---
title: "Axogen, Inc. Reports Second Quarter 2026 Financial Results | AXGN Stock News"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/294199836.md"
description: "Axogen, Inc. reported Q2 2026 revenue of $69.7 million, up 23.1% year-over-year, with adjusted net income of $7.3 million. The company raised its full-year 2026 revenue guidance to at least $279 million, reflecting over 24% growth. Business highlights include broad-based revenue growth across key markets, the publication of the REPOSE clinical study, and a minority stake acquisition in Trace Biosciences."
datetime: "2026-07-29T03:05:00.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/294199836.md)
  - [en](https://longbridge.com/en/news/294199836.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/294199836.md)
generator: "portal-rs"
---

# Axogen, Inc. Reports Second Quarter 2026 Financial Results | AXGN Stock News

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**Raises Full Year Revenue Guidance to at Least 24% Growth or $279 million**

ALACHUA, Fla. and TAMPA, Fla., July 29, 2026 (GLOBE NEWSWIRE) -- Axogen, Inc. (NASDAQ: AXGN), a global leader in developing and marketing innovative surgical solutions for the restoration of peripheral nerve function, today reported financial results and business highlights for the second quarter ended June 30, 2026.

**Second Quarter Financial Results**

-   Revenue was $69.7 million, an increase of 23.1% compared with $56.7 million in the second quarter of 2025.
-   Gross margin was 72.7% compared to 74.2% in the second quarter of 2025. Gross margin performance was driven by changes in product mix caused primarily by accelerating year over year Breast growth greater than 50%.
-   Net loss was $1.5 million, or $0.03 per share, compared to a Net income of $0.6 million, or $0.01 per share for the second quarter of 2025.
-   Adjusted net income was $7.3 million, or $0.12 per share, as compared to $5.7 million, or $0.12 per share for the second quarter of 2025.
-   Adjusted EBITDA was $8.4 million, compared to $9.3 million for the second quarter of 2025.
-   Cash and cash equivalents, restricted cash, and investments as of June 30, 2026 was $113.4 million, as compared to $103.6 million as of March 31, 2026, an increase of $9.8 million.

“We are pleased with our second-quarter revenue performance and the progress we’re making across each of Axogen’s strategic plan priorities,” said Michael Dale, President and CEO of Axogen, Inc. “Our strong growth across all our target markets, continues to reinforce the relevance of our market development strategies and the strength of our commercial execution. We remain well positioned to achieve our revenue guidance and continue advancing our strategic objectives for 2026.”

**Summary of Business Highlights**

-   Year-to-date revenue growth through the second quarter of 2026 was broad-based across Extremities, Oral Maxillofacial & Head and Neck, and Breast, driven by 20% plus year-over-year account productivity, expanding sales force coverage, and improving commercial insurance coverage and payment.

-   Publication of REPOSE, a prospective, randomized clinical study evaluating Axoguard Nerve Cap for symptomatic neuroma management, providing Level 1 evidence supporting nerve end protection and demonstrating favorable outcomes in pain burden, medication utilization, and recovery-related measures.

-   Initiated Nerve-RESTORE, a prospective, randomized, assessor-blinded study comparing Avance Nerve Graft to sural nerve autograft in mixed and motor nerve reconstruction, designed to generate Level 1 evidence supporting broader adoption of nerve repair globally.

-   Acquired a minority ownership stake in Trace Biosciences, including a limited right of first refusal, to support development of its nerve-specific imaging technology.

**2026 Financial Guidance** 

For 2026, we expect full-year revenue growth to be at least 24%, or revenue of at least $279 million, gross margin to be at least 73%, and positive free cash flow for the full-year.

**Conference Call**

The Company will host a conference call and webcast for the investment community today at 8:00 a.m. ET. Investors interested in participating in the conference call by phone may do so by dialing toll free at (877) 407-0993 or use the direct dial-in number at (201) 689-8795. 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 under Investors.

