Generated record revenue, gross margin and net
income in 2Q24
Axonics, Inc. (Nasdaq: AXNX), a medical technology company that
develops, manufactures and commercializes innovative and minimally
invasive products to treat bladder and bowel dysfunction, today
reported financial results for the three months ended June 30,
2024.
“Axonics continued to execute at a high level in the second
quarter, generating record revenue and setting new high-water marks
for gross margin and adjusted EBITDA margin,” said Raymond W.
Cohen, chief executive officer. “Revenue growth of 23% year over
year was driven by higher utilization at existing customers and the
onboarding of new accounts. Axonics also generated record net
income in the second quarter, a result of gross margin expansion
from higher manufacturing yields and continued operating
leverage.”
Mr. Cohen continued, “We remain confident that our commitment to
innovation, quality, direct-to-consumer advertising and providing
strong clinical support will continue to expand the sacral
neuromodulation market and propel Axonics on its path to market
leadership. We look forward to the global impact the Axonics
portfolio of life-changing incontinence therapies can make as part
of Boston Scientific as we endeavor to treat more patients than
ever before.”
Second Quarter 2024 Financial Results
- Net revenue was $114.6 million, an increase of 23% compared to
the prior year period.
- Sacral neuromodulation revenue was $91.2 million, an increase
of 23% compared to the prior year period.
- Bulkamid revenue was $23.4 million, an increase of 25% compared
to the prior year period.
- Gross margin was 77.8% compared to 75.6% in the prior year
period.
- Operating expenses were $85.5 million compared to $82.3 million
in the prior year period.
- Net income was $6.9 million compared to a net loss of $7.3
million in the prior year period.
- Adjusted EBITDA was $23.4 million compared to $18.4 million in
the prior year period.
- Cash, cash equivalents, short-term investments and restricted
cash were $362 million as of June 30, 2024.
About Axonics
Axonics is a global medical technology company that is
developing and commercializing novel products for adults with
bladder and bowel dysfunction. Axonics ranked No. 2 on the 2023
Financial Times ranking of the fastest growing companies in the
Americas after being ranked No. 1 in 2022.
Axonics® sacral neuromodulation systems provide adults 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. In the U.S., moderate to severe urinary
incontinence affects an estimated 28 million women and fecal
incontinence affects an estimated 19 million adults. For more
information, visit www.axonics.com.
Use of Non-GAAP Financial Measures
To supplement Axonics’ consolidated financial statements
prepared in accordance with generally accepted accounting
principles (GAAP), Axonics provides certain non-GAAP financial
measures in this release as supplemental financial metrics.
Adjusted EBITDA is calculated as net loss before other
income/expense (including interest), income tax expense (benefit),
depreciation and amortization expense, stock-based compensation
expense, acquisition-related costs, cash compensation in lieu of
equity compensation due to pending merger, acquired in-process
research and development expense, loss on disposal of property and
equipment, and expense related to impairment of intangible assets.
Management believes that in order to properly understand short-term
and long-term financial trends, investors may want to consider the
impact of these excluded items in addition to GAAP measures. The
excluded items vary in frequency and/or impact on our results of
operations and management believes that the excluded items are
typically not reflective of our ongoing core business operations
and financial condition. Further, management uses adjusted EBITDA
for both strategic and annual operating planning. A reconciliation
of adjusted EBITDA reported in this release to the most comparable
GAAP measure for the respective periods appears in the table
captioned “Reconciliation of GAAP Net Loss to Adjusted EBITDA”
later in this release.
The non-GAAP financial measures used by Axonics may not be the
same or calculated in the same manner as those used and calculated
by other companies. Non-GAAP financial measures have limitations as
analytical tools and should not be considered in isolation or as a
substitute for Axonics’ financial results prepared and reported in
accordance with GAAP. We urge investors to review the
reconciliation of these non-GAAP financial measures to the
comparable GAAP financial measures included in this press release,
and not to rely on any single financial measure to evaluate our
business.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains “forward-looking statements” within
the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking
statements can be identified by words like “may,” “will,” “likely,”
“should,” “expect,” “anticipate,” “future,” “plan,” “believe,”
“intend,” “goal,” “seek,” “endeavor,” “estimate,” “project,”
“continue,” and variations of such words and similar expressions.
