Welcome to our dedicated page for Axonics news (Ticker: AXNX), a resource for investors and traders seeking the latest updates and insights on Axonics stock.
Axonics, Inc. (NASDAQ: AXNX) is a pioneering medical technology company headquartered in the United States. The company specializes in the development and commercialization of innovative products designed to enhance the lives of adults experiencing bladder and bowel dysfunction. Axonics' primary offering includes the Sacral Neuromodulation (SNM) system, a fully implantable device aimed at treating conditions such as urinary urge incontinence, urinary urgency frequency (UUF), overactive bladder, fecal incontinence, and urinary retention.
Another key product is Bulkamid, a urethral bulking agent used to treat female stress urinary incontinence. These products are based on advanced neuromodulation technology licensed from the Alfred Mann Foundation, featuring a miniaturized, rechargeable, and fully-implantable IPG (implantable pulse generator).
Axonics' innovative SNM system has been specifically designed to improve the clinical experience for both healthcare providers and their patients. The company's technology facilitates better management of urinary and fecal dysfunction, providing significant relief and improved quality of life for patients.
Financially, Axonics generates the majority of its revenue from the United States, with additional income coming from various international markets. The company's recent achievements include significant advancements in their neuromodulation platform and ongoing projects aimed at enhancing their product offerings.
Overall, Axonics, Inc. has established itself as a significant player in the medical technology field, offering cutting-edge solutions to address prevalent and often debilitating conditions affecting millions globally.
Axonics, Inc. (Nasdaq: AXNX) has prevailed in a patent infringement lawsuit brought by Medtronic in the U.S. District Court for the Central District of California. The jury unanimously found that Axonics does not infringe any of the three patents-in-suit. This verdict recognizes the differentiation of Axonics' proprietary tined lead design and temperature sensor technology from Medtronic's intellectual property.
Axonics CEO Raymond W. Cohen stated that the company viewed Medtronic's lawsuit, initiated in late 2019, as an attempt to stifle competition, limit patient and physician choice, and protect Medtronic's monopoly in sacral neuromodulation. Axonics remains focused on its mission to positively impact the lives of adults with bladder and bowel dysfunction.
Axonics (NASDAQ: AXNX) reported strong financial results for Q2 2024, with record revenue of $114.6 million, up 23% year-over-year. The company achieved significant milestones:
- Sacral neuromodulation revenue: $91.2 million (+23%)
- Bulkamid revenue: $23.4 million (+25%)
- Gross margin: 77.8% (up from 75.6%)
- Net income: $6.9 million (vs. $7.3 million loss in Q2 2023)
- Adjusted EBITDA: $23.4 million (vs. $18.4 million in Q2 2023)
CEO Raymond W. Cohen attributed the growth to higher utilization at existing customers, new account onboarding, and improved manufacturing yields. The company remains confident in its market expansion strategy and looks forward to its future as part of Boston Scientific.
Kestra Medical Technologies, a privately held wearable medical device and digital healthcare company, has announced the appointment of Raymond W. Cohen to its board of directors as an independent member. Cohen, with over 40 years of life sciences industry experience, is currently the CEO and board member of Axonics Inc. (Nasdaq: AXNX), which recently agreed to be acquired by Boston Scientific for $3.7 billion.
Brian Webster, President & CEO of Kestra, highlighted Cohen's extensive experience in external defibrillation and commercial growth strategies as valuable assets for the company. Kestra recently closed a $196 million funding round to support commercial expansion and advance its mission of protecting at-risk patients with its wearable cardioverter defibrillator. The funding was co-led by Andera Partners, Ally Bridge Group, Longitude Capital, and Omega Funds, with participation from new and long-term investors.
Axonics announced it received regulatory approval from the Therapeutic Goods Administration (TGA) in Australia for its Axonics F15™ recharge-free sacral neuromodulation (SNM) system, intended to treat adults with overactive bladder. This approval allows Australians to access a device with longer longevity, constant current stimulation, and a user-friendly remote control. The launch in Australia follows Axonics' commencement of SNM commercial activities in March 2023. Additionally, Axonics markets Bulkamid®, a hydrogel product for female stress urinary incontinence, in the region. Axonics aims to continue promoting its innovative incontinence therapies globally.
Axonics, Inc. (Nasdaq: AXNX) reported positive first quarter 2024 financial results with a 29% revenue growth year over year. The company saw increases in revenue for sacral neuromodulation and Bulkamid products, achieving a record gross margin of 75.8%. Operating expenses included acquisition-related costs related to the Boston Scientific merger, leading to a net loss of $19.1 million. Adjusted EBITDA improved to $3.0 million. Cash, cash equivalents, short-term investments, and restricted cash totaled $349 million as of March 31, 2024.
FAQ
What is the current stock price of Axonics (AXNX)?
What is the market cap of Axonics (AXNX)?
What does Axonics, Inc. specialize in?
What are the main products of Axonics, Inc.?
What conditions does Axonics' SNM system treat?
How does the Axonics SNM system work?
Where does Axonics, Inc. generate most of its revenue?
What is Bulkamid used for?
What makes Axonics' products unique?
Who did Axonics license their technology from?
What recent advancements has Axonics made?
How does Axonics contribute to the medical technology field?
