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Side-by-side financial comparison of Axogen, Inc. (AXGN) and Beta Bionics, Inc. (BBNX). Click either name above to swap in a different company.
Axogen, Inc. is the larger business by last-quarter revenue ($61.5M vs $27.6M, roughly 2.2× Beta Bionics, Inc.). Axogen, Inc. runs the higher net margin — -31.9% vs -79.3%, a 47.4% gap on every dollar of revenue. On growth, Beta Bionics, Inc. posted the faster year-over-year revenue change (56.6% vs 26.6%).
Axogen is a developer of surgical solutions, including human tissue grafts, based in Alachua, Florida. Axogen products are designed to remedy peripheral nerve damage. In 2013 the company raised $18 million in its initial public offering (IPO). Axogen uses a cell graft technology AVANCE to mimic a human nerve. The company also creates nerve connectors and soft tissue membranes. The company reports sensory and movement recovery in 87 percent of patients with peripheral nerve injuries. Axogen is...
Beta Bionics, Inc. is a medical technology company focused on developing and commercializing advanced automated diabetes management solutions. Its core product is the iLet Bionic Pancreas, a wearable device that automatically adjusts insulin and glucagon delivery for people with Type 1 and Type 2 diabetes, serving primarily the U.S. healthcare market with plans for global expansion.
AXGN vs BBNX — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $61.5M | $27.6M |
| Net Profit | $-19.6M | $-21.9M |
| Gross Margin | 75.2% | 59.5% |
| Operating Margin | — | — |
| Net Margin | -31.9% | -79.3% |
| Revenue YoY | 26.6% | 56.6% |
| Net Profit YoY | -410.8% | 23.6% |
| EPS (diluted) | $-0.38 | $-0.49 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $61.5M | $27.6M | ||
| Q4 25 | $59.9M | $32.1M | ||
| Q3 25 | $60.1M | $27.3M | ||
| Q2 25 | $56.7M | $23.2M | ||
| Q1 25 | $48.6M | $17.6M | ||
| Q4 24 | $49.4M | — | ||
| Q3 24 | $48.6M | — | ||
| Q2 24 | $47.9M | — |
| Q1 26 | $-19.6M | $-21.9M | ||
| Q4 25 | $-13.2M | $-13.5M | ||
| Q3 25 | $708.0K | $-14.2M | ||
| Q2 25 | $579.0K | $-16.9M | ||
| Q1 25 | $-3.8M | $-28.7M | ||
| Q4 24 | $450.0K | — | ||
| Q3 24 | $-1.9M | — | ||
| Q2 24 | $-1.9M | — |
| Q1 26 | 75.2% | 59.5% | ||
| Q4 25 | 74.1% | 59.0% | ||
| Q3 25 | 76.6% | 55.5% | ||
| Q2 25 | 74.2% | 53.8% | ||
| Q1 25 | 71.9% | 50.9% | ||
| Q4 24 | 76.1% | — | ||
| Q3 24 | 74.9% | — | ||
| Q2 24 | 73.8% | — |
| Q1 26 | — | — | ||
| Q4 25 | -16.3% | -50.2% | ||
| Q3 25 | 3.2% | -62.5% | ||
| Q2 25 | 3.0% | -85.5% | ||
| Q1 25 | -3.4% | -105.7% | ||
| Q4 24 | 4.1% | — | ||
| Q3 24 | -0.6% | — | ||
| Q2 24 | -0.9% | — |
| Q1 26 | -31.9% | -79.3% | ||
| Q4 25 | -22.0% | -41.9% | ||
| Q3 25 | 1.2% | -52.1% | ||
| Q2 25 | 1.0% | -72.6% | ||
| Q1 25 | -7.9% | -162.5% | ||
| Q4 24 | 0.9% | — | ||
| Q3 24 | -3.8% | — | ||
