Axonics Inc

NASDAQ:AXNXUnited States

Aug 1, 2024

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• -- Earnings Flash (AXNX) AXONICS Posts Q2 Revenue $114.6M, from 4:02PM ET on Thursday Aug 01, 2024 by MT Newswires

  4:02PM ET on Thursday Aug 01, 2024 by MT Newswires
  Companies Mentioned: AXNX
  04:02 PM EDT, 08/01/2024 (MT Newswires) -- ...

• Axonics Reports Second Quarter 2024 Financial Results, from 4:01PM ET on Thursday Aug 01, 2024 by Dow Jones

  4:01PM ET on Thursday Aug 01, 2024 by Dow Jones
  Companies Mentioned: AXNX
  Prepaid expenses and other current assets 6,003 9,279 --------- --------- Total current assets 512,063 491,422 Restricted cash 18,629 12,714 Property and equipment, net 18,382 10,760 Intangible assets, net 76,333 81,375 Other assets 23,183 24,235 Goodwill 98,747 99,417 --------- --------- Total assets $ 747,337 $ 719,923 ========= ========= LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 19,316 $ 18,452 Accrued liabilities 11,042 10,527 Accrued compensation and benefits 24,793 15,060 Operating lease liabilities, current portion 2,022 1,777 --------- --------- Total current liabilities 57,173 45,816 Operating lease liabilities, net of current portion 30,431 25,840 Deferred tax liabilities, net 16,417 10,703 --------- --------- Total liabilities 104,021 82,359 Commitments and contingencies Stockholders' equity Preferred stock, par value $0.0001 per share; 10,000,000 shares authorized, no shares issued and outstanding at June 30, 2024 and December 31, 2023 -- -- Common stock, par value $0.0001, 75,000,000 shares authorized at June 30, 2024 and December 31, 2023; 51,014,562 and 50,770,520 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 5 5 Additional paid-in capital 1,052,429 1,033,778 Accumulated deficit (392,565) (380,352) Accumulated other comprehensive loss (16,553) (15,867) --------- --------- Total stockholders' equity 643,316 637,564 --------- --------- Total liabilities and stockholders' equity $ 747,337 $ 719,923 ========= ========= Axonics, Inc. Consolidated Statements of Comprehensive Income (Loss) (in thousands, except share and per share data) (unaudited) Three Months Ended Six Months Ended June 30, June 30, -------------------------- ---------------------------- 2024 2023 2024 2023 ---------- ---------- ---------- ---------- Net revenue $ 114,565 $ 92,894 $ 205,974 $ 163,544 Cost of goods sold 25,422 22,704 47,578 40,854 ---------- ---------- ---------- ---------- Gross profit 89,143 70,190 158,396 122,690 Operating expenses Research and development 12,792 8,949 23,848 17,005 General and administrative 16,327 10,713 31,431 22,881 Sales and marketing 51,444 44,270 107,635 86,924 Amortization of intangible assets 2,247 2,279 4,501 4,501 Acquisition-related costs 2,652 602 6,479 2,368 Acquired in-process research & development -- 