Axogen, Inc. (NASDAQ: AXGN), a global leader in developing and
marketing innovative surgical solutions for peripheral nerve
injuries, today announced the appointment of Mr. Nir Naor as Chief
Financial Officer, effective immediately. A senior finance
executive with more than 20 years of experience primarily in the
life sciences industry, he replaces Peter Mariani, who will depart
Axogen following a brief transition period. The move aligns the
executive team with the Company’s financial management and investor
relations needs going forward as Axogen focuses on continued
revenue growth across both business categories while driving toward
being cash flow positive and profitable.
“We determined with the Board of Directors that
a change to our finance team leadership was in Axogen’s best
interests as our strategic focus evolves,” said Karen Zaderej, the
Company’s Chairman, President and Chief Executive Officer. “Pete
was integral in helping us build Axogen and our platform for
product manufacturing and sales growth. We are grateful to him for
his contributions as a dedicated member of our team. Looking ahead,
we are confident that Nir brings strategic commercial and
operational expertise to Axogen that is important to our next phase
of growth and commercial execution.”
“I am impressed by Axogen’s unique offering,
market leadership, and potential. I am excited to join the Company
and leverage my experience to support it in its growth and
trajectory towards profitability,” said Mr. Naor.
Mr. Naor has diverse finance and operations
leadership experience with public and private pharma, life
sciences, and medtech companies worldwide. In previous roles, he
managed global organizations with up to $2.5 billion in sales and
built top-performing finance & accounting, IR, legal,
contracting & pricing, IT, and big data analytics functions.
Mr. Naor has served as the CFO of Arbor Pharmaceuticals and
supported its strategic pivot. He was also the CFO U.S. / Americas
of Mölnlycke Healthcare, where he played a pivotal role in its
growth and profitability improvement and was the founder of UCB’s
global Portfolio Management and Resource Allocation function, as
well as the company’s U.S. CFO. Earlier in his career, he held
several finance leadership positions with AstraZeneca, served as a
financial consultant and investment banker, worked as an auditor
with KPMG, and practiced commercial law. He continues to advise and
serve as a board member for emerging life sciences and technology
companies.
Mr. Naor holds a Master of Business
Administration from IMD Business School in Switzerland, a master’s
degree in law (LL.M.) from Hamburg University in Germany, and
bachelor’s degrees in law (LL.B.) and in accounting from the
Tel-Aviv University in Israel. Mr. Naor is also a CFA®
charterholder.
In conjunction with the hiring of Mr. Naor,
Axogen announced inducement grants under NASDAQ Listing Rule
5635(c)(4). Specifically, in connection with the commencement of
his employment on Dec. 4, 2023, and as a material inducement of
employment, he will be awarded an equity grant on Jan. 1, 2024,
consisting of non-qualified restricted stock units (“RSUs”)
representing 300,000 shares of the Company’s common stock. Shares
representing 1/3 of the RSUs will vest on the one-year anniversary
of the grant date, and shares representing 1/6 of the RSUs will
vest on each six-month anniversary thereafter.
The Company is maintaining full-year 2023
revenue guidance in the range of $154 million to $159 million,
which represents annual growth of 11% - 15%. The Company
anticipates that gross margin will be reduced with the continued
transition to the new processing facility in the fourth quarter and
continues to expect that gross margin for the full year 2023 will
be approximately 80%.
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 helping to restore peripheral nerve
function and quality of life to patients with physical damage or
transection to peripheral nerves by providing innovative,
clinically proven, and economically effective repair solutions for
surgeons and health care 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 platform for peripheral nerve repair
features a comprehensive portfolio of products that are used across
two primary application categories: scheduled, non-trauma
procedures and emergent trauma procedures. Scheduled procedures are
generally characterized as those where a patient is seeking relief
from conditions caused by a nerve defect or surgical procedure.
These procedures include providing sensation for women seeking
breast reconstruction following a mastectomy, nerve reconstruction
following the surgical removal of painful neuromas, oral and
maxillofacial procedures, and nerve decompression. Emergent
procedures are generally characterized as procedures resulting from
injuries that initially present in an ER. These procedures are
typically referred to and completed by a specialist either
immediately or within a few days following the initial injury.
Axogen’s product portfolio includes Avance®
Nerve Graft, a biologically active off-the-shelf processed human
nerve allograft for bridging severed peripheral nerves without the
comorbidities associated with a second surgical site; Axoguard
Nerve Connector®, a porcine submucosa ECM coaptation aid for
tensionless repair of severed peripheral nerves; Axoguard Nerve
Protector®, a porcine submucosa ECM product used to wrap and
protect damaged peripheral nerves and reinforce the nerve
reconstruction while preventing soft tissue attachments; Axoguard
HA+ Nerve Protector™, a porcine submucosa ECM base layer coated
with a proprietary hyaluronate-alginate gel, a next-generation
technology designed to provide short- and long-term protection for
peripheral nerve injuries; and Axoguard Nerve Cap®, a porcine
submucosa ECM product used to protect a peripheral nerve end and
separate the nerve from the surrounding environment to reduce the
development of symptomatic or painful neuroma. The Axogen portfolio
of products is available in the United States, Canada, Germany, the
United Kingdom, Spain, South Korea, and several other
countries.
Cautionary Statements Concerning
Forward-Looking Statements
This press release contains “forward-looking”
statements as defined in the Private Securities Litigation Reform
Act of 1995. 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,” “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 the statement
maintaining full-year 2023 revenue guidance in the range of $154
million to $159 million, and the statement that the Company
anticipates that gross margin will be reduced with the continued
transition to the new processing facility in the fourth quarter and
continues to expect that gross margin for the full year 2023 will
be approximately 80%. Actual results or events could differ
materially from those described in any forward-looking statements
as a result of various factors, including, without limitation, the
continued impact of COVID-19, global supply chain issues, record
inflation, hospital staffing issues, product development, product
potential, expected clinical enrollment timing and outcomes,
regulatory process and approvals, processing facility transition
timing and expense, 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, global business disruption caused by Russia’s
invasion of Ukraine and related sanctions, as well as those risk
factors described under Part I, Item 1A., “Risk Factors,” of our
Annual Report on Form 10-K for the most recently ended fiscal year
and Part II, Item 1A., “Risk Factors,” for our Quarterly Report on
Form 10-Q for the most recently ended fiscal quarter.
Forward-looking statements are not a guarantee of future
performance, and actual results may differ materially from those
projected. The forward-looking statements are representative 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.
Contact Information
Investor RelationsAxogen, Inc.Harold D.
Tamayohtamayo@axogeninc.com401-479-3408
Media RelationsRusso PartnersDavid
Schulldavid.schull@russopartnersllc.com858-717-2310
Axogen (NASDAQ:AXGN)
Historical Stock Chart
Von Apr 2024 bis Mai 2024
Axogen (NASDAQ:AXGN)
Historical Stock Chart
Von Mai 2023 bis Mai 2024