Axonics Modulation Technologies (NSDQ:AXNX) posted first-quarter results that beat the consensus forecast on Wall Street.
The Irvine, Calif.-based company reported losses of -$14.6 million, or -43¢ per share, on sales of $26.3 million for the three months ended March 31, for a sales growth of 2,341.6% compared with Q1 2019.
Earnings per share were -43¢ per share, 14¢ ahead of The Street, where analysts were looking for sales of $14.5 million.
“We are quite proud of this quarter’s exceptional revenue result considering we had only been in the market for two months prior to the start of 2020. Moreover, we believe that this result ranks among the highest revenue total generated in the history of the medical device industry for a company’s first full quarter of sales in the U.S. following FDA approval. The results are a testament to the quality of our 170 person U.S. commercial team and were driven by the overwhelmingly positive response from the SNM implanting community and their patients to the introduction of a bespoke SNM device that is intuitive, fuss-free, long-lived, MRI compatible, safe and clinically effective,” CEO Raymond Cohen said in a news release.
“This quarter’s results reinforce our confidence that the SNM market is poised for meaningful expansion in the years ahead, driven to a large extent by Axonics’ continuous innovation and commitment to increasing patient awareness. As elective procedures are rescheduled, we expect to be very active in the months ahead as more patients say ‘yes’ to Axonics and SNM therapy. Despite the setback from COVID-19, we remain bullish about our prospects for continued growth in 2020 and beyond,” Cohen said.
Shares in AXNX were up 7.63% to $35.82 apiece in late-morning trading. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 0.9%.