Axonics Inc (AXNX) Reports 32% YoY Revenue Growth in Q3 2023
Axonics Inc (NASDAQ:AXNX) reported a 32% YoY increase in Q3 2023 revenue, reaching $93.1 million.
The company's adjusted EBITDA for the quarter was $14 million, compared to $3.3 million in the prior year period.
Axonics Inc (NASDAQ:AXNX) also reported a GAAP net income of $4 million, a significant improvement from a net loss of $16.3 million in Q3 2022.
The company has raised its fiscal year 2023 revenue guidance to $362 million, representing a 32% YoY growth.
On October 30, 2023, Axonics Inc (NASDAQ:AXNX), 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 (NASDAQ:AXNX) 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 (NASDAQ:AXNX) 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 (NASDAQ:AXNX) 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.
This article first appeared on GuruFocus.
