Axogen (NASDAQ:AXGN) announces preliminary Q1 revenue and a business update in response to the COVID-19 pandemic.
Q1 2020 net revenue is estimated to be ~$24.3M (+4% Y/Y).
The Company plans to reduce executive cash compensation and board fees by 20%, and 10% reduction for all other employees.
Axogen also completed an employee layoff of ~10% and implemented a hiring freeze.
On April 1, the Company suspended its previous 2020 annual financial guidance, due to uncertainty associated with COVID-19.
On April 21, 2020, the U.S. District Court for the
Middle District of Florida dismissed a putative class action complaint
filed January 9, 2019, against the Company alleging violations of the
federal securities laws. The Plaintiff failed to state a claim upon
which relief could be granted.
The Company will provide final results during its Q1 earnings call on May 6, 2020, at 4:30 pm ET.
https://seekingalpha.com/news/3563583-axogen-sees-q1-revenue-of-24m-class-action-lawsuit-dismissed
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