Washington, D.C. 20549
Pursuant to Section 13 OR 15(d) of The
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 1, 2022
Axonics, Inc.
(Exact name of registrant as specified in its charter)
Delaware 001-38721 45-4744083
(State or other jurisdiction
of incorporation)
 (Commission File Number) (I.R.S. Employer
Identification No.)
26 Technology Drive
Irvine, California 92618
(Address of principal executive offices) (Zip Code)
(949) 396-6322
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of classTrading symbolName of exchange on which registered
Common stock, par value $0.0001 per shareAXNXNasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 2.02.    Results of Operations and Financial Condition.
    On August 1, 2022, Axonics, Inc. (the Company) issued a press release announcing its financial results for the quarter ended June 30, 2022. The full text of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
    The information in this Current Report on Form 8-K (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section, nor shall it be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.
Item 9.01.    Financial Statements and Exhibits.
    (d) Exhibits.
Exhibit No.Description
104Cover Page Interactive Date File - the cover page XBRL tags are embedded within the Inline XBRL document.

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: August 1, 2022
 By: /s/ Raymond W. Cohen
  Raymond W. Cohen
  Chief Executive Officer


Exhibit 99.1
Axonics® Reports Second Quarter 2022 Financial Results

Generated record quarterly revenue of $69 million in 2Q22, an increase of 50% compared to 2Q21

Fiscal year 2022 revenue guidance increased to $253 million, an increase of 40% compared to fiscal year 2021

IRVINE, Calif. – August 1, 2022 – Axonics, Inc. (Nasdaq: AXNX), a global medical technology company that is developing and commercializing novel products for the treatment of bladder and bowel dysfunction, today reported financial results for the three months ended June 30, 2022.

“This quarter’s record revenue result reflects the growing demand for our best-in-class incontinence solutions,” said Raymond W. Cohen, chief executive officer of Axonics. “Sacral neuromodulation revenue grew 39% year over year, benefiting from the broad commercial launch of the Axonics F15™, our newly developed, long-lived, recharge-free sacral neuromodulation system. Bulkamid® generated another quarter of record revenue and we now expect approximately 50,000 women will have their stress urinary incontinence symptoms treated with Bulkamid in 2022.”

Cohen continued, “Our direct-to-consumer television advertising campaign, which we launched in April, is achieving our objective of increasing awareness for Axonics therapies, reducing stigma and encouraging women to consult physicians who specialize in bladder and bowel dysfunction. We remain confident that our commitment to innovation, quality and providing physicians and patients strong support will continue to drive market expansion and advance Axonics on its path to market leadership.”

Second Quarter 2022 Financial Results
Net revenue was $69.0 million in second quarter 2022, an increase of 50% compared to $45.9 million in the prior year period.
Sacral neuromodulation revenue was $55.8 million, of which $54.5 million was generated in the U.S. and the remainder in international markets.
Bulkamid revenue was $13.2 million, of which $10.2 million was generated in the U.S. and the remainder in international markets.
Gross margin was 72.8% in second quarter 2022 compared to 62.6% in the prior year period.
Operating expenses were $71.6 million in second quarter 2022 inclusive of $12.2 million of non-cash costs for the change in fair value of contingent consideration related to the acquisition of Bulkamid.
Excluding non-cash acquisition-related costs, operating expenses were $59.4 million compared to $44.7 million in the prior year period.
Net loss was $21.4 million in second quarter 2022 compared to net loss of $25.1 million in the prior year period.
Cash, cash equivalents and short-term investments were $213.2 million as of June 30, 2022.

Fiscal Year 2022 Revenue Guidance
Axonics has updated its fiscal year 2022 revenue guidance as follows:
Total company revenue of $253 million, an increase of 40% compared to fiscal year 2021. This compares to prior revenue guidance of $238 million.

Sacral neuromodulation revenue of $205 million, an increase of 30% compared to fiscal year 2021.
Bulkamid revenue of $48 million, an increase of 111% compared to fiscal year 2021.
Webcast and Conference Call
Axonics will host a conference call today at 4:30 p.m. Eastern Time to discuss financial results and recent business developments. To join the conference call by telephone, interested parties are required to register in advance by using the following link: Axonics 2Q22 registration. After registering, a confirmation email will be sent that includes the dial-in number and unique access code required to join the conference call by telephone.

For those not planning to ask a question on the conference call, the company recommends joining the live webcast, which can be accessed by using the following link: Axonics 2Q22 webcast. A replay of the webcast will be available shortly after the conclusion of the conference call and will be archived in the Events section of the Axonics investor relations website.
About Axonics
Based in Irvine, Calif., Axonics is a global medical technology company that is developing and commercializing novel products for adults with bladder and bowel dysfunction. Axonics recently ranked No. 1 on the 2021 Deloitte Technology Fast 500™ and the 2022 Financial Times ranking of the 500 fastest growing companies in the Americas.

