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ALACHUA, Fla. - Axogen, Inc. (NASDAQ:AXGN), a developer of surgical solutions for peripheral nerve injuries, saw its shares jump 11% after reporting fourth-quarter earnings that exceeded analyst expectations and strong revenue growth.
The company posted adjusted earnings per share of $0.07, beating the analyst estimate of $0.03 by $0.04. Revenue for the quarter came in at $49.4 million, surpassing the consensus estimate of $47.58 million and representing a 15.1% increase compared to the same quarter last year.
"We are pleased with our fourth quarter and full year 2024 results. Our performance in 2024 was broad based across our entire portfolio and reflected continuous improvements in execution across all parts of our business," said Michael Dale, CEO and Director of Axogen.
Gross margin improved to 76.1% in Q4 2024, up from 74.6% in Q4 2023. The company reported net income of $0.4 million, or $0.01 per share, compared to a net loss of $3.9 million, or -$0.09 per share, in the year-ago quarter.
For the full year 2024, Axogen’s revenue grew 17.8% to $187.3 million. The company expects revenue growth of 15% to 17% in 2025, with gross margins projected between 73% and 75%.
Axogen also announced that the FDA accepted its Biologics License Application for Avance Nerve Graft, with a PDUFA goal date of September 5, 2025. The company anticipates approval in September 2025.
Cantor analyst Ross Osborne reitereated an Overweight rating and raised the price target from $22.00 to $24.00 following the results.
The analyst stated, "AXGN established favorable CY25 revenue guidance in the range of ~$215.4 million to ~$219.1 million (time of the pre-announcement: Cantor $214.3 million / FactSet consensus $209.1 million), representing YoY growth of 15% to 17%, which we view as achievable given the company’s efforts in expanding its commercial organization and capitalizing on recurring revenue opportunities. With a consistent growth and profitability trajectory, AXGN remains well-positioned to deliver another strong year in 2025, in our view."
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