**About Axogen**

Axogen (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 providing the opportunity to restore nerve function and quality of life for patients with peripheral nerve injuries by providing innovative, clinically proven and economically effective repair solutions for surgeons and healthcare 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 product portfolio includes Avance® (acellular nerve allograft-arwx), Avance® Nerve Graft, Axoguard Nerve Connector®, Axoguard Nerve Protector®, Axoguard HA+ Nerve Protector™, Axoguard Nerve Cap®, and Avive+ Soft Tissue Matrix™.​

For more information, visit www.axogeninc.com.

**Cautionary Statements Concerning Forward-Looking Statements**

This press release and accompanying earnings call contain “forward-looking” statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements under the heading “2026 Financial Guidance” and statements regarding our business model optimization plans; market development strategies and objectives; our strategic investments, including the expected benefits and opportunities of such investments; our expectations around the potential positive impact on our business of expanded coverage and reimbursement for peripheral nerve injuries using synthetic conduits or allografts; our ability to sustain growth, operate profitably, generate positive cash flows, and fund our market development initiatives. These statements are based on management’s current expectations and estimates of trends and economic factors in the markets in which we are active. Words such as “expects,” “anticipates,” “objectives,” “targets,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “projects,” “forecasts,” “continue,” “may,” “should,” “will,” and variations of such words and similar expressions are intended to identify such forward-looking statements. Actual results or events could differ materially from those described in any forward-looking statements as a result of factors, including, without limitation, disruptions from global supply chain issues, inflation, hospital staffing challenges, product development timelines, regulatory processes, financial performance, surgeon adoption rates, market awareness of our products, the estimated total addressable market, as well as those risk factors described under Part I, Item 1A, “Risk Factors,” in our most recent Annual Report on Form 10-K and other risks and uncertainties that may be detailed from time to time in reports filed by the Company with the SEC. Forward-looking statements are not a guarantee of future performance, and actual results may differ materially from those projected. Forward-looking statements speak 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.

**About Non-GAAP Financial Measures** 

To supplement our condensed consolidated financial statements, we use the non-GAAP financial measures of EBITDA, which measures earnings before interest, income taxes, depreciation and amortization, EBITDA margin, and Adjusted EBITDA, which further excludes non-cash stock-based compensation expense and the loss on extinguishment of debt, and Adjusted EBITDA margin. We also use the non-GAAP financial measures of Adjusted Net Income and Adjusted Net Income Per Common Share - diluted which excludes non-cash stock-based compensation expense and the loss on extinguishment of debt from Net (Loss) Income and Net (Loss) Income Per Common Share - diluted. Additionally, we use the non-GAAP financial measure of Free Cash Flow which consists of net cash provided by operating activities, less expenditures for property and equipment, and intangible assets.

These non-GAAP measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures should be read in conjunction with our financial statements prepared in accordance with GAAP. The reconciliations of the non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP should be carefully evaluated.

We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, and analyzing future periods. We believe these non-GAAP financial measures are useful to investors because (i) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (ii) they are used by our institutional investors and the analyst community to help them analyze the performance of our business.

Contact:  
Axogen, Inc.  
InvestorRelations@axogeninc.com

**Axogen, Inc.**  
**Condensed Consolidated Balance Sheets**  
**(unaudited)**  
**(in thousands, except share and per share amounts)**

**​**

**June 30,**  
**2026**

**December 31,**  
**2025**

**Assets**

​

**Current assets:**

Cash and cash equivalents

$

94,572

$

35,548

Restricted cash

2,000

4,000

Investments

16,840

5,980

Accounts receivable, net of allowance for doubtful accounts of $734 and $948, respectively

