AxoGen, Inc.（AXGN）のニュースとイベントAXGNAxoGen, Inc.

Lake Street Maintains Buy Rating on Axogen with $55 Price Target

Lake Street expects consistent execution from core Axogen to be complemented by Nerve Tape and recent new commercial wins and thinks consistent execution and outperformance can support multiple expansion, so the firm would be buyers on weakness. Axogen completed its acquisition of BioCircuit Technologies and "presumably" shares were weak on the announcement of deal closing because the guidance was viewed as "uninspiring," though the firm views this as "prudent conservatism" and believes Axogen has "the track record to support setting reasonable expectations it can meet or exceed," added the analyst, who keeps a Buy rating and $55 price target on the shares.

Axogen Acquires BioCircuit Technologies for $200M

Axogen has entered into a definitive agreement to acquire BioCircuit Technologies, a privately held medical device company and developer of NerveTape, the first FDA-approved device for sutureless nerve repair. Under the terms of the agreement, Axogen will acquire BioCircuit for total consideration of $200M in cash at closing, subject to customary adjustments for cash, indebtedness, transaction expenses and net working capital. At closing, $1.0M of the estimated merger consideration will be withheld pending determination of the post-closing purchase price adjustment. The transaction is expected to close in Q4, subject to satisfaction of customary closing conditions, including completion of the spin-out of BioCircuit's electronics research and development business. Combined with Axogen's direct sales force, existing surgeon relationships and hospital contracting infrastructure, the acquisition is expected to accelerate adoption and drive deeper market penetration within Axogen's current focus markets. Axogen expects the acquisition to be accretive to revenue growth, adjusted EBITDA margin and adjusted EPS in the first year following close, while maintaining positive free cash flow. The company anticipates funding the purchase price with the net proceeds from the public offering of its common stock.

BofA, Jefferies, and Wells Fargo Lead Proposed Offering

BofA Securities, Jefferies and Wells Fargo Securities are acting as lead book-running managers for the proposed offering. Mizuho Securities USA is also acting as a bookrunner for the proposed offering. Lake Street Capital Markets is acting as a co-manager for the proposed offering.