10-Q Filing

AXOGEN, INC. CIK: 805928 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0001558370-19-004464`
Period End Date	20190331
Filing Date	20190508
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	axgn-20190331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 61 Income Statement 30 Cash Flow Statement 59 Stockholders Equity 14

Balance Sheet 61 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.12M	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.13M	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`	$23.52M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$24.29M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	39.13M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	38.90M	shares	Point-in-time
Restricted cash	`RestrictedCash`	$6.00M	USD	Point-in-time
Restricted cash	`RestrictedCash`	$6.00M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	38.90M	shares	Point-in-time
Investments	`ShortTermInvestments`	$92.31M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	39.13M	shares	Point-in-time
Investments	`ShortTermInvestments`	$84.32M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $1,133 and $1,117, respectively	`AccountsReceivableNetCurrent`	$15.19M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $1,133 and $1,117, respectively	`AccountsReceivableNetCurrent`	$15.32M	USD	Point-in-time
Inventory	`InventoryNet`	$13.12M	USD	Point-in-time
Inventory	`InventoryNet`	$11.98M	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$3.47M	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$1.04M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$150.95M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$145.63M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$9.16M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$8.04M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$4.44M	USD	Point-in-time
Finance lease right-of-use assets	`FinanceLeaseRightOfUseAsset`	$104.00K	USD	Point-in-time
Intangible assets	`FiniteLivedIntangibleAssetsNet`	$1.16M	USD	Point-in-time
Intangible assets	`FiniteLivedIntangibleAssetsNet`	$1.18M	USD	Point-in-time
Total assets	`Assets`	$160.49M	USD	Point-in-time
Total assets	`Assets`	$160.17M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$13.00M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$15.11M	USD	Point-in-time
Current maturities of long term obligations	`LongTermDebtCurrent`	$1.36M	USD	Point-in-time
Current maturities of long term obligations	`LongTermDebtCurrent`	$28.00K	USD	Point-in-time
Contract liabilities, current	`ContractWithCustomerLiabilityCurrent`	$24.00K	USD	Point-in-time
Contract liabilities, current	`ContractWithCustomerLiabilityCurrent`	$18.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$13.04M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$16.49M	USD	Point-in-time
Long Term Obligations, net of current maturities	`LongTermDebtNoncurrent`	$35.00K	USD	Point-in-time
Long Term Obligations, net of current maturities	`LongTermDebtNoncurrent`	$3.22M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$70.00K	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityNoncurrent`	$34.00K	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityNoncurrent`	$42.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$19.75M	USD	Point-in-time
Total liabilities	`Liabilities`	$13.19M	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; 39,128,843 and 38,900,875 shares issued and outstanding	`CommonStockValue`	$391.00K	USD	Point-in-time
Common stock, $0.01 par value per share; 100,000,000 shares authorized; 39,128,843 and 38,900,875 shares issued and outstanding	`CommonStockValue`	$389.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$297.32M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$300.58M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-160.23M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-150.73M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$140.74M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$21.69M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$25.18M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$146.98M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$160.17M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$160.49M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$17.26M	USD	1 Quarter
Revenues	`Revenues`	$23.29M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$3.71M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$2.71M	USD	1 Quarter
Gross profit	`GrossProfit`	$14.55M	USD	1 Quarter
Gross profit	`GrossProfit`	$19.57M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$16.43M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$12.47M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$2.06M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$4.14M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$5.01M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$9.20M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$19.54M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$29.77M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-4.99M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-10.20M	USD	1 Quarter
Investment income	`InvestmentIncomeNonoperating`	$716.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$14.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$586.00K	USD	1 Quarter
Interest expense deferred financing costs	`AmortizationOfFinancingCostsAndDiscounts`	$61.00K	USD	1 Quarter
Other expense	`OtherNonoperatingExpense`	$3.00K	USD	1 Quarter
Other expense	`OtherNonoperatingExpense`	$1.00K	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$-648.00K	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$699.00K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-9.50M	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-5.64M	USD	1 Quarter
Weighted average common shares outstanding basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	38.93M	shares	1 Quarter
Weighted average common shares outstanding basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	34.52M	shares	1 Quarter
Loss per common share basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.16	USD	1 Quarter
Loss per common share basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.24	USD	1 Quarter

