AxoGen is a biotech company developing treatment options for the reconstruction and repair of peripheral nerve injuries. It is passionate about restoring nerve function and quality of life to patients with peripheral nerve injuries by providing innovative, clinically proven and economically effective repair solutions for surgeons and health care providers. Peripheral nerves provide the pathways for both motor and sensory signals throughout the body.

AxoGen's portfolio of products includes Avance Nerve Graft, an off-the-shelf processed human nerve allograft for bridging severed nerves without the comorbidities associated with a second surgical site, AxoGuard Nerve Connector, a porcine submucosa extracellular matrix coaptation aid for tensionless repair of severed nerves, AxoGuard Nerve Protector, a porcine submucosa ECM product used to wrap and protect injured peripheral nerves and reinforce the nerve reconstruction while preventing soft tissue attachments and Avive Soft Tissue Membrane, a minimally processed human umbilical cord membrane that may be used as a soft tissue covering to reduce inflammation and scar tissue formation.

AxoGen was founded in 2002 and is headquartered in Alachua, US

CEO

General Counsel, SVP Business Development, Director

AxoGen has an office in Alachua

Alachua, US (HQ)

13631 Progress Blvd

AxoGen's revenue was reported to be $12.2 m in Q1, 2017

USD

## Revenue (Q1, 2017) | 12.2 m |

## Gross profit (Q1, 2017) | 10.3 m |

## Gross profit margin (Q1, 2017), % | 84% |

## Net income (Q1, 2017) | (3.8 m) |

## EBIT (Q1, 2017) | (3.2 m) |

## Market capitalization (18-Aug-2017) | 515.1 m |

## Cash (31-Mar-2017) | 25.9 m |

AxoGen's current market capitalization is $515.1 m.

USD | FY, 2013^{} | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|---|

## Revenue | 10.9 m | 16.8 m | 27.3 m | 41.1 m |

## Revenue growth, % | 54% | 63% | 50% | |

## Cost of goods sold | 2.4 m | 3.4 m | 4.8 m | 6.5 m |

## Gross profit | 8.5 m | 13.4 m | 22.5 m | 34.6 m |

## Gross profit Margin, % | 78% | 80% | 82% | 84% |

## Sales and marketing expense | 28.4 m | |||

## R&D expense | 4.2 m | |||

## General and administrative expense | 10.1 m | |||

## Operating expense total | 42.8 m | |||

## EBIT | (9.6 m) | (9.8 m) | (9.3 m) | (8.1 m) |

## EBIT margin, % | (88%) | (58%) | (34%) | (20%) |

## Interest expense | 4.8 m | 6.8 m | 4 m | 5.4 m |

## Pre tax profit | (14.6 m) | |||

## Net Income | (14.6 m) | (17.7 m) | (13.4 m) | (14.4 m) |

USD | Q2, 2014^{} | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Revenue | 4.2 m | 4.7 m | 5 m | 6.4 m | 8.2 m | 8.1 m | 10.4 m | 11.2 m | 12.2 m |

