Axonics, Inc. (NASDAQ: AXNX) reported Q2 EPS of ($0.15), $0.03 worse than the analyst estimate of ($0.12). Revenue for the quarter came in at $92.9 million versus the consensus estimate of $86.45 million.

2Q23 Financial Results

Net revenue was $92.9 million in 2Q23, an increase of 35% compared to the prior year period.

Sacral neuromodulation revenue was $74.2 million, of which $72.2 million was generated in the U.S. and the remainder in international markets.
Bulkamid revenue was $18.7 million, of which $14.8 million was generated in the U.S. and the remainder in international markets.

Gross margin was 75.6% in 2Q23 compared to 72.8% in the prior year period.
Operating expenses were $82.3 million in 2Q23 and included a $15.4 million non-cash charge for acquired in-process research and development related to the Radian technology acquisition and a $0.6 million non-cash charge for the change in fair value of contingent consideration related to the Bulkamid acquisition. Operating expenses were $71.6 million in the prior year period.

Excluding the above-referenced non-cash charges, adjusted operating expenses were $66.2 million in 2Q23.

Adjusted EBITDA was $18.4 million in 2Q23 compared to $1.6 million in the prior year period.
Net loss was $7.3 million in 2Q23 compared to a net loss of $21.4 million in the prior year period.
Cash, cash equivalents and short-term investments were $331.5 million as of June 30, 2023.

In 2Q23, Axonics made a $35 million milestone payment to Contura Holdings Limited related to Bulkamid achieving over $50 million of sales in the 12-month period ended March 31, 2023.

For earnings history and earnings-related data on Axonics, Inc. (AXNX) click here.