AXGN Nasdaq Electromedical & Electrotherapeutic Apparatus Financials FY2016βFY2025
Axogen, Inc. had $225M of revenue in fiscal 2025, up 20.2% on the year before. Over five years, revenue changed +14.9% a year on average.
Last close Β· Oct 23, 2026
$38.06
3.8%Hi! I read Axogen, Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+20.2%
Yes. Sales grew 20.2% last year.
Does it make a profit?
β7.0%
No. It lost money last year.
Does profit turn into cash?
β1.3%
No. It spent more cash than it brought in.
How healthy are the accounts?
5 / 9
Mixed. It passes 5 of 9 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· Axogen, Inc. had $225M of revenue in fiscal 2025, up 20.2% on the year before. Over five years, revenue changed +14.9% a year on average. Its operating margin was β3.5%, down 1.7Β pts: of every 100 in sales, about β3 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Axogen, Inc. lost $15.7M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$2.9M in fiscal 2025, β1.3% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders sold $19.3M of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$19.3M
12 insiders
Of sales under plans
36%
$6.9M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 2, 2026 | Joseph A. TyndallDirector | Sold plan | 3,500 | $49.70 | $0.2M | Form 4 |
| Aug 11, 2026 | Amy McBride WendellDirector | Sold plan | 13,353 | $48.42 | $0.6M | Form 4 |
| Aug 10, 2026 | Marc A BeganEVP & General Counsel | Sold plan | 67,500 | $47.35 | $3.2M | Form 4 |
| Aug 7, 2026 | Kathy Johnson WeilerDirector | Sold plan | 14,150 | $45.30 | $0.6M | Form 4 |
| May 8, 2026 | Amy McBride WendellDirector | Sold | 1,647 | $42.60 | $0.1M | Form 4 |
| May 7, 2026 | Doris QuackenbushSales VP | Sold | 3,878 | $43.51 | $0.2M | Form 4 |
| May 7, 2026 | Lindsey Marie HartleyCFO | Sold | 1,051 | $43.67 | $0.0M | Form 4 |
| May 7, 2026 | Jens KempChief Marketing Officer | Sold | 4,000 | $43.44 | $0.2M | Form 4 |
| May 7, 2026 | John JohnsonDirector | Sold | 11,050 | $43.26 | $0.5M | Form 4 |
| May 7, 2026 | Kathy Johnson WeilerDirector | Sold | 16,344 | $44.09 | $0.7M | Form 4 |
| Mar 16, 2026 | Erick Wayne DeVinneyChief Innovation Officer | Sold | 5,221 | $32.84 | $0.2M | Form 4 |
| Dec 16, 2025 | Amy McBride WendellDirector | Sold | 43,684 | $29.31 | $1.3M | Form 4 |
| Dec 16, 2025 | Kathy Johnson WeilerDirector | Sold | 46,653 | $29.55 | $1.4M | Form 4 |
| Dec 15, 2025 | Lindsey Marie HartleyCFO | Sold | 14,812 | $29.86 | $0.4M | Form 4 |
| Dec 11, 2025 | Marc A BeganEVP & General Counsel | Sold | 13,222 | $30.00 | $0.4M | Form 4 |
| Dec 10, 2025 | Michael D DaleChief Executive Officer | Sold | 25,000 | $30.00 | $0.8M | Form 4 |
| Dec 9, 2025 | John JohnsonDirector | Sold | 21,686 | $29.98 | $0.7M | Form 4 |
