Form 8-K

8-K — Axogen, Inc.

Accession: 0000805928-26-000106

Filed: 2026-10-28

Period: 2026-10-28

CIK: 0000805928

SIC: 3845 (ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — axgn-20261028.htm (Primary)

EX-99.1 — EX-99.1 Q3 2026 EARNINGS PRESS RELEASE (ex991axgnearningsreleaseda.htm)

EX-99.2 — EX-99.2 THIRD QUARTER FINANCIAL RESULTS PRESENTATION (axgn_q3earningsreleasepr.htm)

EX-99.3 — EX-99.3 CORPORATE PRESENTATION DATED OCTOBER 2026 (q32026_axgnxcorporatepre.htm)

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8-K — FORM 8-K

8-K (Primary)

Filename: axgn-20261028.htm · Sequence: 1

axgn-20261028

0000805928false00008059282026-10-282026-10-28

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

Current Report

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 28, 2026

AXOGEN, INC.

(Exact Name of Registrant as Specified in Charter)

Minnesota

(State or Other Jurisdiction of

Incorporation or Organization)

001-36046

(Commission File Number)

41-1301878

(I.R.S. Employer Identification No.)

13631 Progress Boulevard, Suite 400 Alachua, Florida

(Address of principal executive offices)

32615

(Zip Code)

(386) 462-6800

(Registrant's telephone number, including area code)

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e- 4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of exchange on which registered

Common Stock, $0.01 par value AXGN The Nasdaq Stock Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition

On October 28, 2026, Axogen, Inc. (the “Company”) issued a press release announcing its third quarter 2026 financial results. A copy of the press release is furnished as Exhibit 99.1.

The information furnished pursuant to Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of such section, nor shall it be incorporated by reference into future filings by the Company under the Securities Act of 1933, as amended (the “Securities Act”), or under the Exchange Act, unless the Company expressly sets forth in such future filing that such information is to be considered “filed” or incorporated by reference therein.

Item 7.01 Regulation FD Disclosure

On October 28, 2026, the Company posted a third quarter 2026 financial results presentation to its website at https://ir.axogeninc.com/news-events. The Company may use the financial results presentation from time to time in conversation with analysts, investors, and others. A copy of the presentation is furnished as Exhibit 99.2.

On October 28, 2026, the Company posted an updated corporate presentation to its website at https://ir.axogeninc.com/news-events. The Company may use the corporate presentation from time to time in conversation with analysts, investors, and others. A copy of the corporate presentation is furnished as Exhibit 99.3.

The information in this Item 7.01, including Exhibits 99.2 and 99.3, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section and shall not be deemed incorporated by reference into any filing under the Securities Act or Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit No.

Description

99.1

Axogen Inc. Earnings Press Release, dated October 28, 2026

99.2

Axogen Inc. Third Quarter Financial Results Presentation, dated October 28, 2026

99.3

Axogen Inc. Corporate Presentation, dated October 2026

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

AXOGEN, INC.

Dated: October 28, 2026

By: /s/ Marc Began

Marc Began

Executive Vice President, General Counsel and Chief Compliance Officer

EX-99.1 — EX-99.1 Q3 2026 EARNINGS PRESS RELEASE

EX-99.1

Filename: ex991axgnearningsreleaseda.htm · Sequence: 2

Document

Exhibit 99.1

Axogen, Inc. Reports Third Quarter 2026 Financial Results

Raises Full Year Revenue Guidance to at Least 29% Growth or $290 million

ALACHUA and TAMPA, FL – October 28, 2026 – Axogen, Inc. (NASDAQ: AXGN), a global leader in developing and marketing innovative surgical solutions for the restoration of peripheral nerve function, today reported financial results and business highlights for the third quarter ended September 30, 2026.

Third Quarter Financial Results

•Revenue was $75.8 million, an increase of 26.2% compared to $60.1 million in the third quarter of 2025.

•Gross margin was 74.8% compared to 76.6% in the third quarter of 2025.

•Net income was $2.3 million, or $0.04 per share, compared to $0.7 million, or $0.01 per share for the third quarter of 2025.

•Adjusted net income was $13.1 million, or $0.21 per share, as compared to $6.1 million, or $0.12 per share for the third quarter of 2025.

•Adjusted EBITDA was $13.4 million, compared to $9.2 million for the third quarter of 2025.

•Cash and cash equivalents, restricted cash, and investments as of September 30, 2026 was $350.1 million, as compared to $113.4 million as of June 30, 2026, an increase of $236.7 million.

“We are delighted with our third-quarter and year-to-date revenue performance and the progress we continue to make across each of Axogen’s strategic plan priorities,” said Michael Dale, President and CEO of Axogen, Inc. “Our strong growth across all markets, continues to validate our market development strategies and the strength of our commercial execution. We remain well positioned to achieve our 2026 revenue guidance and longer-term strategic objectives.”

Summary of Business Highlights

•Year-to-date revenue growth through the third quarter of 2026 was broad-based across Extremities, Oral Maxillofacial & Head and Neck, and Breast, driven by 20% plus year-over-year account productivity, expanding sales force coverage, and improving commercial insurance coverage and payment.

•Received positive coverage decisions from Elevance and Aetna; commercial payer coverage for Avance is now approximately 96% of covered lives in the United States.

•We closed an upsized public offering with the sale of 5,646,500 shares of common stock and receipt of $225 million of net proceeds. $200 million of the net proceeds were used to fund the BioCircuit acquisition and $1.9 million were used to fund transaction related expenses, with the remaining funds available for general corporate purposes.

•On October 1, 2026, we completed the acquisition of BioCircuit Technologies, Inc. (“BioCircuit”), a privately held medical device company and developer of NerveTape®.

•Based on positive clinical study outcomes, we have made the decision to initiate Prostate market development beginning in 2027. Axogen management will host a prostate specific investment-community conference call and webcast on November 9, 2026 at 9:00 a.m. Investors interested in participating in the conference call by phone may dial toll-free at (877) 407-0993 or use the direct dial-in number at (201) 689-8795. A live webcast, an archived replay, and presentation slides from the event will be available on the Investors page of the Company’s website at www.axogeninc.com.

2026 Financial Guidance

For 2026, we expect full-year revenue of at least $290 million, representing growth of at least 29%, including at least $7 million revenue from the BioCircuit acquisition. Excluding BioCircuit, we expect organic revenue to be at least $283 million, representing growth of at least 26%. We continue to expect gross margin to be at least 73%, and positive free cash flow for the full-year.

Conference Call

The Company will host a conference call and webcast for the investment community today at 8:00 a.m. ET. Investors interested in participating in the conference call by phone may do so by dialing toll free at (877) 407-0993 or use the direct dial-in number at (201) 689-8795. Those interested in listening to the conference call live via the internet may do so by visiting the Investors page of the Company’s website at www.axogeninc.com and clicking on the webcast link.

Following the conference call, a replay will be available in the Investors section of the Company’s website at www.axogeninc.com under Investors.

About Axogen

Axogen (AXGN) is the leading company focused specifically on the science, development and commercialization of technologies for peripheral nerve regeneration and repair. Axogen employees are passionate about providing the opportunity to restore nerve function and quality of life for patients with peripheral nerve injuries by providing innovative, clinically proven and economically effective repair solutions for surgeons and healthcare providers. Peripheral nerves provide the pathways for both motor and sensory signals throughout the body. Every day people suffer traumatic injuries or undergo surgical procedures that impact the function of their peripheral nerves. Physical damage to a peripheral nerve or the inability to properly reconnect peripheral nerves can result in the loss of muscle or organ function, the loss of sensory feeling, or the initiation of pain.

