10-Q Filing

AXOGEN, INC. CIK: 805928 Q2 2018

Filing Information

Form Type	10-Q
Accession Number	`0001558370-18-006084`
Period End Date	20180630
Filing Date	20180801
Fiscal Year	2018
Fiscal Period	Q2
XBRL Instance	axgn-20180630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 55 Income Statement 64 Cash Flow Statement 67

Balance Sheet 55 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$461.00K	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$404.00K	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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$133.56M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$23.87M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$30.01M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$36.51M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $404,000 and $461,000, respectively	`AccountsReceivableNetCurrent`	$11.06M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $404,000 and $461,000, respectively	`AccountsReceivableNetCurrent`	$12.36M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	38.31M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	34.35M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	38.31M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	34.35M	shares	Point-in-time
Inventory	`InventoryNet`	$7.32M	USD	Point-in-time
Inventory	`InventoryNet`	$9.68M	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$1.31M	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$853.38K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$55.74M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$156.91M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.48M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.20M	USD	Point-in-time
Intangible assets	`FiniteLivedIntangibleAssetsNet`	$936.99K	USD	Point-in-time
Intangible assets	`FiniteLivedIntangibleAssetsNet`	$1.16M	USD	Point-in-time
Total assets	`Assets`	$160.54M	USD	Point-in-time
Total assets	`Assets`	$58.87M	USD	Point-in-time
Borrowings under revolving loan agreement	`LinesOfCreditCurrent`	$4.00M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$8.95M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$9.79M	USD	Point-in-time
Current maturities of long term obligations	`LongTermDebtCurrent`	$735.02K	USD	Point-in-time
Current maturities of long term obligations	`LongTermDebtCurrent`	$39.03K	USD	Point-in-time
Contract liabilities, current	`ContractWithCustomerLiabilityCurrent`	$27.34K	USD	Point-in-time
Contract liabilities, current	`ContractWithCustomerLiabilityCurrent`	$31.67K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$9.86M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$13.72M	USD	Point-in-time
Long Term Obligations, net of current maturities and deferred financing fees	`LongTermDebtNoncurrent`	$19.81M	USD	Point-in-time
Long Term Obligations, net of current maturities and deferred financing fees	`LongTermDebtNoncurrent`	$45.24K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$82.51K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$95.51K	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityNoncurrent`	$68.63K	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityNoncurrent`	$55.34K	USD	Point-in-time
Total liabilities	`Liabilities`	$33.69M	USD	Point-in-time
Total liabilities	`Liabilities`	$10.04M	USD	Point-in-time
Common stock, $0.01 par value per share; 100,000,000 shares authorized; 38,310,884 and 34,350,329 shares issued and outstanding	`CommonStockValue`	$343.50K	USD	Point-in-time
Common stock, $0.01 par value per share; 100,000,000 shares authorized; 38,310,884 and 34,350,329 shares issued and outstanding	`CommonStockValue`	$383.11K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$153.17M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$291.52M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-128.33M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-141.40M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$150.50M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$25.18M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$160.54M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$58.87M	USD	Point-in-time

Income Statement 64 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$27.41M	USD	2 Qtrs
Revenues	`Revenues`	$15.17M	USD	1 Quarter
Revenues	`Revenues`	$37.84M	USD	2 Qtrs
Revenues	`Revenues`	$20.58M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$4.19M	USD	2 Qtrs
Cost of goods sold	`CostOfGoodsSold`	$3.11M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$2.28M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$5.82M	USD	2 Qtrs
Gross profit	`GrossProfit`	$17.48M	USD	1 Quarter
Gross profit	`GrossProfit`	$32.03M	USD	2 Qtrs
Gross profit	`GrossProfit`	$12.89M	USD	1 Quarter
Gross profit	`GrossProfit`	$23.22M	USD	2 Qtrs
Sales and marketing	`SellingAndMarketingExpense`	$26.50M	USD	2 Qtrs
Sales and marketing	`SellingAndMarketingExpense`	$14.03M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$9.44M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$18.05M	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$1.52M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$4.66M	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$2.60M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$2.93M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$6.88M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$10.68M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$3.38M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$5.67M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$27.86M	USD	2 Qtrs
Total costs and expenses	`CostsAndExpenses`	$22.30M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$41.84M	USD	2 Qtrs
Total costs and expenses	`CostsAndExpenses`	$14.34M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.45M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-9.81M	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-4.82M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-4.65M	USD	2 Qtrs
Interest income	`InvestmentIncomeNonoperating`	$156.55K	USD	2 Qtrs
Interest income	`InvestmentIncomeNonoperating`	$156.41K	USD	1 Quarter
Interest expense	`InterestExpense`	$1.13M	USD	2 Qtrs
Interest expense	`InterestExpense`	$554.38K	USD	1 Quarter
Interest expense	`InterestExpense`	$544.21K	USD	1 Quarter
Interest expense	`InterestExpense`	$1.06M	USD	2 Qtrs
Interest expense deferred financing costs	`AmortizationOfFinancingCostsAndDiscounts`	$20.67K	USD	1 Quarter
Interest expense deferred financing costs	`AmortizationOfFinancingCostsAndDiscounts`	$90.60K	USD	2 Qtrs
Interest expense deferred financing costs	`AmortizationOfFinancingCostsAndDiscounts`	$46.11K	USD	1 Quarter
Interest expense deferred financing costs	`AmortizationOfFinancingCostsAndDiscounts`	$81.33K	USD	2 Qtrs
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-2.19M	USD	2 Qtrs
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-2.19M	USD	1 Quarter
Other expense	`OtherNonoperatingExpense`	$14.03K	USD	1 Quarter
Other expense	`OtherNonoperatingExpense`	$15.24K	USD	1 Quarter
Other expense	`OtherNonoperatingExpense`	$15.47K	USD	2 Qtrs
Other expense	`OtherNonoperatingExpense`	$23.79K	USD	2 Qtrs
Total other expense	`NonoperatingIncomeExpense`	$-1.18M	USD	2 Qtrs
Total other expense	`NonoperatingIncomeExpense`	$-3.26M	USD	2 Qtrs
Total other expense	`NonoperatingIncomeExpense`	$-614.53K	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-2.61M	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-7.43M	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-13.07M	USD	2 Qtrs
Net Loss	`NetIncomeLoss`	$-5.82M	USD	2 Qtrs
Net Loss	`NetIncomeLoss`	$-2.06M	USD	1 Quarter
Weighted average common shares outstanding basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	36.68M	shares	1 Quarter
Weighted average common shares outstanding basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	35.61M	shares	2 Qtrs
Weighted average common shares outstanding basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	33.08M	shares	2 Qtrs
Weighted average common shares outstanding basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	33.12M	shares	1 Quarter
Loss per common share basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.20	USD	1 Quarter
Loss per common share basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.06	USD	1 Quarter
Loss per common share basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.37	USD	2 Qtrs
Loss per common share basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.18	USD	2 Qtrs

