Axonics Modulation Technologies (Nasdaq: AXNX) reported first-quarter financial results that beat consensus analyst forecasts.
The Irvine, Calif.-based sacred neuromodulation technology developer posted losses of $22.7 million, or 50¢ per share, on sales of $48.4 million for the three months ended March 31 2022, for a slight loss of earnings of just over $150,000 per year. year on year on sales growth of 40.9%.
Axonics’ per-share loss of 50¢ beat projections on Wall Street, where analysts had expected sales of $45.4 million, by 13¢.
“We are pleased with this quarter’s revenue result given the significant impact the Omicron surge had on elective procedures in January and February,” said Axonics CEO Raymond W. Cohen. in a press release. “Sacral neuromodulation procedure volumes recovered well in March and continued to trend favorably in April. Bulkamid generated another quarter of record sales and we are delighted to report that over 32,000 women have had their symptoms of stress urinary incontinence treated with Bulkamid since the time we acquired the product. ‘last year.
Axonics raised its financial guidance for 2022 to revenue of $238 million, reflecting a 32% increase from 2021. The previous guidance was $234 million.
Truist analysts were bullish on Axonics stock after strong first-quarter earnings beat and lifted forecasts. They noted that the company’s recent launch of its no-charge F15 device has already started to gain momentum. “We see the product not only adding to share gaining momentum…but further [helping] make AXNX a leader in the field,” said David Rescott, Richard Newitter, Samuel Brodovsky and Lin Zhang.
AXNX shares were down more than 6% at $48.92 apiece in morning trading. MassDevice’s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, fell slightly.