10-Q Filing

AXOGEN, INC. CIK: 805928 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001558370-20-005412`
Period End Date	20200331
Filing Date	20200506
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	axgn-20200506x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 30 Cash Flow Statement 64 Stockholders Equity 19

Balance Sheet 66 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.09M	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$619.00K	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`	100.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$35.72M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$35.89M	USD	Point-in-time
Restricted cash	`RestrictedCash`	$6.00M	USD	Point-in-time
Restricted cash	`RestrictedCash`	$6.00M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	39.74M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	39.59M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	39.74M	shares	Point-in-time
Investments	`ShortTermInvestments`	$47.15M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	39.59M	shares	Point-in-time
Investments	`ShortTermInvestments`	$60.79M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $619 and $1,092, respectively	`AccountsReceivableNetCurrent`	$16.94M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $619 and $1,092, respectively	`AccountsReceivableNetCurrent`	$13.02M	USD	Point-in-time
Inventory	`InventoryNet`	$13.86M	USD	Point-in-time
Inventory	`InventoryNet`	$14.56M	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$3.73M	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$1.71M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$135.02M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$120.35M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$20.06M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$14.89M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$3.13M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$2.79M	USD	Point-in-time
Finance lease right-of-use assets	`FinanceLeaseRightOfUseAsset`	$82.00K	USD	Point-in-time
Finance lease right-of-use assets	`FinanceLeaseRightOfUseAsset`	$87.00K	USD	Point-in-time
Intangible assets	`FiniteLivedIntangibleAssetsNet`	$1.51M	USD	Point-in-time
Intangible assets	`FiniteLivedIntangibleAssetsNet`	$1.60M	USD	Point-in-time
Total assets	`Assets`	$154.64M	USD	Point-in-time
Total assets	`Assets`	$144.88M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$19.13M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$17.69M	USD	Point-in-time
Current maturities of long term obligations	`LongTermDebtCurrent`	$1.78M	USD	Point-in-time
Current maturities of long term obligations	`LongTermDebtCurrent`	$1.74M	USD	Point-in-time
Contract liabilities, current	`ContractWithCustomerLiabilityCurrent`	$14.00K	USD	Point-in-time
Contract liabilities, current	`ContractWithCustomerLiabilityCurrent`	$18.00K	USD	Point-in-time
Contract liabilities, current	`ContractWithCustomerLiabilityCurrent`	$24.00K	USD	Point-in-time
Contract liabilities, current	`ContractWithCustomerLiabilityCurrent`	$14.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$19.49M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$20.88M	USD	Point-in-time
Long term obligations, net of current maturities	`LongTermDebtNoncurrent`	$1.19M	USD	Point-in-time
Long term obligations, net of current maturities	`LongTermDebtNoncurrent`	$1.59M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityNoncurrent`	$12.00K	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityNoncurrent`	$42.00K	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityNoncurrent`	$15.00K	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityNoncurrent`	$34.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$22.49M	USD	Point-in-time
Total liabilities	`Liabilities`	$20.69M	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; 39,738,767 and 39,589,755 shares issued and outstanding	`CommonStockValue`	$396.00K	USD	Point-in-time
Common stock, $0.01 par value per share; 100,000,000 shares authorized; 39,738,767 and 39,589,755 shares issued and outstanding	`CommonStockValue`	$397.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$311.62M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$311.85M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-188.05M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-179.86M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$124.19M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$140.74M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$132.15M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$146.98M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$144.88M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$154.64M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$23.29M	USD	1 Quarter
Revenues	`Revenues`	$24.26M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$3.71M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$4.82M	USD	1 Quarter
Gross profit	`GrossProfit`	$19.57M	USD	1 Quarter
Gross profit	`GrossProfit`	$19.45M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$16.43M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$17.84M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$4.14M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$4.61M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$9.20M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$5.50M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$27.95M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$29.77M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-10.20M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-8.51M	USD	1 Quarter
Investment income	`InvestmentIncomeNonoperating`	$311.00K	USD	1 Quarter
Investment income	`InvestmentIncomeNonoperating`	$716.00K	USD	1 Quarter
Interest expense	`InterestExpenseNet`	$31.00K	USD	1 Quarter
Interest expense	`InterestExpenseNet`	$14.00K	USD	1 Quarter
Other expense	`OtherNonoperatingIncomeExpense`	$37.00K	USD	1 Quarter
Other expense	`OtherNonoperatingIncomeExpense`	$-3.00K	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$317.00K	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$699.00K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-8.19M	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-9.50M	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`	39.70M	shares	1 Quarter
Loss per common share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.24	USD	1 Quarter
Loss per common share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.21	USD	1 Quarter

