Axonics reports Q4 and fiscal year 2023 financial results

Axonics, Inc. reported financial results for the three months and fiscal year ended December 31, 2023.

“The continued strong performance of Axonics reflects the physician community’s preference and enthusiasm for our incontinence products,” said Raymond W. Cohen, chief executive officer. “Revenue grew 34% in 2023, gross margin expanded to nearly 75% and Axonics generated over $50 million of adjusted EBITDA.”

Cohen continued, “In 2023, clinicians used Axonics therapies to treat approximately 100,000 incontinence patients globally, a testament to our mission-driven employees and their commitment to quality and teamwork. Our team is looking forward to the global impact we can make as part of Boston Scientific as we endeavor to bring these life-changing therapies to more patients than ever before.”

Fourth quarter 2023 financial results

• Net revenue was $109.7 million in fourth quarter 2023, an increase of 28% compared to the prior year period.
  • Sacral neuromodulation revenue was $88.5 million, of which $86.6 million was generated in the U.S. and the remainder in international markets.
  • Bulkamid revenue was $21.2 million, of which $17.0 million was generated in the U.S. and the remainder in international markets.
• Gross margin was 75.4% in fourth quarter 2023 compared to 73.3% in the prior year period.
• Operating expenses were $81.7 million in fourth quarter 2023 and included $3.5 million of acquisition-related costs. Operating expenses were $66.6 million in the prior year period and included $2.1 million of acquisition-related costs.
• Net income was $6.6 million in fourth quarter 2023 compared to $0.7 million in the prior year period.
• Adjusted EBITDA was $18.9 million in fourth quarter 2023 compared to $10.1 million in the prior year period.
• Cash, cash equivalents, short-term investments and restricted cash were $358 million as of December 31, 2023.

Fiscal year 2023 financial results

• Net revenue was $366.4 million in fiscal year 2023, an increase of 34% compared to the prior year.
  • SNM revenue was $291.8 million, of which $284.8 million was generated in the U.S. and the remainder in international markets.
  • Bulkamid revenue was $74.6 million, of which $59.0 million was generated in the U.S. and the remainder in international markets.
• Gross margin was 74.9% in fiscal year 2023 compared to 72.2% in the prior year.
• Operating expenses were $300.6 million in fiscal year 2023 and included $5.9 million of acquisition-related costs and a $15.4 million charge for acquired in-process research and development. Operating expenses were $262.6 million in the prior year and included $22.6 million of acquisition-related costs.
• Net loss was $6.1 million in fiscal year 2023 compared to net loss of $59.7 million in the prior year.
• Adjusted EBITDA was $52.3 million in fiscal year 2023 compared to $1.6 million in the prior year.

MB Bureau