34,126

26,169

Inventory

47,313

42,373

Prepaid expenses and other assets

5,525

6,352

**Total current assets**

200,376

120,422

Property and equipment, net

82,342

81,783

Operating lease right-of-use assets

13,845

12,732

Intangible assets, net

7,571

6,750

Other assets

729

—

**Total assets**

$

304,863

$

221,687

**​**

**Liabilities and shareholders’ equity**

**Current liabilities:**

Accounts payable and accrued expenses

$

28,399

$

21,184

Current maturities of long-term lease obligations

1,975

2,372

**Total current liabilities**

30,374

23,556

**​**

Long-term debt, net of debt discount and financing fees

—

48,387

Long-term lease obligations

18,091

16,870

Debt derivative liabilities

—

3,886

Other long-term liabilities

141

141

**Total liabilities**

48,606

92,840

**​**

**Shareholders’ equity:**

Common stock, $0.01 par value per share; 100,000,000 shares authorized; 53,656,293 and 47,199,797 shares issued and outstanding, respectively

537

472

Additional paid-in capital

583,783

435,338

Accumulated deficit

(328,063

)

(306,963

)

**Total shareholders’ equity**

256,257

128,847

**Total liabilities and shareholders’ equity**

$

304,863

$

221,687

**Axogen, Inc.**  
**Condensed Consolidated Statements of Operations**  
**(unaudited)**  
 **(in thousands, except share and per share amounts)**

​

**Three Months Ended** 

**Six Months Ended**

**​**

**June 30, 2026**

**June 30, 2025**

**June 30, 2026**

**June 30, 2025**

**Revenues**

$

69,731

$

56,662

$

131,188

$

105,222

**Cost of goods sold**

19,057

14,644

34,325

28,271

**Gross profit**

50,674

42,018

96,863

76,951

**Costs and expenses:**

Sales and marketing

30,827

23,804

59,460

44,849

Research and development

8,589

6,853

16,106

12,944

General and administrative

13,414

9,689

26,285

19,147

**Total costs and expenses**

52,830

40,346

101,851

76,940

**(Loss) income from operations**

(2,156

)

1,672

(4,988

)

11

**Other income (expense):**

Investment income

786

225

1,554

497

Interest expense

(1

)

(1,977

)

(695

)

(4,227

)

Loss on extinguishment of debt

—

—

(16,849

)

—

Change in fair value of debt derivative liabilities

—

480

—

322

Other (expense) income, net

(145

)

179

(122

)

142

**Total other income (expense), net**

640

(1,093

)

(16,112

)

(3,266

)

**Net (loss) income**

$

(1,516

)

$

579

$

(21,100

)

$

(3,255

)

Weighted average common shares outstanding — basic

53,339,258

46,063,092

52,562,976

45,605,419

Weighted average common shares outstanding — diluted

53,339,258

47,980,830

52,562,976

45,605,419

Net (loss) income per common share — basic

$

(0.03

)

$

0.01

$

(0.40

)

$

(0.07

)

Net (loss) income per common share — diluted

$

(0.03

)

$

0.01

$

(0.40

)

$

(0.07

)

**​**

**Axogen, Inc.**  
**Condensed Consolidated Statements of Cash Flows**  
**(unaudited)**  
**(in thousands)​**

**​**

**Six Months Ended**

**​**

**June 30, 2026**

**June 30, 2025**

**Cash flows from operating activities:**

​

Net loss

$

(21,100

)

$

(3,255

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

Depreciation

3,211

3,385

Amortization of right-of-use assets

854

184

Amortization of intangible assets

212

133

Amortization of debt discount and deferred financing fees

68

442

(Recovery of) provision for bad debts

(52

)

386

Loss on disposal of equipment

7

—

Change in fair value of debt derivative liabilities

—

(322

)

Investment gains, net

(110

)

(121

)

Loss on extinguishment of debt

16,849

—

Stock-based compensation expense

15,609

8,077

Change in operating assets and liabilities:

Accounts receivable

(7,905

)

(4,310

)

Inventory

(4,940

)

(3,591

)

Prepaid expenses and other assets

827

(81

)

Other assets

(729

)

—

Accounts payable and accrued expenses

7,118

(5,755

)

Operating lease obligations

(1,130

)

(542

)

Cash paid for interest portion of financing lease obligations

(3

)

(2

)

Other long-term liabilities

—

(77

)

**Net cash provided by (used in) operating activities**

8,786

(5,449

)

​

​

**Cash flows from investing activities:**

​

Purchase of property and equipment

(3,682

)

