On October 30, 2023, Axonics Inc (AXNX, Financial), a global medical technology company specializing in the treatment of bladder and bowel dysfunction, released its financial results for the third quarter of 2023. The company reported a significant 32% YoY increase in quarterly revenue, reaching $93.1 million. This growth was driven by higher utilization and share of wallet at existing customers and the onboarding of new accounts.
Financial Highlights
Axonics Inc (AXNX, Financial) reported a gross margin of 74.2% in Q3 2023, a slight increase from 72.8% in the prior year period. Operating expenses were $69.8 million, compared to $67.6 million in Q3 2022. The company's adjusted EBITDA for the quarter was $14 million, a significant increase from $3.3 million in the prior year period. The company also reported a GAAP net income of $4 million, a significant improvement from a net loss of $16.3 million in the same period last year.
Revenue Breakdown
The company's net revenue was primarily driven by its Sacral neuromodulation revenue, which totaled $73.9 million, with $72.2 million generated in the U.S. and the remainder in international markets. The company's Bulkamid revenue was $19.2 million, with $15.6 million generated in the U.S. and the remainder in international markets.
Updated Fiscal Year 2023 Revenue Guidance
Based on the strong results generated in the third quarter, Axonics Inc (AXNX, Financial) has raised its fiscal year 2023 revenue guidance to $362 million, representing a 32% YoY growth. This includes Sacral neuromodulation revenue of $288.5 million and Bulkamid revenue of $73.5 million, representing YoY increases of 30% and 42% respectively.
Balance Sheet Overview
As of September 30, 2023, Axonics Inc (AXNX, Financial) reported cash, cash equivalents, and short-term investments totaling $344.7 million, an increase of $13.2 million compared to June 30, 2023.
Company's Outlook
CEO Raymond W. Cohen expressed confidence in the company's performance, stating,
Our commercial team continues to execute at a high level, generating over 30% revenue growth in the third quarter. Axonics is growing rapidly and profitably as we advance on our path to incontinence market leadership."
Explore the complete 8-K earnings release (here) from Axonics Inc for further details.
