Axogen, Inc. (AXGN) Financial Statements — Income, Balance Sheet, Cash Flow

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Financial Statements — AXGN

Balance Sheet

(in millions USD)

Metric	Q2 2026	Q1 2026	Q3 2025	Q2 2025	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022	Q2 2022	Q1 2022	Q3 2021	Q2 2021	Q1 2021
Cash & Equivalents	94.57	82.65	23.90	20.04	18.10	18.66	19.19	15.71	31.09	23.22	7.71	14.32	11.82	14.56	46.73	53.08	39.84
Short-term Investments	16.84	18.95	11.89	9.89	3.97	5.87	1.94	1.92	1.49	11.31	30.16	38.79	46.21	52.86	44.99	46.84	51.06
Accounts Receivable	34.13	28.31	30.78	28.03	26.30	24.63	25.15	24.21	23.26	21.57	22.28	21.36	20.37	18.59	18.57	18.18	19.83
Inventory	47.31	46.07	40.58	36.77	35.50	29.36	28.02	27.64	23.02	21.24	19.85	19.12	19.22	17.40	15.45	13.42	13.39
Total Current Assets	200.38	184.71	114.46	103.42	93.07	86.25	82.26	78.66	87.44	86.18	88.70	102.45	106.78	112.48	134.97	141.79	135.15
Property, Plant & Equipment	82.34	83.04	82.37	82.39	83.31	85.63	86.75	87.84	89.03	87.46	83.05	74.87	70.99	66.95	56.33	50.95	44.40
Intangible Assets	7.57	7.27	6.43	6.12	5.88	4.68	4.52	4.34	3.88	3.65	3.46	3.06	2.97	2.81	2.33	2.11	1.98
Total Non-current Assets*	104.49	104.78	101.94	102.03	103.10	105.73	106.67	107.85	107.19	105.47	100.78	93.07	89.31	85.55	75.00	68.74	62.22
Total Assets	304.86	289.49	216.40	205.45	196.17	191.99	188.93	186.52	194.63	191.64	189.47	195.52	196.08	198.03	209.97	210.53	197.37
Accounts Payable	28.40	23.90	25.67	22.77	19.66	21.18	21.66	21.29	25.55	22.89	20.19	22.02	21.84	20.87	21.69	19.84	20.83
Total Current Liabilities	30.37	26.01	28.01	24.98	21.75	23.03	23.42	22.93	26.65	23.93	21.24	23.55	23.60	22.95	23.36	21.63	22.27
Long-term Debt	0.00	0.00	48.16	47.94	47.72	47.27	47.05	46.83	46.38	46.15	45.93	45.49	45.26	45.04	46.24	46.08	32.14
Total Non-current Liabilities*	18.23	18.67	67.59	68.20	69.06	69.55	69.83	70.43	70.17	70.56	70.72	70.53	70.79	71.23	71.33	70.20	55.39
Total Liabilities	48.61	44.68	95.60	93.18	90.80	92.58	93.25	93.36	96.82	94.49	91.96	94.08	94.39	94.17	94.69	91.83	77.67
Retained Earnings	(328.06)	(326.55)	(293.81)	(294.51)	(295.09)	(291.71)	(289.85)	(287.93)	(277.40)	(273.31)	(266.65)	(254.16)	(249.85)	(242.11)	(225.35)	(218.20)	(210.31)
Total Stockholder Equity	256.26	244.81	120.81	112.28	105.37	99.41	95.69	93.16	97.81	97.15	97.51	101.45	101.69	103.85	115.28	118.70	119.70

* Derived from reported values

Income Statement

(in millions USD) (except per-share rows)