Axogen’s product portfolio includes Avance® (acellular nerve allograft-arwx), Avance® Nerve Graft, Axoguard Nerve Connector®, Axoguard Nerve Protector®, Axoguard HA+ Nerve Protector™, Axoguard Nerve Cap®, Avive+ Soft Tissue Matrix®, and NerveTape®.

For more information, visit www.axogeninc.com.

Cautionary Statements Concerning Forward-Looking Statements

This press release and accompanying earnings call contain “forward-looking” statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements under the heading “2026 Financial Guidance” and statements regarding our ability to successfully integrate BioCircuit and realize the anticipated benefits of the acquisition, our business model optimization plans; market development strategies and objectives; our strategic investments, including the expected benefits and opportunities of such investments; our expectations around the potential positive impact on our business of expanded coverage and reimbursement for peripheral nerve injuries using synthetic conduits or allografts; our ability to sustain growth, operate profitably, generate positive cash flows, and fund our market development initiatives. These statements are based on management’s current expectations and estimates of trends and economic factors in the markets in which we are active. Words such as “expects,” “anticipates,” “objectives,” “targets,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “projects,” “forecasts,” “continue,” “may,” “should,” “will,” and variations of such words and similar expressions are intended to identify such forward-looking statements. Actual results or events could differ materially from those described in any forward-looking statements as a result of factors, including, without limitation, the risks and challenges associated with integrating BioCircuit and the realization of the anticipated benefits of the acquisition, disruptions from global supply chain issues, inflation, hospital staffing challenges, product development timelines, regulatory processes, financial performance, surgeon adoption rates, market awareness of our products, the estimated total addressable market, as well as those risk factors described under Part I, Item 1A, “Risk Factors,” in our most recent Annual Report on Form 10-K and other risks and uncertainties that may be detailed from time to time in reports filed by the Company with the SEC. Forward-looking statements are

not a guarantee of future performance, and actual results may differ materially from those projected. Forward-looking statements speak only as of the date they are made and, except as required by applicable law, we assume no responsibility to publicly update or revise any forward-looking statements.

About Non-GAAP Financial Measures

To supplement our condensed consolidated financial statements, we use the non-GAAP financial measures of EBITDA, which measures earnings before interest, income taxes, depreciation and amortization, EBITDA margin, and Adjusted EBITDA, which further excludes non-cash stock-based compensation expense, BioCircuit transaction and integration costs, and the loss on extinguishment of debt, and Adjusted EBITDA margin. We also use the non-GAAP financial measures of Adjusted Net Income and Adjusted Net Income Per Common Share - diluted which excludes non-cash stock-based compensation expense, BioCircuit transaction and integration costs, and the loss on extinguishment of debt from Net Income (Loss) and Net Income (Loss) Per Common Share - diluted. Additionally, we use the non-GAAP financial measure of Free Cash Flow which consists of net cash provided by operating activities, less expenditures for property and equipment, and intangible assets.

These non-GAAP measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures should be read in conjunction with our financial statements prepared in accordance with GAAP. The reconciliations of the non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP should be carefully evaluated.

We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, and analyzing future periods. We believe these non-GAAP financial measures are useful to investors because (i) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (ii) they are used by our institutional investors and the analyst community to help them analyze the performance of our business.

Contact:

Axogen, Inc.

InvestorRelations@axogeninc.com

Axogen, Inc.

Condensed Consolidated Balance Sheets

(unaudited)

(in thousands, except share and per share amounts)

September 30,

2026 December 31,

2025

Assets

Current assets

Cash and cash equivalents $ 328,888  $ 35,548

Restricted cash 2,000  4,000

Investments 19,180  5,980

Accounts receivable, net of allowance for doubtful accounts of $770 and $948, respectively

34,008  26,169

Inventory 49,063  42,373

Prepaid expenses and other assets 4,953  6,352

Total current assets 438,092  120,422

Property and equipment, net 81,946  81,783

Operating lease right-of-use assets 13,394  12,732

Intangible assets, net 7,910  6,750

Other assets, net 8,997  —

Total assets $ 550,339  $ 221,687

Liabilities and shareholders’ equity

Current liabilities

Accounts payable and accrued expenses $ 34,626  $ 21,184

Current maturities of long-term lease obligations 1,830  2,372

Total current liabilities 36,456  23,556

Long-term debt, net of debt discount and financing fees —  48,387

Long-term lease obligations 17,639  16,870

Debt derivative liabilities —  3,886

Other long-term liabilities 141  141

Total liabilities 54,236  92,840

Shareholders’ equity

Common stock, $0.01 par value per share; 100,000,000 shares authorized; 59,724,524 and 47,199,797 shares issued and outstanding, respectively

597  472

Additional paid-in capital 821,235  435,338

Accumulated deficit (325,729) (306,963)

Total shareholders’ equity 496,103  128,847

Total liabilities and shareholders’ equity $ 550,339  $ 221,687

Axogen, Inc.

Condensed Consolidated Statements of Operations

(unaudited)

(in thousands, except share and per share amounts)

Three Months Ended Nine Months Ended

September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025

Revenues $ 75,834  $ 60,082  $ 207,022  $ 165,304

Cost of goods sold 19,103  14,089  53,428  42,360

Gross profit 56,731  45,993  153,594  122,944

Costs and expenses

Sales and marketing 30,361  25,680  89,821  70,529

Research and development 8,950  7,565  25,056  20,509

General and administrative 16,465  10,836  42,750  29,983

Total costs and expenses 55,776  44,081  157,627  121,021

Income (loss) from operations 955  1,912  (4,033) 1,923

Other income (expense)

Investment income 1,431  319  2,985  816

Interest expense (1) (1,757) (696) (5,984)

Loss on extinguishment of debt —  —  (16,849) —

Change in fair value of debt derivative liabilities —  209  —  531

Other (expense) income, net (51) 25  (173) 167

Total other income (expense), net 1,379  (1,204) (14,733) (4,470)

Net income (loss) $ 2,334  $ 708  $ (18,766) $ (2,547)

Weighted average common shares outstanding — basic 55,158,424  46,494,598  53,437,633  45,905,069

Weighted average common shares outstanding — diluted 61,525,789  49,088,436  53,437,633  45,905,069

Net income (loss) per common share — basic $ 0.04  $ 0.02  $ (0.35) $ (0.06)

Net income (loss) per common share — diluted $ 0.04  $ 0.01  $ (0.35) $ (0.06)

Axogen, Inc.

Condensed Consolidated Statements of Cash Flows

(unaudited)

(in thousands)

Nine Months Ended

September 30, 2026 September 30, 2025

Cash flows from operating activities:

Net loss $ (18,766) $ (2,547)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

Depreciation 4,787  5,027

Amortization of right-of-use assets 1,305  294

Amortization of intangible assets 329  221

Amortization of debt discount and deferred financing fees 68  666

Provision for bad debts 4  358

Loss on disposal of equipment 26  —

Change in fair value of debt derivative liabilities —  (531)

Investment gains, net (191) (238)

Loss on extinguishment of debt 16,849  —

Stock-based compensation expense 24,403  13,501

Change in operating assets and liabilities:

Accounts receivable (7,843) (7,028)

Inventory (6,690) (7,398)

Prepaid expenses and other assets 1,399  (619)

Other assets, net (1,989) —

Accounts payable and accrued expenses 13,359  (2,985)

Operating lease obligations (1,724) (833)

Cash paid for interest portion of financing lease obligations (4) (3)

Other long-term liabilities —  (111)

Net cash provided by (used in) operating activities 25,322  (2,226)

Cash flows from investing activities:

Purchase of property and equipment (5,074) (2,498)

Purchase of investments (27,209) (13,723)

Proceeds from sale of investments 14,200  8,000

Purchases of equity investments held at cost (7,008) —

Cash payments for intangible assets (1,306) (1,138)

Net cash used in investing activities $ (26,397) $ (9,359)

(CONTINUED...)

