Axonics Modulation Technologies Inc. (AXNX) Investors Should Focus on the Launch not the Miss - Needham

Needham & Company analyst Mike Matson reiterated a Buy rating and $48.00 price target on Axonics Modulation Technologies Inc. (NASDAQ: AXNX) after 3Q19 revenue and EPS missed consensus. The analyst however, does not believe AXNX's 3Q19 results are as important as expectations for 2020 and the US launch appears to be going well.

The analyst stated "management noted that "a few dozen" implants have already been completed in the US during 4Q19 (before today's urinary FDA approval), which indicates that revenue could ramp significantly in 2020." "We believe AXNX’s growth should be driven by its continued r-SNM launch in the US and subsequent market share gains both in the US and international markets".

For an analyst ratings summary and ratings history on Axonics Modulation Technologies Inc. click here. For more ratings news on Axonics Modulation Technologies Inc. click here.

Shares of Axonics Modulation Technologies Inc. closed at $28.96 yesterday.

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