AxoGen, Inc (NASDAQ:AXGN), a leading creator of innovative peripheral nerves surgical solutions has announced its financial report for the full year 2017 as well as the fourth quarter report for the same year.
The company revealed that its Q4 revenue came in at $17.0 million for the year ended December 31, 2017, marking a 49 percent boost in revenue compared to the $11.4 million revenue earned in Q4 of the previous year. Its gross margin came in at 84.6 percent, just slightly higher than the 84 percent reported in the previous year. AxonGen also reported an adjusted EBITDA loss of $531,000 for the fourth quarter of 2017, a drastic improvement from $2.2 million in Q4 of 2016.
The adjusted net loss for Q4 2017 was reported at $ $2.5 million which is equivalent to $0.07 per share which is also a noteworthy improvement from the $3.2 million, or $0.10 per share adjusted net loss reported in Q4 of 2016. The company also revealed expanded application in Breast Reconstruction Neurotization. It also managed to raise net proceeds worth $15.6 million through its common stock public offering on November 20.
We are pleased to report another successful quarter and a solid finish to 2017,” stated AxoGen CEO, Karen Zaderej.
As for the company’s overall performance for the entire year 2017, the revenue figure was $60.4 million which was 41 percent higher than the $41.1 million that AxoGen earned in the previous year. The Adjusted EBITDA loss for 2017 was $3.8 million compared to $6.3 million in 2016. The gross margin for 2017 was 84.6 percent while it was at 84.3 in the previous year.
ExonGen also managed to expand its leadership team in 2017 by hiring Jon Gingrich as the Chief Commercial Officer. The company was also chosen by DecisionWise International as the winner of the award for the Employee Engagement Best Practices. Zaderej also stated that the firm will continue to develop clinical data while expanding its commercial presence as well as effectiveness. The overall goal is to encourage more confidence in doctors towards the adoption of the company’s nerve repair platform.
AxonGen stock closed the latest trading session on Wednesday at $34.50.