| Dec 9, 2025 | Paul ThomasDirector | Sold | 21,399 | $29.61 | $0.6M | Form 4 |
| Dec 9, 2025 | Michael D DaleChief Executive Officer | Sold | 61,463 | $31.21 | $1.9M | Form 4 |
| Dec 9, 2025 | Erick Wayne DeVinneyChief Innovation Officer | Sold | 19,517 | $31.21 | $0.6M | Form 4 |
| Dec 9, 2025 | Marc A BeganEVP & General Counsel | Sold | 9,278 | $31.21 | $0.3M | Form 4 |
| Dec 9, 2025 | Jens KempChief Marketing Officer | Sold | 8,156 | $31.21 | $0.3M | Form 4 |
| Dec 9, 2025 | Joseph A. TyndallDirector | Sold | 25,108 | $30.98 | $0.8M | Form 4 |
| Dec 8, 2025 | John JohnsonDirector | Sold | 23,693 | $31.24 | $0.7M | Form 4 |
| Dec 8, 2025 | Lindsey Marie HartleyCFO | Sold | 14,387 | $31.56 | $0.5M | Form 4 |
| Nov 11, 2025 | William P. Mr. BurkeDirector | Sold plan | 3,591 | $24.02 | $0.1M | Form 4 |
| Nov 10, 2025 | William P. Mr. BurkeDirector | Sold plan | 19,227 | $24.01 | $0.5M | Form 4 |
| Nov 6, 2025 | William P. Mr. BurkeDirector | Sold plan | 5,347 | $24.01 | $0.1M | Form 4 |
| Nov 5, 2025 | William P. Mr. BurkeDirector | Sold plan | 11,431 | $24.05 | $0.3M | Form 4 |
| Oct 30, 2025 | William P. Mr. BurkeDirector | Sold plan | 18,248 | $23.00 | $0.4M | Form 4 |
| Oct 29, 2025 | William P. Mr. BurkeDirector | Sold plan | 40,235 | $20.55 | $0.8M | Form 4 |
| Oct 22, 2025 | William P. Mr. BurkeDirector | Sold plan | 1,457 | $18.02 | $0.0M | Form 4 |
| Oct 6, 2025 | William P. Mr. BurkeDirector | Sold plan | 736 | $18.00 | $0.0M | Form 4 |
| Oct 3, 2025 | William P. Mr. BurkeDirector | Sold plan | 22,171 | $18.21 | $0.4M | Form 4 |
| Oct 2, 2025 | William P. Mr. BurkeDirector | Sold plan | 10,020 | $18.01 | $0.2M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA Β· Axogen, Inc. owes $6.9M more than it holds in cash.
Cash, debt and the ratios that show how comfortably Axogen, Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $84.1M | $48.8M | $31.0M | $33.5M | $41.5M |
| Debt incl. finance leases | $44.8M | $45.7M | $46.6M | $47.5M | $48.4M |
| Net debt / EBITDA | β | β | β | 4.4x | β |
| Debt / equity | 0.4x | 0.5x | 0.5x | 0.5x | 0.4x |
| Interest coverage | β18.7x | β47.6x | β7.6x | β0.4x | β1.0x |
| Current ratio | 5.2x | 4.1x | 2.9x | 3.2x | 5.1x |
| Quick ratio | 4.5x | 3.3x | 2.1x | 2.2x | 3.3x |
| Total assets | $208M | $195M | $197M | $204M | $222M |
| Total liabilities | $95.5M | $94.4M | $101M | $99.8M | $92.8M |
| Shareholders' equity | $113M | $101M | $95.7M | $104M | $129M |
| Net debt (β = net cash) | β$39.3M | β$3.1M | $15.6M | $14.0M | $6.9M |
KIRA Β· Its return on capital was β4.6%: every 100 invested in the business earned about β5 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Axogen, Inc. passes 5 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | 6 / 9 | 5 / 9 | 3 / 9 | 2 / 9 | 3 / 9 | 2 / 9 | 3 / 9 | 6 / 9 | 5 / 9 |
