AXGNAxogen, Inc.

Electromedical & Electrotherapeutic Apparatus

Revenue: $225M; 20% YoY
Operating margin: -3.5%; 99% YoY
EBITDA: −$1M; 137% YoY
Market cap: $2.9B
Employees: 622; $362K revenue each
Net debt / EBITDA: —; −$281M net debt
AI in 10-K: 0.0; mentions per 10K words

Takeover score 5 of 13

Fixable underperformance 2 of 7

TSR below peersYes
4 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
13% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
91% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$362K · 45th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.0 per 10K words · 0th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.9B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$18M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$127M	$139M	$159M	$187M	$225M	20%
Operating income	−$25M	−$30M	−$21M	−$3M	−$8M	139%
Net income	−$27M	−$29M	−$22M	−$10M	−$16M	58%
Operating cash flow	−$13M	−$16M	−$6M	$5M	$812K	82%
Capex	$28M	$20M	$14M	$3M	$4M	21%
Stock-based comp	$11M	$16M	$14M	$16M	$30M	89%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $18M · 38
Net: −$18M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	183	125
FY2024	—	—	92	93
FY2023	—	—	39	96
FY2022	—	—	55	89
FY2021	—	—	52	100