AXGN - Earnings call transcript Q3 2021

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Operator

Greetings, welcome to AxoGen Reports Third Quarter 2021 Financial Results Call. At this time all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note, this conference is being recorded. At this time I would now like to turn the call over to Peter Mariani, Executive Vice President and CFO. Mr. begin. now may you Mariani

Peter Mariani

Thank you, everyone. Good afternoon Rob.

quarter broadcast live Joining Chairman, by provide the Today’s Investors analysis Karen being replay Chief www.axogeninc.com. closing the today’s highlights hour section in followed call remarks and our call on of available will a our a performance Karen of AxoGen end of update Zaderej, be guidance. AxoGen’s is live the at Karen I an third of of our webcast, Executive overview session. revised question-and-answer via today’s a with of the from and financial Within following section me the and operational an is the available call an on on website begin an performance will our Officer call, financial which review and is Investors President. website. company’s then will

guidance, from over remind projections I’d Karen? and financial Before product And statements impact like financial those to adoption. expected this make will encourage XXXX on development, COVID-XX of company’s regarding We to or the statements. to I’d product we without to and review and conference to filings started, statements factors growth, These growth, company potential, you specific these that including, XX-Q, business, results our the performance, cause with the sales you SEC, renovation Karen. which get processes and related future described company’s APC our factors call expense, regulatory approvals, forward-looking that, in the past timing turn and to may include, that actual the our events. limitation, the statements during like product XX-K without future identify regarding forms materially forward-looking with the call, differ limitation, may and events

Karen Zaderej

and you, everyone. afternoon, Thank Pete, good

the Soft quarter the the Tissue prior of revenue million X% year was Avive total year-over-year. the representing year from impact X% procedures the period, was deferred Our $XX.X in a excluding growth approximately period, for prior third quarter for Membrane revenue and decline versus revenue

growth encouraged We’re across by third business, our the of our quarter. the in operating the in environment industry underlying difficult during light

to procedure Although incidence These schedules be increased in to deferred during remain improve negatively of procedures transitory procedure challenges the in prior impacted most volumes some significantly the and challenges. year compared impact these to quarter, negative our the both third the to prior the quarter adapt hospitals view we We and month caused of some hospital October and COVID-XX saw and surgeon by trauma shortages. consistent begin in September staffing August. We as to believe nature. surgical volumes to were continued cases as in volumes the

being repair our ongoing product shipping transportation overcome deliver shortages Although highly the execution, timing and is of our to of of experienced we remain predict nerve surgical including patients, ability of products customers, difficult in light uncertainty to our demand and for present continued COVID-XX challenges. of by of underlying staffing many the in of challenges healthcare the recovery and the to ongoing our customers important confident the injuries. commercial the the Nevertheless,

Similar of varied cases across on improvement during and surgeons The quarter pressure repair previous the variant to procedure in abate. We as on experience our the schedules shortages continues to hospital operating COVID-XX our staffing to in expect volumes and impact nerve see applications. hospitalizations. Delta

these the OMF were of surgical breast, nature significantly more of applications procedures. elective treatment impacted and Our pain due

repair in traumatic deferrals increased of for the quarter, believe incidence constraints injuries. While was business trauma of in and our surgical capacity we the impacted ER nerve trauma by resulting

of would will surgical ultimately improve. procedures be completed we year, the last experienced schedules deferred as repair we expect As many nerve

not ultimately be also will that are repaired. patients, unfortunately, However, there portion injuries for a of

after a outcomes are nerve months has in can the while very positive As a – the achieved outcomes nerve optimal result after nerve in manner, by repair the repairing timely injured. reminder,

in now year XXX Turning representatives the ago. compared to U.S. to the quarter the one XXX, commercial execution. ended with sales direct We

approximately end We our to strategically direct sales and XXXX to growth expand the XXX expect year representatives, we beyond. with support team as in sales

continues Our direct our sales the agencies supplemented that sales revenue channel quarter. XX% to by be approximately for total of independent represented third

on we accounts Our within driver as focused recover. driving commercial remains strategy volumes penetration And positioned customer of continue as revenue procedure to to a drive are of team key deeper well our growth growth.

