Axonics Modulation Technologies Inc. (NASDAQ: AXNX) reported Q4 EPS of ($0.75), $0.03 worse than the analyst estimate of ($0.72). Revenue for the quarter came in at $9.9 million versus the consensus estimate of $5.78 million.

Raymond W. Cohen, CEO of Axonics, commented, “The initial results of our U.S. launch clearly exceeded our expectations. These results were achieved based not only on the quality of our product and the demand from SNM implanters for a long-lived innovative product, but also can be attributed to the investment of time and capital we made to recruit, hire and train over 145 U.S. sales and clinical specialists during 2019 in advance of FDA approval.”

Cohen continued, “The velocity of sales in the U.S. has continued in Q1 of 2020 with over 300 U.S. institutions now implanting our r-SNM System nationwide in the first quarter. Physician feedback has been very positive regarding patient outcomes and the support they are receiving from the Axonics team. We expect our momentum to continue throughout 2020 as more institutions begin implanting our device. We fully expect the U.S. market for SNM to increase based on the notion that more patients are choosing SNM given the attractive proposition of a 15+ year implant that does not require explant in the event that an MRI scan is needed.”

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