Axogen, a company specializing in surgical solutions for peripheral nerve injuries, experienced a decline in its stock price following its guidance for revenue growth in fiscal 2024 that was lower than expected.
Stock Performance
Shares of Axogen dropped by 13% to $9.17 on Tuesday, even though they had seen a year-to-date increase of 34%.
Revenue Outlook
The Florida-based company provided guidance for full-year revenue in the range of $177 million to $181 million for 2024, representing an 11% to 14% growth from the previous year's $159 million. Analysts predicted revenue to reach approximately $178.9 million according to FactSet.
Company's Statement
"We wanted to give guidance that we feel fully confident with," stated Chief Financial Officer Nir Naor.
Earnings Report
In addition to the revenue forecast, Axogen also released its fourth-quarter earnings which surpassed analysts' expectations.
The company reported a loss of $3.9 million, or 9 cents per share, for the fourth quarter, an improvement from the $5.4 million loss, or 13 cents per share, in the same period last year.
After adjusting for certain one-time items, Axogen reported a loss of 6 cents per share compared to 3 cents per share in the previous year. Analysts had anticipated an adjusted loss of 7 cents per share.
Revenue Growth
Fourth-quarter revenue showed an increase of 18.7% year over year, reaching $42.9 million, surpassing analysts' expectations of $41.3 million.
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