AxoGen, Inc. (OTCBB: AXGN):
Second Quarter 2012 Highlights
- Record revenues of $2.01 million, a 64% increase from second quarter 2011
- Gross profit for second quarter 2012 increased 89% to a record $1.5 million
- Gross profit margins improved to 75% compared to 65% for the same period in 2011
AxoGen, Inc. (OTCBB: AXGN), a leading regenerative medicine company focused on the commercialization of proprietary products and technologies for peripheral nerve reconstruction and regeneration, today announced revenues for the second quarter ended June 30, 2012 of $2.01 million, a 64% increase over second quarter 2011 revenues of $1.65 million.
“We are pleased to once again have a record quarter,” commented Karen Zaderej, Chief Executive Officer of AxoGen, Inc. “We continue to gain traction in the market by building awareness of our products and I am particularly pleased with the level of receptivity we’re experiencing with surgeons to our entire product portfolio. The handling characteristics and growing body of clinical data continue to drive adoption of Avance® Nerve Graft. In addition, during this quarter we saw solid growth of our AxoGuard® Nerve Protector and AxoGuard® Nerve Connector. AxoGen’s portfolio of products for nerve repair have unique features that are making them the product of choice with many surgeons.”Revenues Revenues for the period were $2.01 million, a 64% increase, compared to $1.23 million in 2011. The improved results were primarily due to improving sales and marketing efforts which have been focused on the development of new accounts as well as improved penetration into key accounts. Sequentially, revenues improved 22% from the reported first quarter 2012 of $1.65 million. Gross Profit Gross profit reached $1.51 million, an 89% increase, for second quarter 2012 up from $0.80 million reported for the same period 2011. The higher gross profit was the result of increased revenues combined with lower manufacturing cost. The gross profit margin increased to 75% compared to 65% for the same quarter last year.