Axonics® Reports First Quarter 2022 Financial Results
Axonics, Inc. (Nasdaq: AXNX) reported Q1 2022 financial results, showing net revenue of $48.4 million, a 41% increase from Q1 2021. Sacral neuromodulation revenue reached $39.1 million, while Bulkamid revenue was $9.4 million, marking a 72% increase year-over-year. Despite a net loss of $22.7 million, cash reserves stood at $213.2 million. The company updated its fiscal year 2022 revenue guidance to $238 million, up 32% from 2021. The launch of the Axonics F15™ and a new advertising campaign are expected to boost market presence.
- Net revenue increased by 41% to $48.4 million.
- Sacral neuromodulation revenue achieved $39.1 million.
- Bulkamid revenue rose 72% to $9.4 million.
- Gross margin improved to 68.7% from 59.3% year-over-year.
- Cash and cash equivalents totaled $213.2 million.
- Updated revenue guidance for 2022 set at $238 million, a 32% increase.
- Net loss of $22.7 million, slightly higher than the previous year's loss of $22.5 million.
- Operating expenses rose significantly to $56.8 million from $42.0 million.
“We are pleased with this quarter’s revenue result considering the significant impact the Omicron surge had on elective procedures in January and February,” said
Cohen continued, “In April, we commenced the broad commercial launch of the Axonics F15™, our newly developed, long-lived, recharge-free sacral neuromodulation system. Physician response has been overwhelmingly positive, and we are confident this new recharge-free option will expand the sacral neuromodulation market while also accelerating the conversion of accounts to
First Quarter 2022 Financial Results
-
Net revenue was
in first quarter 2022, an increase of$48.4 million 41% compared to in the prior year period.$34.4 million -
Sacral neuromodulation revenue was
, of which$39.1 million was generated in the$37.7 million U.S. and the remainder in international markets. -
Bulkamid revenue was
, of which$9.4 million was generated in the$6.6 million U.S. and the remainder in international markets.
-
Sacral neuromodulation revenue was
-
Gross margin was
68.7% in first quarter 2022 compared to59.3% in the prior year period. -
Operating expenses were
in first quarter 2022 compared to$56.8 million in the prior year period.$42.0 million -
Net loss was
in first quarter 2022 compared to net loss of$22.7 million in the prior year period.$22.5 million -
Cash and cash equivalents were
as of$213.2 million March 31, 2022 .
Fiscal Year 2022 Revenue Guidance
-
Total company revenue of
, an increase of$238 million 32% compared to fiscal year 2021. This compares to prior revenue guidance of .$234 million -
Sacral neuromodulation revenue of
, an increase of$199 million 26% compared to fiscal year 2021. -
Bulkamid revenue of
, an increase of$39 million 72% compared to fiscal year 2021.
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About
Based in
Axonics’ sacral neuromodulation (SNM) systems provide patients suffering from overactive bladder and/or fecal incontinence with long-lived, easy to use, safe, clinically effective therapy. In addition, the company’s best-in-class urethral bulking hydrogel, Bulkamid®, provides safe and durable symptom relief to women with stress urinary incontinence (SUI). Overactive bladder affects an estimated 87 million adults in the
Forward-Looking Statements
Statements made in this press release that relate to future plans, events, prospects or performance are forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. Words such as “planned,” “expects,” “believes,” “anticipates,” “designed,” and similar words are intended to identify forward-looking statements. While these forward-looking statements are based on the current expectations and beliefs of management, such forward-looking statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from the expectations expressed in this press release, including the risks and uncertainties disclosed in
Condensed Consolidated Balance Sheets (in thousands, except share and per share data) |
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2022 |
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2021 |
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(unaudited) |
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ASSETS |
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Current assets |
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Cash and cash equivalents |
$ |
213,180 |
|
|
$ |
220,878 |
|
Accounts receivable, net of allowance for credit losses of |
|
27,425 |
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|
|
29,044 |
|
Inventory, net |
|
61,876 |
|
|
|
64,946 |
|
Prepaid expenses and other current assets |
|
4,952 |
|
|
|
6,449 |
|
Total current assets |
|
307,433 |
|
|
|
321,317 |
|
Property and equipment, net |
|
6,907 |
|
|
|
6,915 |
|
Intangible assets, net |
|
101,179 |
|
|
|
106,469 |
|
Other assets |
|
7,494 |
|
|
|
7,734 |
|
