AxoGen revenues up 59% in 2012


Published: Wednesday, March 13, 2013 at 2:50 p.m.
Last Modified: Wednesday, March 13, 2013 at 2:50 p.m.

AxoGen reported revenues of $7.69 million in 2012, a 59 percent increase over the $4.85 million in revenues for 2011 as more surgeons and hospitals used the company's peripheral nerve repair products.

The Alachua-based company reported a net loss of $9.42 million for the year, or negative $0.85 per common share, compared to a loss of $10.25 million in 2011, or negative $2.77 per share.

AxoGen makes peripheral nerve repair products from human-donated tissue and trades on the Over the Counter Bulletin Board under the symbol AXGN. Investors cannot trade OTC stocks directly but must contact a broker that deals in OTC securities.

Sales and marketing expenses increased 57 percent for the year to $6.88 million, general and administrative expenses increased 21 percent to $5.22 million, and research and development expenses increased 105 percent to $1.43 million.

CEO Karen Zaderej said in a news release that the company's strategy is to provide education and clinical evidence to surgeons.

During the year, AxoGen completed $20.8 million in financing with PDL BioPharma, which Zaderej said strengthened their balance sheet and provided funds to train the sales team, increase marketing and hire more sales associates.

Reader comments posted to this article may be published in our print edition. All rights reserved. This copyrighted material may not be re-published without permission. Links are encouraged.

▲ Return to Top