Axonics, Inc. (Nasdaq: AXNX), a global medical technology
company that is developing and commercializing novel products for
the treatment of bladder and bowel dysfunction, today reported
preliminary unaudited revenue for the fourth quarter and fiscal
year ended December 31, 2023.
“The continued strong performance of Axonics reflects the
physician community’s preference and enthusiasm for our
best-in-class incontinence products,” said Raymond W. Cohen, chief
executive officer. “Revenue grew 27% in 4Q23 and 34% in FY23,
driven by higher utilization and share of wallet at existing
customers and the onboarding of new accounts. In 2023, our team is
humbled and gratified that clinicians used Axonics therapies to
treat approximately 100,000 incontinence patients globally.”
The preliminary revenue results below are unaudited and remain
subject to adjustment. Axonics will provide complete financial
results in its Form 10-K filing in February.
4Q23 Revenue
- Total company net revenue is expected to be $109.3 to $109.7
million, an increase of 27% compared to the prior year period.
- Sacral neuromodulation revenue is expected to be $88.3 to $88.5
million, an increase of 26% compared to the prior year period.
- Bulkamid revenue is expected to be $21.0 to $21.2 million, an
increase of 35% compared to the prior year period.
Fiscal Year 2023 Revenue
- Total company net revenue is expected to be approximately
$366.1 million, an increase of 34% compared to fiscal year 2022.
- Sacral neuromodulation revenue is expected to be approximately
$291.7 million, an increase of 31% compared to fiscal year
2022.
- Bulkamid revenue is expected to be approximately $74.4 million,
an increase of 44% compared to fiscal year 2022.
J.P. Morgan Healthcare
Conference
Due to the pending transaction with Boston Scientific
Corporation (NYSE: BSX) that was announced this morning, Axonics
will no longer be participating in the J.P. Morgan healthcare
conference.
About Axonics
Axonics is a global medical technology company that is
developing and commercializing novel products for adults with
bladder and bowel dysfunction. Axonics recently ranked No. 2 on the
2023 Financial Times ranking of the fastest growing companies in
the Americas after being ranked No. 1 in 2022.
Axonics® sacral neuromodulation systems provide adults with
overactive bladder and/or fecal incontinence with long-lived, easy
to use, safe, clinically effective therapy. In addition, the
company’s best-in-class urethral bulking hydrogel, Bulkamid®,
provides safe and durable symptom relief to women with stress
urinary incontinence. In the U.S., moderate to severe urinary
incontinence affects an estimated 28 million women and fecal
incontinence affects an estimated 19 million adults. For more
information, visit www.axonics.com.
Additional Information and Where to Find It
In connection with the contemplated transaction, Axonics intends
to file with the U.S. Securities and Exchange Commission (“SEC”)
preliminary and definitive proxy statements relating to the
contemplated transaction and other relevant documents. The
definitive proxy statement will be mailed to Axonics’ stockholders
as of a record date to be established for voting on the
contemplated transaction and any other matters to be voted on at
the special meeting. BEFORE MAKING ANY VOTING DECISION, INVESTORS
AND SECURITY HOLDERS ARE URGED TO READ THE DEFINITIVE PROXY
STATEMENT, ANY AMENDMENTS OR SUPPLEMENTS THERETO, ANY OTHER
SOLICITING MATERIALS AND ANY OTHER DOCUMENTS TO BE FILED WITH THE
SEC IN CONNECTION WITH THE CONTEMPLATED TRANSACTION OR INCORPORATED
BY REFERENCE IN THE PROXY STATEMENT WHEN THEY BECOME AVAILABLE
BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT AXONICS,
BOSTON SCIENTIFIC AND THE CONTEMPLATED TRANSACTION. Investors and
security holders may obtain free copies of these documents (when
they are available) on the SEC’s website at www.sec.gov, on
Axonics’ website at www.axonics.com or by contacting Axonics’
Investor Relations department via email at IR@axonics.com.
