olivLaw · US equity research
Axogen, Inc. AXGN
Electromedical & Electrotherapeutic Apparatus · SIC 3845 · Vertical: Electromedical & Electrotherapeutic Apparatus (SIC 3845)
Axogen (AXGN) is a US company focused solely on regenerating and repairing peripheral nerves, with nerve-graft and matrix products of human and porcine origin. The company obtained FDA approval for Avance as a licensed biologic in December 2025, and quarterly revenue above 69.7 million dollars shows accelerating sales growth but a declining gross margin.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Axogen, Inc. (AXGN) stock was 51.35 USD (+3.74% on the day), with market capitalisation 3.1 bn USD, beta 0.77, 52-week range 23.38–51.73 USD. Latest reported quarter (Q3 2026): revenue of 75.8 m USD (+26.2% YoY), net income of 2.3 m USD (+229.7% YoY), diluted EPS 0.04 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 75.9
- overbought (≥ 70)
- Bollinger (20, 2)
- 27.93 – 52.88
- in the upper half of the band · %B 0.94 · band width 61.8%
- SMA 50 / 200
- 42.88 / 39.85
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 2.50 / 0.66
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +38.0% | −1.1% | +39.1 pp | — |
| 3 months | +13.6% | −0.5% | +14.0 pp | — |
| 6 months | +18.1% | +4.4% | +13.7 pp | — |
| Year to date | +56.9% | +12.3% | +44.6 pp | — |
| 1 year | +116.0% | +13.5% | +102.5 pp | −0.4% |
| 3 years | +1,171.0% | +76.4% | +1,094.6 pp | −29.1% |
| 5 years | +273.7% | +63.7% | +210.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 49.4 m | 48.6 m | 56.7 m | 60.1 m | 59.9 m | 61.5 m | 69.7 m | 75.8 m |
| Cost of revenue | 11.8 m | 13.6 m | 14.6 m | 14.1 m | 15.5 m | 15.3 m | 19.1 m | 19.1 m |
| Gross profit | 37.6 m | 34.9 m | 42.0 m | 46.0 m | 44.4 m | 46.2 m | 50.7 m | 56.7 m |
| Research & development | 6.7 m | 6.1 m | 6.9 m | 7.6 m | 12.4 m | 7.5 m | 8.6 m | 9.0 m |
| Operating income | 2.0 m | -1.7 m | 1.7 m | 1.9 m | -9.8 m | -2.8 m | -2.2 m | 955.0 k |
| Depreciation & amortisation | 1.6 m | 1.7 m | 1.7 m ≈ | 1.6 m ≈ | 1.6 m | 1.6 m | 1.6 m ≈ | 1.6 m ≈ |
| Interest expense | 1.8 m | 2.3 m | 2.0 m | 1.8 m | 1.7 m | 694.0 k | 1.0 k | 1.0 k |
| Income tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net income | 450.0 k | -3.8 m | 579.0 k | 708.0 k | -13.2 m | -19.6 m | -1.5 m | 2.3 m |
| Diluted EPS | 0.01 ≈ | -0.08 | 0.01 | 0.01 | -0.28 ≈ | -0.38 | -0.03 | 0.04 |
| Operating cash flow | 8.7 m | -13.2 m | 7.7 m ≈ | 3.2 m ≈ | 3.0 m | 1.6 m | 7.2 m ≈ | 16.5 m ≈ |
| Capex | 670.0 k | 256.0 k | 722.0 k ≈ | 1.5 m ≈ | 1.2 m | 2.8 m | 893.0 k ≈ | 1.4 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 83.9 m | 106.7 m | 112.3 m | 127.4 m | 138.6 m | 159.0 m | 187.3 m | 225.2 m |
| Revenue YoY | +38.9% | +27.1% | +5.2% | +13.4% | +8.8% | +14.7% | +17.8% | +20.2% |
| Net income | -22.4 m | -29.1 m | -23.8 m | -27.0 m | -28.9 m | -21.7 m | -10.0 m | -15.7 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | -0.74 | -0.60 | -0.65 | -0.69 | -0.51 | -0.23 | -0.34 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -26.7% | -27.3% | -21.2% | -21.2% | -20.9% | -13.7% | -5.3% | -7.0% |
| Free cash flow | -24.1 m | -24.5 m | -31.5 m | -41.2 m | -36.1 m | -19.6 m | 1.4 m | -2.9 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 35.5 m USD
- Financial debt
- 48.4 m USD
- Net debt
- 12.8 m USD
- Equity
- 128.8 m USD
- Total assets
- 221.7 m USD
- Debt / equity
- 0.38x
- Current ratio
- 5.11x
- ROE
- -13.5%
- ROA
- -7.4%
- FCF margin
- -1.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 112.3 m | 127.4 m | 138.6 m | 159.0 m | 187.3 m | 225.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Cost of revenue | 21.6 m | 22.9 m | 29.8 m | 37.1 m | 45.4 m | 57.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Gross profit | 90.7 m | 104.4 m | 108.8 m | 121.9 m | 142.0 m | 167.4 m | SEC (XBRL)· 24 Feb 2026verified |
