10-K Filing

AXOGEN, INC. CIK: 805928 FY 2016

Filing Information

Form Type	10-K
Accession Number	`0001558370-17-001241`
Period End Date	20161231
Filing Date	20170301
Fiscal Year	2016
Fiscal Period	FY
XBRL Instance	axgn-20161231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 52 Income Statement 30 Cash Flow Statement 59 Stockholders Equity 19

Balance Sheet 52 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$192.00K	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$272.00K	USD	Point-in-time
Common stock, Par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, Par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$30.01M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.22M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$25.91M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of approximately $272,000 and $192,000 respectively	`AccountsReceivableNetCurrent`	$8.05M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	29.98M	shares	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of approximately $272,000 and $192,000 respectively	`AccountsReceivableNetCurrent`	$4.78M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	33.01M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	29.98M	shares	Point-in-time
Inventory	`InventoryNet`	$3.93M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	33.01M	shares	Point-in-time
Inventory	`InventoryNet`	$5.46M	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$424.93K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$511.80K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$35.05M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$44.04M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$970.87K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.49M	USD	Point-in-time
Intangible assets	`FiniteLivedIntangibleAssetsNet`	$828.98K	USD	Point-in-time
Intangible assets	`FiniteLivedIntangibleAssetsNet`	$678.08K	USD	Point-in-time
Total Assets	`Assets`	$46.36M	USD	Point-in-time
Total Assets	`Assets`	$36.70M	USD	Point-in-time
Borrowings under revolving loan agreement	`LinesOfCreditCurrent`	$4.03M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$7.00M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$3.70M	USD	Point-in-time
Current maturities of long term obligations	`LongTermDebtCurrent`	$20.90K	USD	Point-in-time
Deferred revenue, current	`DeferredRevenueCurrent`	$33.28K	USD	Point-in-time
Deferred revenue, current	`DeferredRevenueCurrent`	$14.12K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.71M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$11.08M	USD	Point-in-time
Long Term Debt, net of current maturities, net	`LongTermDebtNoncurrent`	$24.70M	USD	Point-in-time
Long Term Debt, net of current maturities, net	`LongTermDebtNoncurrent`	$20.27M	USD	Point-in-time
Long Term Deferred Revenue	`DeferredRevenueNoncurrent`	$93.80K	USD	Point-in-time
Long Term Deferred Revenue	`DeferredRevenueNoncurrent`	$92.22K	USD	Point-in-time
Total liabilities	`Liabilities`	$28.50M	USD	Point-in-time
Total liabilities	`Liabilities`	$31.44M	USD	Point-in-time
Common stock, $0.01 par value per share; 50,000,000 shares authorized; 33,008,865 and 29,984,591 shares issued and outstanding	`CommonStockValue`	$330.09K	USD	Point-in-time
Common stock, $0.01 par value per share; 50,000,000 shares authorized; 33,008,865 and 29,984,591 shares issued and outstanding	`CommonStockValue`	$299.85K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$132.47M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$111.37M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-117.88M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-103.47M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$8.20M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$-11.25M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$14.92M	USD	Point-in-time
Total Liabilities and Shareholders' equity	`LiabilitiesAndStockholdersEquity`	$36.70M	USD	Point-in-time
Total Liabilities and Shareholders' equity	`LiabilitiesAndStockholdersEquity`	$46.36M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$41.11M	USD	Annual
Revenues	`Revenues`	$27.33M	USD	Annual
Cost of goods sold	`CostOfGoodsSold`	$6.47M	USD	Annual
Cost of goods sold	`CostOfGoodsSold`	$4.85M	USD	Annual
Gross profit	`GrossProfit`	$22.48M	USD	Annual
Gross profit	`GrossProfit`	$34.64M	USD	Annual
Sales and marketing	`SellingAndMarketingExpense`	$20.09M	USD	Annual
Sales and marketing	`SellingAndMarketingExpense`	$28.43M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$3.24M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$4.21M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$10.13M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$8.42M	USD	Annual
Total costs and expenses	`CostsAndExpenses`	$31.75M	USD	Annual
Total costs and expenses	`CostsAndExpenses`	$42.77M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-9.27M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-8.13M	USD	Annual
Interest expense	`InterestExpense`	$5.39M	USD	Annual
Interest expense	`InterestExpense`	$3.99M	USD	Annual
Interest expense-deferred financing costs	`AmortizationOfFinancingCostsAndDiscounts`	$875.39K	USD	Annual
Interest expense-deferred financing costs	`AmortizationOfFinancingCostsAndDiscounts`	$127.91K	USD	Annual
Other income (expense)	`OtherNonoperatingIncomeExpense`	$-19.62K	USD	Annual
Other income (expense)	`OtherNonoperatingIncomeExpense`	$26.82K	USD	Annual
Total other income (expense)	`NonoperatingIncomeExpense`	$-6.28M	USD	Annual
Total other income (expense)	`NonoperatingIncomeExpense`	$-4.09M	USD	Annual
Net Loss	`NetIncomeLoss`	$-14.41M	USD	Annual
Net Loss	`NetIncomeLoss`	$-13.36M	USD	Annual
Weighted Average Common Shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	30.70M	shares	Annual
Weighted Average Common Shares outstanding - basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	26.08M	shares	Annual
Loss Per Common share - basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.47	USD	Annual
Loss Per Common share - basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.51	USD	Annual

