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Axogen (AXGN) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 28, 2026 · Axogen (AXGN) Q3 2026 earnings results →
Q3 2026 Revenue up 26% year over year to $75.8M · 3¢ of every $1 of revenue kept as net profit · operating margin 1.3%
Axogen made $75.8M in Q3 2026 (+26% Y/Y). Operating margin 1.3%, net earnings $2.3M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 28, 2026.
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What changed this quarter
Revenue was $75.8M in Q3 2026, up 26% year over year and up 9% from the previous quarter.
Gross margin was 74.8%, down 1.7 points from Q3 2025. Operating profit was $1.0M, a 1.3% margin (down 1.9 points year over year). Operating profit fell $1.0M even though revenue rose $15.8M versus Q3 2025, so costs grew faster than sales. Operating expenses grew 27% against revenue growth of 26%. The fastest-growing cost line was General & admin (+52%). Net earnings were $2.3M, up 230% year over year. The effective tax rate was 0.0%. Non-operating items added $1.4M, 59% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $16.5M (up 413% year over year), 708% of net earnings. Non-cash charges added back $1.7M of depreciation and amortization and $8.8M of share-based compensation. Working capital and other items added $3.7M. Capital expenditures of $1.4M left free cash flow of $15.1M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 28, 2026 | $75.8M | +26% | 1.3% | $2.3M | $16.5M |
| Q2 2026 | 10-Q | Jul 29, 2026 | $69.7M | +23% | -3.1% | −$1.5M | $7.2M |
| Q1 2026 | 10-Q | Apr 28, 2026 | $61.5M | +27% | -4.6% | −$19.6M | $1.6M |
| Q4 2025 | 10-K | Feb 24, 2026 | $59.9M | +21% | -16.3% | −$13.2M | $3.0M |
| Q3 2025 | 10-Q | Oct 29, 2025 | $60.1M | +24% | 3.2% | $708K | $3.2M |
| Q2 2025 | 10-Q | Aug 5, 2025 | $56.7M | +18% | 3.0% | $579K | $7.7M |
| Q1 2025 | 10-Q | May 8, 2025 | $48.6M | +17% | -3.4% | −$3.8M | −$13.2M |
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About Axogen
We are the leading company focused specifically on the science, development, and commercialization of technologies for peripheral nerve regeneration and repair. We are passionate about providing the opportunity to restore nerve function and quality of life for patients with peripheral nerve injuries. We provide innovative, clinically proven, and economically effective repair solutions for surgeons and healthcare providers. Peripheral nerves provide the pathways for both motor and sensory signals throughout the body. Every day, people suffer traumatic injuries or undergo surgical procedures that impact the function of their peripheral nerves. Physical damage to a peripheral nerve or the inability to properly reconnect peripheral nerves can result in the loss of muscle or organ function, the loss of sensory feeling, or the initiation of pain.
In its own words, from its 10-K, filed Feb 24, 2026.
Axogen against its Electromedical & Electrotherapeutic Apparatus peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +26% against the peers' median +14%. Operating margin: 1.3% against the peers' median 6.3%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| AXGN Axogen | Q3 2026 | $75.8M | +26% | 1.3% |
| MDT Medtronic | Q1 FY27 | $9.8B | +14% | 18.1% |
| ITGR Integer Holdings | Q3 2026 | $450M | -4% | 6.3% |
| LIVN LivaNova | Q3 2026 | $393M | +10% | 7.2% |
| CNMD Conmed | Q3 2026 | $336M | -0.7% | 11.1% |
| TMDX TransMedics Group | Q3 2026 | $203M | +41% | 13.9% |
| OM Outset Medical | Q3 2026 | $33.6M | +14% | -36.5% |
| CBLL Ceribell | Q3 2026 | $29.3M | +30% | -70.0% |
| BLFS Biolife Solutions | Q2 2026 | $28.5M | +22% | 6.0% |
Source: Axogen 10-Q on SEC EDGAR · CIK 805928 · Electromedical & Electrotherapeutic Apparatus
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History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results