Call Start: 16:30 January 1, 0000 5:27 PM ET

Axonics, Inc. (NASDAQ:AXNX)

Q2 2023 Earnings Conference Call

July 27, 2023 16:30 ET

Company Participants

Neil Bhalodkar - Vice President of Investor Relations

Raymond Cohen - Chief Executive Officer

Dan Dearen - President & Chief Financial Officer

Conference Call Participants

Chris Pasquale - Nephron Research

Michael Polark - Wolfe Research

Shagun Singh - RBC Capital Markets

Richard Newitter - Truist Securities

Adam Maeder - Piper Sandler

Mike Matson - Needham & Company

Anthony Petrone - Mizuho Securities

Operator

That today's conference is being recorded. I would now like to hand the conference over to your speaker today, Neil Bhalodkar. Please go ahead.

Neil Bhalodkar

Thanks, Victor. Good afternoon and thank you for joining Axonics' Second Quarter 2023 Results Conference Call. Presenting on today's call are Raymond Cohen, Chief Executive Officer; and Dan Dearen, President and Chief Financial Officer.

Before we begin, I would like to remind listeners that statements made on this conference call that relate to future plans, events, prospects or performance are forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. While these forward-looking statements are based on management's current expectations and beliefs. These statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause results to differ materially from the expectations expressed on this conference call. These risks and uncertainties are disclosed in more detail in Axonics' filings with the Securities and Exchange Commission, all of which are available online at www.sec.gov. Listeners are cautioned not to place undue reliance on these forward-looking statements, which speak only as of today's date, July 27, 2023. Except as required by law, Axonics undertakes no obligation to update or revise any forward-looking statements to reflect new information, circumstances or anticipated events that may arise.

With that, I'd now like to turn the call over to Ray.

Raymond Cohen

Thanks, Neil. I'd like to welcome everyone joining this afternoon's call. So with strong company-wide execution, Axonics generated record results in the second quarter. Revenue was $92.9 million in the second quarter, an overall increase of 35% compared to the prior year period. More specifically, sacral neuromodulation revenue was $74.2 million, an increase of 33% compared to the prior year period. We are particularly proud of this level of growth considering this is the first quarter in which we anniversary last year's launch of the F-15 recharge-free system, which is currently our top-selling S&M system. Revenue growth is being driven by a combination of higher utilization and share of wallet in existing accounts as well as the addition of competitive accounts that have converted to Axonics.