscal year 2017Operating cash flow−9.2Capital expenditure−1.1Free cash flow−10.3Fiscal year 2018Operating cash flow−17.9Capital expenditure−6.3Free cash flow−24.1Fiscal year 2019Operating cash flow−19.9Capital expenditure−4.7Free cash flow−24.5Fiscal year 2020Operating cash flow−9.6Capital expenditure−21.9Free cash flow−31.5Fiscal year 2021Operating cash flow−13.4Capital expenditure−27.8Free cash flow−41.2Fiscal year 2022Operating cash flow−16.1Capital expenditure−20.1Free cash flow−36.1Fiscal year 2023Operating cash flow−5.7Capital expenditure−13.9Free cash flow−19.6Fiscal year 2024Operating cash flow4.5Capital expenditure−3.1Free cash flow1.4Fiscal year 2025Operating cash flow0.8Capital expenditure−3.7Free cash flow−2.9 −304.5%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −11.2 −9.2 −17.9 −19.9 −9.6 −13.4 −16.1 −5.7 4.5 0.8
Capital expenditure −0.9 −1.1 −6.3 −4.7 −21.9 −27.8 −20.1 −13.9 −3.1 −3.7
Free cash flow −12.2 −10.3 −24.1 −24.5 −31.5 −41.2 −36.1 −19.6 1.4 −2.9
Growth −304.5%

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash30.0Total debt20.3Net cash (debt)9.7Shareholders’ equity14.9Debt to equity1.36Fiscal year 2017Cash36.5Total debt20.5Net cash (debt)16.0Shareholders’ equity25.2Debt to equity0.82Fiscal year 2018Cash24.3Total debt0.1Net cash (debt)24.2Shareholders’ equity147.0Debt to equity0.00Fiscal year 2019Cash35.7Total debt1.7Net cash (debt)34.0Shareholders’ equity132.2Debt to equity0.01Fiscal year 2020Cash48.8Total debt32.0Net cash (debt)16.7Shareholders’ equity123.1Debt to equity0.26Fiscal year 2021Cash32.8Total debt44.8Net cash (debt)−12.1Shareholders’ equity112.6Debt to equity0.40Fiscal year 2022Cash15.3Total debt45.7Net cash (debt)−30.4Shareholders’ equity101.0Debt to equity0.45Fiscal year 2023Cash31.0Total debt46.6Net cash (debt)−15.6Shareholders’ equity95.7Debt to equity0.49Fiscal year 2024Cash27.6Total debt47.5Net cash (debt)−19.9Shareholders’ equity103.9Debt to equity0.46Fiscal year 2025Cash35.5Total debt48.4Net cash (debt)−12.8Shareholders’ equity128.8Debt to equity0.38
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 30.0 36.5 24.3 35.7 48.8 32.8 15.3 31.0 27.6 35.5
Total debt 20.3 20.5 0.1 1.7 32.0 44.8 45.7 46.6 47.5 48.4
Net cash (debt) 9.7 16.0 24.2 34.0 16.7 −12.1 −30.4 −15.6 −19.9 −12.8
Shareholders’ equity 14.9 25.2 147.0 132.2 123.1 112.6 101.0 95.7 103.9 128.8
Debt to equity 1.36 0.82 0.00 0.01 0.26 0.40 0.45 0.49 0.46 0.38

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
84.3% 84.6% 84.6% 83.7% 80.8% 82.0% 78.5% 76.6% 75.8% 74.3%
−19.8% −13.2% −24.4% −29.4% −20.6% −20.0% −21.4% −13.5% −1.8% −3.5%
−35.1% −17.3% −26.7% −27.3% −21.2% −21.2% −20.9% −13.7% −5.3% −7.0%
−29.6% −17.1% −28.8% −23.0% −28.1% −32.4% −26.1% −12.3% 0.8% −1.3%
Spending
10.2% 11.1% 14.0% 16.4% 15.9% 19.0% 18.5% 17.2% 14.8% 14.6%
24.6% 24.4% 27.5% 29.3% 23.5% 25.4% 29.5% 24.2% 20.8% 19.8%
2.3% 1.8% 7.5% 4.4% 19.5% 21.8% 14.5% 8.7% 1.7% 1.7%
Returns
−96.6% −41.5% −15.2% −22.0% −19.3% −24.0% −28.7% −22.7% −9.6% −12.2%
−31.1% −17.7% −14.0% −18.8% −11.8% −13.0% −14.8% −11.0% −4.9% −7.1%
Balance and payout
1.36 0.82 0.00 0.01 0.26 0.40 0.45 0.49 0.46 0.38
67.8% 57.2% 8.2% 14.5% 38.8% 45.9% 48.3% 51.4% 49.0% 41.9%