Axogen, Inc.

Condensed Consolidated Statements of Cash Flows

(unaudited)

(in thousands)

Nine Months Ended

September 30, 2026 September 30, 2025

Cash flows from financing activities:

Proceeds from issuance of common stock $ 359,622  $ —

Payment of stock issuance costs (1,341) —

Repayment of long-term debt (48,585) —

Fees paid to lender related to debt extinguishment (20,498) —

Fees paid to third parties related to debt extinguishment (107) —

Payments of employee tax withholding on vested stock awards (9,447) —

Cash paid for debt portion of financing lease obligations (14) (11)

Proceeds from exercise of stock options and ESPP stock purchases 12,785  5,944

Net cash provided by financing activities 292,415  5,933

Net increase (decrease) in cash and cash equivalents, and restricted cash 291,340  (5,652)

Cash and cash equivalents, and restricted cash, beginning of period 39,548  33,554

Cash and cash equivalents, and restricted cash, end of period $ 330,888  $ 27,902

Axogen, Inc.

Condensed Consolidated Statements of Changes in Shareholders’ Equity

(unaudited)

(in thousands, except share amounts)

Common Stock Additional Paid-in

Capital Accumulated

Deficit Total Shareholders'

Equity

Shares Amount

Three Months Ended September 30, 2026

Balance at June 30, 2026 53,656,293  $ 537  $ 583,783  $ (328,063) $ 256,257

Net income —  —  —  2,334  2,334

Issuance of common shares 5,646,500  57  224,972  —  225,029

Stock-based compensation —  —  8,794  —  8,794

Issuance of restricted and performance stock units, net of shares withheld for withholding taxes 9,507  —  (174) —  (174)

Exercise of stock options 412,224  3  3,860  —  3,863

Balance at September 30, 2026 59,724,524  $ 597  $ 821,235  $ (325,729) $ 496,103

Nine Months Ended September 30, 2026

Balance at December 31, 2025 47,199,797  $ 472  $ 435,338  $ (306,963) $ 128,847

Net loss —  —  —  (18,766) (18,766)

Issuance of common shares 10,246,500  103  358,178  —  358,281

Stock-based compensation —  —  24,403  —  24,403

Issuance of restricted and performance stock units, net of shares withheld for withholding taxes 1,130,195  11  (9,458) —  (9,447)

Exercise of stock options and employee stock purchases under the ESPP 1,148,032  11  12,774  —  12,785

Balance at September 30, 2026 59,724,524  $ 597  $ 821,235  $ (325,729) $ 496,103

Three Months Ended September 30, 2025

Balance at June 30, 2025 45,765,290  $ 457  $ 406,334  $ (294,515) $ 112,276

Net income —  —  —  708  708

Stock-based compensation —  —  5,424  —  5,424

Issuance of restricted and performance stock units 81,925  1  (1) —  —

Exercise of stock options 270,068  3  2,394  —  2,397

Balance at September 30, 2025 46,117,283  $ 461  $ 414,151  $ (293,807) $ 120,805

Nine Months Ended September 30, 2025

Balance at December 31, 2024 44,148,836  $ 441  $ 394,726  $ (291,260) $ 103,907

Net loss —  —  —  (2,547) (2,547)

Stock-based compensation —  —  13,501  —  13,501

Issuance of restricted and performance stock units 1,301,062  13  (13) —  —

Exercise of stock options and employee stock purchases under the ESPP 667,385  7  5,937  —  5,944

Balance at September 30, 2025 46,117,283  $ 461  $ 414,151  $ (293,807) $ 120,805

Axogen, Inc.

Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures

(unaudited)

(in thousands, except share and per share amounts)

EBITDA & Adjusted EBITDA Three Months Ended Nine Months Ended

September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025

Net income (loss) $ 2,334  $ 708  $ (18,766) $ (2,547)

Depreciation and amortization expense 1,694  1,730  5,116  5,248

Investment income (1,431) (319) (2,985) (816)

Income tax expense (benefit) 32  (62) 220  4

Interest expense 1  1,757  696  5,984

EBITDA - non-GAAP 2,630  3,814  (15,719) 7,873

EBITDA margin - non-GAAP 3.5  % 6.3  % (7.6) % 4.8  %

Non-cash stock-based compensation expense 8,794  5,424  24,403  13,501

BioCircuit transaction and integration costs 1,969  —  1,969  —

Loss on extinguishment of debt —  —  16,849  —

Adjusted EBITDA - non-GAAP $ 13,393  $ 9,238  $ 27,502  $ 21,374

Adjusted EBITDA margin - non-GAAP 17.7  % 15.4  % 13.3  % 12.9  %

Adjusted Net Income Three Months Ended September 30, 2026

GAAP Results Non-cash Stock-based Compensation Expense BioCircuit Transaction and Integration Costs Adjusted Results

Revenues $ 75,834  $ —  $ —  $ 75,834

Cost of goods sold 19,103  (695) —  18,408

Gross profit 56,731  695  —  57,426

Costs and expenses

Sales and marketing 30,361  (2,176) —  28,185

Research and development 8,950  (1,826) —  7,124

General and administrative 16,465  (4,097) (1,969) 10,399

Total costs and expenses 55,776  (8,099) (1,969) 45,708

Income from operations 955  8,794  1,969  11,718

Other income (expense)

Investment income 1,431  —  —  1,431

Interest expense (1) —  —  (1)

Other expense, net (51) —  —  (51)

Total other income, net 1,379  —  —  1,379

Net income $ 2,334  $ 8,794  $ 1,969  $ 13,097

Weighted average common shares outstanding - diluted 61,525,789  61,525,789  61,525,789  61,525,789

Net income per common share - diluted $ 0.04  $ 0.14  $ 0.03  $ 0.21

Axogen, Inc.

Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures

(unaudited)

(in thousands, except share and per share amounts)

Adjusted Net Income Three Months Ended September 30, 2025

GAAP Results Non-cash Stock-based Compensation Expense Adjusted Results

Revenues $ 60,082  $ —  $ 60,082

Cost of goods sold 14,089  (706) 13,383

Gross profit 45,993  706  46,699

Costs and expenses

Sales and marketing 25,680  (1,524) 24,156

Research and development 7,565  (1,047) 6,518

General and administrative 10,836  (2,147) 8,689

Total costs and expenses 44,081  (4,718) 39,363

Income from operations 1,912  5,424  7,336

Other income (expense)

Investment income 319  —  319

Interest expense (1,757) —  (1,757)

Change in fair value of debt derivative liabilities 209  —  209

Other income, net 25  —  25

Total other expense, net (1,204) —  (1,204)

Net income $ 708  $ 5,424  $ 6,132

Weighted average common shares outstanding - diluted 49,088,436  49,088,436  49,088,436

Net income per common share - diluted $ 0.01  $ 0.11  $ 0.12

Axogen, Inc.

Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures

(unaudited)

(in thousands, except share and per share amounts)

Adjusted Net Income Nine Months Ended September 30, 2026

GAAP Results Non-cash Stock-based Compensation Expense BioCircuit Transaction and Integration Costs Loss on Extinguishment of Debt

Dilutive Shares Impact(1)

Adjusted Results

Revenues $ 207,022  $ —  $ —  $ —  $ 207,022

Cost of goods sold 53,428  (2,824) —  —  50,604

Gross profit 153,594  2,824  —  —  156,418

Costs and expenses

Sales and marketing 89,821  (5,737) —  —  84,084

Research and development 25,056  (5,040) —  —  20,016

General and administrative 42,750  (10,802) (1,969) —  29,979

Total costs and expenses 157,627  (21,579) (1,969) —  134,079

(Loss) income from operations (4,033) 24,403  1,969  —  22,339

Other income (expense)

Investment income 2,985  —  —  —  2,985

Interest expense (696) —  —  —  (696)

Loss on extinguishment of debt (16,849) —  —  16,849  —

Other expense, net (173) —  —  —  (173)

Total other (expense) income, net (14,733) —  —  16,849  2,116

Net (loss) income $ (18,766) $ 24,403  $ 1,969  $ 16,849  $ 24,455

Weighted average common shares outstanding - diluted 53,437,633  53,437,633  53,437,633  53,437,633  6,097,037  59,534,670

Net (loss) income per common share - diluted $ (0.35) $ 0.46  $ 0.04  $ 0.32  $ (0.04) $ 0.41

__________

(1)Due to a GAAP net loss, antidilutive securities are excluded from GAAP diluted weighted average common shares outstanding. However, considering the adjusted net income position, adjusted diluted weighted average common shares outstanding incorporates securities that would have been dilutive for GAAP.

Axogen, Inc.

Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures

(unaudited)

(in thousands, except share and per share amounts)

Adjusted Net Income Nine Months Ended September 30, 2025

GAAP Results Non-cash Stock-based Compensation Expense

Dilutive Shares Impact(1)

Adjusted Results

Revenues $ 165,304  $ —  $ 165,304

Cost of goods sold 42,360  (1,406) 40,954

Gross profit 122,944  1,406  124,350

Costs and expenses

Sales and marketing 70,529  (3,422) 67,107

Research and development 20,509  (2,796) 17,713

General and administrative 29,983  (5,877) 24,106

Total costs and expenses 121,021  (12,095) 108,926

Income from operations 1,923  13,501  15,424

Other income (expense)

Investment income 816  —  816

Interest expense (5,984) —  (5,984)

Change in fair value of debt derivative liabilities 531  —  531

Other income, net 167  —  167

Total other expense, net (4,470) —  (4,470)

Net (loss) income $ (2,547) $ 13,501  $ 10,954

Weighted average common shares outstanding - diluted 45,905,069  45,905,069  3,068,714  48,973,783

Net (loss) income per common share - diluted $ (0.06) $ 0.29  $ (0.01) $ 0.22

__________

(1)Due to a GAAP net loss, antidilutive securities are excluded from GAAP diluted weighted average common shares outstanding. However, considering the adjusted net income position, adjusted diluted weighted average common shares outstanding incorporates securities that would have been dilutive for GAAP.

Free Cash Flow Nine Months Ended

September 30, 2026 September 30, 2025

Net cash provided by (used in) operating activities $ 25,322  $ (2,226)

Purchase of property and equipment (5,074) (2,498)

Cash payments for intangible assets (1,306) (1,138)

Free cash flow $ 18,942  $ (5,862)

EX-99.2 — EX-99.2 THIRD QUARTER FINANCIAL RESULTS PRESENTATION

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Q3 2026 Financial Results October 28, 2026

Forward-looking Statements This presentation contains “forward-looking” statements as defined in the Private Securities Litigation Reform Act of 1995, which are statements that are not historical facts and relate to future conditions, events, or results. These statements are based on management's current expectations or predictions of future conditions, events, or results based on various assumptions and management's estimates of trends and economic factors in the markets in which we are active, as well as our business plans. Words such as “expects,” “anticipates,” “objectives,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “projects,” “forecasts,” “continue,” “may,” “should,” “will,” “goals,” and variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements include, but are not limited to, statements related to: clinical development activities, including expansion into prostate applications; commercial growth initiatives, including planned expansion of breast and extremities sales specialists; market development opportunities; strategic investments and collaborations, including the anticipated strategic benefits of such investments, including the anticipated benefits and opportunities of the BioCircuit acquisition; expectations regarding disciplined, profitable growth and margin improvement; financial guidance and outlook for 2026, including projected revenue growth, free cash flow, gross margins, and other operating performance metrics; and statements regarding our training and education initiatives, reimbursement and market access efforts, and research and development activities. Actual results or events could differ materially from those described in any forward-looking statements as a result of various factors, including, without limitation, risks related to global supply chain conditions, inflationary pressures, hospital staffing challenges, product development and product potential, clinical enrollment timing and outcomes, regulatory processes and approvals, financial performance, sales growth, surgeon and product adoption, market awareness of our products, data validation, our visibility at and sponsorship of conferences and educational events, geopolitical and macroeconomic conditions, including armed conflicts and government actions or policies that may affect our business, tax position, or regulatory processes, as well as those risk factors described under Part I, Item 1A., “Risk Factors,” of our most recent Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, and other filings made from time to time with the Securities and Exchange Commission. Forward-looking statements are not a guarantee of future performance, and actual results may differ materially from those projected. Forward-looking statements speak only as of the date they are made and, except as required by applicable law, we assume no responsibility to publicly update or revise any forward-looking statements. 2 About Non-GAAP Financial Measures To supplement our condensed consolidated financial statements, we use the non-GAAP financial measures of EBITDA, which measures earnings before interest, income taxes, depreciation and amortization, EBITDA margin, and Adjusted EBITDA, which further excludes non-cash stock-based compensation expense, BioCircuit transaction and integration costs, and the loss on extinguishment of debt, and Adjusted EBITDA margin. We also use the non-GAAP financial measures of Adjusted Net Income and Adjusted Net Income Per Common Share - diluted which excludes non-cash stock-based compensation expense, BioCircuit transaction and integration costs, and the loss on extinguishment of debt from Net Income (Loss) and Net Income (Loss) Per Common Share - diluted. Additionally, we use the non-GAAP financial measure of Free Cash Flow which consists of net cash provided by operating activities, less expenditures for property and equipment, and intangible assets. These non-GAAP measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures should be read in conjunction with our financial statements prepared in accordance with GAAP. The reconciliations of the non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP should be carefully evaluated. We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, and analyzing future periods. We believe these non-GAAP financial measures are useful to investors because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by our institutional investors and the analyst community to help them analyze the performance of our business.

3 Q3 2026 Business Highlights and 2026 Goals Michael Dale President and Chief Executive Officer

Agenda 4 1.Q3 2026 Business Highlights Michael Dale, President and Chief Executive Officer 2.Q3 2026 Financials and 2026 Guidance Lindsey Hartley, Chief Financial Officer 3.Q&A Michael Dale, Lindsey Hartley, Jens Kemp, Chief Marketing Officer Rick Ditto, VP Global Health Economics, Reimbursement & Policy

Strategic Priorities 01 Growth 15–20% Revenue CAGR + Operating Leverage 02 Market Development Elective & Planned Procedures + Prostate market development 03 Commercial Expansion Infrastructure and Sales Force expansion 04 Commercial Excellence Continuous business model and customer creation process optimization by market 05 Standard Of Care Clinical evidence generation for societal support, standard of care & coverage requirements 06 Innovation Product development to drive better benefit versus risk profiles in nerve care 5

6 Strategic Priorities Q3 2026 Business Highlights 01 Growth 15–20% Revenue CAGR + Operating Leverage Q3 Revenue $75.8M, +26.2% YoY Capital Structure No debt obligations; $350.1M in cash, equivalents, restricted cash and investments 2026 Target Disciplined profitable growth; improving margins. 02 Market Development Elective & Planned + Prostate Extremities Continued steady growth OMF / H&N Continued adoption momentum; incremental surgeon activation and strong HiPo account execution Breast Accelerating growth driven by market development, sales force expansion, and coverage; growth >50% YoY Prostate 220+ procedures and 15 active clinical experience sites 2026 Prostate Detailed clinical outcomes to be reported November 9, 2026 03 Commercial Expansion Infrastructure + Sales Force Growth Breast 31 reps, 3 regional directors Extremities 132 reps, 15 regional directors OMF / H&N 3 field-based market development managers Prostate 3 clinical development managers and 1 director 2026 Breast / Ext. Target: ~30 breast reps; ~130 extremity reps by end of year. 6 Q3 Adjusted EBITDA* $13.4M, +2.3 pp as a percent of revenue YoY * See non-GAAP reconciliations included in Appendix.