| Accruals ratio | β6.8% | β2.3% | β4.1% | β5.9% | β8.0% | β6.6% | β6.4% | β8.2% | β7.2% | β7.8% |
| Altman Z'' | β4.31 | β2.55 | 13.42 | 5.86 | 1.57 | 0.04 | β1.73 | β2.48 | β1.47 | β0.43 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $41.1M | $60.4M | $83.9M | $107M | $112M | $127M | $139M | $159M | $187M | $225M |
| Gross profit | $34.6M | $51.1M | $71.0M | $89.4M | $90.7M | $104M | $109M | $122M | $142M | $167M |
| Research and development | $4.2M | $6.7M | $11.8M | $17.5M | $17.8M | $24.2M | $25.6M | $27.3M | $27.8M | $32.9M |
| Operating income | β$8.1M | β$8.0M | β$20.5M | β$31.4M | β$23.2M | β$25.4M | β$29.7M | β$21.5M | β$3.3M | β$7.8M |
| Interest expense | $5.4M | $2.2M | $1.2M | $0.0M | $1.1M | $1.4M | $0.6M | $2.8M | $8.2M | $7.7M |
| Income tax | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Net income | β$14.4M | β$10.4M | β$22.4M | β$29.1M | β$23.8M | β$27.0M | β$28.9M | β$21.7M | β$10.0M | β$15.7M |
| Diluted EPS | β$0.47 | β$0.31 | β$0.60 | β$0.74 | β$0.60 | β$0.65 | β$0.69 | β$0.51 | β$0.23 | β$0.34 |
| Diluted shares | 0.00B | 0.00B | 0.04B | 0.04B | 0.04B | 0.04B | 0.04B | 0.04B | 0.04B | 0.05B |
| Cash flow | ||||||||||
| Cash from operations | β$11.2M | β$9.2M | β$17.9M | β$19.9M | β$9.6M | β$13.4M | β$16.1M | β$5.7M | $4.5M | $0.8M |
| Capital expenditure | $0.9M | $1.1M | $6.3M | $4.7M | $21.9M | $27.8M | $20.1M | $13.9M | $3.1M | $3.7M |
| Free cash flow | β$12.2M | β$10.3M | β$24.1M | β$24.5M | β$31.5M | β$41.2M | β$36.1M | β$19.6M | $1.4M | β$2.9M |
| Depreciation and amortization | $0.4M | $0.5M | $0.8M | $0.9M | $1.5M | $2.7M | $2.8M | $4.2M | $6.5M | $6.7M |
| Stock-based compensation | $1.4M | $3.6M | $7.6M | $10.3M | $8.5M | $10.9M | $15.6M | $14.4M | $15.9M | $30.1M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $30.0M | $36.5M | $117M | $96.5M | $104M | $84.1M | $48.8M | $31.0M | $33.5M | $41.5M |
| Total debt | $20.3M | $20.5M | $0.1M | $0.0M | $32.0M | $44.8M | $45.7M | $46.6M | $47.5M | $48.4M |
| Finance lease liabilities | β | β | β | $0.0M | $0.0M | $0.0M | β | β | β | β |
| Current assets | $44.0M | $55.7M | $151M | $135M | $145M | $127M | $98.1M | $88.0M | $99.2M | $120M |
| Current liabilities | $11.1M | $13.7M | $13.0M | $20.9M | $22.8M | $24.3M | $23.8M | $30.4M | $30.6M | $23.6M |
| Inventory | $5.5M | $7.3M | $12.0M | $13.9M | $12.5M | $16.7M | $18.9M | $23.0M | $33.2M | $42.4M |
| Property and equipment, net | $1.5M | $2.2M | $8.0M | $14.9M | $38.4M | $62.9M | β | β | β | β |
| Intangible assets | $0.8M | $0.9M | $1.2M | $1.5M | $2.1M | $2.9M | $3.6M | $4.5M | $5.6M | $6.8M |
| Total assets | $46.4M | $58.9M | $160M | $155M | $201M | $208M | $195M | $197M | $204M | $222M |