|
|
102,558 |
|
|
|
105,510 |
|
Total assets |
$ |
525,571 |
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|
$ |
547,945 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities |
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Accounts payable |
$ |
10,390 |
|
|
$ |
7,654 |
|
Accrued liabilities |
|
6,246 |
|
|
|
5,435 |
|
Accrued compensation and benefits |
|
7,480 |
|
|
|
12,413 |
|
Operating lease liability, current portion |
|
1,403 |
|
|
|
1,366 |
|
Total current liabilities |
|
25,519 |
|
|
|
26,868 |
|
Operating lease liability, net of current portion |
|
8,686 |
|
|
|
9,052 |
|
Deferred tax liabilities, net |
|
17,564 |
|
|
|
19,217 |
|
Other long-term liabilities |
|
10,370 |
|
|
|
10,370 |
|
Total liabilities |
|
62,139 |
|
|
|
65,507 |
|
Stockholders’ equity |
|
|
|
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Preferred stock, par value |
|
— |
|
|
|
— |
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Common stock, par value |
|
5 |
|
|
|
5 |
|
Additional paid-in capital |
|
812,141 |
|
|
|
803,559 |
|
Accumulated deficit |
|
(337,234 |
) |
|
|
(314,566 |
) |
Accumulated other comprehensive loss |
|
(11,480 |
) |
|
|
(6,560 |
) |
Total stockholders’ equity |
|
463,432 |
|
|
|
482,438 |
|
Total liabilities and stockholders’ equity |
$ |
525,571 |
|
|
$ |
547,945 |
|
Condensed Consolidated Statements of Comprehensive Loss (in thousands, except share and per share data) (unaudited) |
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Three Months Ended
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2022 |
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2021 |
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Net revenue |
$ |
48,420 |
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$ |
34,373 |
|
Cost of goods sold |
|
15,178 |
|
|
|
13,974 |
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Gross profit |
|
33,242 |
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|
|
20,399 |
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Operating expenses |
|
|
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Research and development |
|
11,236 |
|
|
|
9,369 |
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General and administrative |
|
10,013 |
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|
|
6,626 |
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Sales and marketing |
|
33,063 |
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|
|
20,928 |
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Amortization of intangible assets |
|
2,463 |
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|
|
678 |
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Acquisition-related costs |
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— |
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|
|
4,414 |
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Total operating expenses |
|
56,775 |
|
|
|
42,015 |
|
Loss from operations |
|
(23,533 |
) |
|
|
(21,616 |
) |
Other income (expense) |
|
|
|
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Interest income |
|
43 |
|
|
|
8 |
|
Interest and other expense |
|
(289 |
) |
|
|
(1,450 |
) |
Other expense, net |
|
(246 |
) |
|
|
(1,442 |
) |
Loss before income tax benefit |
|
(23,779 |
) |
|
|
(23,058 |
) |
Income tax benefit |
|
(1,111 |
) |
|
|
(555 |
) |
Net loss |
|
(22,668 |
) |
|
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(22,503 |
) |
Foreign currency translation adjustment |
|
(4,920 |
) |
|
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(2,202 |
) |
Comprehensive loss |
$ |
(27,588 |
) |
|
$ |
(24,705 |
) |
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Net loss per share, basic and diluted |
$ |
(0.50 |
) |
|
$ |
(0.57 |
) |
Weighted-average shares used to compute basic and diluted net loss per share |
|
45,139,038 |
|
|
|
39,613,964 |
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Net Revenue by Product and Region (in thousands) (unaudited) |
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Three Months Ended
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2022 |
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2021 |
Sacral neuromodulation |
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$ |
37,715 |
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$ |
31,745 |
International |
|
1,355 |
|
|
1,158 |
Sacral neuromodulation total |
$ |
39,070 |
|
$ |
32,903 |
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|
|
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Bulkamid |
|
|
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||
|
$ |
6,569 |
|
$ |
578 |
International |
|
2,781 |
|
|
892 |
Bulkamid total |
$ |
9,350 |
|
$ |
1,470 |
Total net revenue |
$ |
48,420 |
|
$ |
34,373 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20220505006004/en/
Investor Relations
949-336-5293
IR@axonics.com
Source:
FAQ
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