Neuromodulation Focused Company Axonics Gets 28% Price Target Bump By This Analyst On Solid Q2 Performance

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  • Axonics Inc AXNX reported a 50% Y/Y increase in Q2 sales to $69 million, beating the consensus of $59 million.
  • Sacral neuromodulation (SNM) revenue was $55.8 million, and Bulkamid revenue was $13.2 million.
  • The company reported an EPS loss of $(0.47), better than $(0.59) a year ago and the consensus of $(0.54).
  • Needham has raised the price target to $77 from $60 with an unchanged Buy rating, citing that stronger revenue growth warrants a higher EV/sales multiple.
  • The analyst says that the 2Q22 results support the view that AXNX's non-rechargeable F15 system is helping to drive market share gains for AXNX.
  • The company forecasts FY22 sales of $253 million, +40% Y/Y, and better than the previous guidance of $238 million.
  • Sacral neuromodulation revenue is expected to reach $205 million, +30%, with Bulkamid revenue to more than double to $48 million.
  • Axonics launched its F15 non-rechargeable SNM system in April this year after gaining FDA approval in March.
  • Management noted that ~66% of its 2Q22 sales were from the F15 though management expects this to shift back toward ~50% over time. 
  • Needham notes that F15 has nearly twice the battery life of Medtronic Plc's MDT new Interstim X non-rechargeable system, along with other advantages. 
  • Price Action: AXNX shares are up 4.74% at $69.82 during the market session on the last check Tuesday.
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