AxoGen we Another the we developed performing nerve strength have our increase a in demonstrates accounts, $XXX,XXX these which in use year, algorithm. believe the aspect account their of accounts those last algorithm. to We nerve accounts, strategy products a defined is this AxoGen strategy, purchased repair new consistent more the as that months. have that the of introduced accounts core as number of at that refer procedures of tracks Earlier this using to metric least XX

the third XXX the continue to core XX% year previous typically approximately adopted least quarter. of accounts surgeon who the at accounts, Our who an In injury and one of or XXX, of we revenue. AxoGen increase core patients and from ago, surgeons XX% the other at product her AxoGen are down has for from algorithm repair stages quarter, nerve represent Core contain nerve XXX had adoption. of his our one majority in earlier accounts

impact users decrease We adoption, revenue repair AxoGen their to consistent applications, develop third increase pain, breast, term with across the is continue the growth quarter. core opportunity within to in see year-over-year accounts adoption extremities reach surgeons as and OMF. to sequential including these our procedural more the and this The trauma, the as nerve portfolio, their while of significant level reflect increased accounts drive accounts of strategy long

to healthcare months. accounts in We third lower In active among Active revenue These active nerve accounts facilities XX ago. approximately past XX% have U.S. of year also quarter, increased historically threshold increase X,XXX represented least reported a XXX, XX% that our have quarter. a accounts at approximately one each number orders top treat our representing six consistently with in the accounts revenue the total of injuries active of our the accounts our to the XXX X% have XX% estimated adoption of of compared representing the our

Turning our now to awareness. on market building focus continued

educational participated in clinical third and conferences. opportunity numerous pleased Hand Innovations quarter, with Society Annual the clinical at hosted XXXrd XXth Practice. sessions and in conferences. Oral Surgery And and American nerve that with were at Conference, we the and the the in featured neuroma on Annual at Association We The Surgery two of Transformed in portfolio nerve During each symposium engage repair Nerve these was with for the the Society titled AxoGen’s customers scientific And we sessions an person to Hand, repair of injury, nerve Maxillofacial Surgeons. pain. My conference. American

We its content is called U.S. October, repair. the on Pain surgical to pain awareness runs we campaign through resensation, peripheral we reconstructed several explore of a to campaign unique with patients its focusing the sensation and raise KNOWvember a nerve the also the continue technique, year, they options. breast mastectomy. to a build treatment social To the In surgical cancer the foundation where month awareness activities, management and awareness of November area benefits raise media of foundation of partnering designed event, are among breast of post supported nerve educate Foundation. important pain highlighting pain, with treatment to restore of This and awareness more. Each

in surgeon surgeon As programs in returned recently XXXX. we for in XXXX. training as hosting to a each hand And committed advocate fellows class are in in to of trained education continue three more excited class education repair, microsurgery remain of leader have providing development national person the in nerve than of years, and graduated invest we second prior education and to of fellows. quarters the half in and to We the

in we the person class in faculty. fall, surgeons expert programs last to to holding months three held in all we are similarly programs For and learn in our for programs repair two of of from national experience practices current nerve more This two returning the levels November. in person best XXXX, are national

clinical body product and support our expand of in to continue surgeon increasing evidence We of adoption. portfolio our

with the – RANGER Graft Our of nerve that Avance better RANGER those comparative autograft programs clinical XXXX which outcomes for those Nerve two Data surgeons, these a were in important and to is enroll decision In autograft. enrolled statistically continue from RANGER. play for role clinical to were in conduit an demonstrated data, registries over and for making. subjects than registry analysis informing and of to similar X,XXX conduit now MATCH population MATCH repairs continues

completing in XXX remains of XXXX. RECON of enrollment schedule Our study July on after subjects

XXX approval Avance tissue or will study biological Phase As RECON our product. Nerve pivotal from a to Graft a Section which is supporting Section our BLA, a reminder, our transition upon XXX biologics product license application X

few we followed by our of in final data treatment XXXX. RANGER expect with this in is highlights I’d recent data the a year’s a completed anticipate XXXX for and top-line of a publication filing XXXX our we Axoguard Phase BLA underway readout like preliminary well from comparative the subject symptomatic We conference. from to in share in have QX and the Cap neuroma of be REPOSE, Nerve completed follow presentations study some standard to enrollment study data to of compared second and study Enrollment QX up, quarter in XXXX. ASSH of readout

enabled Avance publication gap had to neuroma from Nerve investigators XX who their neuroma who with the techniques. on and the with for Furthermore, meaningful nerve had the the the outcome that function, to Avance of an of neuromas reconstruction removal painful role return with pain. excited and reported improvement Reconstruction found reported is new return following achievable study The sensory typically of We subjects resection Graft The termination neuroma of undergo not standard that a resected of are surgery painful painful with subjects, their of their the the in reconstructed neuromas an of pain. XX% XX% see and resection following RANGER study evaluated neuromas. subjects and a resulting function elected Avance