Cash Flow Statement 59 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-9.50M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.64M	USD	1 Quarter
Depreciation	`Depreciation`	$211.00K	USD	1 Quarter
Depreciation	`Depreciation`	$180.00K	USD	1 Quarter
Amortization of right-of-use assets	`RightOfUseAssetAmortization`	$437.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$26.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$20.00K	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$61.00K	USD	1 Quarter
Provision for bad debt	`ProvisionForDoubtfulAccounts`	$57.00K	USD	1 Quarter
Provision for bad debt	`ProvisionForDoubtfulAccounts`	$16.00K	USD	1 Quarter
Inventory write-downs	`InventoryWriteDown`	$444.00K	USD	1 Quarter
Inventory write-downs	`InventoryWriteDown`	$354.00K	USD	1 Quarter
Change in net unrealized gains and losses	`ChangeInNetUnrealizedHoldingGainLoss`	$294.00K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$1.73M	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$2.31M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$759.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-112.00K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$1.58M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$1.09M	USD	1 Quarter
Prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.78M	USD	1 Quarter
Prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$502.00K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.16M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-241.00K	USD	1 Quarter
Operating lease obligations	`OperatingLeasePayments`	$423.00K	USD	1 Quarter
Cash paid for interest portion of finance leases	`FinanceLeaseInterestPaymentOnLiability`	$1.00K	USD	1 Quarter
Contract and other liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$-2.00K	USD	1 Quarter
Contract and other liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$-13.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-5.84M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-8.87M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$360.00K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$478.00K	USD	1 Quarter
Proceeds from sale of investments	`ProceedsFromSaleOfAvailableForSaleSecuritiesDebt`	$57.17M	USD	1 Quarter
Purchase of investments	`PaymentsToAcquireInvestments`	$48.91M	USD	1 Quarter
Acquisition of intangible assets	`PaymentsToAcquireIntangibleAssets`	$141.00K	USD	1 Quarter
Acquisition of intangible assets	`PaymentsToAcquireIntangibleAssets`	$9.00K	USD	1 Quarter
Net cash provided by / (used for) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-501.00K	USD	1 Quarter
Net cash provided by / (used for) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$7.77M	USD	1 Quarter
Borrowing on revolving loan	`ProceedsFromLinesOfCredit`	$16.15M	USD	1 Quarter
Payments on revolving loan and prepayment penalties	`RepaymentsOfLinesOfCredit`	$16.16M	USD	1 Quarter
Repayments of long-term debt and prepayment penalties	`RepaymentsOfLongTermDebt`	$3.00K	USD	1 Quarter
Cash paid for debt portion of finance leases	`FinanceLeasePrincipalPayments`	$7.00K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$332.00K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$419.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$399.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$325.00K	USD	1 Quarter
Net decrease in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-772.00K	USD	1 Quarter
Net decrease in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-5.95M	USD	1 Quarter
Cash, cash equivalents, and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$36.51M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$30.29M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$29.52M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$30.56M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$36.51M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$30.29M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$29.52M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$30.56M	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$14.00K	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$577.00K	USD	1 Quarter
Payments of fixed assets in accounts payable and accrued expenses	`CapitalExpendituresIncurredButNotYetPaid`	$946.00K	USD	1 Quarter
Proceeds from stock option exercise in Other Receivables	`ProceedsFromStockOptionExerciseInOtherReceivables`	$618.00K	USD	1 Quarter

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$140.74M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$21.69M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$25.18M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$146.98M	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-9.50M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.64M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.31M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.73M	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$419.00K	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$950.00K	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$140.74M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$21.69M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$25.18M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$146.98M	USD	Point-in-time

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