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Home » Axonics beats sales estimates in Q3

Axonics beats sales estimates in Q3

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Axonics Modulation TechnologiesAxonics (NSDQ: AXNX) saw its stock tick up by 5.47% at the close of trading on third-quarter results that beat the consensus earnings forecast.

The Irvine, Calif.-based sacral neuromodulation technologies company had a -$9.2 million loss, or -$0.24 per share, in the quarter ended September 30, 2020. The consensus estimate for the stock was a loss of -$0.52 per share.

Axonics’ revenue of $35.2 million in the quarter was also ahead of Wall Street analysts’ projection of $22 million.

“Sales rebounded sharply in the third quarter with Axonics generating $35.2 million of revenue,” said Axonics CEO Raymond W. Cohen in an earnings call.

The firm’s stock price has more than tripled since it went public on Nov. 2, 2018.

In addition to COVID-19, headwinds for the company in the third quarter of 2020 included Medtronic’s August launch of a rechargeable sacral neurostimulation system known as InterStim Micro SNS.

In its earnings call, Cohen said that Medtronic had launched an “all-out effort” to siphon off business from Axonics.

Axonics announced FDA approval for its r-SNM rechargeable sacral neuromodulation system on April 14. U.S. physicians have implanted 5,500 r-SNM devices since its U.S. debut.

COVID-19 remains a wildcard for the company’s fourth-quarter performance. “While we are hopeful that the pace of elective procedures continues in the fourth quarter, we recognize that COVID hospitalizations have increased to levels not seen since the early days of the pandemic,” Cohen said in the earnings call.

A number of hospitals across the world are beginning to cancel elective procedures as they did in the early days of the pandemic. “I’m afraid, honestly, about what’s going to happen,” Cohen acknowledged. “Fact is, patients are nervous [about COVID-19] all over the United States.”

While the company’s stock was up at the close of trading, its shares had tumbled nearly -9% as of 5:40 p.m. ET.

But demand for the company’s technology continues to be high, Cohen noted. The CEO said recent surveys indicate that 93% of patients are satisfied with its technology.

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About Brian Buntz

The pharma and biotech editor of WTWH Media, Brian is a veteran journalist with more than 15 years of experience covering an array of life science topics, including clinical trials, drug discovery and development and medical devices. Before coming to WTWH, he served as content director focused on connected devices at Informa. In addition, Brian covered the medical device sector for 10 years at UBM. At Qmed, he overhauled the brand’s news coverage and helped to grow the site’s traffic volume dramatically. He had previously held managing editor roles on two of the company’s medical device technology publications. Connect with him on LinkedIn or email at bbuntz@wtwhmedia.com.

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