Axogen’s earnings negatively impacted by pandemic, but execs are hopeful for future
November 4, 2021 -
Tampa-based Axogen Inc. (NASDAQ: AXGN), a global leader in developing innovative surgical solutions for peripheral nerve injuries, suffered a negative impact from its third-quarter results, which were released this week. Net revenue was $31.2 million during the quarter, a 7% decrease compared to the third quarter 2020 revenue of $33.4 million. Prior-year revenue included approximately $3.3 million from procedures deferred from the first half of 2020 as a result of the initial impact of the Covid-19 pandemic, and approximately $1.5 million from the sale of Avive Soft Tissue Membrane, for which the company voluntarily suspended market availability on June 1, 2021. “Our third-quarter results were negatively impacted by lower-than-expected procedure volumes as hospitals addressed an increase in Covid cases and staffing challenges,” Chairman and CEO Karen Zaderej said in the release. “We view these lower procedure volumes in the third quarter as transitory in nature, and we are confident in the underlying strength of our business as well as our ability to support our customers as surgical schedules and staffing challenges improve.” Read the full Q3 earnings results here. Axogen's office is based in Tampa and its lab is based in Alachua.