AxoGen, Inc. (AXGN) vs Haemonetics Corporation (HAE)

AxoGen, Inc. and Haemonetics Corporation are both Medical Devices companies. Haemonetics Corporation is the larger, with a market value of $5.7B against $2.9B — 1.9× the size. AxoGen, Inc. has negative trailing earnings, so its P/E is not meaningful; Haemonetics Corporation trades at 54.5×. AxoGen, Inc. grew revenue faster over the last twelve months: 24.3% against 4.11%. Haemonetics Corporation has the higher net margin (7.52% vs −12.0%) and the higher return on invested capital (6.31% vs −5.27%). Across the 20 metrics below, Haemonetics Corporation leads on 14 and AxoGen, Inc. on 6.

Valuation

Metric AXGN HAE Medical Devices median
P/E n/m 54.48 25.58
P/S 10.08 4.05 2.54
P/B 5.43 6.24 2.48
Price to free cash flow 134.44 18.11 28.81
EV/EBITDA n/m 23.58 11.51
EV/Sales 8.85 4.67 2.72
Earnings yield (1.33%) 1.84% (12.82%)
Free cash flow yield 0.74% 5.52% (8.18%)

Profitability

Metric AXGN HAE Medical Devices median
Gross margin 74.18% 59.63% 57.76%
Operating margin (5.17%) 12.80% (15.07%)
Net margin (11.96%) 7.52% (14.45%)
Free cash flow margin 7.50% 24.95% (3.88%)
Return on equity (10.35%) 11.89% (10.35%)
Return on assets (8.33%) 4.28% (17.26%)
Return on invested capital (5.27%) 6.31% (5.27%)

Growth

Metric AXGN HAE Medical Devices median
Revenue growth (TTM) 24.32% 4.11% 10.41%
EPS growth (last fiscal year) (47.83%) (38.07%) 28.17%
Revenue growth, 5-year CAGR 14.93% 8.91% 15.74%
Net income growth, 5-year CAGR 0.00% 4.13% 0.00%

Health

Metric AXGN HAE Medical Devices median
Debt to equity 0.04 1.24 0.04
Current ratio 12.02 2.84 2.74
Net debt to EBITDA 14.26 3.55 0.54

Dividend

Metric AXGN HAE Medical Devices median
Dividend yield — — 1.02%
Payout ratio — — 0.37

Size

Metric AXGN HAE Medical Devices median
Market cap 2.91b 5.65b 239.53m

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