Axogen Reports 26.6% Q1 Revenue Growth to $61.5M, Guides $270M in 2026
Axogen posted Q1 revenue of $61.5 million, up 26.6% year-over-year, with adjusted EBITDA of $5.7 million and cash reserves of $103.6 million. Net loss widened to $19.6 million including a $16.8 million one-time charge, while 2026 revenue guidance targets at least $270 million with 74–76% gross margin.
1. Q1 Financial Results
Axogen generated $61.5M in Q1 revenue, a 26.6% increase, with gross margin of 75.2% and adjusted EBITDA of $5.7M (9.3% of sales). The company reported a net loss of $19.6M ($0.38/share), reflecting a $16.8M one-time debt extinguishment charge, and adjusted net income of $4.1M ($0.07/share).
2. Expense Trends and Profitability
Operating expenses rose to $49M from $36.6M a year earlier, driven by higher compensation and commercial investments. Sales and marketing costs increased to 46.6% of revenue, while research and development and general and administrative expenses represented 12.2% and 21% of sales, respectively, pressuring profitability.
3. Cash Position and Market Expansion
The company ended the quarter with $103.6M in cash, restricted cash and investments, underpinning its financial flexibility. Axogen also expanded insurance coverage for Advance nerve grafts and increased its active surgeon count, supporting broader market adoption across all three target segments.
4. 2026 Outlook
Management reaffirmed full-year revenue guidance of at least 20% growth to $270M and forecasted gross margins between 74% and 76%. The anticipated transition to Biologic Advance products is expected to apply margin pressure in Q2, necessitating continued efficiency gains in commercial execution.