Axonics Posts Smaller Than Expected Quarterly Loss, Raises Guidance

  • Axonics Inc AXNX posted Q3 sales of $70.4 million, up 50% Y/Y, beating the consensus of $62.99 million.
  • The company reported sales of $56.9 million from its sacral neuromodulation business. The remaining $13.5 million came from sales of Bulkamid, a urethral bulking hydrogel.
  • "Sacral neuromodulation revenue grew 42% year over year, benefiting from the overwhelmingly positive physician response to the commercial launch of the Axonics F15 recharge-free SNM system. Bulkamid generated another record revenue quarter, and we now expect this product to generate $50 million of revenue in 2022, which is two years ahead of our original forecast at the time of the acquisition in February 2021," said Raymond Cohen, CEO.
  • The gross margin improved from 66.5% to 72.8%.
  • The company posted a Q3 EPS loss of $(0.34), down from (0.38) a year ago and beating the consensus of $(0.48).
  • Cohen added that the company "continues to make progress" on key initiatives. That includes direct-to-consumer advertising and in-house manufacturing expansion. 
  • Guidance: Axonics expects FY22 sales of $262 million, increasing its guidance by $9 million since last quarter.
  • Price Action: AXNX shares closed higher by 1.72% at $73.14 on Monday.
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