Axonics (Nasdaq:AXNX) shares are on the rise today on second-quarter results that came in ahead of the consensus forecast amid a successful TV advertising campaign.
The Irvine, California–based sacral neuromodulation technology developer posted losses of $34.1 million, or 47¢ per share, on sales of $69 million for the three months ended June 30, 2022, for a nearly $10 million bottom-line slide further into the red on sales growth of 50.4%.
Axonics’ losses per share of 47¢ came in 7¢ ahead of expectations on Wall Street, where analysts were looking for sales of $60.1 million.
In a news release, CEO Raymond W. Cohen said the quarterly results — which include a record revenue total — reflect the growing demand for the company’s incontinence solutions, with sacral neuromodulation sales growing 39% year-over-year thanks in large part to the April launch of the F15 recharge-free sacral neuromodulation system. Additionally, the Bulkamid system for stress urinary incontinence symptoms produced record sales numbers.
Axonics said it now expects to log full-year revenues of $253 million, rising from the previous guidance of $238 million. That amount of sales would represent a 40% increase from fiscal 2021.
Shares of AXNX were up more than 5% to $70.52 apiece by midday trading today. MassDevice‘s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up slightly.