Axogen, Inc. Announces Organizational Updates, Preliminary Second Quarter Revenue and Reaffirms Full-Year 2022 Financial Guidance
19 July 2022 - 6:00AM
Axogen, Inc. (NASDAQ: AXGN), a global leader in developing and
marketing innovative surgical solutions for peripheral nerve
injuries, today announced organizational updates and preliminary
second quarter revenue.
The company is making certain changes to its
commercial organization designed to leverage the strength of its
growing portfolio of clinical data and support innovation of
advanced nerve repair solutions. As a result of these changes, the
sales organization will report directly to Karen Zaderej, Axogen’s
chairman, CEO, and president, and the company anticipates
appointing a chief marketing officer in the coming months. Eric
Sandberg, the Company’s current chief commercial officer will be
leaving the organization effective July 19, 2022.
“We are pleased with our performance in the second
quarter, and we are encouraged by the strong underlying demand for
our products. I would like to thank Eric and wish him well in his
future endeavors,” said Karen Zaderej. "These organizational
changes are designed to bring additional focus on market
development, innovation and sales execution. We have a robust
clinical portfolio, which was recently bolstered by the positive
top-line results of our RECON study. We plan to leverage this data
to drive increased surgeon engagement and adoption, while also
supporting an accelerating pace of innovation of advanced nerve
repair solutions.”
Second Quarter Business Update
- Preliminary unaudited second quarter
revenue is expected to be approximately $34.4 million, representing
a 2% increase over the prior year period, and an 8% increase when
excluding the impact of $1.8 million revenue of Avive® Soft Tissue
Membrane in the second quarter of 2021. The company voluntarily
suspended market availability of Avive on June 1, 2021.
- Company is reaffirming its full-year
2022 financial guidance of revenue between $135 and $142 million,
and gross margin above 80%.
- The company will provide further
business updates, along with its second quarter 2022 financial
results, on Wednesday, August 3, 2022, after the market close.
Second Quarter Conference Call
InformationThe company will report second quarter 2022
financial results on Wednesday, August 3, 2022 after the market
close. Axogen management will host an investment-community
conference call and webcast following the release at 4:30 p.m. ET.
Investors interested in participating in the August 3, 2022
conference call by phone may do so by dialing toll free at (888)
428-7458 or use the direct dial-in number at (404) 267-0368. Those
interested in listening to the conference call live via the
Internet may do so by visiting the Investors page of the company's
website at www.axogeninc.com and
clicking on the webcast link.
Following the conference call, a replay will be available in the
Investors section of the company's website at
www.axogeninc.com.
About AxogenAxogen (AXGN) is the
leading company focused specifically on the science, development,
and commercialization of technologies for peripheral nerve
regeneration and repair. Axogen employees are passionate about
helping to restore peripheral nerve function and quality of life to
patients with physical damage or transection to peripheral nerves
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. Every day, people suffer traumatic
injuries or undergo surgical procedures that impact the function of
their peripheral nerves. Physical damage to a peripheral
nerve, or the inability to properly reconnect peripheral nerves,
can result in the loss of muscle or organ function, the loss of
sensory feeling, or the initiation of pain.
Axogen's platform for peripheral nerve repair
features a comprehensive portfolio of products, including Avance®
Nerve Graft, a biologically active off-the-shelf processed human
nerve allograft for bridging severed peripheral nerves without the
comorbidities associated with a second surgical site; Axoguard
Nerve Connector®, a porcine submucosa ECM coaptation aid for
tensionless repair of severed peripheral nerves; Axoguard Nerve
Protector®, a porcine submucosa ECM product used to wrap and
protect damaged peripheral nerves and reinforce the nerve
reconstruction while preventing soft tissue attachments; and
Axoguard Nerve Cap®, a porcine submucosa ECM product used to
protect a peripheral nerve end and separate the nerve from the
surrounding environment to reduce the development of symptomatic or
painful neuroma. The Axogen portfolio of products is available in
the United States, Canada, Germany, the United Kingdom, Spain,
South Korea, and several other countries.
Cautionary Statements Concerning Forward-Looking
StatementsThis press release contains “forward-looking”
statements as defined in the Private Securities Litigation Reform
Act of 1995. These statements are based on management's current
expectations or predictions of future conditions, events, or
results based on various assumptions and management's estimates of
trends and economic factors in the markets in which we are active,
as well as our business plans. Words such as “expects,”
“anticipates,” “intends,” “plans,” “believes,” “seeks,”
“estimates,” “projects,” “forecasts,” “continue,” “may,” “should,”
“will,” “goals,” and variations of such words and similar
expressions are intended to identify such forward-looking
statements. The forward-looking statements may include, without
limitation, statements related to the impact of COVID-19 on our
business, including but not limited to global supply chain issues,
hospital staffing challenges and its impact on our business,
statements regarding our growth, our financial guidance and
performance, product development, product potential, regulatory
process and approvals, APC renovation timing and expense, sales
growth, product adoption, market awareness of our products,
anticipated capital requirements, including the potential of future
financings, data validation, expected clinical study enrollment,
timing and outcomes, our assessment of our internal controls over
financial reporting, our visibility at and sponsorship of
conferences and our educational events, regulatory process and
approvals and other factors, including legislative, regulatory,
political, geopolitical, and economic developments, including
global business disruption caused by Russia’s invasion of Ukraine
and related sanctions, not within our control. The forward-looking
statements are and will be subject to risks and uncertainties,
which may cause actual results to differ materially from those
expressed or implied in such forward-looking statements.
Forward-looking statements contained in this press release should
be evaluated together with the many uncertainties that affect our
business and our market, particularly those risk factors described
under Part I, Item 1A., “Risk Factors,” of our Annual Report on
Form 10-K for the most recently ended fiscal year, as well as other
risks and cautionary statements set forth in our filings with the
U.S. Securities and Exchange Commission. Forward-looking statements
are not a guarantee of future performance, and actual results may
differ materially from those projected. The forward-looking
statements are representative only as of the date they are made
and, except as required by applicable law, we assume no
responsibility to publicly update or revise any forward-looking
statements, whether as a result of new information, future events,
changed circumstances, or otherwise.
Contact:Axogen, Inc.Ed Joyce, Director, Investor
Relationsejoyce@axogeninc.com
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