These forward-looking statements are not guarantees of future
performance and involve risks, assumptions, and uncertainties,
including, but not limited to, risks related to: Axonics’ ability
to consummate the transactions contemplated by the Agreement and
Plan of Merger, dated January 8, 2024 (the “Merger Agreement”), by
and among Axonics, Boston Scientific Corporation (“Boston
Scientific”), and Sadie Merger Sub, Inc., a wholly owned subsidiary
of Boston Scientific (“Merger Sub”), providing for the merger of
Merger Sub with and into Axonics with Axonics continuing as the
surviving company and a wholly owned subsidiary of Boston
Scientific (the “Merger”), in a timely manner or at all; the risk
that the Merger Agreement may be terminated in circumstances
requiring the payment by Axonics of a termination fee; the
satisfaction (or waiver) of the conditions to the closing of the
Merger; potential delays in consummating the Merger; the occurrence
of any event, change or other circumstance or condition that could
give rise to termination of the Merger Agreement; Axonics’ ability
to timely and successfully realize the anticipated benefits of the
Merger; the ability to successfully integrate the businesses of
Axonics and Boston Scientific; the effect of the announcement or
pendency of the Merger on Axonics’ current plans, business
relationships, operating results and business generally; the effect
of limitations placed on Axonics’ business under the Merger
Agreement; significant transaction costs and unknown liabilities;
litigation or regulatory actions related to the Merger Agreement or
Merger; FDA or other U.S. or foreign regulatory or legal actions or
changes affecting Axonics or Axonics’ industry; the results of any
ongoing or future legal proceedings, including the litigation with
Medtronic, Inc., Medtronic Puerto Rico Operations Co., Medtronic
Logistics LLC and Medtronic USA, Inc. (the “Medtronic Litigation”);
any termination or loss of intellectual property rights, including
as a result of the Medtronic Litigation; introductions and
announcements of new technologies by Axonics, any commercialization
partners or Axonics’ competitors, and the timing of these
introductions and announcements; changes in macroeconomic and
market conditions and volatility, including the risk of recession,
inflation, supply chain constraints or disruptions and rising
interest rates; and economic and market conditions in general and
in the medical technology industry specifically, including the size
and growth, if any, of Axonics’ markets, and risks related to other
factors described under “Risk Factors” in other reports and
statements filed with the U.S. Securities and Exchange Commission
(“SEC”), including Axonics’ most recent Annual Report on Form 10-K,
which is available on the investor relations section of Axonics’
website at www.axonics.com and on the SEC’s website at www.sec.gov.
Should one or more of these risks or uncertainties materialize, or
should underlying assumptions prove incorrect, actual results may
vary materially from those indicated or anticipated by these
forward-looking statements. Therefore, you should not rely on any
of these forward-looking statements.
The forward-looking statements included in this press release
are made only as of the date of this press release, and except as
otherwise required by federal securities law, Axonics does not
assume any obligation nor does it intend to publicly update or
revise any forward-looking statements to reflect new information,
changed circumstances or unanticipated events.
Axonics, Inc.
Consolidated Balance
Sheets
(in thousands, except share
and per share data)
June 30,
December 31,
2024
2023
(unaudited)
ASSETS
Current assets
Cash and cash equivalents
$
168,619
$
104,811
Short-term investments
174,792
240,149
Accounts receivable, net of allowance for
credit losses of $1,111 and $442 at June 30, 2024 and December 31,
2023, respectively
57,221
57,243
Inventory, net
105,428
79,940
Prepaid expenses and other current
assets
6,003
9,279
Total current assets
512,063
491,422
Restricted cash
18,629
12,714
Property and equipment, net
18,382
10,760
Intangible assets, net
76,333
81,375
Other assets
23,183
24,235
Goodwill
98,747
99,417
Total assets
$
747,337
$
719,923
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities
Accounts payable
$
19,316
$
18,452
Accrued liabilities
11,042
10,527
Accrued compensation and benefits
24,793
15,060
Operating lease liabilities, current
portion
2,022
1,777
Total current liabilities
57,173
45,816
Operating lease liabilities, net of
current portion
30,431
25,840
Deferred tax liabilities, net
16,417
10,703
Total liabilities
104,021
82,359
Commitments and contingencies
Stockholders’ equity
Preferred stock, par value $0.0001 per
share; 10,000,000 shares authorized, no shares issued and
outstanding at June 30, 2024 and December 31, 2023
—
—
Common stock, par value $0.0001,
75,000,000 shares authorized at June 30, 2024 and December 31,
2023; 51,014,562 and 50,770,520 shares issued and outstanding at
June 30, 2024 and December 31, 2023, respectively
5
5
Additional paid-in capital
1,052,429
1,033,778
Accumulated deficit
(392,565
)
(380,352
)
Accumulated other comprehensive loss
(16,553
)
(15,867
)
Total stockholders’ equity
643,316
637,564
Total liabilities and stockholders’
equity
$
747,337
$
719,923
Axonics, Inc.
