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AxoGen Reports Third Quarter 2011 Results

AxoGen, Inc. (OTCBB: AXGN) today reported third quarter of 2011 revenues of $1.1 million, a 42.5% increase over $0.8 million reported during the third quarter of 2010. The higher revenues reflect increased penetration into targeted accounts resulting from the broadening of the Company’s sales and marketing efforts.

In addition, the Company reported a net loss of $3.1 million, or $2.60 per common share, compared to a net loss of $.0.9 million, or $1.05 per common share, reported during the same period in 2010. The pro forma net loss for the quarter as if the merger had taken place on the first day of the period, was $3.0 million, or $0.28 per diluted share, compared to a pro forma net loss of $1.7 million, or $0.15 per diluted share, reported during the same period in 2010.

The reported loss for the period included approximately $643,000 of merger related expenses and $828,000 associated with a one-time, inventory write-off. These items represent $1.11 of the $2.60 loss per common share and $0.13 of the $0.28 pro forma loss per common share.

“I am pleased with our level of execution during this quarter,” stated Karen Zaderej, Chief Executive Officer of AxoGen. “We delivered solid year-over-year, topline growth during a period in which our management team was focused on efforts to complete our merger with LecTec.”

Gross Profit

Gross profit was $10,436 during the period and $1.59 million for the nine months and includes an $828,000 charge related to write-offs associated with expiring inventory and obsolete raw materials. The decrease in gross profit was primarily due to the inventory write-offs with additional contributing factors including a change in product mix and the resumption of manufacturing of Avance ® Nerve Graft in January 2011.

Sales General and Administrative Expenses (SG&A)

Sales, general and administrative expenses (SG&A) increased to $2.0 million during the third quarter of 2011, compared to $1.1 million reported last year and is attributed to the company’s strategic and continued broadening of sales and marketing efforts and approximately $643,000 of merger related expenses.

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