AxoGen revenues up 42% in 2013
Published: Thursday, March 6, 2014 at 5:30 p.m.
Last Modified: Thursday, March 6, 2014 at 5:30 p.m.
AxoGen reported 2013 revenues of $10.9 million, a 42 percent increase over $7.7 million in 2012, on the strength of new clients and increased product use by existing clients.
The Alachua company processes peripheral nerve repair grafts from human donor tissue and distributes other nerve repair products. It trades on the Nasdaq stock exchange under the symbol AXGN.
AxoGen reported a net loss of $14.6 million, or $1.08 per share, compared to a net loss of $9.4 million, or $0.85 per share in 2012. Expenses increased from $13.5 million to $18.1 million to expand the sales force, pay higher commissions, prepare a new drug application with the Food and Drug Administration and market to surgeons.
The company estimates 2014 revenue of $16 million as a result of efforts to raise surgeon and patient awareness of its products and maintain a visible presence at clinical conferences and sponsored symposiums.
Fourth quarter revenue was $3 million, a 46 percent increase over $2 million in fourth quarter 2012, as a result of new accounts, increased use in existing accounts and higher product pricing.
Following a common stock offering that raised $16.8 million in the third quarter, the company had 17.3 million shares compared to 11.1 million a year ago. As of Dec. 31, cash, cash equivalents and securities totaled $20.1 million.