Cash Flow Statement 67 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-7.43M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-13.07M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-5.82M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-2.06M	USD	1 Quarter
Depreciation	`Depreciation`	$217.88K	USD	2 Qtrs
Depreciation	`Depreciation`	$110.00K	USD	1 Quarter
Depreciation	`Depreciation`	$195.00K	USD	1 Quarter
Depreciation	`Depreciation`	$374.95K	USD	2 Qtrs
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$19.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$41.71K	USD	2 Qtrs
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$39.72K	USD	2 Qtrs
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$20.00K	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$90.60K	USD	2 Qtrs
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$81.33K	USD	2 Qtrs
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-2.19M	USD	2 Qtrs
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-2.19M	USD	1 Quarter
Provision for bad debt	`ProvisionForDoubtfulAccounts`	$99.83K	USD	2 Qtrs
Provision for bad debt	`ProvisionForDoubtfulAccounts`	$130.01K	USD	2 Qtrs
Provision for inventory write down	`InventoryWriteDown`	$582.03K	USD	2 Qtrs
Provision for inventory write down	`InventoryWriteDown`	$370.00K	USD	1 Quarter
Provision for inventory write down	`InventoryWriteDown`	$326.00K	USD	1 Quarter
Provision for inventory write down	`InventoryWriteDown`	$680.85K	USD	2 Qtrs
Share-based compensation	`ShareBasedCompensation`	$3.77M	USD	2 Qtrs
Share-based compensation	`ShareBasedCompensation`	$1.57M	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.47M	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.42M	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$1.53M	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$2.95M	USD	2 Qtrs
Prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$453.65K	USD	2 Qtrs
Prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$73.29K	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$838.93K	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$55.67K	USD	2 Qtrs
Contract and other liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$104.66K	USD	2 Qtrs
Contract and other liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$-30.63K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-6.03M	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-9.92M	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$653.68K	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$366.89K	USD	2 Qtrs
Acquisition of intangible assets	`PaymentsToAcquireIntangibleAssets`	$153.32K	USD	2 Qtrs
Acquisition of intangible assets	`PaymentsToAcquireIntangibleAssets`	$260.24K	USD	2 Qtrs
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-913.92K	USD	2 Qtrs
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-520.21K	USD	2 Qtrs
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$132.96M	USD	2 Qtrs
Cash paid for equity offering	`PaymentsOfStockIssuanceCosts`	$256.77K	USD	2 Qtrs
Borrowing on revolving loan	`ProceedsFromLinesOfCredit`	$26.12M	USD	2 Qtrs
Borrowing on revolving loan	`ProceedsFromLinesOfCredit`	$26.25M	USD	2 Qtrs
Payments on revolving loan and prepayment penalties	`RepaymentsOfLinesOfCredit`	$26.31M	USD	2 Qtrs
Payments on revolving loan and prepayment penalties	`RepaymentsOfLinesOfCredit`	$30.49M	USD	2 Qtrs
Repayments of long-term debt and prepayment penalties	`RepaymentsOfLongTermDebt`	$22.49M	USD	2 Qtrs
Repayments of long-term debt and prepayment penalties	`RepaymentsOfLongTermDebt`	$8.57K	USD	2 Qtrs
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$29.47K	USD	2 Qtrs
Proceeds from exercise of stock options and warrants	`ProceedsFromStockOptionsExercised`	$636.84K	USD	2 Qtrs
Proceeds from exercise of stock options and warrants	`ProceedsFromStockOptionsExercised`	$1.91M	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$107.89M	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$403.54K	USD	2 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$97.06M	USD	2 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-6.14M	USD	2 Qtrs
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$133.56M	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$23.87M	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$30.01M	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$36.51M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$133.56M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$23.87M	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`	$36.51M	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$1.06M	USD	2 Qtrs
Cash paid for interest	`InterestPaidNet`	$1.33M	USD	2 Qtrs

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