Read JMP Securities' Take On Axogen's Interim Update

Axogen Inc AXGN reported interim Q2 sales expectations of $34.4 million (+2% y/y; +8% excluding Avive sales in 2Q21) ahead of the consensus of ~$33.5 million.
JMP reiterated the Market Outperform rating, with a price target of $20.
The management reiterated its FY22 sales guidance of $135 million - $142 million (+6-12% y/y; +10-15% excluding Avive sales in 2021).
JMP Securities says the quarterly outperformance makes for a somewhat de-risked 2H FY22 as ~16% y/y growth in the second half would bring the company to the midpoint of guidance, modeled an ~18% y/y increase in 2H22 before the announcement.
The analysts are bullish, stating "the company has truly differentiated products for nerve protection and repair, and that these are sizable markets with the limited biologic competition."
"So we believe AxoGen has ample opportunity to grow for years to come once this pandemic passes. Given the outcomes of the RECON BLA trial and the now likely positive impact on Avance uptake for years to come, we remain buyers of the stock," JMP added.
Price Action: AXGN shares are up 3.31% at $9.37 during the market session on the last check Wednesday.

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