Axonics Modulation Technologies (Nasdaq:AXNX) reported first-quarter financial results that topped analysts’ consensus forecast.
The Irvine, California-based sacral neuromodulation technology developer posted losses of $22.7 million, or 50¢ per share, on sales of $48.4 million for the three months ended March 31, 2022, for a slight bottom-line loss of just over $150,000 year-over-year on sales growth of 40.9%.
Axonics’ losses per share of 50¢ came in 13¢ ahead of projections on Wall Street, where analysts were looking for sales of $45.4 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,” Axonics CEO Raymond W. Cohen said in a news release. “Sacral neuromodulation procedure volumes recovered nicely in March and continued to trend favorably in April. Bulkamid generated yet another quarter of record revenue and we are delighted to report that over 32,000 women have had their stress urinary incontinence symptoms treated with Bulkamid from the time we acquired the product last year.”
Axonics increased its financial guidance for 2022 to revenues of $238 million, reflecting a rise of 32% compared to 2021. The previous guidance was $234 million.