Axonics Sees Early 2022 Revenue Surge and Predicts Further Growth in 2023

Our total company net revenue is expected to skyrocket over the next two years! For Q4 of 2021, we forecast an impressive 61% y/y increase, with an estimated range of $85.6 to $86.0 million. This trend is expected to continue into Fiscal Year 2022, where we anticipate a 52% y/y increase of up to $273.6 million. And by Fiscal Year 2023, we are aiming for a 25% y/y growth of up to $342 million.

Axonics, Inc. (Nasdaq: AXNX), a pioneering medical technology company, has released its preliminary unaudited revenue results for the fiscal year ended December 31, 2022, and has unveiled its revenue guidance for the upcoming fiscal year 2023. The company is dedicated to developing and commercializing innovative products for the treatment of bladder and bowel dysfunction worldwide.

Axonics reported record-breaking revenue this quarter, reflecting the surging demand for its highly acclaimed incontinence products. The successful U.S. commercial team has been able to capitalize on the heightened patient awareness and positive physician feedback for the Axonics F15™ recharge-free sacral neuromodulation system and Bulkamid®. The latter’s unique hydrogel technology has already treated over 50,000 women with stress urinary incontinence in the 2022 fiscal year.

In 2022, Axonics made great strides towards achieving its goal of incontinence market leadership. This included the launch of a direct-to-consumer advertising campaign and expansion of in-house manufacturing capabilities – both of which have led to increased gross margins. We look forward to FDA approval of our fourth-generation rechargeable sacral neuromodulation system in 1Q23, and remain confident that our dedication to innovation, quality and clinical support will continue to drive market expansion.

Axonics is delighted to announce the preliminary results of its financial performance for the first quarter of 2023. The results are yet to be audited and may be subject to adjustment. To provide further insight, Axonics will hold a conference call and release complete financial results on March 1, 2023. Stay tuned for more details!

4Q22 Revenue

Our company is pleased to report that total net revenue is estimated to be between $85.6 and $86.0 million, a remarkable 61% increase compared to the prior year period of $53.1 million! Furthermore, sacral neuromodulation revenue is projected to be between $70.2 and $70.4 million, a 58% increase from the prior year’s revenue of $44.4 million. Lastly, Bulkamid revenue is expected to exceed expectations by 78%, reaching $15.4 to $15.6 million compared to $8.7 million in the same period last year.

Fiscal Year 2022 Revenue

Our company is expecting a significant increase in both total net revenue and product-specific revenue for the upcoming fiscal year. Total company net revenue is projected to reach $273.6 million, a 52% increase from 2021’s $180.3 million. Sacral neuromodulation revenue is estimated to increase by 41% to $222.0 million, and Bulkamid revenue is expected to skyrocket 127% to $51.6 million. This is an exciting time for our company and we look forward to continued success in the future.

Fiscal Year 2023 Revenue Guidance

Our company is projected to reach a total net revenue of $342 million this year, thanks to an impressive 25% growth in both sacral neuromodulation and Bulkamid revenue compared to fiscal year 2022. Sacral neuromodulation is projected to bring in $277.5 million, while Bulkamid is expected to contribute an additional $64.5 million to the total. This impressive growth is a testament to our hard work and dedication.

About Axonics

Axonics, a global medical technology company, is leading the way in developing and commercializing novel products for adults with bladder and bowel dysfunction. Axonics has been recognized for its fast-paced growth, ranking No. 1 on the 2022 Financial Times list of the 500 fastest growing companies in the Americas and No. 4 on the 2022 Deloitte Technology Fast 500™ – a recognition the company earned for the second time in a row.

Axonics’ sacral neuromodulation (SNM) systems provide long-lasting relief to those suffering from overactive bladder and fecal incontinence. Its best-in-class urethral bulking hydrogel, Bulkamid®, offers a safe and durable treatment for women with stress urinary incontinence (SUI). According to estimates, over 87 million adults in the U.S. and Europe are affected by overactive bladder, with an additional 40 million adults affected by fecal incontinence. In the U.S. alone, SUI affects 29 million women. Axonics’ clinically proven products are offered at hundreds of medical centers in the U.S. and abroad, and are covered by most insurance plans.

Forward-Looking Statements

Axonics is committed to delivering innovative solutions to its customers, and this commitment is reflected in the forward-looking statements made in this press release. While we are hopeful for the future and optimistic about our prospects, we are also mindful of the risks and uncertainties that lie ahead. We have disclosed these risks and uncertainties in our filings with the Securities and Exchange Commission, and we encourage readers to review them in order to gain a better understanding of our current and potential future performance. We remain dedicated to creating value for our customers and stakeholders, and we are confident that our efforts will be successful.

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