Axogen (AXGN) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Axogen published the results on October 28, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Axogen reports EPS two ways: GAAP, under the accounting rules every US filer follows, and adjusted, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Axogen completed its acquisition of BioCircuit Technologies, the developer of NerveTape, on October 1, 2026, after the quarter ended. Q3 2026 revenue does not include BioCircuit.
• Axogen's Q1 2026 GAAP loss included a $16.8 million loss on extinguishment of debt from repaying its credit facility.

Source: Axogen Q3 2026 results, October 28, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Axogen splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Axogen's U.S. revenue was $75.1 million in Q3 2026, up 26% from $59.4 million in Q3 2025, 99% of total revenue.
• Axogen's International revenue was $0.8 million in Q3 2026, up 21% from $0.6 million in Q3 2025, 1% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, Axogen said:

“For 2026, we expect full-year revenue of at least $290 million, representing growth of at least 29%, including at least $7 million revenue from the BioCircuit acquisition.”

“Excluding BioCircuit, we expect organic revenue to be at least $283 million, representing growth of at least 26%.”

“We continue to expect gross margin to be at least 73%, and positive free cash flow for the full-year.”

Source: Axogen Q3 2026 release, Oct 28, 2026.

This is the company's own guidance as of Oct 28, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the AXGN forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP revenues and GAAP diluted EPS, each as first reported in that quarter's release.

We do not hold a confirmed date for Axogen's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 28, 2026

Axogen's revenue was $75.8 million in Q3 2026, up 26.2% from $60.1 million a year earlier. In its 10-Q Axogen put the increase down mainly to higher unit volume and the impact of changes in price. Almost all of it is domestic: U.S. revenues were $75.1 million and international revenues $780 thousand. (Axogen Q3 2026 release, Oct 28, 2026; Axogen Form 10-Q, Q3 2026, Oct 28, 2026)

Axogen sells products for peripheral nerve repair, led by Avance Nerve Graft, processed human nerve allograft with more than 120,000 implants since launch. The FDA approved the Biologics License Application for Avance on December 3, 2025. Axogen also sells the Axoguard Nerve Connector and Axoguard Nerve Protector through an exclusive distribution agreement that runs to December 31, 2030. (Axogen Form 10-K, 2025, Feb 24, 2026; Axogen Form 10-Q, Q3 2026, Oct 28, 2026)

Axogen says year-to-date growth was broad-based across its Extremities, Oral Maxillofacial & Head and Neck, and Breast markets, driven by 20% plus year-over-year account productivity, a larger sales force and better commercial insurance coverage. Commercial payer coverage for Avance reached approximately 96% of covered lives in the United States after positive decisions from Elevance and Aetna. Its results presentation put Breast growth at more than 50% year over year. (Axogen Q3 2026 release, Oct 28, 2026; Axogen Q3 2026 results presentation, Oct 28, 2026)

Axogen's gross margin was 74.8%, against 76.6% a year earlier. The 10-Q attributes the decline to higher product costs, partly offset by lower inventory write-offs. (Axogen Form 10-Q, Q3 2026, Oct 28, 2026)

On October 1, 2026 Axogen completed the acquisition of BioCircuit Technologies, developer of NerveTape, for a base price of $200 million in cash. It funded the deal from an upsized public offering of 5,646,500 shares that raised $225 million of net proceeds, and it plans to begin Prostate market development in 2027. (Axogen Q3 2026 release, Oct 28, 2026; Axogen Form 10-Q, Q3 2026, Oct 28, 2026)

Axogen's GAAP net income was $2.3 million, or $0.04 per diluted share, in Q3 2026, against $0.7 million, or $0.01, a year earlier. Adjusted net income was $13.1 million, or $0.21 per share, against $6.1 million, or $0.12. Axogen's adjusted figures exclude non-cash stock-based compensation ($8.8 million in the quarter), BioCircuit transaction and integration costs ($2.0 million) and losses on extinguishment of debt. (Axogen Q3 2026 release, Oct 28, 2026)

Axogen's share count rose after two stock offerings in 2026: 4,600,000 shares at $31.00 in January and the upsized offering of 5,646,500 shares in September. Diluted weighted average shares were 61,525,789 in Q3 2026, against 49,088,436 a year earlier. Axogen repaid its credit facility in the first quarter and recorded a $16.8 million loss on extinguishment of debt, which is why its nine-month GAAP result was a net loss of $18.8 million. (Axogen Q3 2026 release, Oct 28, 2026; Axogen Form 10-Q, Q3 2026, Oct 28, 2026)

Adjusted EBITDA was $13.4 million, or 17.7% of revenue, against $9.2 million and 15.4% a year earlier. Axogen ended the quarter with no long-term debt and $350.1 million of cash, cash equivalents, restricted cash and investments, up from $113.4 million at June 30, 2026. (Axogen Q3 2026 release, Oct 28, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Axogen gives full-year guidance in its release. With Q3 2026 it raised its 2026 revenue outlook to at least $290 million, growth of at least 29%, including at least $7 million from BioCircuit. Excluding BioCircuit it expects organic revenue of at least $283 million, growth of at least 26%. It kept its expectation of gross margin of at least 73% and positive free cash flow for the year. (Axogen Q3 2026 release, Oct 28, 2026)

Through nine months Axogen had revenue of $207.0 million and free cash flow of $18.9 million. Its results presentation lists a 15% to 20% revenue growth rate as a strategic priority. (Axogen Q3 2026 release, Oct 28, 2026; Axogen Q3 2026 results presentation, Oct 28, 2026)

A consensus figure is the average of the models published by the analysts who cover Axogen, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Axogen's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning AXGN is on is AXGN a buy or a sell?, what analysts expect next is on the AXGN forecast, and what the company does is on the Axogen (AXGN) stock page.

Every number on this page can be traced to a document Axogen published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.