On Friday 19 October, AxoGen, Inc. (NASDAQ: AXGN) oscillated between $32.24 and $36.00 before concluding trading period lower/higher -5.53% at $33.51. The stock recorded total trading quantity of 512,300 shares as compared to its average volume of 570,656 shares. The firm has a total market worth of $570.66k and $1.284B shares remain outstanding.
AxoGen, Inc. (AXGN) recently stated financial results and business highlights for the second quarter ended June 30, 2018.
Second Quarter 2018 Financial Results and Recent Business Highlights
- Revenue of $20.6M, up 36% contrast to $15.2M in the second quarter of 2017
- Revenue from direct sales channel continues to grow above 40% and now accounts for about 80% of revenue
- Gross margin of 84.9% contrast to 85.0% in the second quarter of 2017
- Net loss for the quarter was $7.4M, or $0.20 per share, contrast to net loss of $2.1M, or $0.06 per share, in the second quarter of 2017
- Adjusted net loss for the quarter was $3.2M, or $0.09 per share, contrast to adjusted net loss of $1.3M, or $0.04 per share, in the second quarter of 2017
- Adjusted EBITDA loss of $2.6M contrast to adjusted EBITDA loss of $593,000 in Q2 2017
- Raised $132.7M in net proceeds through a public offering of ordinary stock on May 9, 2018
- Repaid in full outstanding debt of $25.0M with MidCap Financial on May 22, 2018
- On July 31, 2018, the Company completed the acquisition of a facility near our current leased facility in Dayton, Ohio, where we will transition our existing processing to support our long-term capacity needs
Additional Second Quarter and Recent Operational Highlights
- Raised active accounts in the second quarter to 634, up 24% from 510 a year ago
- Ended the quarter with 72 direct sales representatives, an raise of four representatives in the quarter and 21 representatives in the last 12 months, and 19 independent sales agencies
- Conducted five national education programs in the second quarter, one of which was a Fellows program, and eight programs year-to-date
- Raised the number of clinical presentations related to our surgical portfolio by nine, for a total of 22 for the year
- Added three peer reviewed clinical publications to our surgical portfolio for a total of 62
- Ended the quarter with $133.6M in cash contrast to $30.6M at the end of FIRST QUARTER 2018. Net cash burn in Q2, after adjustments for the public offering and debt repayment, was $2.8M
2018 Financial Guidance
Management reiterates 2018 revenue will grow at least 40% over 2017 revenue and gross margins will remain above 80%. Additionally, management continues to expect to have at least 80 direct sales representatives by year end.
Upcoming Investor Events
Members of the AxoGen senior management team will take part at the following upcoming events:
- Canaccord Genuity 38thYearly Growth Conference in Boston (August 8)
- Morgan Stanley 16thYearly Global Healthcare Conference in New York (September 12-14)
- Cantor Fitzgerald Global Healthcare Conference in New York (October 1-3)
- AxoGen Analyst and Investor Day in New York City (November 19)
The short ratio in the company’s stock is documented at 6.15 and the short float is around of 9.52%. The average true range of the stock is observed at 2.00 and the relative strength index of the stock is recorded at 40.85.