AxoGen, Inc (AXGN) saw its loss widen to $5.63 million, or $0.17 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $3.61 million, or $0.12 a share. On the other hand, adjusted net loss for the quarter narrowed to $3.18 million, or $0.10 a share from a loss of $3.61 million or $0.12 a share, a year ago.
Revenue during the quarter surged 46.10 percent to $11.41 million from $7.81 million in the previous year period. Gross margin for the quarter expanded 209 basis points over the previous year period to 83.96 percent. Operating margin for the quarter stood at negative 23.84 percent as compared to a negative 33.96 percent for the previous year period.
Operating loss for the quarter was $2.72 million, compared with an operating loss of $2.65 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at negative $2.59 million compared to negative $2.58 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at negative 22.71 percent for the quarter compared to negative 33.03 percent in the last year period.
"We are pleased to complete another successful quarter, with record revenues of $11.4 million and growth of 46 percent," stated Karen Zaderej, President and Chief Executive Officer. "We also made several important strategic advancements in the quarter, including the launch of Avive™ Soft Tissue Membrane, continued expansion of our sales team, the launch of new market development activities in breast reconstruction neurotization and the repair of lower limb iatrogenic nerve injuries, as well as our continued efforts in surgeon education."
Operating cash flow remains negative
AxoGen, Inc has spent $11.20 million cash to meet operating activities during the year as against cash outgo of $13.05 million in the last year.
The company has spent $1.19 million cash to meet investing activities during the year as against cash outgo of $0.56 million in the last year.
Cash flow from financing activities was $16.50 million for the year, down 47.29 percent or $14.80 million, when compared with the last year.
Cash and cash equivalents stood at $30.01 million as on Dec. 31, 2016, up 15.84 percent or $4.10 million from $25.91 million on Dec. 31, 2015.
Working capital increases
AxoGen, Inc has recorded an increase in the working capital over the last year. It stood at $32.96 million as at Dec. 31, 2016, up 5.15 percent or $1.61 million from $31.34 million on Dec. 31, 2015. Current ratio was at 3.97 as on Dec. 31, 2016, down from 9.45 on Dec. 31, 2015.
Debt comes down marginally
AxoGen, Inc has recorded a decline in total debt over the last one year. It stood at $24.31 million as on Dec. 31, 2016, down 1.58 percent or $0.39 million from $24.70 million on Dec. 31, 2015. Short-term debt stood at $4.05 million as on Dec. 31, 2016. Total debt was 52.44 percent of total assets as on Dec. 31, 2016, compared with 65.79 percent on Dec. 31, 2015. Debt to equity ratio was at 1.63 as on Dec. 31, 2016, down from 3.01 as on Dec. 31, 2015.
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