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.
Truist analysts were bullish on Axonics stock after the solid Q1 earnings beat and raised guidance. They noted that the company’s recent launch of its recharge-free F15 device has already begun to gain momentum. “We see the product not only adding to share gain momentum … but further [helping] establish AXNX as a leader in the space,” said David Rescott, Richard Newitter, Samuel Brodovsky and Lin Zhang.
AXNX shares were down more than 6% at $48.92 apiece during morning trading. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down slightly.