Axonics Modulation Technologies (NSDQ:AXNX) shares dipped slightly today on second-quarter results that beat the consensus earnings forecast.
The Irvine, Calif.-based sacral neuromodulation (SNM) device maker posted losses of -$19.8 million, or -54¢ per share, on sales of $15.1 million for the three months ended June 30, 2020, for a -3.8% bottom-line slide on massive sales growth from just $1.5 million in revenues in the second quarter of 2019.
Axonics Modulation Technologies’ losses per share of -54¢ came in 11¢ ahead of the projections from analysts on Wall Street.
The company reported that new order flow was de minimis in April because of COVID-19-related deferrals of elected procedures, but Axonics saw a gradual recovery in early May and continued improvement in June.
Weekly new order flow came in at approximately 70% of the weekly average from the first quarter of the year, prior to the pandemic.
“Axonics was exceptionally productive in the second quarter, having built a significant quantity of finished goods inventory, signed numerous IDN agreements, added over 110 new accounts, and gained several FDA approvals,” Axonics CEO Raymond Cohen said in a news release. “Despite COVID-19 flare-ups in certain geographies, based on the number of accounts that have switched to Axonics and the trajectory of new order flow in July, we are confident that Axonics is well-positioned for continued strong growth in the second half of 2020.”
Axonics did not offer full-year financial guidance for 2020.
AXNX shares were down -0.7% at $43 per share in mid-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 0.5%.