| Research & development | 17.8 m | 24.2 m | 25.6 m | 27.3 m | 27.8 m | 32.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Operating income | -23.2 m | -25.4 m | -29.7 m | -21.5 m | -3.3 m | -7.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Depreciation & amortisation | 1.5 m | 2.7 m | 2.8 m | 4.2 m | 6.5 m | 6.7 m | SEC (XBRL)· 24 Feb 2026verified |
| EBITDA | -21.7 m ≈ | -22.7 m ≈ | -26.9 m ≈ | -17.2 m ≈ | 3.2 m ≈ | -1.2 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Interest expense | 1.1 m | 1.4 m | 624.0 k | 2.8 m | 8.2 m | 7.7 m | SEC (XBRL)· 24 Feb 2026verified |
| Income tax | 0 | 0 | 0 | 0 | 0 | 0 | SEC (XBRL)· 24 Feb 2026verified |
| Net income | -23.8 m | -27.0 m | -28.9 m | -21.7 m | -10.0 m | -15.7 m | SEC (XBRL)· 24 Feb 2026verified |
| Diluted EPS | -0.60 | -0.65 | -0.69 | -0.51 | -0.23 | -0.34 | SEC (XBRL)· 24 Feb 2026verified |
| Weighted average diluted shares | 40.0 m | 41.2 m | 42.1 m | 42.9 m | 44.3 m | 46.1 m | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 48.8 m | 32.8 m | 15.3 m | 31.0 m | 27.6 m | 35.5 m | SEC (XBRL)· 24 Feb 2026verified |
| Receivables | 17.6 m | 18.2 m | 22.2 m | 25.1 m | 24.1 m | 26.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Inventories | 12.5 m | 16.7 m | 18.9 m | 23.0 m | 33.2 m | 42.4 m | SEC (XBRL)· 24 Feb 2026verified |
| Current assets | 145.3 m | 127.0 m | 98.1 m | 88.0 m | 99.2 m | 120.4 m | SEC (XBRL)· 24 Feb 2026verified |
| Property, plant & equipment, net | 38.4 m | 62.9 m | — | — | — | — | SEC (XBRL)· 25 Feb 2022verified |
| Intangibles (excl. goodwill) | 2.1 m | 2.9 m | 3.6 m | 4.5 m | 5.6 m | 6.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Total assets | 201.4 m | 208.0 m | 195.4 m | 196.8 m | 203.7 m | 221.7 m | SEC (XBRL)· 24 Feb 2026verified |
| Accounts payable | 4.6 m | 5.9 m | 9.0 m | 11.8 m | 8.0 m | 2.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Long-term debt | 32.0 m | 44.8 m | 45.7 m | 46.6 m | 47.5 m | 48.4 m | SEC (XBRL)· 24 Feb 2026verified |
| Current liabilities | 22.8 m | 24.3 m | 23.8 m | 30.4 m | 30.6 m | 23.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Total liabilities | 78.2 m | 95.5 m | 94.4 m | 101.2 m | 99.8 m | 92.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Equity | 123.1 m † | 112.6 m † | 101.0 m † | 95.7 m † | 103.9 m † | 128.8 m † | SEC (XBRL)· 24 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -9.6 m | -13.4 m | -16.1 m | -5.7 m | 4.5 m | 812.0 k | SEC (XBRL)· 24 Feb 2026verified |
| Capex | 21.9 m | 27.8 m | 20.1 m | 13.9 m | 3.1 m | 3.7 m | SEC (XBRL)· 24 Feb 2026verified |
| Free cash flow | -31.5 m ≈ | -41.2 m ≈ | -36.1 m ≈ | -19.6 m ≈ | 1.4 m ≈ | -2.9 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Investing cash flow | -17.0 m | -23.6 m | -3.2 m | 19.3 m | -10.3 m | -5.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Financing cash flow | 40.5 m | 20.5 m | 1.8 m | 2.0 m | 2.3 m | 10.5 m | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 43.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 3.1 bn USD
Key indicators
Coverage and freshness
Score by group
44% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 12.14 – 15.62 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)12.14 – 15.62 (Mid 13.50)WACC 9.3% · starting FCFF 24.1 m USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · input data missing
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -7.4% | 40 (vs peers) | 24% |
| Net margin · Quality | -12.0% | 55 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 17.6% | 100 (on a fixed band) | 19% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -5.7x | 0 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 12.0x | 100 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 0.7% | 9 (on a fixed band) | 19% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality45/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial9/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Axogen, Inc. (AXGN). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 225.2 m USD in 2025; YoY growth 20.2%; net margin -12.0%; ROE -10.3%.