(978

)

Purchase of investments

(18,750

)

(7,837

)

Proceeds from sale of investments

8,000

4,000

Cash payments for intangible assets

(1,032

)

(793

)

**Net cash used in investing activities**

(15,464

)

(5,608

)

​

​

**Cash flows from financing activities:**

​

Proceeds from issuance of common stock

134,044

—

Payment of stock issuance costs

(792

)

—

Repayment of long-term debt

(48,585

)

—

Fees paid to lender related to debt extinguishment

(20,498

)

—

Fees paid to third parties related to debt extinguishment

(107

)

—

Payments of employee tax withholding on vested stock awards

(9,273

)

—

Cash paid for debt portion of financing lease obligations

(9

)

(8

)

Proceeds from exercise of stock options and ESPP stock purchases

8,922

3,547

**Net cash provided by financing activities**

63,702

3,539

**Net increase (decrease) in cash and cash equivalents, and restricted cash**

57,024

(7,518

)

**Cash and cash equivalents, and restricted cash, beginning of period**

39,548

33,554

**Cash and cash equivalents, and restricted cash, end of period**

$

96,572

$

26,036

**Axogen, Inc.**  
**Condensed Consolidated Statements of Changes in Shareholders’ Equity**  
**(unaudited)**  
**(in thousands, except share amounts)**​

​

**Common Stock**

**Additional  
 Paid-in**  
**Capital**  

**Accumulated**  
**Deficit**  

**Total  
 Shareholders'**  
**Equity**  

​

**Shares**

**Amount**

**Three Months Ended June 30, 2026**

**Balance at March 31, 2026**

53,153,471

$

532

$

570,823

$

(326,547

)

$

244,808

Net loss

—

—

—

(1,516

)

(1,516

)

Stock-based compensation

—

—

8,766

—

8,766

Issuance of restricted and performance stock units, net of shares withheld for withholding taxes

134,892

1

(498

)

—

(497

)

Exercise of stock options and employee stock purchases under the ESPP

367,930

4

4,692

—

4,696

**Balance at June 30, 2026**

53,656,293

$

537

$

583,783

$

(328,063

)

$

256,257

​

​

​

​

​

​

**Six Months Ended June 30, 2026**

​

**​**

**​**

**​**

**​**

**Balance at December 31, 2025**

47,199,797

$

472

$

435,338

$

(306,963

)

$

128,847

Net loss

—

—

—

(21,100

)

(21,100

)

Issuance of common shares

4,600,000

46

133,206

—

133,252

Stock-based compensation

—

—

15,609

—

15,609

Issuance of restricted and performance stock units, net of shares withheld for withholding taxes

1,120,688

11

(9,284

)

—

(9,273

)

Exercise of stock options and employee stock purchases under the ESPP

735,808

8

8,914

—

8,922

**Balance at June 30, 2026**

53,656,293

$

537

$

583,783

$

(328,063

)

$

256,257

**Three Months Ended June 30, 2025**

**Balance at December 31, 2024**

45,512,623

$

455

$

400,004

$

(295,094

)

$

105,365

Net income

—

—

—

579

579

Stock-based compensation

—

—

5,168

—

5,168

Issuance of restricted and performance stock units

113,923

1

(1

)

—

—

Exercise of stock options and employee stock purchases under the ESPP

138,744

1

1,163

—

1,164

**Balance at June 30, 2025**

45,765,290

$

457

$

406,334

$

(294,515

)

$

112,276

**Six Months Ended June 30, 2025**

**Balance at December 31, 2024**

44,148,836

$

441

$

394,726

$

(291,260

)

$

103,907

Net loss

—

—

—

(3,255

)

(3,255

)

Stock-based compensation

—

—

8,077

—

8,077

Issuance of restricted and performance stock units

1,219,137

12

(12

)

—

—

Exercise of stock options and employee stock purchases under the ESPP

397,317

4

3,543

—

3,547

**Balance at June 30, 2025**

45,765,290

$

457

$

406,334

$

(294,515

)