The the and to that the it autograft and face Nerves necessitates regenerate The group nerve slowly, study Graft nerve of a site. of systems, this standard of who to and regulators morbidity Graft, findings the to on for of the sensitivity factors priority clinical harvest XX% nerve decisions. that highlight had of them the benefits surgeons We’ve the to repair distal surgeons harvest to repair has come thermal data of and sensation evidence and for effects and impactful capacity with commonly a with care peripheral their harvest times compromise continue perspective of clinical expect site quality related of managing will of of peripheral autograft significant relevant reported patient’s understanding time, donor the reported the to Avance undergone presented surgeons, from pain takes capabilities which The patients body knowledge, the repair investigators growing loss surveyed bothersome XX% making of site. develop as meaningful in increasing expertise. gap nerve included effort the and early loss the injuries nerve care Nerve believed Avance and assessed with pain. and a that Critical payers subjects Additionally, multiple surgery, and often and follow-up harvest. nerve autograft, to true the performance of repair. repair evidence traditional harvest function high Collecting group long clinical choosing in to of assess build autograft. made at XX% data patients And a cold clinical repairs. have when treatment persistent clinical gather intolerance and amount findings reported deliver limb. nerve on referral functional Nerve and when and technique. AxoGen autograft site nerve patients study the nerve adopt

clinical across have Nerve the our to our of of full solutions to remain nerve a nerve support safety, supporting portfolio utility adoption clinical evidence of AxoGen Avance fortunate than We’re implants the and committed products. of since XX,XXX Graft, continued Avance including algorithm reviewed body XXX repair evidence to an with peer repair the demonstrate more to clinical publications. Along the performance established We obtaining launch.

more we a XXXX, I call expect for full We year to our remainder revenue our the turn of continue to Before will the range the over financial $XXX.X million full the Pete, outlook million remain year of now above guidance. XXXX prior be million of $XXX spend to XX%. the to I’d like versus And expect range including revised margins to $XXX.X discussing in million. $XXX to gross

which continue Delta the reflects ongoing hospital staffing Our volumes. from pressure nerve impact the period procedure to of revised variant guidance extended challenges, and repair

continue that provide and updated while these run range challenges term end customers fourth there confident help a adapt quarter, guidance. We business. as facing. the further end we improvement currently around are current represents expectations address the growth been We of low to a through our our the longer to challenges be will hospitals We represents as no Though the growth to our believe steady end anticipate continuation for XXXX a remaining prospects measured context for our our our the We business. our a upper revised quarter of believe and ramp gradual they’ve the of guidance on the modest, volumes. rate for that impact has for outlook remain more the procedural in that

teens sustainable to growth high as delivering annual view we low XXXX XX%. long-term As company, forward look revenue continue beyond, we the growth AxoGen to in a to and

commercial clinical support long-term data We’re the decade, investments confident mission to substantial surgeon our our of that our past in continue we with science continue adoption to growth our and as execution nerve repair. revolutionize over the we’ll combined

the call Pete to turn highlights. of review I’ll financial for over Pete? a Now,

Peter Mariani

Karen. you, Thank

Tissue XX% million lower in X% than Prior of the increase year, net the the which a represents and expected revenue was from and of from decrease X, and Membrane as XXXX. volume deferred included as pandemic, of Soft a quarter revenue we procedures third result X% market approximately June $X.X impact $XX.X initial decrease versus the Our prices for half $X.X of voluntarily availability million mix. the unit changes result in XXXX our in a product year revenue million Avive approximately suspended a prior from first of of of COVID-XX

both project compared as QX X% $XX.X total Excluding $XX.X Gross $X.X the in in the million as the third decreased quarter, million year. compared non-cash consistent of XX% to expense stock the million approximately expenses to million result these $XX costs. expenses XXXX items operating compared facilities costs for profit XX.X% the for margin third prior quarter higher and with third operating year. revenue X%. of Total in in been growth XX% to Total included prior million increased the of was quarter, of compensation increased The Gross impact as for in third quarter, well travel operating in year. to sales. QX a $XX.X lower of the to reflects prior increase would’ve compensation,

