AXGN · 10-Q · 2026Q1 · Full report

Revenue Concentration Risk

Axogen, Inc. · 2026-04-28 · Importance 71 · Surprise 60

While Axogen offers nerve repair products in the U.S., Canada, Germany, the United Kingdom, Spain and several other countries, the Company derives substantially all of its revenues from sales of its nerve repair products to customers in the U.S.,This geographic concentration means U.S. reimbursement changes (e.g., the new CMS Level 3 Nerve Procedure Code effective January 1, 2026) and commercial insurer coverage decisions materially affect revenue; for example, the Company reported higher Avance facility reimbursement increases year-over-year tied to the CMS code change.,The Company's strategy emphasizes deeper penetration of Level 1 trauma centers and academic-affiliated hospitals in the U.S., underscoring the revenue concentration in that geography.

Key facts

• The company derives substantially all of its revenues from sales of nerve repair products to customers in the U.S.