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

Leases (Tables)

9 Months Ended

Sep. 30, 2024

Operating lease expense is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Operating lease expense	$	1,183	$	1,327	$	3,673	$	3,871

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


(in thousands, except lease term and discount rate)	September 30, 2024		December 31, 2023
Operating Leases
Right-of-use operating assets	$	14,614	$	15,562
Current maturities of long-term lease obligations	$	1,850	$	1,541
Long-term lease obligations	$	19,720	$	21,123
Sublease receivable	$	272	$	—

Financing Leases
Right-of-use financing leases (1)	$	19	$	28
Current maturities of long-term lease obligations	$	6	$	6
Long-term lease obligations	$	14	$	19

Weighted average operating lease term (in years):	9.0		9.6
Weighted average financing lease term (in years):	1.7		6.5

Weighted average discount rate operating leases	10.96%		10.99%
Weighted average discount rate financing leases	6.81%		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 September 30, 2024, are as follows:


(in thousands)
2024 (excluding nine months ended September 30, 2024)	$	999
2025	4,143
2026	4,278
2027	3,115
2028	3,113
Thereafter	18,567
Total	34,215
Less: Imputed interest	(12,625)
Total lease liability	21,590
Less: Current lease liability	(1,856)
Long-term lease liability	$	19,734

Future minimum lease payments under operating and financing leases at September 30, 2024, are as follows:


(in thousands)
2024 (excluding nine months ended September 30, 2024)	$	999
2025	4,143
2026	4,278
2027	3,115
2028	3,113
Thereafter	18,567
Total	34,215
Less: Imputed interest	(12,625)
Total lease liability	21,590
Less: Current lease liability	(1,856)
Long-term lease liability	$	19,734