Axonics (NSDQ:AXNX) posted first-quarter results yesterday that beat the revenue consensus on Wall Street but missed on earnings projections.
The Irvine, Calif.-based company reported losses of -$22.5 million, or -57¢ per share, on sales of $34.4 million for the three months ended March 31, for a sales growth of 30.72% compared with Q1 2020.
Earnings per share were -57¢, 16¢ behind The Street, where analysts were looking for sales of $27.88 million.
“This quarter’s revenue result reflects the growing demand for our long-lived r-SNM system and Bulkamid despite the resurgence of COVID cases in the U.S. in early 2021 and ongoing lockdowns in Europe,” CEO Raymond Cohen said in a news release. “Physician and patient satisfaction remain high and Axonics is poised to take full advantage of the strong growth outlook for sacral neuromodulation as the vaccine rollout continues and we return to a more normalized elective procedure environment.”
“Response to our recent acquisition of Bulkamid has been overwhelmingly positive. As anticipated, the expanded offering has elevated Axonics’ value proposition to the urology and urogynecology community. Clinicians are enthusiastic to offer this safe and efficacious next-generation bulking agent to women suffering from stress urinary incontinence. Physicians working with Axonics now have a complete set of tools to treat patients presenting with stress urinary incontinence, urge urinary incontinence, mixed incontinence, urge urinary frequency as well as bowel incontinence. Integration and training is ongoing and anticipated to be completed during the second quarter, allowing us to leverage our 250-person field team and position Axonics for a strong second half of 2021.”
Axonics anticipates the fiscal year 2021 net revenue to be in the range of $176 million to $180 million to represent growth of approximately 58% to 61% compared to fiscal year 2020.
Shares in AXNX were up 4.64% to $58.60 apiece at market open. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up slightly.