Stock offering in third quarter helps boost AxoGen revenues

Staff report

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

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Virginia MacKoul

Virginia is a graduate from the University of Florida's College of Design Construction and Planning with a degree in Sustainability and the Built Environment, and a minor in Urban Regional Planning. Virginia joined the Front Street team in 2011, as an intern. Upon graduation, Virginia joined the Front Street team full-time as the Director of Client Services. Ms. MacKoul’s addition furthers Front Street’s continued growth and expansion within Gainesville and other North Central Florida markets. She was promoted to Director of Marketing in 2014 and now manages the firm’s team of interns and oversees all marketing and branding activity. Virginia was born in Boston and moved to Lee County, Florida in 1997. Virginia graduated her high school's International Baccalaureate program and started at the University of Florida with a focus on Architecture. Virginia shares Front Street's passion of giving back to the community and those in need. Virginia's hobbies include photography, cooking, football, movies, music, and spending time with her dog, Brinkley.

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