Axogen, Inc. Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

3 Months Ended

Mar. 31, 2024

Operating lease expense is as follows:

Supplemental balance sheet information related to the operating and financing leases is as follows:


(In thousands, except lease term and discount rate)	March 31, 2024		December 31, 2023
Operating Leases
Right-of-use operating assets	$	15,247	$	15,562
Current maturities of long-term lease obligations	$	1,639	$	1,541
Long-term lease obligations	$	20,663	$	21,123
Financing Leases
Right-of-use financing leases (1)	$	24	$	28
Current maturities of long-term lease obligations	$	5	$	6
Long-term lease obligations	$	18	$	19

Weighted average operating lease term (in years):	9.4		9.6
Weighted average financing lease term (in years):	3.8		6.5

Weighted average discount rate operating leases	10.98%		10.99%
Weighted average discount rate financing leases	13.99%		13.22%

(1) Financing leases are included in property and equipment, net on the condensed consolidated balance sheets.

Future minimum lease payments under operating and financing leases at March 31, 2024, are as follows:


(In thousands)
2024 (excluding three months ended March 31, 2024)	$	2,951
2025	4,134
2026	4,269
2027	3,106
2028	3,104
Thereafter	18,565
Total	36,129
Less: Imputed interest	(13,804)
Total lease liability	22,325
Less: Current lease liability	(1,644)
Long-term lease liability	$	20,681

Future minimum lease payments under operating and financing leases at March 31, 2024, are as follows:


(In thousands)
2024 (excluding three months ended March 31, 2024)	$	2,951
2025	4,134
2026	4,269
2027	3,106
2028	3,104
Thereafter	18,565
Total	36,129
Less: Imputed interest	(13,804)
Total lease liability	22,325
Less: Current lease liability	(1,644)
Long-term lease liability	$	20,681