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Axonics (AXNX) investor relations material
Axonics Q3 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q3 2024 net revenue was $116.2M, up 25% year-over-year, driven by increased U.S. product sales and new account onboarding for sacral neuromodulation and Bulkamid.
Gross margin improved to 77.2% from 74.2% in Q3 2023, reflecting higher sales volumes and favorable product mix.
Operating expenses rose due to higher legal, personnel, marketing, R&D, and one-time litigation and merger-related fees.
Net loss for Q3 2024 was $21,000, compared to net income of $3.9M in Q3 2023, impacted by $8M in one-time legal and acquisition-related costs.
The pending merger with Boston Scientific remains under FTC review, with all closing conditions not yet satisfied.
Financial highlights
Q3 2024 net revenue: $116.2M (+25% YoY); nine months: $322.2M (+25.5% YoY).
Sacral neuromodulation revenue (Q3): $92.3M; Bulkamid revenue (Q3): $23.8M, both up 25% year-over-year.
Gross profit for Q3: $89.7M; gross margin: 77.2% (vs. 74.2% prior year).
Adjusted EBITDA: $23.6M vs. $14.0M prior year.
Cash, cash equivalents, short-term investments, and restricted cash totaled $367M as of September 30, 2024.
Outlook and guidance
Cash on hand expected to fund operations for at least the next 12 months.
Revenue expected to fluctuate quarterly due to seasonality and market factors.
Ongoing investments in sales, marketing, and R&D to support growth and product innovation.
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