Key Takeaways
- Axogen shares jumped 29% after third-quarter revenue rose 26% to $75.8 million and adjusted earnings of $0.21 a share beat the $0.13 analysts expected.
- The company raised its 2026 revenue guidance to at least $290 million, and the core business carries at least $283 million of it.
- Breast revenue grew more than 50%, and commercial payer coverage for Avance now reaches about 96% of US covered lives.
- Next up is Axogen’s Nov. 9 call on prostate, a market it plans to start building in 2027.
Axogen (AXGN) shares are up 29% today after the nerve-repair company beat Wall Street’s third-quarter estimates and raised its full-year outlook.
What Happened in Axogen’s Quarter
Axogen reported before the open:
- Revenue of $75.8 million, up 26.2% from a year ago and ahead of the $73.2 million analysts expected.
- Adjusted EPS of $0.21, against $0.13 expected and $0.12 a year ago.
- An adjusted EBITDA margin of 17.7%, up from 15.4% (even as gross margin slipped to 74.8% from 76.6%).
- 2026 revenue guidance of at least $290 million, up from at least $279 million and above the $285.6 million consensus.
At least $7 million of that comes from BioCircuit, which Axogen bought on Oct. 1. Without it, the business is still guided to at least $283 million, so the organic outlook went up too.
The Growth Has Staying Power
Breast revenue grew more than 50% from a year ago as Axogen added reps and won wider coverage. Decisions from Elevance Health (ELV) and Aetna, part of CVS Health (CVS), put commercial payer coverage for Avance, its nerve graft, at about 96% of US covered lives. And account productivity is up more than 20% year over year.
None of that resets next quarter, and analysts already had revenue climbing well past this year:
That $286 million estimate for 2026 was set before today’s raise and already sits below the new floor, so it looks set to move up.
TIKR Tracks 11 Analysts on Axogen. How Many Say “Buy”?
See the full breakdown of Buy, Hold, and Sell ratings on Axogen, along with Wall Street’s revenue and earnings estimates, all in one place. More than 500,000 investors use TIKR to research stocks like this one. See Axogen’s Analyst Ratings
Why Nov. 9 Matters for Axogen Stock
Axogen ended September with $350.1 million of cash and investments and no debt, though $200 million of that went to BioCircuit on Oct. 1. Stock sales raised the cash, and the share count is up about 27% since December.
Citing positive clinical study outcomes, Axogen plans to start building the prostate market in 2027, sizes the US opportunity at $754 million, and will walk through the data on Nov. 9.
The stock already prices in a lot of this: about 65x forward earnings at Tuesday’s close, and roughly 83x after today’s jump. The growth looks durable, and estimates should rise with it. At 83x, though, buyers are paying for much of it up front, so Nov. 9 has to show prostate can carry the next leg.
So what is Axogen stock actually worth?
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any of the stocks mentioned. Thank you for reading, and happy investing!