Axonics sacral neuromodulation (SNM) systems provide patients suffering from overactive bladder and/or fecal incontinence with long-lived, easy to use, safe, clinically effective therapy. In addition, the company’s best-in-class urethral bulking hydrogel, Bulkamid®, provides safe and durable symptom relief to women with stress urinary incontinence (SUI). Overactive bladder affects an estimated 87 million adults in the U.S. and Europe, with an additional 40 million adults estimated to suffer from fecal incontinence. SUI affects an estimated 29 million women in the U.S. alone. Axonics’ clinically proven products are offered at hundreds of medical centers across the U.S. and abroad. Reimbursement coverage is well established in the U.S. and is a covered service in most European countries. For more information, visit
Forward-Looking Statements
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 Securities and Exchange Commission, all of which are available online at Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as required by law, Axonics undertakes no obligation to update or revise any forward-looking statements to reflect new information, changed circumstances or unanticipated events.

Axonics contact:
Neil Bhalodkar
Investor Relations

Axonics, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)
June 30,December 31,
Current assets
Cash and cash equivalents$203,236 $220,878 
Short-term investments9,998 — 
Accounts receivable, net of allowance for credit losses of $305 and $355 at June 30, 2022 and December 31, 2021, respectively36,115 29,044 
Inventory, net58,412 64,946 
Prepaid expenses and other current assets5,366 6,449 
Total current assets313,127 321,317 
Property and equipment, net7,228 6,915 
Intangible assets, net91,627 106,469 
Other assets7,254 7,734 
Goodwill94,852 105,510 
Total assets$514,088 $547,945 
Current liabilities
Accounts payable$10,207 $7,654 
Accrued liabilities7,301 5,435 
Accrued compensation and benefits10,922 12,413 
Operating lease liability, current portion1,429 1,366 
Total current liabilities29,859 26,868 
Operating lease liability, net of current portion8,321 9,052 
Deferred tax liabilities, net15,782 19,217 
Other long-term liabilities22,400 10,370 
Total liabilities76,362 65,507 
Stockholders’ equity
Preferred stock, par value $0.0001 per share; 10,000,000 shares authorized, no shares issued and outstanding at June 30, 2022 and December 31, 2021— — 
Common stock, par value $0.0001, 75,000,000 and 50,000,000 shares authorized at June 30, 2022 and December 31, 2021, respectively; 47,117,716 and 46,330,167 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively
Additional paid-in capital820,526 803,559 
Accumulated deficit(358,677)(314,566)
Accumulated other comprehensive loss(24,128)(6,560)
Total stockholders’ equity437,726 482,438 
Total liabilities and stockholders’ equity$514,088 $547,945 

Axonics, Inc.
Condensed Consolidated Statements of Comprehensive Loss
(in thousands, except share and per share data)
Three Months Ended
June 30,
Six Months Ended
June 30,
Net revenue$68,980 $45,869 $117,400 $80,242 
Cost of goods sold18,784 17,135 33,962 31,109 
Gross profit50,196 28,734 83,438 49,133 
Operating expenses
Research and development7,135 9,098 18,371 18,467 
General and administrative10,572 8,035 20,585 14,661 
Sales and marketing39,381 25,411 72,444 46,339 
Amortization of intangible assets2,332 2,200 4,795 2,878 
Acquisition-related costs12,205 — 12,205 4,414 
Total operating expenses71,625 44,744 128,400 86,759 
Loss from operations(21,429)(16,010)(44,962)(37,626)
Other income (expense)
Interest income360 403 15 
Interest and other expense(839)(5,849)(1,128)(7,299)
Other expense, net(479)(5,842)(725)(7,284)
Loss before income tax (benefit) expense(21,908)(21,852)(45,687)(44,910)
Income tax (benefit) expense(465)3,296 (1,576)2,741 
Net loss(21,443)(25,148)(44,111)(47,651)
Foreign currency translation adjustment(12,648)859 (17,568)(1,343)
Comprehensive loss$(34,091)$(24,289)$(61,679)$(48,994)
Net loss per share, basic and diluted$(0.47)$(0.59)$(0.98)$(1.16)
Weighted-average shares used to compute basic and diluted net loss per share45,311,001 42,788,678 45,225,494 41,210,091 

Axonics, Inc.
Net Revenue by Product and Region
(in thousands)
Three Months Ended
June 30,
Six Months Ended
June 30,
Sacral neuromodulation
United States$54,468 $39,243 $92,183 $70,988 
International1,290 951 2,645 2,109 
Sacral neuromodulation total$55,758 $40,194 $94,828 $73,097 
United States$10,223 $2,371 $16,792 $2,949 
International2,999 3,304 5,780 4,196 
Bulkamid total$13,222 $5,675 $22,572 $7,145 
Total net revenue$68,980 $45,869 $117,400 $80,242