William Blair analyst Brian Weinstein downgraded AxoGen to Market Perform from Outperform saying he was surprised to hear management "once again" talk down expectations for growth and formally reduce guidance. The company's new outlook reflects an expectation for growth of between 26% and 31% versus a prior target of 30% to 36% growth, Weinstein tells investors in a research note. The issue is delayed productivity growth, which has taken place over the first half of the year as the company undergoes a massive expansion in salesforce, explains the analyst. While he believes the salesforce expansion is warranted and territory splits are common, he thinks the issue will take a few quarters to get ironed out.