15,447 -- 15,447 ---------- ---------- ---------- ---------- Total operating expenses 85,462 82,260 173,894 149,126 Income (loss) from operations 3,681 (12,070) (15,498) (26,436) Other income (expense) Interest and other income 4,702 4,250 8,675 7,878 Interest and other expense (32) 174 (91) 857 ---------- ---------- ---------- ---------- Other income, net 4,670 4,424 8,584 8,735 Income (loss) before income tax expense (benefit) 8,351 (7,646) (6,914) (17,701) Income tax expense (benefit) 1,452 (304) 5,299 (1,111) ---------- ---------- ---------- ---------- Net income (loss) 6,899 (7,342) (12,213) (16,590) Foreign currency translation adjustment 466 3,750 (686) 6,821 ---------- ---------- ---------- ---------- Comprehensive income (loss) $ 7,365 $ (3,592) $ (12,899) $ (9,769) ========== ========== ========== ========== Net income (loss) per share, basic $ 0.14 $ (0.15) $ (0.24) $ (0.34) Weighted-average shares used to compute basic net income (loss) per share 50,010,380 49,088,373 50,971,867 48,835,135 Net income (loss) per share, diluted $ 0.13 $ (0.15) $ (0.24) $ (0.34) Weighted-average shares used to compute diluted net income (loss) per share 51,230,849 49,088,373 50,971,867 48,835,135 Axonics, Inc. Net Revenue by Product and Region (in thousands) (unaudited) Three Months Six Months Ended Ended June 30, June 30, ----------------- -------------------- 2024 2023 2024 2023 ------- ------ ------- ------- Sacral neuromodulation United States $ 89,076 $72,205 $158,916 $126,058 International 2,139 1,983 3,978 3,288 ------- ------ ------- ------- Sacral neuromodulation total $ 91,215 $74,188 $162,894 $129,346 Bulkamid United States $ 18,306 $14,806 $ 33,525 $ 26,419 International 5,044 3,900 9,555 7,779 ------- ------ ------- ------- Bulkamid total $ 23,350 $18,706 $ 43,080 $ 34,198 ------- ------ ------- ------- Total net revenue $114,565 $92,894 $205,974 $163,544 ======= ====== ======= ======= Axonics, Inc. Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA (in thousands) (unaudited) Three Months Ended Six Months Ended June 30, June 30, ------------------ ---------------------- 2024 2023 2024 2023 ------ ------ ------- ------- GAAP Net income (loss) $ 6,899 $(7,342) $(12,213) $(16,590) Non-GAAP Adjustments: Interest and other income (4,702) (4,250) (8,675) (7,878) Interest and other expense 32 (174) 91 (857) Income tax expense (benefit) 1,452 (304) 5,299 (1,111) Depreciation and amortization expense 2,901 3,228 6,083 6,041 Stock-based compensation expense 8,611 11,204 18,162 21,918 Acquisition-related costs 2,652 602 6,479 2,368 Cash compensation in lieu of equity compensation due to pending merger 5,591 -- 11,182 -- Acquired in-process research & development -- 15,447 -- 15,447 ------ ------ ------- ------- Adjusted EBITDA $23,436 $18,411 $ 26,408 $ 19,338 ====== ====== ======= =======
  

