10-Q Filing

AXOGEN, INC. CIK: 805928 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0000805928-21-000085`
Period End Date	20210331
Filing Date	20210506
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	axgn-20210331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 30 Cash Flow Statement 70 Stockholders Equity 19

Balance Sheet 64 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value (in USD per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value (in USD per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock issued (in shares)	`CommonStockSharesIssued`	40.84M	shares	Point-in-time
Common stock issued (in shares)	`CommonStockSharesIssued`	40.62M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$39.84M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$48.77M	USD	Point-in-time
Common stock outstanding (in shares)	`CommonStockSharesOutstanding`	40.84M	shares	Point-in-time
Restricted cash	`RestrictedCash`	$6.33M	USD	Point-in-time
Common stock outstanding (in shares)	`CommonStockSharesOutstanding`	40.62M	shares	Point-in-time
Restricted cash	`RestrictedCash`	$6.84M	USD	Point-in-time
Investments	`ShortTermInvestments`	$51.06M	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$416.00K	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$351.00K	USD	Point-in-time
Investments	`ShortTermInvestments`	$55.20M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $351 and $416, respectively	`AccountsReceivableNetCurrent`	$17.62M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $351 and $416, respectively	`AccountsReceivableNetCurrent`	$19.82M	USD	Point-in-time
Inventory	`InventoryNet`	$12.53M	USD	Point-in-time
Inventory	`InventoryNet`	$13.39M	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$4.30M	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$4.69M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$135.15M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$145.25M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$38.40M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$44.40M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$15.44M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$15.61M	USD	Point-in-time
Finance lease right-of-use assets	`FinanceLeaseRightOfUseAsset`	$64.00K	USD	Point-in-time
Finance lease right-of-use assets	`FinanceLeaseRightOfUseAsset`	$59.00K	USD	Point-in-time
Intangible assets	`IntangibleAssetsNetExcludingGoodwill`	$2.05M	USD	Point-in-time
Intangible assets	`IntangibleAssetsNetExcludingGoodwill`	$2.33M	USD	Point-in-time
Total assets	`Assets`	$197.37M	USD	Point-in-time
Total assets	`Assets`	$201.38M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$21.97M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$20.83M	USD	Point-in-time
Current maturities of long-term lease obligations	`LeaseLiabilityCurrent`	$1.44M	USD	Point-in-time
Current maturities of long-term lease obligations	`LeaseLiabilityCurrent`	$863.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$22.83M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$22.27M	USD	Point-in-time
Long-term debt, net of financing fees	`LongTermDebtNoncurrent`	$32.03M	USD	Point-in-time
Long-term debt, net of financing fees	`LongTermDebtNoncurrent`	$32.14M	USD	Point-in-time
Long-term lease obligations	`LeaseLiabilitiesNoncurrent`	$20.87M	USD	Point-in-time
Long-term lease obligations	`LeaseLiabilitiesNoncurrent`	$20.73M	USD	Point-in-time
Debt derivative liability	`DerivativeLiabilitiesNoncurrent`	$2.50M	USD	Point-in-time
Debt derivative liability	`DerivativeLiabilitiesNoncurrent`	$2.52M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$3.00K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$2.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$77.67M	USD	Point-in-time
Total liabilities	`Liabilities`	$78.23M	USD	Point-in-time
Commitments and contingencies - see Note 13	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies - see Note 13	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.01 par value per share; 100,000,000 shares authorized; 40,842,717 and 40,618,766 shares issued and outstanding	`CommonStockValue`	$406.00K	USD	Point-in-time
Common stock, $0.01 par value per share; 100,000,000 shares authorized; 40,842,717 and 40,618,766 shares issued and outstanding	`CommonStockValue`	$408.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$326.39M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$329.60M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-203.65M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-210.31M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$132.15M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$124.19M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$123.15M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$119.70M	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$201.38M	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$197.37M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$24.26M	USD	1 Quarter
Revenues	`Revenues`	$31.04M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$5.17M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$4.82M	USD	1 Quarter
Gross profit	`GrossProfit`	$19.45M	USD	1 Quarter
Gross profit	`GrossProfit`	$25.86M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$17.97M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$17.84M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$4.61M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$5.75M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$8.36M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$5.50M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$32.09M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$27.95M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-8.51M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-6.22M	USD	1 Quarter
Investment income	`InvestmentIncomeNet`	$34.00K	USD	1 Quarter
Investment income	`InvestmentIncomeNet`	$311.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$444.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$31.00K	USD	1 Quarter
Other (expense)/income	`OtherNonoperatingIncomeExpense`	$-30.00K	USD	1 Quarter
Other (expense)/income	`OtherNonoperatingIncomeExpense`	$37.00K	USD	1 Quarter
Total other (expense) income, net	`NonoperatingIncomeExpense`	$-440.00K	USD	1 Quarter
Total other (expense) income, net	`NonoperatingIncomeExpense`	$317.00K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-8.19M	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-6.66M	USD	1 Quarter
Weighted average common shares outstanding - basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	39.70M	shares	1 Quarter
Weighted average common shares outstanding - basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	40.71M	shares	1 Quarter
Loss per common share - basic and diluted (in USD per share)	`EarningsPerShareBasicAndDiluted`	$-0.16	USD	1 Quarter
Loss per common share - basic and diluted (in USD per share)	`EarningsPerShareBasicAndDiluted`	$-0.21	USD	1 Quarter

