Axonics, Inc. (Nasdaq: AXNX), a global medical technology company that is developing and commercializing novel products for the treatment of bladder and bowel dysfunction, today reported financial results for the three months ended March 31, 2023.
“We are confident that our commitment to innovation, increasing public awareness, and providing physicians and patients strong clinical support will continue to drive market expansion and advance Axonics on its path to incontinence market leadership.”
“Our commercial team continues to execute at a high level, generating revenue growth of 46% year over year in the first quarter,” said Raymond W. Cohen, chief executive officer. “Our sacral neuromodulation growth was driven by higher utilization and share gains while Bulkamid® continues to benefit from physicians enthusiastically adopting our durable hydrogel to treat their stress urinary incontinence patients. Based on the strong results generated in the first quarter, we are raising our fiscal year 2023 revenue guidance to $348 million, representing 27% growth year over year.”
Cohen continued, “We continue to focus on bringing new innovations to the incontinence market, with the goal of increasing the penetration of advanced therapies for this vastly undertreated patient population. In the first quarter, we received FDA approval and commercially launched the Axonics R20™, our fourth-generation rechargeable SNM system that requires recharging just once every six to ten months for one hour. In addition, last week we announced the acquisition of a technology to facilitate easier and faster lead placement during the SNM external trial. We are confident that this commitment to innovation, increasing public awareness, and providing physicians and patients strong clinical support will continue to drive market expansion and advance Axonics on its path to incontinence market leadership.”
1Q23 Financial Results
- Net revenue was $70.7 million in 1Q23, an increase of 46% compared to the prior year period.
- Sacral neuromodulation revenue was $55.2 million, of which $53.9 million was generated in the U.S. and the remainder in international markets.
- Bulkamid revenue was $15.5 million, of which $11.6 million was generated in the U.S. and the remainder in international markets.
- Gross margin was 74.3% in 1Q23 compared to 68.7% in the prior year period.
- Operating expenses were $66.9 million in 1Q23 and included a $1.8 million non-cash charge for the change in fair value of contingent consideration related to the Bulkamid acquisition. Operating expenses were $56.8 million in the prior year period.
- Excluding acquisition-related charges, adjusted operating expenses were $65.1 million in 1Q23.
- Adjusted EBITDA was $0.9 million in 1Q23 compared to an adjusted EBITDA loss of $13.4 million in the prior year period.
- Net loss was $9.2 million in 1Q23 compared to a net loss of $22.7 million in the prior year period.
- Cash, cash equivalents and short-term investments were $357 million as of March 31, 2023.
Fiscal Year 2023 Revenue Guidance
Axonics has updated its fiscal year 2023 revenue guidance as follows:
- Total company revenue of $348 million, an increase of 27% compared to fiscal year 2022.
- This compares to initial fiscal year 2023 revenue guidance of $342 million.
- Sacral neuromodulation revenue of $280.5 million, an increase of 26% compared to fiscal year 2022.
- Bulkamid revenue of $67.5 million, an increase of 31% compared to fiscal year 2022.
Webcast and Conference Call
Axonics will host a conference call today at 4:30 p.m. Eastern Time to discuss financial results and recent business developments. To access the conference call by telephone, interested parties may register at the following link: Axonics 1Q23 registration.
For those not planning to ask a question, the company recommends accessing the conference call by webcast at the following link: Axonics 1Q23 webcast. A replay of the webcast will be archived in the Events section of the Axonics investor relations website.
Source: https://www.businesswire.com/
