ALACHUA, Fla., Jan. 08, 2018 (GLOBE NEWSWIRE) -- AxoGen, Inc. (NASDAQ:AXGN), a global leader in developing and marketing innovative surgical solutions for peripheral nerve injuries, today announced preliminary unaudited fourth quarter and full year 2017 revenue and selected business highlights for the quarter and year ended December 31, 2017.
Preliminary Revenue and Selected Business Highlights
Fourth quarter revenue is expected to be at least $16.5 million, up 45% compared to the fourth quarter of 2016 revenue of $11.4 million
Full year 2017 revenue is expected to be at least $60.0 million, up 46% compared to 2016 revenue of $41.1 million
Ended the quarter with 60 direct sales representatives and 20 independent distributors
Completed 15 national education programs in 2017 and expect to conduct 18 programs in 2018
“We are pleased to report another successful quarter and a solid finish to 2017,” said Karen Zaderej, president and CEO of AxoGen. “These results reflect the strength of our growing platform for nerve repair where we see continued momentum in our core trauma, nerve protection and oral and maxillofacial markets. We enter 2018 with an expanding sales force that will allow us to continue growth in our core markets while also supporting our newest application in breast reconstruction neurotization.”
2017 Financial Guidance
Management increases its full year 2017 revenue guidance to at least $60.0 million. Management reiterates its full year 2017 gross margin guidance to exceed 80%.
2018 Financial Guidance
Management reiterates 2018 annual revenue will grow at least 40% over 2017 revenue and gross margins will remain above 80%.
Upcoming Investor Event
Members of the AxoGen senior management team will participate in The Trout Group Annual 1-on-1 Management Access Event in San Francisco, January 8–10, 2018. To request a meeting, please contact axogenevents@troutgroup.com.
AxoGen will also participate in the Leerink 7th Annual Global Healthcare Conference in New York City, February 14, 2018.
The results disclosed in this press release are preliminary and unaudited. The Company will report full, audited results for the fourth quarter and year ended December 31, 2017 on February 28, 2018.
