艾索基因（AXGN）：虚拟炉边谈话基本面依然强劲；预期毛利率反弹

Michael Sarcone, CFA * | Equity Analyst1 (212) 778-8606 | msarcone@jefferies.comMatthew Taylor, CFA * | Equity Analyst1 (212) 778-8721 | matt.taylor@jefferies.comYoung Li * | Equity Analyst+1 (212) 778-8671 | young.li@jefferies.comMichael Toomey, CFA * | Equity Analyst+1 (212) 708-2630 | mtoomey2@jefferies.comMatthew Aspro * | Equity Associate+1 (212) 323-3907 | maspro@jefferies.com Company DescriptionAxoGenAxoGen (AXGN) develops an off-the-shelf processed human nerve allograft used in peripheral nerve repair. The company provides surgeons withsolutions to address nerve transection, compression, and inflammation. Its main product, the Avance Nerve Graft, is designed to provide the micro-architecture and guidance necessary for axon regeneration without the donor site co-morbidities of an autograft. AxoGen was founded in 1977 andis headquartered in Alachua, Florida.Company Valuation/RisksAxoGenOur PT is based on a 4x EV/sales multiple on our 2026E sales, in line with growth peers. Downside risks to our PT include slower-than-expectedproduct adoption, delays in Avance BLA approval, a COVID resurgence that disrupts procedures and limits hospital capacity, potential commercialdisruption related a new strategic operating plan AXGN expects to implement, and competition.Analyst Certification:I, Michael Sarcone, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Matthew Taylor, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Young Li, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Michael Toomey, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Matthew Aspro, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, butvarious regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are publishedat irregular intervals as appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedExplanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.The expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below $10 is 20% or more within a 12-month period as these companies are typically more volatile than the overall stock market. For Hold rated securities with an average security price consistentlybelow $10, the expected total return (price appreciation plus yield) is plus or minus 20% within a 12-month period. For Underperform rated securities with anaverage security price consistently below $10, the expected total return (price appreciation plus yield) is minus 20% or less within a 12-month period.NR - The investment rating and price target have been temporarily suspended. Such suspensions are in compliance with applicable regulations and/or Jefferiespolicies.CS - Co