Cash Flow Statement 70 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-8.19M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-6.66M	USD	1 Quarter
Depreciation	`Depreciation`	$307.00K	USD	1 Quarter
Depreciation	`Depreciation`	$772.00K	USD	1 Quarter
Amortization of right-of-use assets	`RightOfUseAssetAmortization`	$470.00K	USD	1 Quarter
Amortization of right-of-use assets	`RightOfUseAssetAmortization`	$500.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$36.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$47.00K	USD	1 Quarter
Amortization of deferred financing fees	`AmortizationOfFinancingCosts`	$112.00K	USD	1 Quarter
Amortization of deferred financing fees	`AmortizationOfFinancingCosts`	-	USD	1 Quarter
Provision for bad debt	`ProvisionForDoubtfulAccounts`	$-26.00K	USD	1 Quarter
Provision for bad debt	`ProvisionForDoubtfulAccounts`	$22.00K	USD	1 Quarter
Provision for inventory write-down	`InventoryWriteDown`	$924.00K	USD	1 Quarter
Provision for inventory write-down	`InventoryWriteDown`	$783.00K	USD	1 Quarter
Changes in fair value of derivatives	`DerivativeGainLossOnDerivativeNet`	-	USD	1 Quarter
Changes in fair value of derivatives	`DerivativeGainLossOnDerivativeNet`	$-22.00K	USD	1 Quarter
Changes in investment gains and losses	`UnrealizedGainLossOnInvestments`	$49.00K	USD	1 Quarter
Changes in investment gains and losses	`UnrealizedGainLossOnInvestments`	$-15.00K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$556.00K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$2.69M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-3.90M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.18M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$1.64M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$1.63M	USD	1 Quarter
Prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$2.02M	USD	1 Quarter
Prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$313.00K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-1.90M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-5.06M	USD	1 Quarter
Operating lease obligations	`OperatingLeasePayments`	$-119.00K	USD	1 Quarter
Operating lease obligations	`OperatingLeasePayments`	$472.00K	USD	1 Quarter
Contract and other liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$-1.00K	USD	1 Quarter
Contract and other liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$-3.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-8.05M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-10.82M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.10M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.02M	USD	1 Quarter
Purchase of investments	`PaymentsToAcquireInvestments`	$15.28M	USD	1 Quarter
Purchase of investments	`PaymentsToAcquireInvestments`	$11.76M	USD	1 Quarter
Proceeds from sale of investments	`ProceedsFromSaleOfAvailableForSaleSecuritiesDebt`	$25.45M	USD	1 Quarter
Proceeds from sale of investments	`ProceedsFromSaleOfAvailableForSaleSecuritiesDebt`	$19.40M	USD	1 Quarter
Cash payments for intangible assets	`PaymentsToAcquireIntangibleAssets`	$119.00K	USD	1 Quarter
Cash payments for intangible assets	`PaymentsToAcquireIntangibleAssets`	$156.00K	USD	1 Quarter
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$8.55M	USD	1 Quarter
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$870.00K	USD	1 Quarter
Payments of employee tax withholding in exchange of common stock awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$639.00K	USD	1 Quarter
Payments of employee tax withholding in exchange of common stock awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	-	USD	1 Quarter
Cash paid for debt portion of finance leases	`FinanceLeasePrincipalPayments`	$5.00K	USD	1 Quarter
Cash paid for debt portion of finance leases	`FinanceLeasePrincipalPayments`	$4.00K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$316.00K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$521.00K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$517.00K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-328.00K	USD	1 Quarter
Net (decrease) increase in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-9.43M	USD	1 Quarter
Net (decrease) increase in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$170.00K	USD	1 Quarter
Cash, cash equivalents, and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$55.61M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$46.18M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$41.89M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$41.72M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$55.61M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$46.18M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$41.89M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$41.72M	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$11.00K	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$312.00K	USD	1 Quarter
Acquisition of fixed assets in accounts payable and accrued expenses	`CapitalExpendituresIncurredButNotYetPaid`	$4.84M	USD	1 Quarter
Acquisition of fixed assets in accounts payable and accrued expenses	`CapitalExpendituresIncurredButNotYetPaid`	$3.67M	USD	1 Quarter
Obtaining a right-of-use asset in exchange for a lease liability	`NoncashRightOfUseAssetsAndOperatingLeaseLiability`	$120.00K	USD	1 Quarter
Obtaining a right-of-use asset in exchange for a lease liability	`NoncashRightOfUseAssetsAndOperatingLeaseLiability`	$321.00K	USD	1 Quarter
Acquisition of intangible assets in accounts payable and accrued expenses	`NoncashOrPartNoncashAcquisitionIntangibleAssetsAcquired1`	$166.00K	USD	1 Quarter
Acquisition of intangible assets in accounts payable and accrued expenses	`NoncashOrPartNoncashAcquisitionIntangibleAssetsAcquired1`	-	USD	1 Quarter

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance (in shares)	`CommonStockSharesOutstanding`	40.84M	shares	Point-in-time
Beginning Balance (in shares)	`CommonStockSharesOutstanding`	40.62M	shares	Point-in-time
Beginning Balance	`StockholdersEquity`	$132.15M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$124.19M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$123.15M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$119.70M	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-8.19M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-6.66M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$556.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.69M	USD	1 Quarter
Shares surrendered by employees to pay tax withholdings	`StockRepurchasedDuringPeriodValue`	$639.00K	USD	1 Quarter
Exercise of stock options and employee stock purchase plan	`StockIssuedDuringPeriodValueStockOptionsExercisedAndEmployeeStockPurchasePlan`	$521.00K	USD	1 Quarter
Exercise of stock options and employee stock purchase plan	`StockIssuedDuringPeriodValueStockOptionsExercisedAndEmployeeStockPurchasePlan`	$316.00K	USD	1 Quarter
Ending Balance (in shares)	`CommonStockSharesOutstanding`	40.84M	shares	Point-in-time
Ending Balance (in shares)	`CommonStockSharesOutstanding`	40.62M	shares	Point-in-time
Ending Balance	`StockholdersEquity`	$132.15M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$124.19M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$123.15M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$119.70M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.