AxoGen, Inc. Reports Record 2012 Revenues

Full Year 2012 Highlights

• Revenue for full year 2012 increased 59% to $7.69 million from $4.85 million for full year 2011
• Gross profit for full year 2012 increased $3.31 million, or 136%, to $5.73 million compared with full year 2011
• Gross margins for full year 2012 were 75%

Fourth Quarter 2012 Highlights

• Revenue for 4Q12 was $2.04 million, a 50% increase over 4Q11
• Gross profit for 4Q12 was $1.58 million versus $0.83 million for 4Q11

ALACHUA, Fla.–(BUSINESS WIRE)– AxoGen, Inc. (OTCBB: AXGN) a leading regenerative medicine company focused on the commercialization of proprietary products and technologies for peripheral nerve reconstruction and regeneration, today reported revenues for the year ended December 31, 2012 of $7.69 million, a 59% increase over the $4.85 million reported during the same period in 2011. In addition, the Company reported a net loss for 2012 of $9.42 million, or ($0.85) per common share, compared to a net loss of $10.25 million, or ($2.77) per common share, reported during the same period in 2011.

“AxoGen’s revenue growth is an affirmation of market demand and the direct result of an increase in the number of surgeons and hospitals using our peripheral nerve repair technologies,” stated Karen Zaderej, Chief Executive Officer of AxoGen. “Our strategy is to provide education and clinical evidence to surgeons on the value of new peripheral nerve treatment options to drive adoption of our products. That strategy was evident with the publication of data for Avance® Nerve Graft from the Ranger® Study in two leading, peer-reviewed journals, Microsurgery and The Journal of Hand Surgery. Further, expanded data from the RANGER® Study was presented at the American Association for Hand Surgery conference in January 2013, which received strong visibility among hand surgeons.”

Ms. Zaderej continued, “In 2012, we successfully completed a $20.8 million financing with PDL that strengthened our balance sheet, and provided the funds to expand training of our sales team, to increase our marketing efforts and …read more
Source: FULL ARTICLE at DailyFinance