Axonics Inc

NASDAQ:AXNXUnited States

Nov 7, 2024

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• -- Earnings Flash (AXNX) AXONICS Reports Q3 Revenue $116.2M, from 4:04PM ET on Thursday Nov 07, 2024 by MT Newswires

  4:04PM ET on Thursday Nov 07, 2024 by MT Newswires
  Companies Mentioned: AXNX
  04:04 PM EST, 11/07/2024 (MT Newswires) -- ...

• *DJ Axonics 3Q EPS 0c >AXNX, from 4:01PM ET on Thursday Nov 07, 2024 by Dow Jones

  4:01PM ET on Thursday Nov 07, 2024 by Dow Jones
  Companies Mentioned: AXNX
  assets 4,184 9,279 ---------- --------- Total current assets 525,914 491,422 Restricted cash 22,082 12,714 Property and equipment, net 20,698 10,760 Intangible assets, net 78,454 81,375 Other assets 22,478 24,235 Goodwill 104,545 99,417 ---------- --------- Total assets $ 774,171 $ 719,923 ========== ========= LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 20,109 $ 18,452 Accrued liabilities 5,701 10,527 Accrued compensation and benefits 35,998 15,060 Operating lease liabilities, current portion 2,611 1,777 ---------- --------- Total current liabilities 64,419 45,816 Operating lease liabilities, net of current portion 29,900 25,840 Deferred tax liabilities, net 15,363 10,703 ---------- --------- Total liabilities 109,682 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 September 30, 2024 and December 31, 2023 -- -- Common stock, par value $0.0001, 75,000,000 shares authorized at September 30, 2024 and December 31, 2023; 51,110,021 and 50,770,520 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 5 5 Additional paid-in capital 1,063,185 1,033,778 Accumulated deficit (392,586) (380,352) Accumulated other comprehensive loss (6,115) (15,867) ---------- --------- Total stockholders' equity 664,489 637,564 ---------- --------- Total liabilities and stockholders' equity $ 774,171 $ 719,923 ========== ========= Axonics, Inc. Consolidated Statements of Comprehensive Income (Loss) (in thousands, except share and per share data) (unaudited) Three Months Ended Nine Months Ended September 30, September 30, -------------------------- ---------------------------- 2024 2023 2024 2023 ------------ ------------ ------------ -------------- Net revenue $ 116,193 $ 93,100 $ 322,167 $ 256,644 Cost of goods sold 26,542 23,996 74,120 64,850 ---------- ---------- ---------- ---------- Gross profit 89,651 69,104 248,047 191,794 Operating expenses Research and development 13,491 8,167 37,339 25,172 General and administrative 23,761 11,778 55,192 34,659 Sales and marketing 52,972 47,544 160,607 134,468 Amortization of intangible assets 2,221 2,302 6,722 6,803 Acquisition-related costs 3,474 -- 9,953 2,368 Acquired in-process research & development -- -- -- 15,447 ---------- ---------- ---------- ---------- Total operating expenses 95,919 69,791 269,813 218,917 Loss