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AxoGen, Inc. Reports 47% Second Quarter Revenue Growth
Date:8/4/2014

Alachua, FL (PRWEB) August 04, 2014

AxoGen, Inc. (NASDAQ: AXGN), a leading medical technology company focused on the peripheral nerve repair market, announced record quarterly revenue of $4.21 million for the second quarter ended June 30, 2014, representing growth of 47% as compared to $2.86 million for the second quarter of 2013. The increase in revenue was driven by increased unit sales to existing customers and the addition of new customers.

“Our strong revenue increase in the second quarter demonstrates that we are effectively executing on our growth strategies and confirms we are building awareness and adoption of our portfolio of nerve repair products: Avance® Nerve Graft, AxoGuard® Nerve Protector and AxoGuard® Nerve Connector. These disruptive off-the-shelf products are unparalleled in the marketplace, offering distinct advantages that are increasingly being recognized by surgeons and patients alike,” commented Karen Zaderej, President and Chief Executive Officer. “The entire AxoGen team is energized and remains focused on continued execution of our sales and marketing plan to achieve our revenue goals.”

2014 Second Quarter Financial Results

The second quarter strong revenue increase of 47% to $4.2 million was due to increased product usage by existing customers and sales to new customers. Gross margin expanded to 79% compared to 78% for the second quarter of 2013 and 78% in the 2014 first quarter. The gross margin improvement is due to changes in product mix and implementation of product price increases.

Total operating expenses in the second quarter were $5.6 million compared to $4.4 million for the second quarter of 2013. The increased expenses were planned and are primarily attributable to increased sales and marketing efforts, surgeon educational programs and training events, and clinical activities. Operating loss was $2.3 million compared to an operating loss o
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