Axogen's preliminary unaudited revenue for the fourth quarter of 2024 has surpassed analyst expectations, driving a significant boost in the company's stock price. The company reported an anticipated fourth-quarter revenue of approximately $49.4 million, marking a 15.1% increase compared to the same period in 2023. This growth is attributed to the successful execution of commercial strategies and increased adoption of Axogen's surgical solutions, particularly in the Extremities and OMF-Head & Neck applications, as well as the Resensation® procedure for post-mastectomy breast reconstruction. CEO Michael Dale expressed satisfaction with the company's performance, highlighting the effectiveness and efficiency improvements across the business.
The full-year revenue for 2024 is expected to reach around $187.3 million, representing a 17.8% increase over the previous year. Axogen also projects a full-year gross margin above 75.5% and an increase in cash, cash equivalents, and investments to approximately $39.5 million by the end of 2024. These positive financial indicators reflect the company's strategic focus on high-potential accounts and the adoption of its comprehensive peripheral nerve surgical algorithm.
Axogen (AXGN) shares have surged 15.85% to $17.69 as of 1:52 pm on January 10th, up from the previous close of $15.27.