Axonics Modulation Technologies (NSDQ:AXNX) posted third-quarter results today that missed the consensus forecast on Wall Street.
The Irvine, Calif.-based company posted losses of $25 million, or -89¢ per share, on sales of $1.3 million for the three months ended Sept. 30, 2019, for a bottom-line loss of 228.9% sales growth of 546.8% compared with Q3 2018.
Earnings per share were -89¢ per share, 15¢ behind The Street, where analysts were looking for sales of $1.4 million.
“We are satisfied with the results of the third quarter considering the fact that a significant number of our small, but growing customer base in Europe did not perform implants in August during the summer holiday season. While we continue to add new customer accounts in Germany and Switzerland and look to increase implants in England to close out 2019, the company is now focused on the launch of our product in the U.S. market,” CEO Raymond Cohen said in a news release.
Axonics earlier this week won FDA approval for its sacral neuromodulation device for the treatment of overactive bladder and urinary retention.
AXNX shares were down -2.21% to $28.32 apiece in early morning trading.