as the R&D in of in The to the third Nerve for and primarily ended As XX the commission XX% revenue compensation million development Graft the quarter, compared in all and including Avance for bonus and year. expenses BLA to programs, months the few the to next September for increased as for costs in reduction million support in we product XX% of of the offset the in Avance increases increased specific spending beginning expectations third our Nerve and $XX.X XX% and at stock quarter to total due to in initiatives in a the Sales spending to expenses Graft lower increase returned lower expenses development, pandemic. million and year. more Research million expense normalized prior increased acted to in to three percent, the have $XX.X mitigation in over spend prior clinical $X.X third spending prior marketing include charges the compared company’s of for increased sales year product. non-clinical X% a development levels research. quarter by XXXX. revenue and BLA compared in the generation past steep expenses of result were XXXX quarters, These Research the partially Avance following cost QX a $X.X and reflected marketing including the

to was $X.X in per or release found net share. GAAP and were million can million per As $X.X of prior of reconciliation loss revenue investments XX% to $XX.X of prior revenue compared prior compared non-GAAP year measures in of our website. net financial in earnings of today’s year. year. net to at expenses prior on $X.X a equivalents on of increased XX% and to QX or EBITDA a cash, in an the the total September the $X loss income $XXX,XXX. Adjusted percentage these quarter our cash and General was compared to capital to compared $X.XX share to The $XXX.X quarter adjusted million million cash including $X.X revenue the EBITDA loss balance the administrative and Adjusted $X.XX development the in XX capitalized year. of of XX% research processing $X.X net the be the was million The of XX% biologics quarter XXXX includes million in and of in and decrease third balance in on in million, and of and million XX% and operating $X.X QX burn per share in net $X.X income share per of interest, million adjusted facilities Dayton, end million center Ohio, expenditures compared new of in QX. primarily The expenses

We expect in validation by expect in XXXX. facility the followed early begin next a completion year the year, of new process early production and center to Dayton one

be and we $XXX.X full of previous million Karen noted range to revising compared as in million. $XXX year guidance million the revenue earlier, are to range our our guidance, revenue now to Turning of million to expect $XXX will $XXX.X XXXX

to XX%. expect remain gross full continue above year we to Additionally, margins

to continue these us for to remain adapt products commercial and challenges. surgical the the our our are see hospitals improvement and underlying we address schedules, demand measured hospitals constraints fourth confident in to capacity execution that expectations we for position our as Although, as quarter

execution underserved beyond, of in call healthcare XXXX continue company, And XX%. allow the us in the that, the I’d and revenue to to teens this back hand growth the to be market with we like growth strategy sustainable our we Karen. believe toward a long-term will As and over delivering annualized to strength look low high to

Karen Zaderej

achievements positioned I you, delivering headwinds to Rob? for move of months we the the for team during and like entire point, I’m solutions I’d face final we’re well Thank to of the and believe as proud And XXXX through line up remain innovative Pete. surgeons patients, open repair quarter. AxoGen of hospitals. of success to beyond. At this the in our nerve the the We the committed questions.

Operator

question from SVB line proceed Antalffy the Thank Please Danielle And you. first questions. our your comes Instructions] of with [Operator with Leerink.

Erin Soldatis

Hi, this questions. is taking Erin our for on for Danielle. Thanks

mix impacted the the the by to certain Thanks. one maybe staffing do or ASC, hospital procedures talk from possibly take these also these Just was And forward? a less the but me. expect couple just hoping to maybe you shortages you there’s mitigate of was any shortages it by that about setting, of procedures I going you and then just, ASC a and, if just the to just there a see to as was relates like setting that, of steps versus impacts impact could hospital. could shift

Karen Zaderej

Sure. the shortages. That’s And a parts great question. that country. the of the by variant in hospitals of COVID-XX, the have Definitely we staffing fact certain saw then impacts complicated of rise combination actually Delta the

saw our more And so impacted that the thing, elective procedures. first were we

and reconstruction is lot significant of complication a deferrable procedure. always in to a time, breast takes inpatient great So without it the that is patient. an OR It example it’s

actually what the hospitals manage oral those sign very on them all on we traumatic that elective flow. the all the and of in first so and of usually clear, surgical also out. the to quite are of depends as circumstances because these injuries, pain procedures being for starting surgery impacted really push their and that’s procedures. procedures the delayed trying very And of it more do maxillofacial to that hospital it’s they’re and treatment us, saw as not to In trying are hospitals emergent But

we sites see alternate moved year last is to similar we first saw care. to what the that procedures that so and these of And thing were

affected in an So as in, at saw and starting outpatient stage both deferred increase came a variant, became surgery we less ambulatory by just all of shortages, variant to in to but more. early creep of move delayed particular which centers, we strong days we were even the Delta that either head in up, pretty it areas some saw and or Delta to centers in of in and variant saw surgery the staffing the Delta kind those staffing procedures shortages, where