7 Strategic Priorities Q3 2026 Business Highlights 2026 2026 2026 04 Commercial Excellence HiPo Accounts, Productivity & Education HiPo Revenue 55% of growth from HiPo accounts YTD Productivity +22% YoY HiPo account productivity Active Accounts 690+ HiPo accounts; added 280+ active surgeons YTD Education 12 programs YTD; trained 208 surgeons and 108 surgeon pairs. HiPo & Training Target 60% of total revenue growth from HiPo; +18% productivity; add 100+ active surgeons. 21 professional education programs; train 300 surgeons and 75 surgeon pairs 05 Standard Of Care Evidence, Coverage & Reimbursement Avance® Commercial payer coverage for Avance is approx. 96% of covered lives in the US. Clinical Evidence MATCH® Avance vs. Autograft in mixed and motor nerves published; Nerve-RESTORESM first patient enrolled; EMBRACE on track for first site initiation by year-end Coverage CMS proposed CY2027 payment rule increases core nerve repair rates, building on 2026 classification gains Payer & Coverage Achieved near-universal US coverage milestone ahead of plan. 06 Innovation Strategic Investment in Nerve Visualization Program Updates Detailed updates on individual R&D programs in 2H 2026. Acquired BioCircuit Technologies BioCircuit Technology NerveTape®, a simpler, faster coaptation aid that eliminates the need for micro-suturing Portfolio Positioning Complements Avance as well as in direct repair 7

Professor of Urology; Director, Comprehensive Prostate Cancer Program UC Irvine School of Medicine | UCI Health Dr. David Lee Assistant Professor of Urologic Surgery Cleveland Clinic Dr. Zeyad Schwen 8 UPCOMING WEBCAST A closer look at the prostate clinical and market rationale On November 9, we will share a detailed overview of the clinical outcomes and market research underlying our decision to move forward. Clinical and Patient Perspectives from November 9th 9 am Investors interested in participating in the conference call by phone may dial toll-free at (877) 407-0993 or use the direct dial-in number at (201) 689-8795. A live webcast, an archived replay, and presentation slides from the event will be available on the Investors page of the Company’s website at www.axogeninc.com.

9 Q3 Financials and 2026 Guidance Discussion Lindsey Hartley Chief Financial Officer

Q3 2026 Financial Performance 10 +26.6% $0.0 $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 $70.0 $80.0 Q2 Q3 Q3 Revenue ($ in millions) 2025 2026 $69.7 $56.7 +23.1% 70.0% 71.0% 72.0% 73.0% 74.0% 75.0% 76.0% 77.0% Q2 Q3 Q3 Gross Margin % 2025 2026 72.7% 74.2% -1.5pp 76.6% 74.8% +3.3pp $60.1 $75.8 +26.2% -1.8pp

Q3 2026 Financial Performance 11 Q3 2026 Q3 2025 Q3 2026 YTD Q3 2025 YTD Revenues $75.8 $60.1 $207.0 $165.3 Sales and Marketing Expenses $30.4 $25.7 $89.8 $70.5 Research and Development Expenses 9.0 7.6 25.1 20.5 General and Administrative Expenses 16.5 10.8 42.7 30.0 Total Costs and Expenses $55.8 $44.1 $157.6 $121.0 YoY Change % 26.5% 30.2% Change as a % Of Revenue 0.1% 2.9% ($ in millions)

12 Q3 2026 Q3 2025 Q3 2026 YTD Q3 2025 YTD Net Income (Loss) $2.3 $0.7 $(18.8) $(2.5) Diluted EPS $0.04 $0.01 $(0.35) $(0.06) Adjusted Net Income * $13.1 $6.1 $24.5 $11.0 Adjusted Diluted EPS* $0.21 $0.12 $0.41 $0.22 Adjusted EBITDA* $13.4 $9.2 $27.5 $21.4 Adjusted EBITDA Margin* 17.7% 15.4% 13.3% 12.9% Free Cash Flow* $18.9 $(5.9) Q3 2026 Financial Performance ($ in millions, except per share data) * See non-GAAP reconciliations included in Appendix.

Guidance for the Full-Year 2026 13 Free cash flow positiveGross margin of at least 73% Revenue growth of at least 29% or $290 million; Organic revenue growth of at least 26% or $283 million.

President and Chief Executive Officer Michael Dale Chief Marketing Officer Jens Kemp VP, Global Health Economics, Reimbursement & Policy Rick Ditto 14 Chief Financial Officer Lindsey Hartley Q&A

Thank you © 2026 Axogen Corporation. All rights reserved. The stylized "a" logo is a registered trademark of Axogen Corporation.

Appendix 16

17 Non-GAAP Reconciliations - EBITDA & Adjusted EBITDA: Three Months Ended September 30, Nine Months Ended September 30, (in thousands)​ 2026 2025 2026 2025 Net income (loss) $ 2,334 $ 708 $ (18,766) $ (2,547) Depreciation and amortization expense 1,694 1,730 5,116 5,248 Investment income (1,431) (319) (2,985) (816) Income tax expense (benefit) 32 (62) 220 4 Interest expense 1 1,757 696 5,984 EBITDA - non-GAAP 2,630 3,814 (15,719) 7,873 EBITDA margin - non-GAAP 3.5 % 6.3 % (7.6)% 4.8 % Non-cash stock-based compensation expense 8,794 5,424 24,403 13,501 BioCircuit transaction and integration costs 1,969 — 1,969 — Loss on extinguishment of debt — — 16,849 — Adjusted EBITDA - non-GAAP $ 13,393 $ 9,238 $ 27,502 $ 21,374 Adjusted EBITDA margin - non-GAAP 17.7 % 15.4 % 13.3 % 12.9 %

18 Non-GAAP Reconciliation - Adjusted Net Income: Three Months Ended September 30, 2026 GAAP Results Non-cash Stock- based Compensation Expense BioCircuit Transaction and Integration Costs Adjusted Results (in thousands, except share and per share amounts)​ Revenues $ 75,834 $ — $ — $ 75,834 Cost of goods sold 19,103 (695) — 18,408 Gross profit 56,731 695 — 57,426 Costs and expenses Sales and marketing 30,361 (2,176) — 28,185 Research and development 8,950 (1,826) — 7,124 General and administrative 16,465 (4,097) (1,969) 10,399 Total costs and expenses 55,776 (8,099) (1,969) 45,708 Income from operations 955 8,794 1,969 11,718 Other income (expense) Investment income 1,431 — — 1,431 Interest expense (1) — — (1) Other expense, net (51) — — (51) Total other income, net 1,379 — — 1,379 Net income $ 2,334 $ 8,794 $ 1,969 $ 13,097 Weighted average common shares outstanding - diluted 61,525,789 61,525,789 61,525,789 61,525,789 Net income per common share - diluted $ 0.04 $ 0.14 $ 0.03 $ 0.21

19 Non-GAAP Reconciliation - Adjusted Net Income: Three Months Ended September 30, 2025 GAAP Results Non-cash Stock- based Compensation Expense Adjusted Results (in thousands, except share and per share amounts)​ Revenues $ 60,082 $ — $ 60,082 Cost of goods sold 14,089 (706) 13,383 Gross profit 45,993 706 46,699 Costs and expenses Sales and marketing 25,680 (1,524) 24,156 Research and development 7,565 (1,047) 6,518 General and administrative 10,836 (2,147) 8,689 Total costs and expenses 44,081 (4,718) 39,363 Income from operations 1,912 5,424 7,336 Other income (expense) Investment income 319 — 319 Interest expense (1,757) — (1,757) Change in fair value of debt derivative liabilities 209 — 209 Other expense, net 25 — 25 Total other expense, net (1,204) — (1,204) Net income $ 708 $ 5,424 $ 6,132 Weighted average common shares outstanding - diluted 49,088,436 49,088,436 49,088,436 Net income per common share - diluted $ 0.01 $ 0.11 $ 0.12