from operations (6,268) (687) (21,766) (27,123) Other income (expense) Interest and other income 4,704 4,271 13,379 12,149 Interest and other expense 8 (83) (83) 774 ---------- ---------- ---------- ---------- Other income, net 4,712 4,188 13,296 12,923 (Loss) income before income tax (benefit) expense (1,556) 3,501 (8,470) (14,200) Income tax (benefit) expense (1,535) (427) 3,764 (1,538) ---------- ---------- ---------- ---------- Net (loss) income (21) 3,928 (12,234) (12,662) Foreign currency translation adjustment 10,438 (6,185) 9,752 636 ---------- ---------- ---------- ---------- Comprehensive income (loss) $ 10,417 $ (2,257) $ (2,482) $ (12,026) ========== ========== ========== ========== Net (loss) income per share, basic $ (0.00) $ 0.08 $ (0.24) $ (0.26) Weighted-average shares used to compute basic net (loss) income per share 51,088,073 49,244,981 51,010,885 48,973,252 Net (loss) income per share, diluted $ (0.00) $ 0.08 $ (0.24) $ (0.26) Weighted-average shares used to compute diluted net (loss) income per share 51,088,073 50,086,491 51,010,885 48,973,252 Axonics, Inc. Net Revenue by Product and Region (in thousands) (unaudited) Three Months Ended September Nine Months Ended 30, September 30, ----------------- -------------------- 2024 2023 2024 2023 -------- ------- -------- ---------- Sacral neuromodulation United States $ 90,072 $72,212 $248,988 $198,270 International 2,277 1,737 6,255 5,025 ------- ------ ------- ------- Sacral neuromodulation total $ 92,349 $73,949 $255,243 $203,295 Bulkamid United States $ 19,050 $15,579 $ 52,575 $ 41,998 International 4,794 3,572 14,349 11,351 ------- ------ ------- ------- Bulkamid total $ 23,844 $19,151 $ 66,924 $ 53,349 ------- ------ ------- ------- Total net revenue $116,193 $93,100 $322,167 $256,644 ======= ====== ======= ======= Axonics, Inc. Reconciliation of GAAP Net (Loss) Income to Adjusted EBITDA (in thousands) (unaudited) Three Months Ended Nine Months Ended September 30, September 30, ------------------ ---------------------- 2024 2023 2024 2023 -------- -------- --------- ----------- GAAP Net (loss) income $ (21) $ 3,928 $(12,234) $(12,662) Non-GAAP Adjustments: Interest and other income (4,704) (4,271) (13,379) (12,149) Interest and other expense (8) 83 83 (774) Income tax (benefit) expense (1,535) (427) 3,764 (1,538) Depreciation and amortization expense 3,215 3,254 9,298 9,295 Stock-based compensation expense 8,231 11,470 26,393 33,388 Acquisition-related costs 3,474 -- 9,953 2,368 Cash compensation in lieu of equity compensation due to pending merger 10,404 -- 21,586 -- One-time litigation-related expense 4,500 -- 4,500 -- Acquired in-process research & development -- -- -- 15,447 ------ ------ ------- ------- Adjusted EBITDA $23,556 $14,037 $ 49,964 $ 33,375 ====== ====== ======= =======
  

