Axonics Modulation Technologies (NSDQ:AXNX) shares rose today on fourth-quarter results that beat the consensus forecast on Wall Street.
The Irvine, California-based sacral neuromodulation (SNM) technology developer posted losses of $15.2 million, or 34¢ per share, on sales of $53.1 million for the three months ended Dec. 31, 2021, for a bottom-line of nearly $4 million despite sales growth of 52.8%.
Axonics’ losses per share of 34¢ came in 2¢ ahead of projections on Wall Street, where analysts were looking for sales of $50.5 million.
“We are proud of our fourth-quarter and fiscal year 2021 results considering the disruption Covid-19 has had on elective procedures in the U.S. and around the world,” Axonics CEO Raymond W. Cohen said in a news release. “In 2021, in addition to strong commercial execution, Axonics made important progress on several strategic initiatives, including the successful acquisition and launch of Bulkamid in the U.S., growth of our commercial field team, expansion of our in-house manufacturing capabilities, and the FDA submission of our recharge-free SNM system.”
Cohen said Axonics will begin shipping the recharge-free SNM in the second quarter following FDA approval.
Axonics projects full-year 2022 revenues of $234 million, representing 30% growth compared to 2021.
AXNX shares were up 2.3% at $54.11 per share in midday trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 1.5%.