Axogen Raises 2026 Revenue Guidance to at Least $290 Million

The Tip Desk · November 2, 2026 · 3 min read

Third-quarter revenue reached $75.8 million, up 26.2%, as the company lifted full-year guidance to at least 29% growth.

Axogen, Inc. (AXGN), a developer of surgical solutions for peripheral nerve repair, raised its 2026 revenue outlook to at least $290 million, or at least 29% growth, after third-quarter sales of $75.8 million, up 26.2% from $60.1 million a year earlier.

The lift followed a second-quarter raise to at least $279 million, or 24% growth, and a first-quarter raise to at least $270 million, or 20% growth. Excluding BioCircuit, the company expects organic revenue of at least $283 million, or at least 26% growth, and said it continues to expect gross margin of at least 73% and positive free cash flow for the full year.

Gross margin was 74.8% in the third quarter, compared with 76.6% a year earlier. Net income was $2.3 million, or $0.04 a share. Adjusted net income was $13.1 million, or $0.21 a share. Adjusted EBITDA was $13.4 million, or 17.7% of revenue.

The company said year-to-date revenue growth through the third quarter was broad-based across Extremities, Oral Maxillofacial & Head and Neck, and Breast, driven by more than 20% year-over-year account productivity, expanding sales-force coverage, and improving commercial insurance coverage and payment. Commercial payer coverage for Avance was approximately 96% of covered lives in the United States after positive coverage decisions from Elevance and Aetna.

Breast growth exceeded 50% year over year, according to the company’s presentation. Extremities continued steady growth, and Oral Maxillofacial & Head and Neck showed continued adoption momentum. High-potential accounts contributed 55% of year-to-date growth, with productivity up 22% year over year. The company added more than 280 active surgeons year to date and had more than 690 high-potential accounts.

On October 1, 2026, Axogen completed the acquisition of BioCircuit Technologies, a developer of NerveTape, a coaptation aid that eliminates the need for micro-suturing. The company said it closed an upsized public offering with the sale of 5,646,500 shares and receipt of $225 million of net proceeds. Of those proceeds, $200 million funded the BioCircuit acquisition and $1.9 million funded transaction-related expenses. Cash and cash equivalents, restricted cash, and investments were $350.1 million as of September 30, 2026, up $236.7 million from $113.4 million as of June 30, 2026. Long-term debt was zero.

Based on positive clinical study outcomes, the company said it has decided to initiate Prostate market development beginning in 2027. It reported more than 220 prostate procedures and 15 active clinical experience sites in the third quarter. Management will host a prostate-specific investment-community conference call on November 9, 2026.

For the nine months ended September 30, 2026, revenue was $207.0 million, compared with $165.3 million a year earlier. GAAP net loss was $18.8 million, or $0.35 a share, including a $16.8 million loss on extinguishment of debt. Adjusted net income for the nine months was $24.5 million, or $0.41 a share. Free cash flow for the nine months was $18.9 million.

Sales and marketing expense was $30.4 million in the third quarter. Research and development was $9.0 million. General and administrative was $16.5 million.

The company said it remains well positioned to achieve 2026 revenue guidance and longer-term strategic objectives, according to President and CEO Michael Dale.