Axonics Inc

Latest Results (14.08.2024):

Fourth Quarter 2023 Financial Results

Axonics Inc. reported net revenue of $109.7 million for the fourth quarter of 2023, marking a 28% increase compared to the same period in the previous year. The company's sacral neuromodulation (SNM) revenue was $88.5 million, with $86.6 million generated in the U.S. and the remainder from international markets. Bulkamid revenue stood at $21.2 million, with $17.0 million generated in the U.S. The gross margin for the quarter was 75.4%, up from 73.3% in the prior year period.

Operating Expenses and Net Income

Axonics Inc.'s operating expenses for the fourth quarter of 2023 were $81.7 million, which included $3.5 million in acquisition-related costs. This is an increase from $66.6 million in the prior year period, which included $2.1 million in acquisition-related costs. The company reported a net income of $6.6 million for the fourth quarter of 2023, compared to $0.7 million in the same period the previous year. Adjusted EBITDA for the quarter was $18.9 million, up from $10.1 million in the prior year period.

Fiscal Year 2023 Financial Results

For the fiscal year 2023, Axonics Inc. reported net revenue of $366.4 million, a 34% increase compared to the previous year. The company's SNM revenue was $291.8 million, with $284.8 million generated in the U.S. Bulkamid revenue for the year was $74.6 million, with $59.0 million generated in the U.S. The gross margin for the fiscal year was 74.9%, up from 72.2% in the prior year.

Operating Expenses and Net Loss

Axonics Inc.'s operating expenses for the fiscal year 2023 were $300.6 million, which included $5.9 million in acquisition-related costs and a $15.4 million charge for acquired in-process research and development. This is an increase from $262.6 million in the prior year, which included $22.6 million in acquisition-related costs. The company reported a net loss of $6.1 million for the fiscal year 2023, compared to a net loss of $59.7 million in the previous year. Adjusted EBITDA for the fiscal year was $52.3 million, up from $1.6 million in the prior year.

Cash and Cash Equivalents

As of December 31, 2023, Axonics Inc. reported having $358 million in cash, cash equivalents, short-term investments, and restricted cash. This strong cash position provides the company with significant financial flexibility to support its ongoing operations and strategic initiatives. The company's robust financial performance in 2023 reflects its successful commercialization efforts and the growing adoption of its incontinence treatment products.