20 Non-GAAP Reconciliation - Adjusted Net Income: Nine Months Ended September 30, 2026 GAAP Results Non-cash Stock- based Compensation Expense BioCircuit Transaction and Integration Costs Loss on Extinguishment of Debt Dilutive Shares Impact(1) Adjusted Results (in thousands, except share and per share amounts)​ Revenues $ 207,022 $ — $ — $ — $ 207,022 Cost of goods sold 53,428 (2,824) — — 50,604 Gross profit 153,594 2,824 — — 156,418 Costs and expenses Sales and marketing 89,821 (5,737) — — 84,084 Research and development 25,056 (5,040) — — 20,016 General and administrative 42,750 (10,802) (1,969) — 29,979 Total costs and expenses 157,627 (21,579) (1,969) — 134,079 (Loss) income from operations (4,033) 24,403 1,969 — 22,339 Other income (expense) Investment income 2,985 — — — 2,985 Interest expense (696) — — — (696) Loss on extinguishment of debt (16,849) — — 16,849 — Other expense, net (173) — — — (173) Total other (expense) income, net (14,733) — — 16,849 2,116 Net (loss) income $ (18,766) $ 24,403 $ 1,969 $ 16,849 $ 24,455 Weighted average common shares outstanding - diluted 53,437,633 53,437,633 53,437,633 53,437,633 6,097,037 59,534,670 Net (loss) income per common share - diluted $ (0.35) $ 0.46 $ 0.04 $ 0.32 $ (0.04) $ 0.41 ___________ (1) Due to a GAAP net loss, antidilutive securities are excluded from GAAP diluted weighted average common shares outstanding. However, considering the adjusted net income position, adjusted diluted weighted average common shares outstanding incorporates securities that would have been dilutive for GAAP.

21 Non-GAAP Reconciliation - Adjusted Net Income: Nine Months Ended September 30, 2025 GAAP Results Non-cash Stock- based Compensation Expense Dilutive Shares Impact(1) Adjusted Results (in thousands, except share and per share amounts)​ Revenues $ 165,304 $ — $ 165,304 Cost of goods sold 42,360 (1,406) 40,954 Gross profit 122,944 1,406 124,350 Costs and expenses Sales and marketing 70,529 (3,422) 67,107 Research and development 20,509 (2,796) 17,713 General and administrative 29,983 (5,877) 24,106 Total costs and expenses 121,021 (12,095) 108,926 Income from operations 1,923 13,501 15,424 Other income (expense) Investment income 816 — 816 Interest expense (5,984) — (5,984) Change in fair value of debt derivative liabilities 531 — 531 Other income, net 167 — 167 Total other expense, net (4,470) — (4,470) Net (loss) income $ (2,547) $ 13,501 $ 10,954 Weighted average common shares outstanding - diluted 45,905,069 45,905,069 3,068,714 48,973,783 Net (loss) income per common share - diluted $ (0.06) $ 0.29 $ (0.01) $ 0.22 ___________ (1) Due to a GAAP net loss, antidilutive securities are excluded from GAAP diluted weighted average common shares outstanding. However, considering the adjusted net income position, adjusted diluted weighted average common shares outstanding incorporates securities that would have been dilutive for GAAP.

22 Non-GAAP Reconciliation - Free Cash Flows Nine Months Ended September 30, (in thousands)​ 2026 2025 Net cash provided by (used in) operating activities $ 25,322 $ (2,226) Purchase of property and equipment (5,074) (2,498) Cash payments for intangible assets (1,306) (1,138) Free cash flow $ 18,942 $ (5,862)

Large and Underserved $5.6B* US Nerve Care Opportunity 23 Traumatic Nerve Injuries  Transected Nerves  Non-Transected Nerve Injuries  Brachial Plexus Nerve Injuries Breast Procedures  Autologous Flap Procedures  Implant based reconstruction Robotic Assisted Radical Prostatectomies  Nerve Sparing  Unilateral Nerve Sparing  Non-Nerve Sparing Extremities $2.9bn Estimated TAM* OMF/H&N $1.2bn Breast $677m Prostate $754m TAM Included Procedures Chronic Nerve Injuries  Carpal & Cubital Tunnel Revision  Neuroma & Tumor Excisions  Lower Extremity Neuropathy OMF/H&N Procedures  Mandibular Resection  Iatrogenic Injuries  Orthognathic Surgery  Parotidectomy  Thyroidectomy  Corneal Neurotization  Radical neck dissection 1. National Hospital Ambulatory Medical Care Survey: 2015 Emergency Department Summary Tables 2.Axogen Data on File, 3. AcuityMD 4. 2022 ASPS Procedural Statistics Release Inclusion Comments o All traumatic transected nerve injuries o All traumatic non-transected nerve injuries o Revision decompression in upper extremities o Lower extremity decompressions, Morton’s neuroma excision, and addressable amputations o Benign and malignant mandible resections o H&N procedures * TAM = Addressable procedures X Algorithm utilization X Product ASP o DEIP flaps and other neurotizable flaps o Direct to implant, <400cc o All robotic assisted radical prostatectomies o Procedure split estimated: 60% Nerve sparing, 20% unilateral nerve sparing and 20% non nerve sparing More than 1.5 million peripheral nerve injuries a year require treatment in Axogen focus markets1,2,3,4

© 2026 Axogen Corporation. All rights reserved. The stylized "a" logo is a registered trademark of Axogen Corporation.

EX-99.3 — EX-99.3 CORPORATE PRESENTATION DATED OCTOBER 2026

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q32026_axgnxcorporatepre

Making Nerve Repair an Expected Standard of Care A commitment to restoring health, improving quality of life, and advancing peripheral nerve care for every patient. October 2026

Forward-looking Statements This presentation contains “forward-looking” statements as defined in the Private Securities Litigation Reform Act of 1995, which are statements that are not historical facts and relate to future conditions, events, or results. These statements are based on management's current expectations or predictions of future conditions, events, or results based on various assumptions and management's estimates of trends and economic factors in the markets in which we are active, as well as our business plans. Words such as “expects,” “anticipates,” “objectives,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “projects,” “forecasts,” “continue,” “may,” “should,” “will,” “goals,” and variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements include, but are not limited to, statements related to: clinical development activities, including expansion into prostate applications; commercial growth initiatives, including planned expansion of breast and extremities sales specialists; market development opportunities; our strategic investments, including the expected benefits, opportunities and objectives of such investments; expectations regarding disciplined, profitable growth and margin improvement; financial guidance and outlook for 2026, including, but not limited to, projected revenue, growth, free cash flows, gross margins, and other operating performance and financial metrics; and statements regarding our training and education initiatives, reimbursement and market access efforts, and research and development activities. Actual results or events could differ materially from those described in any forward-looking statements as a result of various factors, including, without limitation, risks related to global supply chain conditions, inflationary pressures, hospital staffing challenges, product development and product potential, clinical enrollment timing and outcomes, regulatory processes and approvals, financial performance, sales growth, surgeon and product adoption, market awareness of our products, data validation, our visibility at and sponsorship of conferences and educational events, geopolitical and macroeconomic conditions, including armed conflicts and government actions or policies that may affect our business, tax position, or regulatory processes, as well as those risk factors described under Part I, Item 1A., “Risk Factors,” of our most recent Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, and other filings made from time to time with the Securities and Exchange Commission. Forward-looking statements are not a guarantee of future performance, and actual results may differ materially from those projected. Forward-looking statements speak only as of the date they are made and, except as required by applicable law, we assume no responsibility to publicly update or revise any forward-looking statements. 2 About Non-GAAP Financial Measures To supplement our condensed consolidated financial statements, we use the non-GAAP financial measures of EBITDA, which measures earnings before interest, income taxes, depreciation and amortization, EBITDA margin, Adjusted EBITDA, which further excludes non-cash stock-based compensation expense and litigation related costs, and Adjusted EBITDA margin. We also use the Free Cash Flow metric, which corresponds to the net cash provided by (used in) operating activities less cash used for purchases of property and equipment and intangible assets. These non- GAAP measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures should be read in conjunction with our financial statements prepared in accordance with GAAP. The reconciliations of the non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP should be carefully evaluated. We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, and analyzing future periods. We believe these non-GAAP financial measures are useful to investors because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by our institutional investors and the analyst community to help them analyze the performance of our business, the Company’s cash available for operations, and the Company’s ability to meet future capital expenditure and working capital requirements.

