AxoGen, Inc. — Earnings Quality Grade F
AXGN · Healthcare
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 42 days, change -5 days YoY
AR growth 8.6% vs revenue growth 20.2%
Revenue grew 20.2% but CFFO declined -82.1%
Expense Quality
Inventory 27.7% vs COGS 27.5%. Normal
CapEx growth 23.7% vs revenue 20.2%. Normal
SG&A/Gross Profit = 85.0%, exceeds 70%
Gross margin 74.3%, change -1.5pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
FCF is negative ($-0.0B)
Accruals ratio = -7.4%. Low accruals
Cash $0.0B covers 61% of debt $0.1B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 5% of equity. Manageable
Debt/EBITDA = 133.4x (>4x). Interest coverage = -1.0x (<2x). Financial stress
Insufficient data
No write-off data
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles change 21% YoY. Normal
Manipulation Score
M-Score = -2.65 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25