• *DJ Axonics 2Q EPS 13c >AXNX, from 4:01PM ET on Thursday Aug 01, 2024 by Dow Jones

  4:01PM ET on Thursday Aug 01, 2024 by Dow Jones
  Companies Mentioned: AXNX
  Inventory, net 105,428 79,940 Prepaid expenses and other current assets 6,003 9,279 --------- --------- Total current assets 512,063 491,422 Restricted cash 18,629 12,714 Property and equipment, net 18,382 10,760 Intangible assets, net 76,333 81,375 Other assets 23,183 24,235 Goodwill 98,747 99,417 --------- --------- Total assets $ 747,337 $ 719,923 ========= ========= LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 19,316 $ 18,452 Accrued liabilities 11,042 10,527 Accrued compensation and benefits 24,793 15,060 Operating lease liabilities, current portion 2,022 1,777 --------- --------- Total current liabilities 57,173 45,816 Operating lease liabilities, net of current portion 30,431 25,840 Deferred tax liabilities, net 16,417 10,703 --------- --------- Total liabilities 104,021 82,359 Commitments and contingencies Stockholders' equity Preferred stock, par value $0.0001 per share; 10,000,000 shares authorized, no shares issued and outstanding at June 30, 2024 and December 31, 2023 -- -- Common stock, par value $0.0001, 75,000,000 shares authorized at June 30, 2024 and December 31, 2023; 51,014,562 and 50,770,520 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 5 5 Additional paid-in capital 1,052,429 1,033,778 Accumulated deficit (392,565) (380,352) Accumulated other comprehensive loss (16,553) (15,867) --------- --------- Total stockholders' equity 643,316 637,564 --------- --------- Total liabilities and stockholders' equity $ 747,337 $ 719,923 ========= ========= Axonics, Inc. Consolidated Statements of Comprehensive Income (Loss) (in thousands, except share and per share data) (unaudited) Three Months Ended Six Months Ended June 30, June 30, -------------------------- ---------------------------- 2024 2023 2024 2023 ---------- ---------- ---------- ---------- Net revenue $ 114,565 $ 92,894 $ 205,974 $ 163,544 Cost of goods sold 25,422 22,704 47,578 40,854 ---------- ---------- ---------- ---------- Gross profit 89,143 70,190 158,396 122,690 Operating expenses Research and development 12,792 8,949 23,848 17,005 General and administrative 16,327 10,713 31,431 22,881 Sales and marketing 51,444 44,270 107,635 86,924 Amortization of intangible assets 2,247 2,279 4,501 4,501 Acquisition-related costs 2,652 602 6,479 2,368 Acquired in-process research & development -- 15,447 -- 15,447 ---------- ---------- ---------- ---------- Total operating expenses 85,462 82,260 173,894 149,126 Income (loss) from operations 3,681 (12,070) (15,498) (26,436) Other income (expense) Interest and other income 4,702 4,250 8,675 7,878 Interest and other expense (32) 174 (91) 857 ---------- ---------- ---------- ---------- Other income, net 4,670 4,424 8,584 8,735 Income (loss) before income tax expense (benefit) 8,351 (7,646) (6,914) (17,701) Income tax expense (benefit) 1,452 (304) 5,299 (1,111) ---------- ---------- ---------- ---------- Net income (loss) 6,899 (7,342) (12,213) (16,590) Foreign currency translation adjustment 466 3,750 (686) 6,821 ---------- ---------- ---------- ---------- Comprehensive income (loss) $ 7,365 $ (3,592) $ (12,899) $ (9,769) ========== ========== ========== ========== Net income (loss) per share, basic $ 0.14 $ (0.15) $ (0.24) $ (0.34) Weighted-average shares used to compute basic net income (loss) per share 50,010,380 49,088,373 50,971,867 48,835,135 Net income (loss) per share, diluted $ 0.13 $ (0.15) $ (0.24) $ (0.34) Weighted-average shares used to compute diluted net income (loss) per share 51,230,849 49,088,373 50,971,867 48,835,135 Axonics, Inc. Net Revenue by Product and Region (in thousands) (unaudited) Three Months Six Months Ended Ended June 30, June 30, ----------------- -------------------- 2024 2023 2024 2023 ------- ------ ------- ------- Sacral neuromodulation United States $ 89,076 $72,205 $158,916 $126,058 International 2,139 1,983 3,978 3,288 ------- ------ ------- ------- Sacral neuromodulation total $ 91,215 $74,188 $162,894 $129,346 Bulkamid United States $ 18,306 $14,806 $ 33,525 $ 26,419 International 5,044 3,900 9,555 7,779 ------- ------ ------- ------- Bulkamid total $ 23,350 $18,706 $ 43,080 $ 34,198 ------- ------ ------- ------- Total net revenue $114,565 $92,894 $205,974 $163,544 ======= ====== ======= ======= Axonics, Inc. Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA (in thousands) (unaudited) Three Months Ended Six Months Ended June 30, June 30, ------------------ ---------------------- 2024 2023 2024 2023 ------ ------ ------- ------- GAAP Net income (loss) $ 6,899 $(7,342) $(12,213) $(16,590) Non-GAAP Adjustments: Interest and other income (4,702) (4,250) (8,675) (7,878) Interest and other expense 32 (174) 91 (857) Income tax expense (benefit) 1,452 (304) 5,299 (1,111) Depreciation and amortization expense 2,901 3,228 6,083 6,041 Stock-based compensation expense 8,611 11,204 18,162 21,918 Acquisition-related costs 2,652 602 6,479 2,368 Cash compensation in lieu of equity compensation due to pending merger 5,591 -- 11,182 -- Acquired in-process research & development -- 15,447 -- 15,447 ------ ------ ------- ------- Adjusted EBITDA $23,436 $18,411 $ 26,408 $ 19,338 ====== ====== ======= =======