With much less progress than expected on sales productivity and surgeon utilization, 2019 has been a tough year for AxoGen (AXGN). The shares have recovered quite a lot of ground from their September/October lows, but if this rally is going to continue, the company must shift to beat-and-raise quarters and reassure the Street that 20%-plus revenue growth is attainable – a development that I believe will hinge on improving sales rep productivity and surgeon utilization of the company’s grafts.
It’s not unusual for small med-tech stories to stumble, but that makes it no