10-Q Filing

AXOGEN, INC. CIK: 805928 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0000805928-22-000057`
Period End Date	20220331
Filing Date	20220505
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	axgn-20220331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 60 Income Statement 36 Cash Flow Statement 68 Stockholders Equity 20

Balance Sheet 60 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$276.00K	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$366.00K	USD	Point-in-time
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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$14.56M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$32.76M	USD	Point-in-time
Restricted cash	`RestrictedCash`	$6.25M	USD	Point-in-time
Common stock issued (in shares)	`CommonStockSharesIssued`	41.97M	shares	Point-in-time
Restricted cash	`RestrictedCash`	$6.25M	USD	Point-in-time
Common stock issued (in shares)	`CommonStockSharesIssued`	41.74M	shares	Point-in-time
Common stock outstanding (in shares)	`CommonStockSharesOutstanding`	41.97M	shares	Point-in-time
Investments	`ShortTermInvestments`	$51.33M	USD	Point-in-time
Investments	`ShortTermInvestments`	$52.86M	USD	Point-in-time
Common stock outstanding (in shares)	`CommonStockSharesOutstanding`	41.74M	shares	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $366 and $276, respectively	`AccountsReceivableNetCurrent`	$18.59M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $366 and $276, respectively	`AccountsReceivableNetCurrent`	$18.16M	USD	Point-in-time
Inventory	`InventoryNet`	$16.69M	USD	Point-in-time
Inventory	`InventoryNet`	$17.40M	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$1.86M	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$2.82M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$127.05M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$112.47M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization`	$66.95M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization`	$62.92M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$15.19M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$15.41M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$2.86M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$3.19M	USD	Point-in-time
Total assets	`Assets`	$198.03M	USD	Point-in-time
Total assets	`Assets`	$208.02M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$22.46M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$20.87M	USD	Point-in-time
Current maturities of long-term lease obligations	`LeaseLiabilityCurrent`	$2.07M	USD	Point-in-time
Current maturities of long-term lease obligations	`LeaseLiabilityCurrent`	$1.83M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$24.29M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$22.95M	USD	Point-in-time
Long-term debt, net of debt discount and financing fees	`LongTermDebtNoncurrent`	$44.82M	USD	Point-in-time
Long-term debt, net of debt discount and financing fees	`LongTermDebtNoncurrent`	$45.04M	USD	Point-in-time
Long-term lease obligations	`LeaseLiabilityNoncurrent`	$20.88M	USD	Point-in-time
Long-term lease obligations	`LeaseLiabilityNoncurrent`	$20.80M	USD	Point-in-time
Debt derivative liabilities	`DerivativeLiabilitiesNoncurrent`	$5.56M	USD	Point-in-time
Debt derivative liabilities	`DerivativeLiabilitiesNoncurrent`	$5.31M	USD	Point-in-time
Total liabilities	`Liabilities`	$94.17M	USD	Point-in-time
Total liabilities	`Liabilities`	$95.47M	USD	Point-in-time
Commitments and contingencies - see Note 12	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies - see Note 12	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.01 par value per share; 100,000,000 shares authorized; 41,972,987 and 41,736,950 shares issued and outstanding	`CommonStockValue`	$417.00K	USD	Point-in-time
Common stock, $0.01 par value per share; 100,000,000 shares authorized; 41,972,987 and 41,736,950 shares issued and outstanding	`CommonStockValue`	$420.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$345.54M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$342.76M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-230.63M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-242.11M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$119.70M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$103.85M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$112.55M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$123.15M	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$208.02M	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$198.03M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$31.04M	USD	1 Quarter
Revenues	`Revenues`	$31.01M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$5.55M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$5.17M	USD	1 Quarter
Gross profit	`GrossProfit`	$25.86M	USD	1 Quarter
Gross profit	`GrossProfit`	$25.46M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$20.89M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$17.97M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$5.75M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$6.28M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$9.62M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$8.36M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$36.78M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$32.09M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-6.22M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-11.32M	USD	1 Quarter
Investment income	`InvestmentIncomeNet`	$-46.00K	USD	1 Quarter
Investment income	`InvestmentIncomeNet`	$34.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$444.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$354.00K	USD	1 Quarter
Change in fair value of derivatives	`DerivativeGainLossOnDerivativeNet`	$-22.00K	USD	1 Quarter
Change in fair value of derivatives	`DerivativeGainLossOnDerivativeNet`	$252.00K	USD	1 Quarter
Other expense	`OtherNonoperatingIncomeExpense`	$-8.00K	USD	1 Quarter
Other expense	`OtherNonoperatingIncomeExpense`	$-7.00K	USD	1 Quarter
Total other expense, net	`NonoperatingIncomeExpense`	$-155.00K	USD	1 Quarter
Total other expense, net	`NonoperatingIncomeExpense`	$-440.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-11.47M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-6.66M	USD	1 Quarter
Weighted average common shares outstanding - basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	41.80M	shares	1 Quarter
Weighted average common shares outstanding - basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	40.71M	shares	1 Quarter
Weighted average common shares outstanding - diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	41.80M	shares	1 Quarter
Weighted average common shares outstanding - diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	40.71M	shares	1 Quarter
Loss per common share - basic (in dollars per share)	`EarningsPerShareBasic`	$-0.16	USD	1 Quarter
Loss per common share - basic (in dollars per share)	`EarningsPerShareBasic`	$-0.27	USD	1 Quarter
Loss per common share - diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.16	USD	1 Quarter
Loss per common share - diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.27	USD	1 Quarter

