Axogen Q1 rev flat at $31M, net loss widens to $0.20/sh; Avance Phase 3 hits endpoint

Axogen, Inc.

2022-Q1 EPS reported -$0.27 revenue$31,007,000

Net revenue $31.0M flat YoY; adjusted net loss $8.5M ($0.20/sh) vs $3.1M ($0.08) prior year.
Cash and investments $73.7M at Mar 31, down from $90.3M at Dec 31, 2021.
Phase 3 RECON study of Avance Nerve Graft met primary endpoint for sensory function; BLA submission planned H2 2023.
Avance showed statistical superiority over conduits for gaps >12mm (p=0.021) and faster recovery (p=0.037).
2022 revenue guidance reaffirmed $135-142M; gross margin above 80%.

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