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-8.19M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-9.50M	USD	1 Quarter
Depreciation	`Depreciation`	$211.00K	USD	1 Quarter
Depreciation	`Depreciation`	$307.00K	USD	1 Quarter
Amortization of right-of-use assets	`RightOfUseAssetAmortization`	$470.00K	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`	$36.00K	USD	1 Quarter
Provision for bad debt	`ProvisionForDoubtfulAccounts`	$22.00K	USD	1 Quarter
Provision for bad debt	`ProvisionForDoubtfulAccounts`	$16.00K	USD	1 Quarter
Provision for inventory write-down	`InventoryWriteDown`	$444.00K	USD	1 Quarter
Provision for inventory write-down	`InventoryWriteDown`	$924.00K	USD	1 Quarter
Changes in investment gains and losses	`ChangeInNetUnrealizedHoldingGainLoss`	$49.00K	USD	1 Quarter
Changes in investment gains and losses	`ChangeInNetUnrealizedHoldingGainLoss`	$294.00K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$556.00K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$2.31M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-112.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-3.90M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$1.63M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$1.58M	USD	1 Quarter
Prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$2.02M	USD	1 Quarter
Prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.78M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.16M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-1.90M	USD	1 Quarter
Operating lease obligations	`OperatingLeasePayments`	$423.00K	USD	1 Quarter
Operating lease obligations	`OperatingLeasePayments`	$472.00K	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`	$-3.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-8.05M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-8.87M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.02M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$478.00K	USD	1 Quarter
Purchase of investments	`PaymentsToAcquireInvestments`	$11.76M	USD	1 Quarter
Purchase of investments	`PaymentsToAcquireInvestments`	$48.91M	USD	1 Quarter
Proceeds from sale of investments	`ProceedsFromSaleOfAvailableForSaleSecuritiesDebt`	$57.17M	USD	1 Quarter
Proceeds from sale of investments	`ProceedsFromSaleOfAvailableForSaleSecuritiesDebt`	$25.45M	USD	1 Quarter
Cash payments for intangible assets	`PaymentsToAcquireIntangibleAssets`	$9.00K	USD	1 Quarter
Cash payments for intangible assets	`PaymentsToAcquireIntangibleAssets`	$119.00K	USD	1 Quarter
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$7.77M	USD	1 Quarter
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$8.55M	USD	1 Quarter
Payments for repurchase of common stock for employee tax withholding	`PaymentsForRepurchaseOfCommonStock`	$639.00K	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`	$7.00K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$332.00K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$316.00K	USD	1 Quarter
Net cash provided by /( used for) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-328.00K	USD	1 Quarter
Net cash provided by /( used for) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$325.00K	USD	1 Quarter
Net increase / (decrease) in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-772.00K	USD	1 Quarter
Net increase / (decrease) in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$170.00K	USD	1 Quarter
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`	$30.29M	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`	$29.52M	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`	$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`	$14.00K	USD	1 Quarter
Acquisition of fixed assets in accounts payable and accrued expenses	`CapitalExpendituresIncurredButNotYetPaid`	$946.00K	USD	1 Quarter
Acquisition of fixed assets in accounts payable and accrued expenses	`CapitalExpendituresIncurredButNotYetPaid`	$3.67M	USD	1 Quarter
Right-of-use asset and operating lease liability (Adoption of ASC 842)	`NoncashRightOfUseAssetsAndOperatingLeaseLiability`	$618.00K	USD	1 Quarter
Right-of-use asset and operating lease liability (Adoption of ASC 842)	`NoncashRightOfUseAssetsAndOperatingLeaseLiability`	$120.00K	USD	1 Quarter

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$124.19M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$140.74M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$132.15M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$146.98M	USD	Point-in-time
Beginning Balance (in shares)	`CommonStockSharesOutstanding`	39.74M	shares	Point-in-time
Beginning Balance (in shares)	`CommonStockSharesOutstanding`	39.59M	shares	Point-in-time
Net Loss	`NetIncomeLoss`	$-8.19M	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-9.50M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.31M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$556.00K	USD	1 Quarter
Shares surrendered by employees to pay tax withholdings	`PaymentsForRepurchaseOfCommonStock`	$639.00K	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$316.00K	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$950.00K	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$124.19M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$140.74M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$132.15M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$146.98M	USD	Point-in-time
Ending Balance (in shares)	`CommonStockSharesOutstanding`	39.74M	shares	Point-in-time
Ending Balance (in shares)	`CommonStockSharesOutstanding`	39.59M	shares	Point-in-time

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