$

112,276

**Axogen, Inc.**  
**Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures**  
**(unaudited)**  
**(in thousands, except share and per share amounts)**

***EBITDA & Adjusted EBITDA***

**Three Months Ended** 

**Six Months Ended**

**June 30, 2026**

**June 30, 2025**

**June 30, 2026**

**June 30, 2025**

**Net (loss) income**

$

(1,516

)

$

579

$

(21,100

)

$

(3,255

)

Depreciation and amortization expense

1,717

1,723

3,422

3,518

Investment income

(786

)

(225

)

(1,554

)

(497

)

Income tax expense

221

37

188

66

Interest expense

1

1,977

695

4,227

**EBITDA - non-GAAP**

$

(363

)

$

4,091

$

(18,349

)

$

4,059

**EBITDA margin - non-GAAP**

(0.5) %

7.2

%

(14.0) %

3.9

%

Non-cash stock-based compensation expense

8,766

5,168

15,609

8,077

Loss on extinguishment of debt

—

—

16,849

—

**Adjusted EBITDA - non-GAAP**

$

8,403

$

9,259

$

14,109

$

12,136

**Adjusted EBITDA margin - non-GAAP**

12.1

%

16.3

%

10.8

%

11.5

%

***Adjusted Net Income***

**Three Months Ended June 30, 2026**

**GAAP  
Results**  

**Non-cash  
Stock-based  
Compensation  
Expense**  

**Dilutive  
Shares  
Impact****(****1)**  

**Adjusted  
Results**  

**Revenues**

$

69,731

$

—

$

69,731

**Cost of goods sold**

19,057

(1,209

)

17,848

**Gross profit**

50,674

1,209

51,883

**Costs and expenses:**

Sales and marketing

30,827

(2,004

)

28,823

Research and development

8,589

(1,795

)

6,794

General and administrative

13,414

(3,758

)

9,656

**Total costs and expenses**

52,830

(7,557

)

45,273

**(Loss) income from operations**

(2,156

)

8,766

6,610

**Other income (expense):**

Investment income

786

—

786

Interest expense

(1

)

—

(1

)

Other expense, net

(145

)

—

(145

)

**Total other income, net**

640

—

640

**Net (loss) income**

$

(1,516

)

$

8,766

$

7,250

Weighted average common shares outstanding - diluted

53,339,258

53,339,258

6,234,467

59,573,725

Net (loss) income per common share - diluted

$

(0.03

)

$

0.16

$

(0.01

)

$

0.12

\_\_\_\_\_\_\_\_\_\_  
(1) Due to a GAAP net loss, antidilutive securities are excluded from GAAP diluted weighted average common shares outstanding. However, considering the adjusted net income position, adjusted diluted weighted average common shares outstanding incorporates securities that would have been dilutive for GAAP.

**Axogen, Inc.**  
**Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures**  
**(unaudited)**  
**(in thousands, except share and per share amounts)**

***Adjusted Net Income***

**Three Months Ended June 30, 2025**

**GAAP  
Results**  

**Non-cash  
Stock-based  
Compensation  
Expense**  

**Adjusted  
Results**  

**Revenues**

$

56,662

$

—

$

56,662

**Cost of goods sold**

14,644

(710

)

13,934

**Gross profit**

42,018

710

42,728

**Costs and expenses:**

Sales and marketing

23,804

(1,314

)

22,490

Research and development

6,853

(1,029

)

5,824

General and administrative

9,689

(2,115

)

7,574

**Total costs and expenses**

40,346

(4,458

)

35,888

**Income from operations**

1,672

5,168

6,840

**Other income (expense):**

Investment income

225

—

225

Interest expense

(1,977

)

—

(1,977

)

Change in fair value of debt derivative liabilities

480

—

480

Other income, net

179

—

179

**Total other expense, net**

(1,093

)

—

(1,093

)

**Net income**

$

579

$

5,168

$

5,747

Weighted average common shares outstanding - diluted

47,980,830

47,980,830

47,980,830

Net income per common share - diluted

$

0.01

$

0.11

$

0.12

**Axogen, Inc.**  
**Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures**  
**(unaudited)**  
**(in thousands, except share and per share amounts)**

