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Axonics reports first quarter 2024 financial results

Axonics, Inc. reported financial results for the three months ended March 31, 2024.

“Our commercial team continued to execute at a high level in the first quarter, generating revenue growth of 29% year over year across our portfolio of incontinence products,” said Raymond W. Cohen, chief executive officer. “Our growth was driven by higher utilization and share of wallet for existing sacral neuromodulation customers and the onboarding of new accounts. In addition, gross margin expanded to 75.8%, a new record, as we benefited from higher yields that were achieved through the diligent efforts of our manufacturing and operations team in Irvine.”

Cohen continued, “We remain confident that our commitment to innovation, quality, direct-to-consumer advertising and providing strong clinical support will continue to drive market expansion. We look forward to the global impact we can make as part of Boston Scientific as we endeavor to bring our life-changing incontinence therapies to more patients than ever before.”

First quarter 2024 financial results

  • Net revenue was $91.4 million, an increase of 29% compared to the prior year period.
    • Sacral neuromodulation revenue was $71.7 million, an increase of 30% compared to the prior year period.
    • Bulkamid revenue was $19.7 million, an increase of 27% compared to the prior year period.
  • Gross margin was 75.8% compared to 74.3% in the prior year period.
  • Operating expenses were $88.4 million and included $3.8 million of acquisition-related costs related to the Boston Scientific merger. Operating expenses were $66.9 million in the prior year period and included $1.8 million of acquisition-related costs.
  • Net loss was $19.1 million compared to a net loss of $9.2 million in the prior year period.
  • Adjusted EBITDA was $3.0 million compared to $0.9 million in the prior year period.
    • Due to the pending merger with Boston Scientific, Axonics stopped issuing new equity grants to employees as of January 2024. In 1Q24, approximately $6 million of compensation expense, as previously disclosed in Schedule 14A on January 8, 2024, that would normally have been issued as equity compensation shifted to cash compensation and is added back to adjusted EBITDA.
  • Cash, cash equivalents, short-term investments and restricted cash were $349 million as of March 31, 2024.

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