Q1 2024 AxoGen Inc Earnings Call Transcript
Key Points
- Revenue for the quarter increased by 12.9% to $41.4 million compared to last year, indicating strong top-line performance.
- Gross profit for the quarter was $32.6 million, an increase from $28.5 million in Q1 2023, with a gross margin improvement to 78.8% from 77.7%.
- AxoGen Inc (AXGN) is on track with the BLA filing for Advanced Nerve Graft, expecting completion in Q3 2024 and potential approval in mid-2025.
- Introduced new products enhancing the nerve protection portfolio, with positive initial surgeon feedback and market acceptance.
- Maintained strong focus on core accounts, which represent approximately 65% of total revenue, with potential for significant expansion.
- Reported a net loss of $6.6 million for the quarter, although this is an improvement from a net loss of $7.1 million in Q1 2023.
- Experienced a sequential decrease in direct sales representatives, potentially impacting future sales force effectiveness.
- The company is undergoing a transition in reporting and accounting practices, which could lead to initial confusion or adjustment among stakeholders.
- Despite revenue growth, still facing challenges in achieving profitability, with ongoing net losses reported.
- Operational expenses increased by 3.8% to $37.2 million, indicating rising costs that could impact future profitability.
Greetings, and welcome to the AxoGen, Inc. 2024 First Quarter Financial Results Conference Call. At this time, all participants are in listen only. A brief question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference call is being recorded. It's now my pleasure to introduce your host here to Meyer, Vice President of Finance and Investor Relations. Thank you, Harold Maeghan.
Thank you. Good morning, everyone. Joining me on today's call gang that are AxoGen's Chairman, Chief Executive Officer and President, and you know, our Chief Financial Officer. Curt will discuss the first quarter of 2024 financial results, and Neil will provide an analysis of our financial performance and guidance and discuss our outlook for the year, followed by a question and answer session.
Today's call is being broadcast live via webcast, which is
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
