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Maker of biologic products (nerve grafts, connectors, wraps) used by surgeons to repair damaged peripheral nerves.
Maker of biologic products (nerve grafts, connectors, wraps) used by surgeons to repair damaged peripheral nerves.
Sells directly to hospitals and surgery centres through its own sales force rather than distributors, and is paid per graft or connector used, so revenue follows the number of nerve-repair operations. The Avance graft, processed nerve tissue from human donors, is the larger product; Axoguard products wrap and protect a repaired nerve.
Moat: narrow (IP / patents, regulatory licence, brand). Category-leading, FDA-regulated processed nerve-graft products with limited direct biologic competitors.
Headquarters: Tampa, Florida · Founded: 1999 · Employees: 622
Size Axogen (AXGN) is a United States Health Care company (Medical Specialties) with a market value of $2.99B, the 1559th largest of 3,117 United States companies the cockpit tracks. Shares closed at $50.02 on 6 Nov 2026.
Performance Over six months the shares gained 18.9%, against -0.6% for the median peer and -1.1% for the United States market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 24.3% over the last twelve months (peer median +4.7%); the operating margin is -5.2% (peer median 11.3%).
Valuation It trades at 76.5× forward earnings against a peer median of 27.1× (3rd most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 49% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is +34 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 17.5 points below its cost of capital (10.9% WACC).
Next results Next results expected around 23 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $267M | $225M | $187M | $159M | $139M |
| Revenue growth | — | +20% | +18% | +15% | — |
| Gross profit | $198M | $167M | $142M | $128M | $114M |
| EBITDA | -$4.42M | $659,000 | $4.55M | -$15.9M | -$24.9M |
| Net income | -$31.9M | -$15.7M | -$9.96M | -$21.7M | -$28.9M |
| Free cash flow | $22.0M | -$2.93M | $1.43M | -$19.6M | -$36.1M |
| Capital expenditure | $8.34M | $5.59M | $4.52M | $14.9M | $21.3M |
| Total debt | $19.5M | $67.6M | $68.7M | $69.3M | $67.4M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Axogen AXGN | $2.99B | +19% | +24% | -5% | 76.5× | 48.8% |
| Integra LifeSciences IART | $1.04B | -4% | +1% | 12% | 5.8× | 5.2% |
| Medtronic MDT | $130B | +35% | +10% | 20% | 16.9× | 8.6% |
| Baxter International BAX | $13.3B | +43% | +5% | 6% | 12.6× | 12.7% |
| Stryker SYK | $124B | +14% | +8% | 25% | 20.4× | 10.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | AXGN | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +38.2% | +3.6% | highest of 21 |
| 6-month return | +18.9% | -0.6% | 6th highest of 21 |
| Distance from 52-week high | -5.5% | -33.3% | 3rd highest of 21 |
| Revenue growth (TTM) | +24.3% | +4.7% | 4th highest of 20 |
| Operating margin | -5.2% | 11.3% | 3rd lowest of 20 |
| Forward P/E | 76.5× | 27.1× | 3rd most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 48.8% | 11.1% | 2nd most demanding of 15 |
| Growth delivered (Del g) | +14.9% | +8.4% | 4th highest of 15 |
| Hurdle (Req g minus delivered) | +33.9 pp | -1.2 pp | 4th most demanding of 15 |
| ROIC minus cost of capital | -17.5 pp | -0.6 pp | lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Axogen AXGN | United States | $2.99B | +19% | +24% | -5% | 76.5× | 48.8% | +14.9% |
| AtriCure ATRC | United States | $2.98B | +123% | +14% | 3% | 220.7× | 55.7% | +20.9% |
| iRhythm IRTC | United States | $2.97B | -25% | +26% | 1% | 182.6× | n/a | n/a |
| TransMedics TMDX | United States | $3.06B | +30% | +26% | 12% | 48.5× | 35.6% | +88.2% |
| COMET COTN.SW | Switzerland | $2.84B | -9% | -3% | 6% | 34.0× | n/a | n/a |
| Celcuity CELC | United States | $3.27B | -49% | n/a | n/a | n/a | n/a | n/a |
| Sumitomo Bakelite 4203.T | Japan | $3.31B | +15% | +15% | 13% | 14.9× | 6.8% | +8.9% |
| Zhende Medical 603301.SS | China | $3.33B | -8% | +8% | 7% | 43.5× | 23.2% | -16.1% |
| Ottobock SE & Co. KGaA OBCK.DE | Germany | $3.36B | -25% | +5% | 15% | 15.4× | 3.5% | +8.0% |
| Autobio Diagnostics 603658.SS | China | $3.41B | +19% | +3% | 25% | 20.6× | -0.3% | +7.2% |
| MGI Tech 688114.SS | China | $3.42B | +9% | +2% | -7% | n/a | 46.5% | -0.1% |
| Lepu Medical Technology (Beijing) 300003.SZ | China | $3.42B | -12% | -1% | 13% | 26.3× | 9.6% | -4.2% |
| Ambu A/S AMBU-B.CO | Denmark | $3.42B | +40% | +5% | 11% | 28.1× | 12.6% | +11.1% |
| Medacta MOVE.SW | Switzerland | $2.61B | -21% | +8% | 15% | 24.3× | n/a | n/a |
| Neogen NEOG | United States | $2.57B | +30% | 0% | 0% | 34.6× | n/a | n/a |
| Double Medical Technology 002901.SZ | China | $2.56B | -3% | +13% | 26% | 25.9× | 8.3% | +10.4% |
| Carl Zeiss Meditec AFX.DE | Germany | $3.51B | +40% | 0% | 8% | 26.8× | 13.7% | +10.8% |
| iRay Technology 688301.SS | China | $3.54B | -8% | +58% | 24% | 27.5× | n/a | n/a |
| EBOS EBO.AX | Australia | $2.52B | +1% | +3% | 3% | 15.2× | 4.3% | +6.8% |
| Andon Health 002432.SZ | China | $3.60B | -29% | -30% | -26% | 15.0× | -7.7% | -7.4% |
| Micro-Tech (Nanjing) 688029.SS | China | $2.46B | +3% | +6% | 18% | 29.0× | 12.8% | +19.2% |