3 To restore health and improve quality of life by making restoration of peripheral nerve function an expected standard of care. Our Mission

4 Large and Underserved $5.6B US Nerve Care Opportunity More than 1.5 million peripheral nerve injuries a year require treatment in Axogen focus markets1,2,3,7 Extremities Market Every year patients suffer from 700,000 Traumatic Nerve Injuries and more than 370,000 Chronic nerve injuries.1,2,3 Breast Reconstruction 1 of 8 women diagnosed with breast cancer. 80% of women experience pain, numbness or both after breast cancer surgery.4 Oral, Maxillofacial & Head & Neck Nerve damage caused by Oral Maxillofacial and H&N surgery is common and can result in loss of sensation and chronic pain. Prostate Surgery $1.2B$677M $754M Nerve injuries have a significant impact on patient’s quality of life… 1 of 8 men diagnosed with prostate cancer. 25-90% experience Incontinence and Erectile Dysfunction (ED) Post robotic prostatectomy.5,6 $2.9B 1. National Hospital Ambulatory Medical Care Survey: 2015 Emergency Department Summary Tables 2. Axogen Data on File, 3. Acuity MD, 4. Flowers et al., Pain Rep, 2021, 6(4):e976, 5. American Cancer Society, 2025, 6. Tal R, et al. J Sex Med. 2009;6(9):2538–2546. 7. 2022 ASPS Procedural Statistics Release

Common Types and Causes of Peripheral Nerve Injury Cut or Laceration Compression Stretching Neuroma Trauma Trauma that leads to damaged nerves Severe Cuts, Falling Though Glass, Compression, Gunshot Wound, Blunt Trauma Amputation Stump pain associated with nerve damage has been reported in over 68% of amputees1 Sensitivity to Touch, Residual Limb Pain, Burning Pain Surgery Nerves that have been cut, compressed or stretched during surgery Mastectomy, Laparoscopy, Tumor Resection, Wrist or Knee Arthroscopy, Hip or Knee Arthroplasty 51. Ephraim et al.,Arch Phys Med Rehabil, 2005;86:1910–1919

The Axogen Nerve Repair Algorithm 6 ProtectionConnection Termination

Avance® is the First Approved Biologic Treatment for Repair of Nerve Discontinuities Provides structural and biochemical cues for axonal regeneration 7 Native Nerve in adult and pediatric patients aged one month and older Laminin lining the endoneurial tubes has been shown in in vitro assays and animal studies to be bioactive by supporting Schwann cell migration, axon growth cone interactions, and neurite extension. Proprietary quality assays verify structural integrity & potency See Full Prescribing Information at www.avancenervegraft.com

8 Our Key Market Development Opportunities Care guidelines and standardized treatment algorithms are lagging and to be developed for certain care pathways Nerve Care is Not an Expected Standard of Care Low patient and surgeon awareness of treatment optionsAwareness of Treatment Options Approximately 60% of nerve injuries go undiagnosed prior to patient discharge1 Inefficient Patient Referral and Care Pathways 4% of commercial lives remain uncovered2,3Coverage & Payment 1. Padovano et al., Hand (NY), 2022, 17(4):615–623, 2. Policy Reporter online portal for medical policy information [Oct 2026], 3. Health plan enrollment data provided by Managed Markets Insight & Technology, LLC [Sept 2025]

9 2025-2028 Strategic Plan Priorities Commercial infrastructure and salesforce expansion Continuous business model and customer creation process optimization by market Product development to drive better benefit versus risk profiles in nerve care Elective and planned procedure focus Prostate market development CAGR 15 - 20% Commercial Excellence Commercial Expansion Innovation MarketsGrowth Level 1 clinical evidence generation for societal support, standard of care & coverage requirements Standard of Care

Uniquely Positioned to Lead in Nerve Repair 10 Avance® (acellular nerve allograft- arwx) is the only FDA approved biologic nerve scaffold for treating peripheral nerve discontinuities Nerve Tape® a simpler, faster coaptation aid that eliminates the need for micro-suturing Axoguard® and Avive+ portfolio of products for use across Axogen nerve repair algorithm 17 years of experience and 275,000+ patients treated 350+ clinical and scientific publications supporting our nerve repair algorithm A valued educational partner committed to clinical science and innovation Trusted partner to 6,500+ surgeons Established access in more than 2,700 hospitals and outpatient centers, supported by the largest direct sales channel Technology Expertise Access

Elevating Nerve IQ 11 75% of hand fellows trained 13 Professional education programs across our markets with more than 225 surgeons trained 117 Regional programs helping to enhance the micro surgical skills of surgeons Surgeons trained on Axogen’s nerve repair algorithm 55 Faculty educational partners of leading nerve repair thought leaders 2025 ACTIVITY 1,400 Education & Training are Key to Market Development

Societal Support Avance is supported as standard medical practice by major societies and Axogen has strong KOL relationships that drive advocacy, portfolio adoption and innovation POSITIONED TO WIN Preference for allograft increasing for all gap lengths1 Comparable procedural cost to Autograft2 Allograft supported as standard medical practice by two major societies Educational Leadership Axogen is a trusted educational partner providing hand surgeons with the microsurgical skills to effectively repair nerves utilizing our portfolio Comprehensive Portfolio & Access We offer the most comprehensive portfolio of nerve repair solutions, which is widely approved and accessible in US hospital systems Focused Direct Sales Channel Dedicated sales channel for nerve repair, which ensures focus and support for nerve surgeons Clinical & Health Economic Value Avance is approved as a biologic, backed by level 1 clinical evidence and health economic value proposition versus autograft Extremities 12 43% 20% 20% 17% Allograft Autograft Conduit Direct repair 2026 Preferred Nerve Repair Solution for >2cm Gap 1. Axogen. Data on File., 2. Lans J, et al. Plast Reconstr Surg. 2023;151(5):814e–827e.

