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.

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