We So that hospital hear variant have potentially staffing this there the, CEOs be there’s going in issues could is may WANs another but systems wave of Delta certainly on today in well companies as ongoing staffing basis. resignations a come. from problems, they that [ph], but more of

that elective just patients we’re cognizant so and that go best that will those as trying our continue hospitals so try be care. more continue will to of and to the – back this. deferred. be as those same And the to be to bring can procedures injuries as time, the get they support through But trying soon possible Recognizing possible nerve traumatic

Erin Soldatis

gotten understand the, and on Thanks. the And in of XQ is $XX XQ Thanks. about contemplated. they’ve are that have of that to are guidance better seems think outlook, better could, are want that about about backlog XXXX should contemplated then in XXXX, implies outlook And things seems of like then if think takes the we or puts that XQ we talk backlog considering that should the upside? your, kind updated it lows in as procedures October, of million the $XX the the September being also just, getting in made you like XXXX just it in and did if up for any August and, continued you just it, million since Great. revenue the into and,

Peter Mariani

these But and are think of with that lot to we outlook of reflective confidence procedures. schedule in a lot really they fact our a – got these are in is of how procedures. I they going through our to the come got Yes, we’ve hospitals help challenged ability get

see of where have additional in so We ran October liked for that And would’ve we sort fourth the a October. that of as stronger quarter. an have the rate run September didn’t for us to pickup provided uptick outlook the consistent little seen, September in saw through month we to

So, looking much able current end of and we’re hospitals are put, guidance. a end done moderate takes, if that as some work of the And maintain run get year, of that expect, range. of at the us have the the to trying puts pretty bottom to defines and end see rate, that’s the of challenges that we’re our we and we they through our through procedures these we’ll they staffing moves top through with – these improvement, and that kind if, the

not more of those to we trying very, procedures at the what in. up which pace are a are in see coming set in the these bottom to trying back. to to procedure, if going staffing end procedures But experiences those think procedures wanted those the procedures little might those we deferred Last a us Karen pointed in more came exceptional out measured quickly, It’s more out, going where causing those sort this quickly, but current and just then pace is getting we’re scheduled move range. deferred saw QX. very as And us And bake us come figure shortages done. year, come business. be of of in that’s the any in state we we your specifically So, to growth procedures to to at in getting

Erin Soldatis

so much. Great. Thanks

Operator

Anthony with line Jeffries. questions. question Please proceed Our of Petrone the from with is next your

Anthony Petrone

Great. Thank you.

panel, for Integra vote year seeing obviously Thanks. relates just just reconstruction in update anything an would that from the end first then And terms for impacts or during AxoGen, business our breast the the of and quarter, Avance on of developments just, a otherwise? from panel, into terms dermal of study question any breast notable potentially matrix there. COVID just neurotization whether sort tailwind Acellular had look a in RECON timelines or end the steps meaning when the SurgiMend for FDA opportunity panel on next First not, mixed you’re on at a meeting maybe you that from products to

Karen Zaderej

you. Thank Sure.

of So we enrollment those completed on study, the RECON all and subjects. again follow-up

staffing in this at with so an with the have we this impact not data to complete CRO And hospital associated table. point, study there’s the as the it,

impact having don’t on quarter despite So, And still we any the no, next at we second see in year. hospitals. top-line of RECON look data staffing to the challenges forward readout

looking the at recent terms of In panel that happened. this –

think looked through at what and on it I going we’ve was there. read

think make communicating I to it clinically panels, these is an and sure is is but difference, relevant to it clinically with a in that also important just significant endpoint meaningful important measure statistically not that presentation And put least, think particular I among in varying panel the place. this processes was under meaningful I think endpoints. read members the there around in panel, case at as on the clinically I thought

to showing we’re us those I trials, And so of we’re that both that points. to think doing want sure it’s these a make reminder all we very good when of

now we’ve kept in of And are we data was those have, – into those as us, both when to for information RECON. Fortunately from that up. would set RECON, pull and RANGER claim. broader that sensation we we our baked label designed support all are studies also mind It’s and

