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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