Cash Flow Statement 68 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-11.47M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-6.66M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$704.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$772.00K	USD	1 Quarter
Amortization of right-of-use assets	`RightOfUseAssetAmortization`	$427.00K	USD	1 Quarter
Amortization of right-of-use assets	`RightOfUseAssetAmortization`	$500.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$69.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$47.00K	USD	1 Quarter
Amortization of debt discount and deferred financing fees	`AmortizationOfFinancingCosts`	$112.00K	USD	1 Quarter
Amortization of debt discount and deferred financing fees	`AmortizationOfFinancingCosts`	$220.00K	USD	1 Quarter
Provision for bad debt	`ProvisionForDoubtfulAccounts`	$267.00K	USD	1 Quarter
Provision for bad debt	`ProvisionForDoubtfulAccounts`	$-26.00K	USD	1 Quarter
Provision for inventory write-down	`InventoryWriteDown`	$783.00K	USD	1 Quarter
Provision for inventory write-down	`InventoryWriteDown`	$459.00K	USD	1 Quarter
Change in fair value of derivatives	`DerivativeGainLossOnDerivativeNet`	$-22.00K	USD	1 Quarter
Change in fair value of derivatives	`DerivativeGainLossOnDerivativeNet`	$252.00K	USD	1 Quarter
Investment losses	`UnrealizedGainLossOnInvestments`	$-96.00K	USD	1 Quarter
Investment losses	`UnrealizedGainLossOnInvestments`	$-15.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$2.68M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$2.69M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$624.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.18M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$1.17M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$1.64M	USD	1 Quarter
Prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$313.00K	USD	1 Quarter
Prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.03M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-1.10M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-5.06M	USD	1 Quarter
Operating lease obligations	`IncreaseDecreaseInOperatingLeaseLiabilities`	$-119.00K	USD	1 Quarter
Operating lease obligations	`IncreaseDecreaseInOperatingLeaseLiabilities`	$320.00K	USD	1 Quarter
Contract and other liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	-	USD	1 Quarter
Contract and other liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$-1.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-11.05M	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`	$5.04M	USD	1 Quarter
Purchase of investments	`PaymentsToAcquireInvestments`	$15.28M	USD	1 Quarter
Purchase of investments	`PaymentsToAcquireInvestments`	$6.02M	USD	1 Quarter
Proceeds from sale of investments	`ProceedsFromSaleOfAvailableForSaleSecuritiesDebt`	$19.40M	USD	1 Quarter
Proceeds from sale of investments	`ProceedsFromSaleOfAvailableForSaleSecuritiesDebt`	$4.40M	USD	1 Quarter
Cash payments for intangible assets	`PaymentsToAcquireIntangibleAssets`	$580.00K	USD	1 Quarter
Cash payments for intangible assets	`PaymentsToAcquireIntangibleAssets`	$156.00K	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$870.00K	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-7.24M	USD	1 Quarter
Cash paid for debt portion of finance leases	`FinanceLeasePrincipalPayments`	$4.00K	USD	1 Quarter
Cash paid for debt portion of finance leases	`FinanceLeasePrincipalPayments`	$2.00K	USD	1 Quarter
Proceeds from exercise of stock options and ESPP stock purchases	`ProceedsFromStockOptionsExercised`	$521.00K	USD	1 Quarter
Proceeds from exercise of stock options and ESPP stock purchases	`ProceedsFromStockOptionsExercised`	$97.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$517.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$95.00K	USD	1 Quarter
Net decrease in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-18.20M	USD	1 Quarter
Net decrease in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-9.43M	USD	1 Quarter
Cash, cash equivalents, and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$20.81M	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`	$39.01M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$55.61M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$20.81M	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`	$39.01M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$55.61M	USD	Point-in-time
Cash paid for interest, net of capitalized interest	`InterestPaidNet`	-	USD	1 Quarter
Cash paid for interest, net of capitalized 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`	$1.12M	USD	1 Quarter
Obtaining a right-of-use asset in exchange for a lease liability	`NoncashRightOfUseAssetsAndOperatingLeaseLiability`	$641.00K	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`	$239.00K	USD	1 Quarter

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Beginning balance (in shares)	`CommonStockSharesOutstanding`	41.97M	shares	Point-in-time
Beginning balance (in shares)	`CommonStockSharesOutstanding`	41.74M	shares	Point-in-time
Beginning balance	`StockholdersEquity`	$119.70M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$103.85M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$112.55M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$123.15M	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-11.47M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-6.66M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.69M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.68M	USD	1 Quarter
Issuance of restricted and performance stock units	`StockIssuedDuringPeriodValueOther`	-	USD	1 Quarter
Issuance of restricted and performance stock units	`StockIssuedDuringPeriodValueOther`	-	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`	$98.00K	USD	1 Quarter
Ending balance (in shares)	`CommonStockSharesOutstanding`	41.97M	shares	Point-in-time
Ending balance (in shares)	`CommonStockSharesOutstanding`	41.74M	shares	Point-in-time
Ending balance	`StockholdersEquity`	$119.70M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$103.85M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$112.55M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$123.15M	USD	Point-in-time

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