Preliminary Unaudited Fourth Quarter and Year-End Performance Highlights
- Fourth quarter revenue is expected to be approximately
$31.5 million , a 3% decrease compared to fourth-quarter 2020 revenue of$32.5 million . - Full-year 2021 revenue is expected to be approximately
$127.3 million , a 13% increase compared to 2020 revenue of$112.3 million . - Fourth quarter revenue includes
$0.5 million from the reversal of a sales return reserve recorded in the second quarter of 2021 for Avive® Soft Tissue Membrane, for which the company voluntarily suspended market availability onJune 1, 2021 . Avive revenue in the fourth quarter 2020 was approximately$1.6 million ; and totaled approximately$4.1 million and$5.5 million for the years ended, 2021 and 2020, respectively. - Ended the fourth quarter with 115 direct sales representatives compared to 109 at the end of the third quarter and 111 as of
December 31, 2020 . - Increased Core Accounts in the fourth quarter to 294, a 9% increase compared to 269 in the fourth quarter a year ago. Revenue from Core Accounts continued to represent approximately 60% of total revenue.
- Increased Active Accounts in the fourth quarter to 951, a 6% increase from 893 in the fourth quarter a year ago. Revenue from the top 10% of our Active Accounts continued to represent approximately 35% of total revenue.
“Our commercial team continued to navigate variability in surgical procedure volumes and hospital staffing challenges, which negatively impacted revenue, particularly in the final weeks of the quarter due to a surge in COVID-19 cases,” commented
Updated 2021 Financial Guidance
Management now expects 2021 revenue to be approximately
Investor meetings scheduled this week
Members of the
The results disclosed in this press release are preliminary and unaudited. The Company expects to report full, audited results for the fourth quarter and year ended
About the RECON Clinical Study
RECON is a multicenter, prospective, randomized, subject, and evaluator blinded comparative clinical study of nerve cuffs (manufactured conduits) and Avance® Nerve Graft evaluating recovery outcomes for the repair of nerve discontinuities. The phase 3 pivotal study is designed to test for non-inferiority between the static two-point discrimination outcomes for Avance Nerve Graft and manufactured conduit. The study design also allows for a sequential test for superiority of Avance Nerve Graft, following the non-inferiority analysis.
About
Cautionary Statements Concerning Forward-Looking Statements
This press release contains “forward-looking” statements as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations or predictions of future conditions, events, or results based on various assumptions and management's estimates of trends and economic factors in the markets in which we are active, as well as our business plans. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “projects,” “forecasts,” “continue,” “may,” “should,” “will,” “goals,” and variations of such words and similar expressions are intended to identify such forward-looking statements. The forward-looking statements may include, without limitation, statements related to the expected impact of COVID-19 on our business, statements regarding our growth, our 2021 financial guidance, product development, product potential, regulatory process and approvals, APC renovation timing and expense, financial performance, sales growth, product adoption, market awareness of our products, data validation, our assessment of our internal controls over financial reporting, our visibility at and sponsorship of conferences and educational events. The forward-looking statements are and will be subject to risks and uncertainties, which may cause actual results to differ materially from those expressed or implied in such forward-looking statements. Forward-looking statements contained in this press release should be evaluated together with the many uncertainties that affect our business and our market, particularly those discussed under Part I, Item 1A., “Risk Factors,” of our Annual Report on Form 10-K for the fiscal year ended
Contact:
ejoyce@axogeninc.com
InvestorRelations@axogeninc.com
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