Axonics® Reports Preliminary Second Quarter 2020 Revenue
Recent Business and Financial Highlights
Preliminary unaudited net revenue is expected to be
$15.2 millionfor the second quarter 2020, as compared to net revenue of $1.5 millionin the prior year period.
Sales to customers in
the United Statesaccounted for approximately 96 percent of total revenue.
- New order flow in April was de minimis due to COVID-19 related restrictions on elective procedures.
- New order flow began a gradual recovery in early May as restrictions on elective procedures performed in ambulatory surgery centers and hospital outpatient surgery departments were lifted in certain states.
In June, new order flow continued to improve as more states reopened. Average weekly new order flow in June was approximately
$2 million, or 70 percent of the weekly average achieved in the first quarter of 2020 prior to the COVID-19 related postponement of elective procedures in mid-March.
Over 485 unique accounts (hospitals and ambulatory surgery centers) in
the United Stateshave implanted patients with the Axonics r-SNM System® since the product launched in November 2019, including more than 110 new accounts that were added in the second quarter of 2020.
European hospital customers in
England, the Netherlands, Germany, and Switzerlanddid not, for the most part, conduct elective procedures in the second quarter of 2020 due to COVID-19 and accordingly, the contribution to revenue from these markets was modest.
- Since April, Axonics has received a number of FDA approvals, including a next generation implantable neurostimulator that extends the interval between recharging to just once per month, a new wireless patient remote control with SmartMRI™ technology, and approval for 3T full-body MRI scans.
June 30, 2020, unaudited cash and cash equivalents were $288 million.
Axonics will report complete second quarter 2020 financial results and provide a further operational update after the market closes on
Axonics, based in
Statements made in this press release that relate to future plans, events, prospects or performance are forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. Words such as “planned,” “expects,” “believes,” “anticipates,” “designed,” and similar words are intended to identify forward-looking statements. While these forward-looking statements are based on the current expectations and beliefs of management, such forward-looking statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from the expectations expressed in this press release, including the risks and uncertainties disclosed in Axonics filings with the