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  • 25 January 2021
    Axonics® Reports Preliminary Fourth Quarter and Fiscal Year 2020 Revenue

    Axonics Modulation Technologies, Inc. (NASDAQ: AXNX), a medical technology company that has developed and is commercializing novel implantable sacral neuromodulation (SNM) devices for the treatment of urinary and bowel dysfunction, today reported preliminary unaudited net revenue for the three months and fiscal year ended December 31, 2020. 

    Preliminary unaudited net revenue is expected to be in the range of $34.7 to $34.9 million in the fourth quarter 2020, as compared to net revenue of $9.9 million in the prior year period.

    Sales to customers in the United States accounted for approximately 97% of total revenue in the quarter.

    Management estimates that in the fourth quarter 2020, approximately 320 confirmed and scheduled permanent implants were canceled due to COVID-19 based upon a detailed territory by territory analysis.

    The cancellations represented approximately $5 million of revenue that was neither shipped nor invoiced in the fourth quarter.

    Preliminary unaudited net revenue for fiscal year 2020 is expected to be approximately $111.5 million, as compared to net revenue of $13.8 million for fiscal year 2019.

    Raymond W. Cohen, Axonics CEO, said, “We are proud of this quarter's revenue result considering the sharp acceleration of COVID-19 cases and hospitalizations in November and December, and the lower number of patients that met their insurance deductibles in 2020. While the recent surge in COVID-19 activity has slowed uptake of elective procedures in the United States and Europe, we expect the majority of canceled cases to be rescheduled and completed in the second half of 2021 as more individuals are vaccinated and the impact of the pandemic recedes.”

    Mr. Cohen continued, “In the first year of Axonics’ commercial launch in the United States, we exceeded our ambitious goals despite the pandemic and only having ten months of selling time. The results are a testament to our mission-driven culture, the strong support our team provided clinicians and patients, and the trust physicians have placed in Axonics. We are grateful for the overwhelmingly positive response from the SNM implanting community and patients to the introduction of our r-SNM System. Despite the COVID headwinds, it is clear that based on increasing awareness, exceptional clinical outcomes for patients and less fuss for physicians and their staff, sacral neuromodulation’s time has arrived. We remain bullish on the growth outlook for Axonics and the SNM market in 2021 and beyond.”

    The preliminary results set forth above are unaudited and remain subject to ongoing review and adjustment. Axonics will report complete fourth quarter 2020 financial results and hold a corresponding conference call in the second half of February.