Revenue: As of FY2026 Q2, the actual value is USD 69.73 M, beating the estimate of USD 67.1 M.

EPS: As of FY2026 Q2, the actual value is USD -0.03, missing the estimate of USD -0.0286.

EBIT: As of FY2026 Q2, the actual value is USD -1.515 M.

Second Quarter 2026 Financial Results

Gross Margin

Gross margin for the second quarter of 2026 was 72.7%, a decrease from 74.2% in the second quarter of 2025, primarily due to changes in product mix driven by breast growth exceeding 50% year-over-year.

Net Income/Loss

Axogen, Inc. reported a net loss of - $1.5 million, or - $0.03 per share, for the second quarter of 2026, compared to a net income of $0.6 million, or $0.01 per share, in the second quarter of 2025.

Adjusted Net Income

Adjusted net income was $7.3 million, or $0.12 per share, for the second quarter of 2026, an increase from $5.7 million, or $0.12 per share, in the second quarter of 2025.

Adjusted EBITDA

Adjusted EBITDA was $8.4 million for the second quarter of 2026, compared to $9.3 million for the second quarter of 2025. The adjusted EBITDA margin was 12.1% in Q2 2026, a decrease of 4.2 percentage points year-over-year.

Operating Income/Loss

Loss from operations for the second quarter of 2026 was - $2,156 thousand, compared to income from operations of $1,672 thousand in the second quarter of 2025.

Operating Costs

Sales and marketing expenses were $30,827 thousand in Q2 2026, up from $23,804 thousand in Q2 2025. Research and development expenses increased to $8,589 thousand from $6,853 thousand in Q2 2025. General and administrative expenses rose to $13,414 thousand from $9,689 thousand in Q2 2025. Total costs and expenses for Q2 2026 were $52.8 million, an increase from $40.3 million in Q2 2025.

Cash and Investments

Cash and cash equivalents, restricted cash, and investments totaled $113.4 million as of June 30, 2026, an increase of $9.8 million from $103.6 million as of March 31, 2026. Axogen, Inc. held $113.4 million in cash, equivalents, restricted cash, and investments, with no debt obligations.

Six Months Ended June 30, 2026 Financial Results

Net Loss

Net loss for the six months ended June 30, 2026, was - $21,100 thousand, compared to - $3,255 thousand for the same period in 2025.

Operating Income/Loss

Loss from operations for the six months ended June 30, 2026, was - $4,988 thousand, compared to income from operations of $11 thousand for the same period in 2025.

Operating Costs

Sales and marketing expenses for the six months ended June 30, 2026, were $59,460 thousand, compared to $44,849 thousand in the prior year period. Research and development expenses were $16,106 thousand, up from $12,944 thousand. General and administrative expenses were $26,285 thousand, compared to $19,147 thousand in the six months ended June 30, 2025. Total costs and expenses for YTD Q2 2026 were $101.9 million, compared to $76.9 million in YTD Q2 2025.

Loss on Extinguishment of Debt

A loss on extinguishment of debt of - $16,849 thousand was recorded for the six months ended June 30, 2026.

Operating Cash Flow

Net cash provided by operating activities for the six months ended June 30, 2026, was $8,786 thousand, a significant improvement from net cash used in operating activities of - $5,449 thousand for the same period in 2025.

Free Cash Flow

Free cash flow for the six months ended June 30, 2026, was $4,072 thousand, compared to - $7,220 thousand for the same period in 2025.

Adjusted Net Income (YTD)

YTD Q2 2026 Adjusted Net Income was $11.4 million, compared to $4.8 million in YTD Q2 2025.

Adjusted EBITDA (YTD)

YTD Q2 2026 Adjusted EBITDA was $14.1 million, compared to $12.1 million in YTD Q2 2025. YTD Q2 2026 Adjusted EBITDA margin was 10.8%, compared to 11.5% in YTD Q2 2025.

Operational Metrics

Year-to-date revenue growth through the second quarter of 2026 was broad-based across Extremities, Oral Maxillofacial & Head and Neck, and Breast segments, driven by over 20% year-over-year account productivity, expanding sales force coverage, and improving commercial insurance coverage and payment. Extremities sales constituted less than 50% of total sales for the first time, with Breast sales growing over 50% year-over-year. The Prostate market saw over 100 procedures performed and more than 10 active clinical sites. Axogen, Inc. added over 130 active surgeons to its 690 High-Potential (HiPo) accounts and trained 155 surgeons and 63 surgeon pairs across 9 programs year-to-date. Commercial payer coverage for Avance® reached approximately 86% of covered lives in the US. Axogen, Inc. announced the publication of REPOSE, a clinical study providing Level 1 evidence for Axoguard Nerve Cap in symptomatic neuroma management, and the initiation of Nerve-RESTORE, a study comparing Avance Nerve Graft to sural nerve autograft. The company acquired a minority ownership stake in Trace Biosciences to support the development of its nerve-specific imaging technology.

2026 Financial Guidance

Axogen, Inc. anticipates full-year revenue growth of at least 24%, targeting revenue of at least $279 million, and expects a gross margin of at least 73%. The company also projects positive free cash flow for the full year 2026.