The estimated value range is 12.14–15.62 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 13.50 USD, the price of 51.35 USD leaves a potential of -73.7% (value / price − 1) and a margin of safety of -280.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 17.6%
- Current ratio: 12.0x
What contradicts it
- Interest coverage: -5.7x
- FCF yield: 0.7%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Electromedical & Electrotherapeutic Apparatus (SIC 3845) · same industry (4-digit SIC) · compared with 24 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MDTMedtronic plc | 134.3 bn | 25.8 | 10.7% | 13.9% | +8.4% | −0% / +32% |
| LIVNLivaNova PLC | 5.2 bn | 31.3 | 15.5% | 13.0% | +10.7% | +48% / +110% |
| ITGRInteger Holdings Corporation | 4.3 bn | 42.5 | 6.0% | 5.7% | +8.0% | +75% / +45% |
| AXGNAxogen, Inc. | 3.1 bn | — | -10.3% | -12.0% | +20.2% | +116% / +1,171% |
| TMDXTransMedics Group, Inc. | 2.5 bn | 18.9 | 36.3% | 22.7% | +37.1% | −50% / −4% |
| BLFSBioLife Solutions, Inc. | 1.9 bn | 33.5 | 15.1% | 56.4% | +28.9% | unavailable / unavailable |
| CNMDConmed Corporation | 1.6 bn | 21.8 | 7.1% | 5.4% | +5.2% | +24% / −50% |
| CBLLCeriBell, Inc. | 1.1 bn | — | -52.5% | -68.0% | +36.1% | +61% / unavailable |
| INMDInMode Ltd. | 899.7 m | 9.9 | 13.5% | 25.3% | −6.2% | −0% / −40% |
| CVCapsoVision, Inc | 342.8 m | — | — | -214.7% | +15.3% | +23% / unavailable |
| ELMDElectromed, Inc. | 234.3 m | 21.5 | 23.3% | 15.3% | +15.3% | +5% / +172% |
| FOCLEdap Tms SA | 162.9 m | — | -321.7% | -49.1% | +1.6% | +81% / −17% |
| VANIVivani Medical, Inc. | 96.5 m | — | -220.4% | — | unavailable | −21% / +13% |
| STXSStereotaxis, Inc. | 95.9 m | — | -325.9% | -74.2% | +20.3% | −61% / −42% |
| NRXSNeuraxis, Inc. | 86.1 m | — | -139.8% | -144.4% | +32.9% | +147% / +117% |
| OMOutset Medical, Inc. | 83.8 m | — | -63.0% | -58.3% | +5.1% | −3% / −94% |
| ECORelectroCore, Inc. | 77.5 m | — | — | -33.5% | +27.2% | +66% / +49% |
| POCIPrecision Optics Corporation, Inc. | 53.1 m | — | -22.3% | -11.5% | +65.2% | +3% / −18% |
| NXLNexalin Technology, Inc. | 34.4 m | — | -240.3% | -4,139.4% | +78.8% | −95% / −87% |
| QTIQt Imaging Holdings, Inc. | 32.1 m | — | -2,125.0% | -77.3% | +287.9% | −64% / −99% |
| NUWENuwellis, Inc. | 19.2 m | — | — | -125.6% | −5.4% | −94% / −100% |
| IRIXIridex Corp | 12.6 m | — | -73.1% | -6.9% | unavailable | −26% / −72% |
| NDRAEndra Life Sciences Inc. | 7.4 m | — | -152.0% | — | unavailable | −16% / −100% |
| ITOCiTonic Holdings Ltd | — | — | -82.8% | -974.7% | +16.7% | −80% / unavailable |
| HYPRHyperfine, Inc. | 0 | — | -97.0% | -210.8% | +5.2% | −30% / −41% |
1- and 3-year price returns: for AXGN from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 8-K (28 Oct 2026 · results), 10-Q (28 Oct 2026).
In brief
Axogen (AXGN) is a US company focused solely on regenerating and repairing peripheral nerves, with nerve-graft and matrix products of human and porcine origin. The company obtained FDA approval for Avance as a licensed biologic in December 2025, and quarterly revenue above 69.7 million dollars shows accelerating sales growth but a declining gross margin.
SWOT
Strengths
- The company has a portfolio focused exclusively on peripheral nerve regeneration and long-term clinical evidence for Avance 1.
