AxoGen (NSDQ:AXGN) posted third-quarter results today that beat the consensus forecast on Wall Street.
The Alachua, Fla.-based company reported losses of -$6.1 million, or -14¢, on sales of $28.6 million for the three months ended Sept. 30, 2019, for a bottom-line gain of 26.4% sales growth of 26% compared with Q3 2018.
Adjusted to exclude one-time items, earnings per share were -7¢, 4¢ ahead of The Street, where analysts were looking for sales of $28.3 million.
“We delivered solid financial results during the quarter, and I am pleased with the progress we are making to improve our commercial operations,” CEO and president Karen Zaderej said in a news release. “We are rebalancing our efforts toward our largest market opportunity, extremity trauma, which represents the most efficient and effective path to sustainable long-term growth.”
“We will continue to invest in the breast reconstruction neurotization and oral and maxillofacial markets and expect to expand these efforts as these nascent markets continue to develop,” Zaderej said. “Additionally, we are slowing the rate of sales force expansion to enable further productivity gains across our existing commercial footprint. We are encouraged with the early results of these initiatives and will continue to evaluate and build upon them throughout the remainder of the year and into 2020.”
AxoGen confirmed its outlook stating an expected revenue of $106 million and $110 million. The company expects gross margin to stay above 80%.
AXGN shares were up 1.43% to $13.47 apiece at market open.