Cash Flow Statement 59 line items

Line Item	Tag	Value	Unit	Period
Term loan assumed in payment of long term debt	`LoansAssumed1`	$21.00M	USD	Annual
Net loss	`NetIncomeLoss`	$-14.41M	USD	Annual
Net loss	`NetIncomeLoss`	$-13.36M	USD	Annual
Revolver loan assumed in payment of long term debt	`LineOfCreditAssumed1`	$4.00M	USD	Annual
Depreciation	`Depreciation`	$361.62K	USD	Annual
Depreciation	`Depreciation`	$203.14K	USD	Annual
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$74.87K	USD	Annual
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$45.83K	USD	Annual
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$124.92K	USD	Annual
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$127.91K	USD	Annual
Write off of deferred financing costs	`WriteOffOfDeferredFinancingCosts`	$750.47K	USD	Annual
Provision for bad debt	`ProvisionForDoubtfulAccounts`	$79.59K	USD	Annual
Provision for bad debt	`ProvisionForDoubtfulAccounts`	$125.37K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$1.39M	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$1.32M	USD	Annual
Interest added to note payable	`PaidInKindInterest`	$1.92M	USD	Annual
Interest added to note payable	`PaidInKindInterest`	$461.64K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.04M	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$3.35M	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$1.52M	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$720.34K	USD	Annual
Prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$86.88K	USD	Annual
Prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$315.56K	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.12M	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$3.44M	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$17.58K	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-21.58K	USD	Annual
Net cash used for operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-13.05M	USD	Annual
Net cash used for operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-11.20M	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$963.79K	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$408.78K	USD	Annual
Acquisition of intangible assets	`PaymentsToAcquireIntangibleAssets`	$225.77K	USD	Annual
Acquisition of intangible assets	`PaymentsToAcquireIntangibleAssets`	$146.74K	USD	Annual
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-1.19M	USD	Annual
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-555.52K	USD	Annual
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$18.67M	USD	Annual
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$30.97M	USD	Annual
Borrowings on revolving loan	`ProceedsFromLinesOfCredit`	$6.68M	USD	Annual
Payments on revolving loan	`RepaymentsOfLinesOfCredit`	$6.68M	USD	Annual
Repayments of long-term debt	`RepaymentsOfLongTermDebt`	$2.45M	USD	Annual
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$800.85K	USD	Annual
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$180.14K	USD	Annual
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$1.08M	USD	Annual
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$512.80K	USD	Annual
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$16.50M	USD	Annual
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$31.30M	USD	Annual
Net increase / (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$4.10M	USD	Annual
Net increase / (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$17.69M	USD	Annual
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$30.01M	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$8.22M	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$25.91M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$30.01M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$8.22M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$25.91M	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$3.53M	USD	Annual
Cash paid for interest	`InterestPaid`	$5.77M	USD	Annual
Payments of fixed assets in accounts payable	`CapitalExpendituresIncurredButNotYetPaid`	$168.78K	USD	Annual
Payments of fixed assets in accounts payable	`CapitalExpendituresIncurredButNotYetPaid`	$32.15K	USD	Annual
Payments of long term debt with proceeds from term loan of $21,000,000 and revolver loan of $4,000,000	`NotesReduction`	$25.00M	USD	Annual

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$8.20M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-11.25M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$14.92M	USD	Point-in-time
Beginning Balance (in shares)	`CommonStockSharesOutstanding`	29.98M	shares	Point-in-time
Beginning Balance (in shares)	`CommonStockSharesOutstanding`	33.01M	shares	Point-in-time
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.32M	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.39M	USD	Annual
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$512.80K	USD	Annual
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$1.08M	USD	Annual
Issuance of common shares	`StockIssuedDuringPeriodValueNewIssues`	$30.97M	USD	Annual
Issuance of common shares	`StockIssuedDuringPeriodValueNewIssues`	$18.67M	USD	Annual
Issuance of common shares (in shares)	`StockIssuedDuringPeriodSharesNewIssues`	25,903.00	shares	Point-in-time
Net loss	`NetIncomeLoss`	$-14.41M	USD	Annual
Net loss	`NetIncomeLoss`	$-13.36M	USD	Annual
Ending Balance	`StockholdersEquity`	$8.20M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-11.25M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$14.92M	USD	Point-in-time
Ending Balance (in shares)	`CommonStockSharesOutstanding`	29.98M	shares	Point-in-time
Ending Balance (in shares)	`CommonStockSharesOutstanding`	33.01M	shares	Point-in-time

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