Axonics Reports Preliminary Fiscal Year 2022 Revenue and Provides Fiscal Year 2023 Revenue Guidance
11 January 2023 - 10:00PM
Business Wire
4Q22 total company net revenue expected to be
$85.6 to $86.0 million, an increase of 61% y/y
Fiscal year 2022 total company net revenue
expected to be in the range of $273.6 million, an increase of 52%
y/y
Fiscal year 2023 revenue guidance of $342
million, an increase of 25% y/y
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
preliminary unaudited revenue for the fiscal year ended December
31, 2022 and issued fiscal year 2023 revenue guidance.
“This quarter’s record revenue result reflects the growing
demand for our best-in-class incontinence products,” said Raymond
W. Cohen, chief executive officer of Axonics. “Our U.S. commercial
team is continuing to take advantage of increased patient awareness
and the overwhelmingly positive physician response to the Axonics
F15™ recharge-free sacral neuromodulation system while leveraging
cross selling opportunities with Bulkamid®. Our unique hydrogel
generated another record revenue quarter and in fiscal year 2022,
Bulkamid has been used to treat over 50,000 women with stress
urinary incontinence.”
Cohen continued, “In 2022, in addition to strong commercial
execution, we continued to make progress on several key
initiatives, including our direct-to-consumer advertising campaign
and expansion of our in-house manufacturing capabilities that has
benefited gross margin. We look forward to FDA approval of our
fourth-generation rechargeable sacral neuromodulation system in
1Q23 and remain confident that our commitment to innovation,
quality and providing physicians and patients strong clinical
support will continue to drive market expansion and advance Axonics
on its path to incontinence market leadership.”
The preliminary results below are unaudited and remain subject
to adjustment. Axonics will report complete financial results and
hold a corresponding conference call on March 1, 2023.
4Q22 Revenue
- Total company net revenue is expected to be $85.6 to $86.0
million, an increase of 61% compared to $53.1 million in the prior
year period.
- Sacral neuromodulation revenue is expected to be $70.2 to $70.4
million, an increase of 58% compared to $44.4 million in the prior
year period.
- Bulkamid revenue is expected to be $15.4 to $15.6 million, an
increase of 78% compared to $8.7 million in the prior year
period.
Fiscal Year 2022 Revenue
- Total company net revenue is expected to be in the range of
$273.6 million, an increase of 52% compared to $180.3 million in
fiscal year 2021.
- Sacral neuromodulation revenue is expected to be in the range
of $222.0 million, an increase of 41% compared to $157.6 million in
fiscal year 2021.
- Bulkamid revenue is expected to be in the range of $51.6
million, an increase of 127% compared to $22.7 million in fiscal
year 2021.
Fiscal Year 2023 Revenue
Guidance
- Total company net revenue is expected to be $342 million, which
is based on sacral neuromodulation and Bulkamid revenue each
growing 25% compared to fiscal year 2022.
- Sacral neuromodulation revenue of $277.5 million.
- Bulkamid revenue of $64.5 million.
About Axonics®
Axonics is a global medical technology company that is
developing and commercializing novel products for adults with
bladder and bowel dysfunction. Axonics recently ranked No. 1 on the
2022 Financial Times ranking of the 500 fastest growing companies
in the Americas and No. 4 on the 2022 Deloitte Technology Fast 500™
following its No. 1 ranking in 2021.
Axonics sacral neuromodulation (SNM) systems provide patients
with 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 U.S. and Europe, with an additional 40
million adults affected by fecal incontinence. SUI affects an
estimated 29 million women in the U.S. alone. Axonics’ clinically
proven products are offered at hundreds of medical centers across
the U.S. and abroad. Reimbursement coverage is well established in
the U.S. and is a covered service in most European countries. For
more information, visit www.axonics.com.
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 “plans,” “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 Axonics filings with the Securities and
Exchange Commission, all of which are available online at
www.sec.gov. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
hereof. Except as required by law, Axonics undertakes no obligation
to update or revise any forward-looking statements to reflect new
information, changed circumstances or unanticipated events.
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version on businesswire.com: https://www.businesswire.com/news/home/20230111005326/en/
Axonics contact: Neil Bhalodkar 949-336-5293
ir@axonics.com
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