• Axonics Reports Third Quarter 2024 Financial Results, from 4:01PM ET on Thursday Nov 07, 2024 by Dow Jones

  4:01PM ET on Thursday Nov 07, 2024 by Dow Jones
  Companies Mentioned: AXNX
  assets 4,184 9,279 ---------- --------- Total current assets 525,914 491,422 Restricted cash 22,082 12,714 Property and equipment, net 20,698 10,760 Intangible assets, net 78,454 81,375 Other assets 22,478 24,235 Goodwill 104,545 99,417 ---------- --------- Total assets $ 774,171 $ 719,923 ========== ========= LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 20,109 $ 18,452 Accrued liabilities 5,701 10,527 Accrued compensation and benefits 35,998 15,060 Operating lease liabilities, current portion 2,611 1,777 ---------- --------- Total current liabilities 64,419 45,816 Operating lease liabilities, net of current portion 29,900 25,840 Deferred tax liabilities, net 15,363 10,703 ---------- --------- Total liabilities 109,682 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 September 30, 2024 and December 31, 2023 -- -- Common stock, par value $0.0001, 75,000,000 shares authorized at September 30, 2024 and December 31, 2023; 51,110,021 and 50,770,520 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 5 5 Additional paid-in capital 1,063,185 1,033,778 Accumulated deficit (392,586) (380,352) Accumulated other comprehensive loss (6,115) (15,867) ---------- --------- Total stockholders' equity 664,489 637,564 ---------- --------- Total liabilities and stockholders' equity $ 774,171 $ 719,923 ========== ========= Axonics, Inc. Consolidated Statements of Comprehensive Income (Loss) (in thousands, except share and per share data) (unaudited) Three Months Ended Nine Months Ended September 30, September 30, -------------------------- ---------------------------- 2024 2023 2024 2023 ------------ ------------ ------------ -------------- Net revenue $ 116,193 $ 93,100 $ 322,167 $ 256,644 Cost of goods sold 26,542 23,996 74,120 64,850 ---------- ---------- ---------- ---------- Gross profit 89,651 69,104 248,047 191,794 Operating expenses Research and development 13,491 8,167 37,339 25,172 General and administrative 23,761 11,778 55,192 34,659 Sales and marketing 52,972 47,544 160,607 134,468 Amortization of intangible assets 2,221 2,302 6,722 6,803 Acquisition-related costs 3,474 -- 9,953 2,368 Acquired in-process research & development -- -- -- 15,447 ---------- ---------- ---------- ---------- Total operating expenses 95,919 69,791 269,813 218,917 Loss from operations (6,268) (687) (21,766) (27,123) Other income (expense) Interest and other income 4,704 4,271 13,379 12,149 Interest and other expense 8 (83) (83) 774 ---------- ---------- ---------- ---------- Other income, net 4,712 4,188 13,296 12,923 (Loss) income before income tax (benefit) expense (1,556) 3,501 (8,470) (14,200) Income tax (benefit) expense (1,535) (427) 3,764 (1,538) ---------- ---------- ---------- ---------- Net (loss) income (21) 3,928 (12,234) (12,662) Foreign currency translation adjustment 10,438 (6,185) 9,752 636 ---------- ---------- ---------- ---------- Comprehensive income (loss) $ 10,417 $ (2,257) $ (2,482) $ (12,026) ========== ========== ========== ========== Net (loss) income per share, basic $ (0.00) $ 0.08 $ (0.24) $ (0.26) Weighted-average shares used to compute basic net (loss) income per share 51,088,073 49,244,981 51,010,885 48,973,252 Net (loss) income per share, diluted $ (0.00) $ 0.08 $ (0.24) $ (0.26) Weighted-average shares used to compute diluted net (loss) income per share 51,088,073 50,086,491 51,010,885 48,973,252 Axonics, Inc. Net Revenue by Product and Region (in thousands) (unaudited) Three Months Ended September Nine Months Ended 30, September 30, ----------------- -------------------- 2024 2023 2024 2023 -------- ------- -------- ---------- Sacral neuromodulation United States $ 90,072 $72,212 $248,988 $198,270 International 2,277 1,737 6,255 5,025 ------- ------ ------- ------- Sacral neuromodulation total $ 92,349 $73,949 $255,243 $203,295 Bulkamid United States $ 19,050 $15,579 $ 52,575 $ 41,998 International 4,794 3,572 14,349 11,351 ------- ------ ------- ------- Bulkamid total $ 23,844 $19,151 $ 66,924 $ 53,349 ------- ------ ------- ------- Total net revenue $116,193 $93,100 $322,167 $256,644 ======= ====== ======= ======= Axonics, Inc. Reconciliation of GAAP Net (Loss) Income to Adjusted EBITDA (in thousands) (unaudited) Three Months Ended Nine Months Ended September 30, September 30, ------------------ ---------------------- 2024 2023 2024 2023 -------- -------- --------- ----------- GAAP Net (loss) income $ (21) $ 3,928 $(12,234) $(12,662) Non-GAAP Adjustments: Interest and other income (4,704) (4,271) (13,379) (12,149) Interest and other expense (8) 83 83 (774) Income tax (benefit) expense (1,535) (427) 3,764 (1,538) Depreciation and amortization expense 3,215 3,254 9,298 9,295 Stock-based compensation expense 8,231 11,470 26,393 33,388 Acquisition-related costs 3,474 -- 9,953 2,368 Cash compensation in lieu of equity compensation due to pending merger 10,404 -- 21,586 -- One-time litigation-related expense 4,500 -- 4,500 -- Acquired in-process research & development -- -- -- 15,447 ------ ------ ------- ------- Adjusted EBITDA $23,556 $14,037 $ 49,964 $ 33,375 ====== ====== ======= =======