AxoGen reported a 49 percent increase in revenues during the third quarter that saw the company raise $18.6 million in a stock offering and move up from the Over-the-Counter Bulletin Board to the Nasdaq stock exchange.
The Alachua company makes peripheral nerve repair products used in surgeries and trades under the stock symbol AXGN.
AxoGen reported $2.96 million in revenues in the period ending Sept. 30 compared with $1.98 million in the third quarter of 2012, with the increase driven by sales to new accounts and increased sales to existing accounts. The company had a net loss of $3.55 million, or $0.25 per share, compared with a net loss of $2.24 million and $0.20 per share a year ago.
Total costs and expenses increased 32 percent to $4.58 million compared with $3.48 million a year ago because of increased sales and marketing, costs associated with being a public company, and research and development. As a percentage of revenues, total operating expenses dropped to 155 percent from 178 percent a year ago since revenue increases outpaced costs.
The company had working capital of $26.7 million on Sept. 30 compared with $16.8 million a year prior.
AxoGen plans to lease two new facilities by the end of the year, one in Alachua with an additional 6,900 square feet and a new space in Burleson, Texas, to allow same-day shipping in western time zones.
Source: The GainesvilleSun