Axonics reports Q1 EPS (19c), consensus (29c)

Reports Q1 revenue $70.7M, consensus $65.3M. "Our commercial team continues to execute at a high level, generating revenue growth of 46% year over year in the first quarter," said Raymond W. Cohen, CEO. "Our sacral neuromodulation growth was driven by higher utilization and share gains while Bulkamid(R) continues to benefit from physicians enthusiastically adopting our durable hydrogel to treat their stress urinary incontinence patients. Based on the strong results generated in the first quarter, we are raising our fiscal year 2023 revenue guidance to $348 million, representing 27% growth year over year. We continue to focus on bringing new innovations to the incontinence market, with the goal of increasing the penetration of advanced therapies for this vastly undertreated patient population. In the first quarter, we received FDA approval and commercially launched the Axonics R20(TM), our fourth-generation rechargeable SNM system that requires recharging just once every six to ten months for one hour. In addition, last week we announced the acquisition of a technology to facilitate easier and faster lead placement during the SNM external trial. We are confident that this commitment to innovation, increasing public awareness, and providing physicians and patients strong clinical support will continue to drive market expansion and advance Axonics on its path to incontinence market leadership."