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021
Total Revenue	69.73	61.46	59.90	60.08	56.66	48.56	49.40	48.64	47.91	41.38	42.92	41.27	38.16	36.66	36.16	36.96	34.45	31.01	31.54	31.20
Cost of Revenue	19.06	15.27	15.50	14.09	14.64	13.63	11.83	12.21	12.57	8.76	9.16	8.04	7.23	6.71	6.14	6.18	6.28	5.55	5.43	5.24
Gross Profit	50.67	46.19	44.41	45.99	42.02	34.93	37.57	36.44	35.35	32.62	33.76	33.23	30.93	29.96	30.02	30.78	28.17	25.46	26.11	25.97
Research & Development	8.59	7.52	12.38	7.57	6.85	6.09	6.70	7.00	6.66	7.41	7.30	6.99	7.36	6.68	6.81	7.05	7.02	6.28	6.30	6.40
Selling, General & Admin	13.41	12.87	14.59	10.84	9.69	9.46	8.83	10.83	9.42	9.96	7.48	8.84	9.63	9.00	8.94	8.80	9.40	9.62	7.43	7.88
Total Operating Expenses	52.83	49.02	54.18	44.08	40.35	36.59	35.56	36.75	35.77	37.18	36.96	37.25	37.83	37.30	35.63	35.64	36.09	36.78	31.46	32.65
Operating Income	(2.16)	(2.83)	(9.77)	1.91	1.67	(1.66)	2.02	(0.32)	(0.43)	(4.56)	(3.19)	(4.03)	(6.90)	(7.34)	(5.61)	(4.86)	(7.92)	(11.32)	(5.35)	(6.69)
Interest Expense	--	--	--	--	--	--	--	--	--	2.33	1.84	0.83	0.15	0.02	(0.04)	0.06	0.25	0.35	(0.07)	0.42
Pretax Income*	(1.52)	(19.58)	(13.16)	0.71	0.58	(3.83)	0.45	--	--	--	--	--	--	--	--	--	--	--	--	--
Tax Provision	0.00	0.00	0.00	0.00	0.00	0.00	0.00	--	--	--	--	--	--	--	--	--	--	--	--	--
Net Income	(1.52)	(19.58)	(13.16)	0.71	0.58	(3.83)	0.45	(1.86)	(1.92)	(6.63)	(3.89)	(4.09)	(6.66)	(7.07)	(5.41)	(4.32)	(7.74)	(11.47)	(5.29)	(7.14)
Basic EPS	(0.03)	(0.38)	(0.29)	0.02	0.01	(0.08)	0.00	(0.04)	(0.04)	(0.15)	(0.08)	(0.10)	(0.16)	(0.17)	(0.14)	(0.10)	(0.18)	(0.27)	(0.12)	(0.17)
Diluted EPS	(0.03)	(0.38)	(0.28)	0.01	0.01	(0.08)	0.00	(0.04)	(0.04)	(0.15)	(0.08)	(0.10)	(0.16)	(0.17)	(0.14)	(0.10)	(0.18)	(0.27)	(0.12)	(0.17)

* Derived from reported values

Cash Flow Statement

(in millions USD)

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021
Operating Cash Flow	7.22	1.57	3.04	3.22	7.73	(13.18)	8.74	3.90	4.17	(12.27)	(0.21)	1.63	0.29	(7.42)	1.36	(0.69)	(5.69)	(11.05)	(1.51)	(0.38)
Capital Expenditures	0.89	2.79	1.25	1.52	0.72	0.26	0.67	0.60	0.91	0.92	1.46	3.69	4.42	4.30	6.62	4.37	4.05	5.04	7.17	9.72
Free Cash Flow*	6.33	(1.22)	1.79	1.70	7.01	(13.43)	8.07	3.30	3.26	(13.19)	(1.67)	(2.06)	(4.12)	(11.73)	(5.26)	(5.06)	(9.74)	(16.09)	(8.68)	(10.09)
Investing Cash Flow	0.50	(15.96)	4.04	(3.75)	(6.95)	1.34	(0.81)	(5.00)	(1.23)	(3.25)	(0.28)	5.99	14.32	(0.79)	(1.21)	2.97	2.28	(7.24)	(13.58)	(6.78)
Financing Cash Flow	4.20	59.51	4.57	2.39	1.16	2.38	0.97	0.57	0.54	0.20	0.42	0.01	0.90	0.63	0.81	0.22	0.67	0.10	1.04	0.81

* Derived from reported values