## Cost of goods sold | 887.8 k | 896.2 k | 982.9 k | 1 m | 1.4 m | 1.4 m | 1.5 m | 1.7 m | 1.9 m |

## Gross profit | 3.3 m | 3.8 m | 4 m | 5.4 m | 6.7 m | 6.7 m | 8.8 m | 9.5 m | 10.3 m |

## Gross profit Margin, % | 79% | 81% | 80% | 84% | 83% | 83% | 85% | 85% | 84% |

## Sales and marketing expense | 3.4 m | 3.3 m | 3.9 m | 4.8 m | 5.5 m | 6.2 m | 6.8 m | 7.1 m | 8.6 m |

## R&D expense | 555.8 k | 681.2 k | 736.4 k | 936 k | 978.3 k | 936.8 k | 1.1 m | 1.4 m | |

## General and administrative expense | 1.7 m | 1.6 m | 1.9 m | 2 m | 2.2 m | 2.1 m | 2.7 m | 2.5 m | 3.5 m |

## Operating expense total | 5.6 m | 5.6 m | 5.8 m | 7.5 m | 8.7 m | 9.3 m | 10.5 m | 10.7 m | 13.5 m |

## EBIT | (2.3 m) | (1.8 m) | (2.5 m) | (2.2 m) | (1.9 m) | (2.6 m) | (1.6 m) | (1.2 m) | (3.2 m) |

## EBIT margin, % | (55%) | (39%) | (51%) | (34%) | (24%) | (32%) | (15%) | (11%) | (26%) |

## Interest expense | 1.4 m | 1.4 m | 994.7 k | 1 m | 1 m | 1 m | 1.2 m | 1.1 m | 507.5 k |

## Net Income | (3.7 m) | (3.2 m) | (3.6 m) | (3.2 m) | (3 m) | (3.7 m) | (2.8 m) | (2.3 m) | (3.8 m) |

USD | FY, 2013^{} | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|---|

## Cash | 20.1 m | 8.2 m | 25.9 m | 30 m |

## Accounts Receivable | 1.2 b | |||

## Inventories | 3.4 m | 3.2 m | 3.9 m | 5.5 m |

## Current Assets | 25.7 m | 14.4 m | 35.1 m | 44 m |

## PP&E | 381.7 k | 619 k | 970.9 k | 1.5 m |

## Total Assets | 27.7 m | 16.4 m | 37.5 m | 46.4 m |

## Accounts Payable | 2.1 m | 2.4 m | 3.7 m | 7 m |

## Current Liabilities | 2.1 m | 2.4 m | 3.7 m | 11.1 m |

## Total Liabilities | 31.4 m | |||

## Additional Paid-in Capital | 72.4 m | 78.7 m | 111.4 m | 132.5 m |

## Retained Earnings | (72.4 m) | (90.1 m) | (103.5 m) | (117.9 m) |

## Total Equity | 136.6 k | (11.2 m) | 8.2 m | 14.9 m |

## Financial Leverage | 202.6 x | -1.5 x | 4.6 x | 3.1 x |

USD | Q2, 2014^{} | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Cash | 14.2 m | 11.8 m | 19.3 m | 15.6 m | 29.9 m | 20.9 m | 18.3 m | 16 m | 25.9 m |

## Inventories | 3.4 m | 3.3 m | 3.3 m | 3.5 m | 3.7 m | 4.5 m | 4.8 m | 5 m | 5.9 m |

## Current Assets | 20.3 m | 18 m | 26 m | 23.2 m | 38.6 m | 31.5 m | 29.7 m | 28.7 m | 40.9 m |

## PP&E | 597.3 k | 613.2 k | 583.4 k | 663.9 k | 830.1 k | 1.3 m | 1.3 m | 1.3 m | 1.5 m |

## Total Assets | 22.4 m | 20.1 m | 28.1 m | 25.4 m | 40.9 m | 33.5 m | 31.8 m | 30.8 m | 43.3 m |

## Accounts Payable | 2.2 m | 2 m | 3.4 m | 3.4 m | 4.1 m | 3.8 m | 3.9 m | 4.6 m | 6.7 m |

## Current Liabilities | 2.3 m | 2 m | 3.4 m | 3.4 m | 4.1 m | 3.8 m | 3.9 m | 4.6 m | 10.7 m |

## Additional Paid-in Capital | 73 m | 73.3 m | 92.8 m | 93.1 m | 110.7 m | 111.7 m | 112.4 m | 113.1 m | 133.4 m |

## Retained Earnings | (80.4 m) | (83.6 m) | (93.7 m) | (96.9 m) | (99.9 m) | (107.1 m) | (110 m) | (112.3 m) | (121.6 m) |

## Total Equity | (7.2 m) | (10.2 m) | (680.5 k) | (3.5 m) | 11.2 m | 4.8 m | 2.8 m | 1.1 m | 12.1 m |

## Financial Leverage | -3.1 x | -2 x | -41.3 x | -7.2 x | 3.7 x | 6.9 x | 11.4 x | 27.9 x | 3.6 x |

USD | FY, 2013^{} | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|---|

## Net Income | (14.6 m) | (17.7 m) | (13.4 m) | (14.4 m) |

## Depreciation and Amortization | 138.3 k | 198.9 k | 249 k | |

## Accounts Receivable | (902.2 k) | (1 m) | (2 m) | |

## Inventories | (247.3 k) | 184.8 k | (720.3 k) | 5.5 m |

## Accounts Payable | 430.6 k | 498.3 k | 1.1 m | 7 m |

## Cash From Operating Activities | (10.4 m) | (10.5 m) | (13.1 m) | |

## Purchases of PP&E | (178.8 k) | (542 k) | (408.8 k) | |

## Cash From Investing Activities | (244 k) | (594 k) | (555.5 k) | |

## Long-term Borrowings | (1.8 m) | (1.8 m) | ||

## Cash From Financing Activities | 16.9 m | 31.3 m | ||

## Interest Paid | 1 m | 3.9 m | 3.5 m |

USD | Q2, 2014^{} | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Net Income | (3.7 m) | (3.2 m) | (3.6 m) | (3.2 m) | (3 m) | (3.7 m) | (2.8 m) | (2.3 m) | (3.8 m) |

## Inventories | 3.4 m | 3.3 m | 3.3 m | 3.5 m | 3.7 m | 4.5 m | 4.8 m | 5 m | 5.9 m |

## Accounts Payable | 2.2 m | 2 m | 3.4 m | 3.4 m | 4.1 m | 3.8 m | 3.9 m | 4.6 m | 6.7 m |

Y, 2017 | |
---|---|

## Financial Leverage | 3.6 x |