Consolidated Statements of
Comprehensive Income (Loss)
(in thousands, except share
and per share data)
(unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Net revenue
$
114,565
$
92,894
$
205,974
$
163,544
Cost of goods sold
25,422
22,704
47,578
40,854
Gross profit
89,143
70,190
158,396
122,690
Operating expenses
Research and development
12,792
8,949
23,848
17,005
General and administrative
16,327
10,713
31,431
22,881
Sales and marketing
51,444
44,270
107,635
86,924
Amortization of intangible assets
2,247
2,279
4,501
4,501
Acquisition-related costs
2,652
602
6,479
2,368
Acquired in-process research &
development
—
15,447
—
15,447
Total operating expenses
85,462
82,260
173,894
149,126
Income (loss) from operations
3,681
(12,070
)
(15,498
)
(26,436
)
Other income (expense)
Interest and other income
4,702
4,250
8,675
7,878
Interest and other expense
(32
)
174
(91
)
857
Other income, net
4,670
4,424
8,584
8,735
Income (loss) before income tax expense
(benefit)
8,351
(7,646
)
(6,914
)
(17,701
)
Income tax expense (benefit)
1,452
(304
)
5,299
(1,111
)
Net income (loss)
6,899
(7,342
)
(12,213
)
(16,590
)
Foreign currency translation
adjustment
466
3,750
(686
)
6,821
Comprehensive income (loss)
$
7,365
$
(3,592
)
$
(12,899
)
$
(9,769
)
Net income (loss) per share, basic
$
0.14
$
(0.15
)
$
(0.24
)
$
(0.34
)
Weighted-average shares used to compute
basic net income (loss) per share
50,010,380
49,088,373
50,971,867
48,835,135
Net income (loss) per share, diluted
$
0.13
$
(0.15
)
$
(0.24
)
$
(0.34
)
Weighted-average shares used to compute
diluted net income (loss) per share
51,230,849
49,088,373
50,971,867
48,835,135
Axonics, Inc.
Net Revenue by Product and
Region
(in thousands)
(unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Sacral neuromodulation
United States
$
89,076
$
72,205
$
158,916
$
126,058
International
2,139
1,983
3,978
3,288
Sacral neuromodulation total
$
91,215
$
74,188
$
162,894
$
129,346
Bulkamid
United States
$
18,306
$
14,806
$
33,525
$
26,419
International
5,044
3,900
9,555
7,779
Bulkamid total
$
23,350
$
18,706
$
43,080
$
34,198
Total net revenue
$
114,565
$
92,894
$
205,974
$
163,544
Axonics, Inc.
Reconciliation of GAAP Net
Income (Loss) to Adjusted EBITDA
(in thousands)
(unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
GAAP Net income (loss)
$
6,899
$
(7,342
)
$
(12,213
)
$
(16,590
)
Non-GAAP Adjustments:
Interest and other income
(4,702
)
(4,250
)
(8,675
)
(7,878
)
Interest and other expense
32
(174
)
91
(857
)
Income tax expense (benefit)
1,452
(304
)
5,299
(1,111
)
Depreciation and amortization expense
2,901
3,228
6,083
6,041
Stock-based compensation expense
8,611
11,204
18,162
21,918
Acquisition-related costs
2,652
602
6,479
2,368
Cash compensation in lieu of equity
compensation due to pending merger
5,591
—
11,182
—
Acquired in-process research &
development
—
15,447
—
15,447
Adjusted EBITDA
$
23,436
$
18,411
$
26,408
$
19,338
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240801925417/en/
Axonics contact: Neil Bhalodkar IR@axonics.com
Axonics (NASDAQ:AXNX)
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