***Adjusted Net Income***

**Six Months Ended June 30, 2026**

**GAAP  
Results**  

**Non-cash  
Stock-based  
Compensation  
Expense**  

**Loss on  
Extinguishment  
of Debt**  

**Dilutive  
Shares  
Impact****(****1)**  

**Adjusted  
Results**  

**Revenues**

$

131,188

$

—

$

—

$

131,188

**Cost of goods sold**

34,325

(2,129

)

—

32,196

**Gross profit**

96,863

2,129

—

98,992

**Costs and expenses:**

Sales and marketing

59,460

(3,561

)

—

55,899

Research and development

16,106

(3,214

)

—

12,892

General and administrative

26,285

(6,705

)

—

19,580

**Total costs and expenses**

101,851

(13,480

)

—

88,371

**(Loss) income from operations**

(4,988

)

15,609

—

10,621

**Other income (expense):**

Investment income

1,554

—

—

1,554

Interest expense

(695

)

—

—

(695

)

Loss on extinguishment of debt

(16,849

)

—

16,849

—

Other expense, net

(122

)

—

—

(122

)

**Total other (expense) income, net**

(16,112

)

—

16,849

737

**Net (loss) income**

$

(21,100

)

$

15,609

$

16,849

$

11,358

Weighted average common shares outstanding - diluted

52,562,976

52,562,976

52,562,976

5,966,877

58,529,853

Net (loss) income per common share - diluted

$

(0.40

)

$

0.30

$

0.32

$

(0.02

)

$

0.19

\_\_\_\_\_\_\_\_\_\_  
(1) Due to a GAAP net loss, antidilutive securities are excluded from GAAP diluted weighted average common shares outstanding. However, considering the adjusted net income position, adjusted diluted weighted average common shares outstanding incorporates securities that would have been dilutive for GAAP.  

**Axogen, Inc.**  
**Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures**  
**(unaudited)**  
**(in thousands, except share and per share amounts)​**

***Adjusted Net Income***

**Six Months Ended June 30, 2025**

**GAAP  
Results**  

**Non-cash  
Stock-based  
Compensation  
 Expense**  

**Dilutive  
Shares  
Impact****(1)**  

**Adjusted  
Results**  

**Revenues**

$

105,222

$

—

$

105,222

**Cost of goods sold**

28,271

(700

)

27,571

**Gross profit**

76,951

700

77,651

**Costs and expenses:**

Sales and marketing

44,849

(1,898

)

42,951

Research and development

12,944

(1,749

)

11,195

General and administrative

19,147

(3,730

)

15,417

**Total costs and expenses**

76,940

(7,377

)

69,563

**Income from operations**

11

8,077

8,088

**Other income (expense):**

Investment income

497

—

497

Interest expense

(4,227

)

—

(4,227

)

Change in fair value of debt derivative liabilities

322

—

322

Other income, net

142

—

142

**Total other expense, net**

(3,266

)

—

(3,266

)

**Net (loss) income**

$

(3,255

)

$

8,077

$

4,822

Weighted average common shares outstanding - diluted

45,605,419

45,605,419

2,650,576

48,255,995

Net (loss) income per common share - diluted

$

(0.07

)

$

0.18

$

(0.01

)

$

0.10

\_\_\_\_\_\_\_\_\_\_  
(1) Due to a GAAP net loss, antidilutive securities are excluded from GAAP diluted weighted average common shares outstanding. However, considering the adjusted net income position, adjusted diluted weighted average common shares outstanding incorporates securities that would have been dilutive for GAAP.

***Free Cash Flow***

**Six Months Ended June 30,**

**2026**

**2025**

Net cash provided by (used in) operating activities

$

8,786

$

(5,449

)

Purchase of property and equipment

(3,682

)

(978

)

Cash payments for intangible assets

(1,032

)

(793

)

Free cash flow

$

4,072

$

(7,220

)

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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**