| Total liabilities | $31.4M | $33.7M | $13.2M | $22.5M | $78.2M | $95.5M | $94.4M | $101M | $99.8M | $92.8M |
| Shareholders' equity | $14.9M | $25.2M | $147M | $132M | $123M | $113M | $101M | $95.7M | $104M | $129M |
| Margins | ||||||||||
| Gross margin | 84.3% | 84.6% | 84.6% | 83.7% | 80.8% | 82.0% | 78.5% | 76.6% | 75.8% | 74.3% |
| Operating margin | β19.8% | β13.2% | β24.4% | β29.4% | β20.6% | β20.0% | β21.4% | β13.5% | β1.8% | β3.5% |
| EBITDA margin | β18.9% | β12.4% | β23.5% | β28.6% | β19.3% | β17.8% | β19.4% | β10.8% | 1.7% | β0.5% |
| Net margin | β35.1% | β17.3% | β26.7% | β27.3% | β21.2% | β21.2% | β20.9% | β13.7% | β5.3% | β7.0% |
| FCF margin | β29.6% | β17.1% | β28.8% | β23.0% | β28.1% | β32.4% | β26.1% | β12.3% | 0.8% | β1.3% |
| Returns | ||||||||||
| Return on capital | β123.7% | β68.1% | β53.2% | β69.6% | β35.8% | β27.4% | β24.0% | β15.2% | β2.2% | β4.6% |
| Return on capital employed | β23.0% | β17.6% | β13.9% | β23.5% | β13.0% | β13.8% | β17.3% | β12.9% | β1.9% | β4.0% |
| Return on equity | β96.6% | β52.1% | β26.0% | β20.9% | β18.6% | β22.9% | β27.1% | β22.1% | β10.0% | β13.5% |
| Return on assets | β31.1% | β19.9% | β20.4% | β18.5% | β13.4% | β13.2% | β14.4% | β11.1% | β5.0% | β7.4% |
| Return on tangible equity | β102.3% | β43.1% | β15.4% | β22.3% | β19.6% | β24.6% | β29.7% | β23.8% | β10.1% | β12.9% |
| Growth | ||||||||||
| Revenue growth | β | 47.0% | 38.9% | 27.1% | 5.2% | 13.4% | 8.8% | 14.7% | 17.8% | 20.2% |
| FCF growth | β | β | β | β | β | β | β | β | β | β304.5% |
| Share count change | β | 8.5% | 111,392.5% | 5.7% | 1.9% | 3.1% | 2.1% | 1.9% | 3.2% | 4.1% |
| Financial health | ||||||||||
| Net debt / EBITDA | β | β | β | β | β | β | β | β | 4.4x | β |
| Debt / equity | 1.4x | 0.8x | 0.0x | 0.0x | 0.3x | 0.4x | 0.5x | 0.5x | 0.5x | 0.4x |
| Interest coverage | β1.5x | β3.6x | β17.0x | β785.2x | β22.0x | β18.7x | β47.6x | β7.6x | β0.4x | β1.0x |
| Current ratio | 4.0x | 4.1x | 11.6x | 6.5x | 6.4x | 5.2x | 4.1x | 2.9x | 3.2x | 5.1x |
| Quick ratio | 3.5x | 3.5x | 10.7x | 5.8x | 5.8x | 4.5x | 3.3x | 2.1x | 2.2x | 3.3x |
| Capital allocation | ||||||||||
| Capex / revenue | 2.3% | 1.8% | 7.5% | 4.4% | 19.5% | 21.8% | 14.5% | 8.7% | 1.7% | 1.7% |
| Stock comp / revenue | 3.4% | 6.0% | 9.1% | 9.7% | 7.5% | 8.6% | 11.3% | 9.1% | 8.5% | 13.4% |
| Quality scores | ||||||||||
| Piotroski F-score | β | 6.0 | 5.0 | 3.0 | 2.0 | 3.0 | 2.0 | 3.0 | 6.0 | 5.0 |
| Altman Z'' | β4.3 | β2.5 | 13.4 | 5.9 | 1.6 | 0.0 | β1.7 | β2.5 | β1.5 | β0.4 |
| Accruals ratio | β6.8% | β2.3% | β4.1% | β5.9% | β8.0% | β6.6% | β6.4% | β8.2% | β7.2% | β7.8% |
Source: SEC EDGAR XBRL filings (CIK 0000805928). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