So, the have panel, that a there that if information panel in able be I’m understand we anticipating form those, that it. is that to would the a panel

Anthony Petrone

of how the quarter? on I some on the entirety those to I accounts Delta accounts headwinds follow-up more of announced are and one or they did you if be saw across staffing. core in accounts business on quarter. core those play that category staffing the there, pressures accounts? shortages, the the insulated core was that Again are again. Delta which – it that And and portion When could and you And, evenly of if think in is last XQ, a Thanks there in disbursed of new kind about and would the sneak can, shifting the

Karen Zaderej

definitely regional had the differences Well, country. Delta across

So Southeast, regions. those valley accounts much But those on that, Tennessee staffing overall broadly on Tennessee Florida, the of impact and is core the volume more area, those in greater all had a impacted.

did still we year-over-year in show look XX% at an you core this it, account. overall growth If

see we million. floor. continuing within increasing $XXX,XXX still a both also is accounts are category. not our a that and $X penetration as increasing over It’s just a growth, Remember overall And the fuel number, accounts. a into our the of for So, or largest volume but funnel that ceiling that’s getting the

And driving two core we we from affecting and saw number taking that those back up drive staffing increasing come their to board, account. the that moving still continuing see revenue see while so them come we accounts accounts our we resolves, to the of dimensions, continuing we as will active accounts across core distribution of – believe them to that’s staffing per both and and the to penetration increase

Operator

you. Thank

from your Our next with with the Canaccord. proceed question Rose Please question. Kyle line of

Kyle Rose

you shortages, that’s with I could get is Thank done additional little commentary mean, the what for a diligence just flex queue hours, like is the yes, more we’ve full. question. we operating you’re that more or of inability some that taking related I seeing the on respect but overtime staffing just staffing are is for the but just suggesting that wonder if there to Great. to shortages? to

actual seeing see seeing, do in procedure some that serve? what you it’s flex the or as volumes in we you decreases hard QX. you’re in So to Is markets Yes. higher are

Karen Zaderej

give to answer different have I Yes. for a different segments.

require So for a stay. that elective procedures those hospital

can. capacity the out not hospital say are staffing way not moving or all the in staffing trying future. and necessarily shortages are are that as the ORs I into at to are out floors, shortages at We Because either be the the as hospitals more to keep scheduled those they causing seeing acutely, scheduled much ORs pushed would

of that have they thousands Now, backlog procedures get through. I’ve some to hundreds that CEOs their system, to or talked hospital need in

little So OR is, procedure the and off the to with it to are shortages mean going be causing amounts same the current more there that volume you what the they time. to the flex sizable they some just of inability in and create are backlog it. backlog It’s deal the a Doesn’t and we’ll as get capacity both won’t working said, bit more can so at time. take

Kyle Rose

sure make I with then I appropriately. understand guidance it That just respect to that’s to Okay. And want helpful.

kind of the you end. to gradual the basis of on that If brings the status quarter, to talk October if end, the you October quo, us maybe about improvements see takes for rest trended just see relative but to And September? exit of you to how a that high month-over-month low the you rate maybe some

Karen Zaderej

the say we remained relatively better it but things – get I Yes, so would slightly saw – September, relatively consistent, consistent. still going but better, we October, then saw into in

some of these we if set and think remain we can that let’s the And to end quarter, start increasing up to the the that’s guidance. through just the So, some flat start normal the tackle There we or and, get quarter. course, low through the of flow, because the headwinds, see is then deferred of be to a end. which through we volume what would of to that why consider say, assume we would back I procedures, higher would

Kyle Rose

you. Very helpful. us. for Okay. That’s all Thank

Operator

over remarks. call the I’ll question-and-answer session. Thank you. turn reached end the now closing Zaderej to for Karen We’ve of

Karen Zaderej

the Rob. everyone joining with Diagnostics you. this you, to Healthcare & on I at speaking London at month. MedTech Forum for Conference Thank thank Thank We call. Jeffries today’s us later of and you many the forward Canaccord look want

Operator

conference. Thank you. concludes today’s This

lines your may you disconnect participation. Thank this your You at for time.

AxoGen (AXGN) 4 Nov 212021 Q3 Earnings call transcript