Endotronix announced the appointment of Dan Dearen to its Board of Directors on March 2, 2021. Dearen, President and CFO of Axonics Modulation Technologies (AXNX), joins as an Independent Director and will lead the Audit Committee. With over 30 years of experience, he played a pivotal role in Axonics' public listing and revenue growth, achieving over $111 million in sales in 2020. Endotronix is focused on expanding its Cordella Heart Failure System, currently undergoing clinical trials to drive commercial launch and improve heart failure management.
Axonics Modulation Technologies (Nasdaq: AXNX) has formed a strategic alliance with Micro Systems Technologies (MST) to enhance the manufacturing of its implantable sacral neuromodulation (SNM) devices. This collaboration focuses on the non-rechargeable SNM device, with plans to bring it to market after FDA approval. MST will utilize advanced manufacturing techniques to support Axonics' growth in addressing bladder and bowel dysfunction. This partnership strengthens Axonics' long-term capabilities and product offerings in the medical technology sector.
Axonics Modulation Technologies reported robust fiscal results for the fourth quarter and full year 2020, showcasing remarkable revenue growth despite pandemic challenges. Q4 net revenue reached $34.8 million, up from $9.9 million year-over-year, primarily driven by strong U.S. sales. The fiscal year 2020 net revenue was $111.5 million compared to $13.8 million in 2019. Gross margin improved to 63.6% in Q4, and cash reserves stood at $241.2 million. CEO Raymond W. Cohen anticipates a recovery in elective procedures, boosting growth potential.
Axonics Modulation Technologies (Nasdaq: AXNX) has acquired Contura Ltd. for $200 million, plus a potential $35 million milestone payment. Contura's flagship product, Bulkamid, is designed to treat stress urinary incontinence (SUI), a condition affecting around 20 million women in the U.S. Bulkamid is a clinically validated hydrogel that provides long-lasting relief and is reimbursed by Medicare and commercial payors. The acquisition enables Axonics to leverage its commercial footprint and expand its product offerings in a largely untapped market, promising significant revenue growth.
Axonics Modulation Technologies, Inc. (Nasdaq: AXNX) will announce its fourth quarter and fiscal year 2020 financial results on February 25, 2021, after market close. A conference call is scheduled for 4:30 PM ET, accessible via phone or through a live webcast on the Axonics investor relations website. Axonics specializes in innovative sacral neuromodulation devices aimed at treating urinary and bowel dysfunction, impacting millions globally. The company boasts significant market presence and established reimbursement coverage in the U.S. and Europe, with its rechargeable SNM system leading the industry.
Axonics Modulation Technologies, Inc. (Nasdaq: AXNX) is a medical technology company specializing in implantable sacral neuromodulation (SNM) devices for urinary and bowel dysfunction. The company has announced its platinum sponsorship of the Society for Urodynamics, Female Pelvic Medicine & Urogenital Reconstruction (SUFU) 2021 Winter Meeting, held virtually from February 25-27. Notable presentations include the two-year results of the ARTISAN-SNM study and discussions on innovations in SNM technology aimed at enhancing patient care.
Axonics Modulation Technologies (Nasdaq: AXNX) has secured PMA supplement approval from the FDA for its third-generation implantable neurostimulator (INS) intended for treating urinary and bowel dysfunction. This achievement marks the sixth FDA approval for Axonics since its U.S. launch in November 2019. The upgraded INS offers enhanced patient control over therapy parameters and is set to begin shipping on March 1, 2021. The company aims to leverage this innovation to expand its market presence in the growing field of sacral neuromodulation therapy, which addresses conditions affecting millions.
Axonics Modulation Technologies, Inc. (NASDAQ: AXNX) will participate in the virtual SVB Leerink Global Healthcare Conference on February 24, 2021, presenting at 11:20 a.m. Eastern Time. Axonics specializes in innovative implantable sacral neuromodulation devices that treat urinary and bowel dysfunction, impacting millions. Their SNM therapy has shown clinical proof in reducing symptoms, enhancing quality of life. The company boasts the first long-lived rechargeable SNM system and has extensive reimbursement coverage in the U.S. and Europe. More details available on their website.
Axonics Modulation Technologies (NASDAQ: AXNX) reported preliminary unaudited net revenues for Q4 2020 between $34.7 million and $34.9 million, a significant increase from $9.9 million year-over-year. Fiscal year 2020 revenues reached approximately $111.5 million, up from $13.8 million in 2019. Despite challenges from COVID-19 leading to approximately $5 million in canceled procedures, management remains optimistic about rescheduling these cases in 2021. The company expects to release full financial results later in February.
Axonics Modulation Technologies, Inc. (Nasdaq: AXNX) appointed David M. Demski, a seasoned executive from Globus Medical, to its board of directors, effective January 1, 2021. Demski brings extensive experience in the medical technology field and is expected to contribute to Axonics' growth in the underpenetrated market for pelvic floor dysfunction treatment. The company also announced the retirement of board members Juliet Tammenoms Bakker and Erik Amble. CEO Raymond W. Cohen expressed enthusiasm over Demski's strategic insights as Axonics aims for ambitious growth targets.