POSITIONED TO WIN Growing body of evidence supporting the benefits or nerve reconstruction Grow presence in H&N oncologic procedures Opportunity to build patient and surgeon awareness of the patient QoL impact Expand educational capacity & programs Societal Support OMF societal support for nerve repair and included in AAOMS ParCare Guidelines can be leveraged to influence H&N societies Clinical Education Leadership Axogen has developed and executed on high-quality national attending level professional education programs with proven post program adoption Clinical Evidence Independent clinical evidence with strong outcome data in benign mandible reconstruction and lingual nerve repair Direct Sales Channel Axogen has a large direct sales channel to service the highly concentrated market Oral Maxillofacial and Head & Neck 13

POSITIONED TO WIN Specialized Sales & Marketing Dedicated, deeply knowledgeable sales team enables effective surgeon development, support and market penetration Marketing expertise in the creation of strategies, tactics, tools, and resources support the sales process Established, predictable customer creation process Proven Patient Activation Strategy Axogen’s marketing team excels at translating complex medical information into patient-friendly content, raising awareness and driving demand for Resensation® Clinical Education Leadership A collaborative approach to training has resulted in surgeon advocacy, high adoption rates and strong customer loyalty Standardized, branded procedure 80%+ surgeon adoption after training Breast 14 25K+ monthly website visitors 3K+ monthly visitors to surgeon locator

POSITIONED TO WIN Clinical Education Leadership Extensive expertise in developing standardized surgical techniques and building comprehensive training courses to equip surgeons with the necessary skills and knowledge to successfully perform the procedures Nerve Repair Portfolio Axogen’s nerve repair portfolio has the potential to help surgeons address nerve protection and reconstruction needs in robotic assisted radical prostatectomy Patient Awareness & Activation Marketing team excels at executing campaigns that raise awareness of clinical problems and drives patient demand for new treatments 15 Prostate

Non-Covered Covered Societal support for Standard of Care designation achieved Non-Covered Covered Positive Avance coverage momentum continues as payers respond to Axogen’s educational efforts 93% 96% Expanded coverage fueled by Biologic approval in 2025 Strong clinical evidence Avance Medicare & Medicaid Lives Covered Since Q2 2025, 87.6 million lives have been added across Cigna, Elevance, Aetna* and 12 BCBS regional plans (78.6mm private; 9.0mm Medicare Advantage)​ 16 Disclaimer: The information is derived from publicly available information and is for illustrative purposes only and is not authoritative. Coverage data are for informational purposes only and do not imply clinical or financial superiority. *Aetna considers Avance medically necessary for repair of short-to-medium sensory nerve gaps (≤30 mm) in the upper extremity. 1. Policy Reporter online portal for medical policy information [Oct 2026]; 2. Health plan enrollment data provided by Managed Markets Insight & Technology, LLC [Sept 2025] 1,2 1,2 Avance Commercial Lives Covered

National Average2026 FACILITY PAYMENT 2026 CMS facility payments support implant costs for advanced nerve repair procedures The codes for Allograft (CPT 64912; Avance) and Conduit (CPT 64910) are not specific to a clinical application and can therefore be applied to nerve repair in all anatomical locations CPT Code Descriptor C-APC Reimbursement Hospital Outpatient Reimbursement Ambulatory Surgery Center 64912 Allograft nerve repair 5433 $8,965 $6,157 +40% YoY +96% Since 2019 +35% YoY +221% Since 2019 National Average Disclaimer: The information is derived from publicly available information and is for illustrative purposes only and is not authoritative. 17 64910 Conduit nerve repair 5433 $8,965 $5,880 +40% YoY +96% Since 2019 +33% YoY +125% Since 2019 $3,490 $2,177 (46%) YoY (24%) Since 2019 (30%) YoY +13% Since 2019 64834 Direct repair with suture, hand or foot, sensory nerve 5432

18 INNOVATION METRICS Avance Biologic License Approval 3 Active Development Projects Prostate Clinical Development 2022 2023 2024 2025 2026 2027 2028 + New Product Development Axoguard HA+ Nerve Protector® Avive+ Soft Tissue Matrix New Clinical Applications Resensation Implant NAC Prostate Our Nerve Care Roadmap to Provide Improved Benefit-to-Risk Profiles versus Existing Standards of Care Easy Coaptation Protection Expansion Therapeutic Reconstruction Additional New Clinical Applications

Our Clinical Evidence Investments in Support of Standard of Care Objectives 19 CHANGE Pilot Study | Avance Digital Nerve Repair RECON ® Phase 3 RCT | Avance vs. Conduit in Digital Nerve Repair RALP-N Pilot Technique Feasibility Pilot | Avance in Cavernous Nerve Repair (Prostate) REPOSE ® Post-Market RCT | Axoguard Nerve Cap for Nerve End Management & Protection Underway PlannedCompleted Establishing the Foundation Strengthening the Evidence Advancing Standard of Care RANGER ® & MATCH ® Real-World Registry | Avance and Autograft Peripheral Nerve Repair | Follow-up Complete Sensation-NOW ® RANGER Registry Addendum | Avance Autologous Breast Nerve Reconstruction REPOSE-XL ® Post-Market Case Series | Axoguard Nerve Cap for Large Diameter Nerve End Management & Protection COVERED SM Post-Market Case Series | Axoguard HA+ Nerve Protection Nerve-RESTORE SM Level 1 Evidence: Avance vs. Autograft in Mixed & Motor Nerve Repair Protection Expansion Validating Nerve Protection Benefits Across New Applications Prostate Level 1 Evidence: Advancing Evidence in Cavernous Nerve Repair and Protection EMBRACE SM Prospective Study | Avance in Nipple-Sparing Mastectomy, Implant-Based Breast Neurotization

Management Team with a Track Record of Success 20 Michael Dale Chief Executive Officer and Board Director Marc Began Executive Vice President and General Counsel Lindsey Hartley Chief Financial Officer Erick DeVinney Chief Scientific Officer Jens Schroeder Kemp Chief Marketing Officer Ivica Ducic, M.D. Chief Medical Officer Paris Dally Vice President, Operations Stacy Arnold Vice President of Product Development and Clinical Research Al Jacks Vice President of Quality Rick Ditto Vice President, Global Health Economics, Reimbursement & Policy Doris Quackenbush Chief Revenue Officer Jesse Bishop Vice President, Regulatory Amalia DeLuca Vice President, Planning and Business Development Prior Roles Include Todd Goede Vice President and General Manager, NerveTape Operations

Financial Overview 21

Accelerating Topline Drives Operational Leverage 22 Accelerating Revenue Growth Expanding EBITDA 2022 2023 2024 2025 2026 YTD Q3 $207.0 $138.6 $159.0 $187.3 $225.2 ($22.6) ($25.6) ($15.5) $3.9 ($2.2) ($9.3) ($9.3) ($1.1) $19.8 $27.9 ($30.0) ($20.0) ($10.0) $0.0 $10.0 $20.0 $30.0 $40.0 EBITDA Adj-EBITDA* 2021 2022 2023 2024 2025 *Excludes non-cash stock-based compensation and litigation related costs 20.3% 5-year CAGR ($ in millions) $290.0* *YTD Q3 2026 actual and full-year 2026 guidance ($ in millions)

Revenue growth of at least 29% or $290 million Organic revenue growth of at least 26% or $283 million Gross margin of at least 73% 23 Free cash flow positive 2026 Guidance

Investment Highlights 24 Big Market Opportunity $5.6B TAM with minimal current penetration Clinical Leadership Unique comprehensive solution with strong evidence Multiple Growth Catalysts Four distinct market opportunities at different stages Reimbursement Tailwinds Expanding coverage and improving payment rates Scalable Infrastructure Proven commercial model ready to capture market share Financial Inflection Point Positive cashflow, expanding margins, accelerating growth

Thank you © 2026 Axogen Corporation. All rights reserved. The stylized "a" logo is a registered trademark of Axogen Corporation.

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+ References

No definition available.

+ Details

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dei_EntityAddressStateOrProvince

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na

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- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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dei_EntityCentralIndexKey

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Balance Type:

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- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

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na

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- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

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Data Type:

dei:edgarStateCountryItemType

Balance Type:

na

Period Type:

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- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

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- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

na

Period Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

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Data Type:

xbrli:booleanItemType

Balance Type:

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Period Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

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dei_PreCommencementTenderOffer

Namespace Prefix:

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Data Type:

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Balance Type:

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- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

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Data Type:

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Balance Type:

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Period Type:

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- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

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Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

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Period Type:

duration

X

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

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