- Revenue growth is supported by productivity in existing accounts and an expanding sales force 2.
- Level 1 studies such as REPOSE strengthen the clinical position of the products with surgeons 2.
Weaknesses
Opportunities
- The new CMS procedure code and broader commercial coverage could raise reimbursement and adoption 1.
- The Nerve-RESTORE study, if it confirms benefits, could extend use to mixed and motor nerve repairs 2.
- The addressable market is estimated to be large, and breast reconstruction and urology segments are expanding 13.
Risks
- Dependence on Avancehigh
Most revenue comes from one product, and any negative FDA decision could seriously affect results 1.
- Conditional accelerated approvalhigh
The accelerated indications depend on confirmatory studies; failure could lead to their withdrawal 1.
- Complex biologic manufacturingmedium
Human-derived raw material is variable, and scaling production could be delayed or halted 1.
- Facility operationsmedium
Operational difficulties at the APC facility have already affected margins and could disrupt deliveries 1.
- Market estimateslow
If the addressable market were smaller than estimated, growth projections could be missed 1.
Investment thesis
What would need to be true (bull case)
What would break the thesis
What to watch
- Revenue guidance of at least 279 million dollars and gross margin of at least 73%2026
- Effect of the new CMS procedure code on reimbursement2027
- Trend in gross margin as Avance and long-format share growsQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 8-K (28 Oct 2026 · results), 10-Q (28 Oct 2026).
The business
Axogen develops and commercializes technologies for peripheral nerve regeneration, aimed at surgeons treating traumatic or surgical nerve injuries. The portfolio includes Avance, Avance Nerve Graft, Axoguard Nerve Connector, Axoguard Nerve Protector, Axoguard HA+ Nerve Protector, Axoguard Nerve Cap and Avive+ Soft Tissue Matrix. The company says its revenue comes mainly from sales in the United States 1.
For 2026 the company guides to revenue growth of at least 24%, or at least 279 million dollars, and gross margin of at least 73% 3. Second-quarter 2026 results show revenue up 23.1%, with gross margin lower than a year earlier 23.
Segments
Avance (human nerve, acellular graft)
Avance accounts for approximately 60% of total revenue in 2025 and is the main growth driver 1. The December 2025 FDA approval comes with post-marketing confirmatory study requirements, and commercial availability was expected early in the second quarter of 2026 1.
Porcine matrix products (Axoguard)
The Axoguard line, including the connector, protector, nerve cap and HA+ version, uses porcine submucosa extracellular matrix to repair nerves without tension and protect them 1. The REPOSE study, published in 2026, provides Level 1 evidence for the nerve cap in managing symptomatic neuroma 2.
Market context
Trends
- FDA approval with confirmatory obligationsmixed
The Avance approval opens commercial access but makes maintaining the accelerated indications conditional on confirmatory study results through 2030 1. If the FDA narrowed these indications, revenue could be significantly affected 1.
- Pressure on gross marginheadwind
Gross margin fell in the second quarter of 2026 amid higher Avance product costs and rising demand for long formats tied to breast reconstruction procedures 23.
- Macroeconomic and trade uncertaintyheadwind
The company flags that trade disputes and financial market volatility could affect revenue, even though direct tariff exposure is limited 2.
Competitive position
Traditional treatments include direct suturing, nerve autografts taken from another site on the patient, and synthetic or collagen conduits 1. Axogen positions itself as the first off-the-shelf nerve allograft for bridging nerve gaps, which reduces the comorbidities of a second surgical site 1.
The source documents do not name US-listed competitors; direct rivalry is described generally as alternative surgical methods and synthetic conduits 1. The advantage cited is long-term clinical evidence and a complete product portfolio 1.
- Nerve autograft (traditional surgical technique)
Standard alternative that requires harvesting a nerve from the patient's body, with morbidity at the secondary site 1.
- Synthetic or collagen conduits
Devices used mainly for short nerve gaps, cited as an alternative in the source 1.
- Direct nerve suturing
Traditional tension-free reconnection technique that competes with porcine matrix connectors 1.
- Alternative surgical repair techniques
The company notes the risk that surgeons or payers may prefer other methods, without naming them 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report28 Oct 2026
- Current report28 Oct 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report01 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Current report (amendment)10 Sept 2026Material agreement · Regulation FD disclosure · Financial statements and exhibits
- Current report10 Sept 2026Material agreement · Regulation FD disclosure · Other events · Financial statements and exhibits
- Quarterly report29 Jul 2026
- Current report29 Jul 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report23 Jun 2026Shareholder vote
- Proxy statement29 Apr 2026
- Quarterly report28 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Axogen, Inc. · 24 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Axogen, Inc. · 29 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Axogen, Inc. · 29 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.