AxoGen Reports Narrower Q2 Loss Vs Street, Misses on Revenue

AxoGen (AXGN) fell nearly 18% in Wednesday’s late trading after the company reported financial results for Q2, with a narrower-than-anticipated loss and revenue that fell short of analysts’ expectations; it also provided growth guidance for fiscal 2018.

The company developing and marketing innovative surgical solutions for peripheral nerves posted adjusted loss of $0.09 per share, compared with the prior-year period’s $0.04 loss per share. Analysts polled by Capital IQ were expecting a loss of $0.18 per share.

Revenue was $20.6 million, up from $15.2 million in the same quarter last year. The Street view is for revenue of $21.3 million.

The company said that it is reiterating its FY18 revenue growth of at least 40% over 2017 revenue; gross margins are expected to remain above 80%. Additionally, management continues to expect to have at least 80 direct sales representatives by year end.