One-glance verdict
Overvalued
$2.79 our estimate vs market $45.44
Wall Street consensus: $53.90 (1,829.9% higher than our fair-value estimate)
1527% above our estimate, beyond the bull case
Fundamentals snapshot
Axogen, Inc.
AXGN · NCM · Healthcare · Medical Devices
Current price
$45.44
52-week range
$15.27 - $52.91
Market cap
$2.67B
Balance sheet
Healthy
-1.02x Concerning
Net cash $91.35M. Interest coverage shows how many times profit covers the interest bill.
What stands out
2 Rewards
2 Risks
2 rewards · 2 risks
- Reward Revenue grew 11.5% last year.
- Reward Free cash flow was positive in 1/10 years.
- Risk Net debt grew 40.0% over 3 years.
- Risk Return on equity was -18.2% last year — the company lost money on shareholders' equity.
What this company does
Axogen, Inc.
Axogen is a medical company that creates products to help surgeons repair damaged nerves, for example, after an injury to a hand or leg. It makes money by selling items like nerve grafts (specially prepared tissue from donors used to bridge a gap in a nerve) and protective wraps directly to hospitals and surgical centers. By focusing on this very specific area of medicine, the company's success depends on convincing surgeons that its products are the best option for helping patients recover.
How the company got here
Axogen was founded in 2002, based on research from the University of Florida and the University of Texas at Austin to improve upon traditional nerve repair methods. A key moment for the company was in 2011 when it merged with another company, which allowed it to become publicly traded and raise money more easily. In 2013, it had its initial public offering (IPO), which is when a private company first sells shares of stock to the public, raising $18 million. The company is focused on providing surgical solutions for repairing peripheral nerves, which are the nerves outside of your brain and spinal cord.
What it actually does
Axogen creates and sells products that surgeons use to repair damaged nerves in the body. Imagine a nerve is like an electrical wire that gets cut; Axogen's products act like special materials to help reconnect that wire and allow it to heal properly. These products are used in hospitals and surgery centers for various procedures, from traumatic injuries to breast reconstruction. The company's goal is to make nerve repair a standard and expected part of medical care.
Peripheral Nerve Regeneration and Repair
This is Axogen's single and primary business segment, which focuses entirely on developing and selling technologies for nerve repair. The company makes money by selling its portfolio of products directly to hospitals and surgical centers where surgeons perform these specialized repairs. Its main products are the Avance Nerve Graft, which is a processed human nerve tissue used to bridge a gap in a severed nerve, and the Axoguard family of products, which help connect, protect, and cap nerve endings. This single segment generates all of the company's revenue (the total amount of money generated from sales).
What management is betting on now
Axogen's main strategy is to get more surgeons to use its products in a wider variety of procedures, moving beyond just trauma to areas like oral surgery, breast reconstruction, and pain management. The company is focused on educating surgeons, gathering clinical evidence to prove its products work well, and making sure hospitals are able to get paid back by insurance for using them. Recently, in September 2026, Axogen announced it would acquire BioCircuit Technologies for $200 million to add a new product called NerveTape, a sutureless (stitch-free) device for connecting nerves. This acquisition is intended to make nerve repair simpler and accessible to more surgeons, which management believes will help the company grow.
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$3.30M
FY2024 Q4
$8.06M
FY2025 Q1
$-13.44M
FY2025 Q2
$7.01M
FY2025 Q3
$1.70M
FY2025 Q4
$1.79M
FY2026 Q1
$-1.22M
FY2026 Q2
$6.33M
Revenue
$69.73M
Net income
$-1.52M
Diluted EPS
-0.03
Operating cash flow
$7.22M
Free cash flow
$6.33M
Fetching…
Sources
Revenue
$61.46M
Net income
$-19.58M
Diluted EPS
-0.38
Operating cash flow
$1.56M
Free cash flow
$-1.22M
Fetching…
Sources
Revenue
$59.90M
Net income
$-13.16M
Diluted EPS
-0.28
Operating cash flow
$3.04M
Free cash flow
$1.79M
Fetching…
Sources
Revenue
$60.08M
Net income
$708.00K
Diluted EPS
0.01
Operating cash flow
$3.22M
Free cash flow
$1.70M
Fetching…
Sources
Revenue
$56.66M
Net income
$579.00K
Diluted EPS
0.01
Operating cash flow
$7.73M
Free cash flow
$7.01M
Fetching…
Sources
Revenue
$48.56M
Net income
$-3.83M
Diluted EPS
-0.08
Operating cash flow
$-13.18M
Free cash flow
$-13.44M
Fetching…
Sources
Revenue
$49.40M
Net income
$450.00K
Diluted EPS
0.00
Operating cash flow
$8.73M
Free cash flow
$8.06M
Fetching…
Sources
Revenue
$48.64M
Net income
$-1.86M
Diluted EPS
-0.04
Operating cash flow
$3.90M
Free cash flow
$3.30M
Fetching…
Sources
Is it cheap or expensive?
Fair value $2.79 vs current price $45.44
Wall Street consensus is the average analyst price target: $53.90 (1,829.9% higher than our fair-value estimate).
Our most-likely fair value is $2.79 a share — about 93.9% below today's price of $45.44, so the stock currently looks expensive (overvalued).
Is it drowning in debt?
Healthy
Net cash $91.3M - more cash than debt. Interest coverage -1.0x.
Net debt
$-91.35M
Interest coverage
-1.02x
Axogen, Inc.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 1 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
AXGN
BASELINE
Axogen, Inc.
Total debt $20.07M Interest coverage -1.02x This is the baseline the peer rows are being compared against.
Total debt $2.05B Interest coverage 0.21x This peer still has a real interest-payment cushion, while AXGN does not.
Total debt $29.09M Interest coverage 371.93x This peer still has a real interest-payment cushion, while AXGN does not.
Total debt $93.13M Interest coverage 17.53x This peer still has a real interest-payment cushion, while AXGN does not.
Total debt $17.21M Interest coverage 63.51x This peer still has a real interest-payment cushion, while AXGN does not.
What you should know
The case for and against AXGN
2 Rewards
2 Risks
Rewards
-
Revenue grew 11.5% last year.
-
Free cash flow was positive in 1/10 years.
Risks
-
Net debt grew 40.0% over 3 years.
-
Return on equity was -18.2% last year — the company lost money on shareholders' equity.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
—
Forward P/E
66.34x
P/B
9.51x
P/S
10.61x
EV/EBITDA
-394.03x
PEG ratio
99.04x
Profitability
How much profit each dollar creates
Gross margin
74.6%
Operating margin
-3.1%
Net margin
-13.4%
ROE
-18.2%
ROA
-3.1%
Health
Liquidity and balance-sheet strength
Debt / equity
0.08x
Current ratio
6.60x
Quick ratio
4.79x
Total debt
$20.07M
Total cash
$111.41M
Growth
How the business has been compounding
Revenue TTM
$251.17M
Revenue 5Y CAGR
15.3%
EPS TTM
-0.67
EPS 5Y CAGR
—
Cash flow
How much cash the business throws off
Operating CF TTM
$15.05M
Free CF TTM
$-2.93M
FCF margin
-1.2%
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
2010-01-27