| Q2 24 | -4.0% | — |
| Q1 26 | $-0.38 | $-0.49 | ||
| Q4 25 | $-0.28 | $-0.16 | ||
| Q3 25 | $0.01 | $-0.33 | ||
| Q2 25 | $0.01 | $-0.39 | ||
| Q1 25 | $-0.08 | $-0.93 | ||
| Q4 24 | $-0.00 | — | ||
| Q3 24 | $-0.04 | — | ||
| Q2 24 | $-0.04 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $82.7M | $199.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $244.8M | $271.2M |
| Total Assets | $289.5M | $304.4M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $82.7M | $199.5M | ||
| Q4 25 | $41.5M | $219.1M | ||
| Q3 25 | $35.8M | $228.7M | ||
| Q2 25 | $29.9M | $249.7M | ||
| Q1 25 | $22.1M | $231.5M | ||
| Q4 24 | $33.5M | — | ||
| Q3 24 | $24.5M | — | ||
| Q2 24 | $21.1M | — |
| Q1 26 | — | — | ||
| Q4 25 | $48.4M | — | ||
| Q3 25 | $48.2M | — | ||
| Q2 25 | $47.9M | — | ||
| Q1 25 | $47.7M | — | ||
| Q4 24 | $47.5M | — | ||
| Q3 24 | $47.3M | — | ||
| Q2 24 | $47.0M | — |
| Q1 26 | $244.8M | $271.2M | ||
| Q4 25 | $128.8M | $287.6M | ||
| Q3 25 | $120.8M | $294.8M | ||
| Q2 25 | $112.3M | $301.6M | ||
| Q1 25 | $105.4M | $313.8M | ||
| Q4 24 | $103.9M | — | ||
| Q3 24 | $99.4M | — | ||
| Q2 24 | $95.7M | — |
| Q1 26 | $289.5M | $304.4M | ||
| Q4 25 | $221.7M | $328.7M | ||
| Q3 25 | $216.4M | $330.0M | ||
| Q2 25 | $205.5M | $330.0M | ||
| Q1 25 | $196.2M | $338.0M | ||
| Q4 24 | $203.7M | — | ||
| Q3 24 | $192.0M | — | ||
| Q2 24 | $188.9M | — |
| Q1 26 | — | — | ||
| Q4 25 | 0.38× | — | ||
| Q3 25 | 0.40× | — | ||
| Q2 25 | 0.43× | — | ||
| Q1 25 | 0.45× | — | ||
| Q4 24 | 0.46× | — | ||
| Q3 24 | 0.48× | — | ||
| Q2 24 | 0.49× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | — |
| Free Cash FlowOCF − Capex | $-1.4M | — |
| FCF MarginFCF / Revenue | -2.3% | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $9.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $3.0M | $-8.6M | ||
| Q3 25 | $3.2M | $-8.7M | ||
| Q2 25 | $7.7M | $-13.6M | ||
| Q1 25 | $-13.2M | $-20.0M | ||
| Q4 24 | $8.7M | — | ||
| Q3 24 | $3.9M | — | ||
| Q2 24 | $4.2M | — |
| Q1 26 | $-1.4M | — | ||
| Q4 25 | $1.8M | $-10.5M | ||
| Q3 25 | $1.7M | $-10.0M | ||
| Q2 25 | $7.0M | $-15.4M | ||
| Q1 25 | $-13.4M | $-20.3M | ||
| Q4 24 | $8.1M | — | ||
| Q3 24 | $3.3M | — | ||
| Q2 24 | $3.3M | — |
| Q1 26 | -2.3% | — | ||
| Q4 25 | 3.0% | -32.8% | ||
| Q3 25 | 2.8% | -36.7% | ||
| Q2 25 | 12.4% | -66.2% | ||
| Q1 25 | -27.7% | -115.1% | ||
| Q4 24 | 16.3% | — | ||
| Q3 24 | 6.8% | — | ||
| Q2 24 | 6.8% | — |
| Q1 26 | — | — | ||
| Q4 25 | 2.1% | 5.9% | ||
| Q3 25 | 2.5% | 4.7% | ||
| Q2 25 | 1.3% | 7.7% | ||
| Q1 25 | 0.5% | 1.9% | ||
| Q4 24 | 1.4% | — | ||
| Q3 24 | 1.2% | — | ||
| Q2 24 | 1.9% | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 4.55× | — | ||
| Q2 25 | 13.35× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 19.41× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