Participants in the Solicitation
Axonics and its directors and executive officers may, under SEC
rules, be deemed participants in the solicitation of proxies from
the stockholders of Axonics in connection with the contemplated
transaction and any other matters to be voted on at the special
meeting. Information regarding the names, affiliations and
interests of such directors and executive officers will be included
in the preliminary and definitive proxy statements (when available)
for the contemplated transaction. Additional information regarding
such directors and executive officers is included in Axonics’
Definitive Proxy Statement on Schedule 14A for Axonics’ 2023 Annual
Meeting of Stockholders, which was filed with the SEC on May 1,
2023 (and specifically, the following sections: “Security Ownership
of Certain Beneficial Owners, Executive Officers and Directors”,
“Certain Relationships and Related-Party Transactions”, “Executive
Officers”, “Proposal 1–Election of Directors”, “Director
Compensation”, and “Executive Compensation”) and in Axonics’
Current Report on Form 8-K, which was filed with the SEC on October
4, 2023. To the extent holdings of the Company’s securities by the
directors or executive officers have changed since the amounts set
forth in the Definitive Proxy Statement on Schedule 14A for
Axonics’ 2023 Annual Meeting of Stockholders, such changes have
been or will be reflected on Initial Statement of Beneficial
Ownership of Securities on Form 3, Statement of Changes in
Beneficial Ownership on Form 4, or Annual Statement of Changes in
Beneficial Ownership on Form 5 filed with the SEC, which are
available at EDGAR Search Results (sec.gov). These documents (when
available) are available free of charge as described in the
preceding section.
Information regarding the persons who may, under SEC rules, be
deemed participants in the solicitation of proxies of Axonics’
stockholders in connection with the contemplated transaction and
any other matters to be voted upon at the special meeting will be
set forth in the preliminary and definitive proxy statements (when
available) for the contemplated transaction. These documents (when
available) are available free of charge as described in the
preceding section.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains "forward-looking statements" within
the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking
statements can be identified by words like "may," "will," "likely,"
"should," "expect," "anticipate," "future," "plan," "believe,"
"intend," "goal," "seek," "estimate," "project," "continue," and
variations of such words and similar expressions. These
forward-looking statements are not guarantees of future performance
and involve risks, assumptions, and uncertainties, including, but
not limited to, risks related to: the ability of the parties to
consummate the contemplated transaction in a timely manner or at
all; the satisfaction or waiver of the conditions to closing the
contemplated transaction, including the failure to obtain antitrust
or other regulatory approvals and clearances or approval of
Axonics’ stockholders; potential delays in consummating the
contemplated transaction; the occurrence of any event, change or
other circumstance or condition that could give rise to termination
of the merger agreement for the contemplated transaction; the
ability to realize the anticipated benefits of the contemplated
transaction; the ability to successfully integrate the businesses;
the effect of the announcement or pendency of the contemplated
transaction on Axonics’ business relationships, operating results
and business generally; significant transaction costs and unknown
liabilities; and litigation or regulatory actions related to the
contemplated transaction. Should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those indicated
or anticipated by these forward-looking statements. Therefore, you
should not rely on any of these forward-looking statements.
The forward-looking statements included in this press release
are made only as of the date of this press release, and except as
otherwise required by federal securities law, Axonics does not
assume any obligation nor does it intend to publicly update or
revise any forward-looking statements to reflect new information,
changed circumstances or unanticipated events. Further information
on factors that could cause actual results to differ materially
from the results anticipated by Axonics’ forward-looking statements
is included in the reports Axonics has filed or will file with the
SEC, including Axonics’ Annual Report on Form 10-K for the year
ended December 31, 2022 and Axonics’ Quarterly Report on Form 10-Q
for the quarter ended September 30, 2023. These filings, when
available, are available on the investor relations section of
Axonics’ website at www.axonics.com and on the SEC’s website at
www.sec.gov.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240108891881/en/
Axonics contact: Neil Bhalodkar 949-336-5293
IR@axonics.com
Axonics (NASDAQ:AXNX)
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