Axogen, Inc. reported third quarter 2024 revenue of $48.6 million, marking a 17.9% increase compared to the third quarter of 2023. The company's gross margin for the quarter was 74.9%, a decrease from 76.8% in the prior year period.
The net loss for Q3 2024 improved to $1.9 million, or $0.04 per share, compared to a net loss of $4.1 million, or $0.10 per share, in Q3 2023. Adjusted net income reached $3.1 million, or $0.07 per share, a significant improvement from an adjusted net loss of $0.7 million, or $0.01 per share, in the same period last year.
Axogen also announced that the U.S. Food and Drug Administration (FDA) accepted the filing of its Biologics License Application (BLA) for Avance Nerve Graft under a standard review. The FDA assigned a Prescription Drug User Fee Act (PDUFA) goal date of September 5, 2025, and indicated no current plans to hold an advisory committee for the application.
The company maintained its full-year 2024 revenue guidance in the range of $182 million to $186 million and now expects to be at the high end of its 74-76% full-year gross margin range. Axogen reiterated its expectation to be net cash flow positive cumulatively for the period from April 1st through year-end 2024, with cash, cash equivalents, and investments totaling $30.5 million as of September 30, 2024.
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