Axonics, Inc. (NASDAQ:AXNX) Q1 2023 Earnings Conference Call May 1, 2023 4:30 PM ET

Company Participants

Neil Bhalodkar - VP of IR

Raymond Cohen - CEO

Dan Dearen - President and CFO

Conference Call Participants

Chris Pasquale - Nephron Research

Richard Newitter - Truist Securities

Nathan Treyback - Wells Fargo

Adam Maeder - Piper Sandler

Michael Polark - Wolfe Research

Shagun Singh - RBC Capital Markets

Mike Matson - Needham and Company

Anthony Petrone - Mizuho Securities

Michael Sarcone - Jefferies

Operator

Thank you for standing by and welcome to the Axonics' First Quarter 2023 Results Conference Call. At this time, all participants are in listen-only mode. After the speakers' presentation, there will be a question-and-answer session [Operator Instructions] As a reminder today's conference is being recorded.

And now I would like to introduce your host for today’s program, Neil Bhalodkar. Please go ahead, sir.

Neil Bhalodkar

Thank you, Jonathan. Good afternoon and thank you for joining Axonics' first 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, May 1, 2023. Except as required by law, Axonics undertakes no obligation to update or revise any forward-looking statements to reflect new information, circumstances or unanticipated events that may arise.

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

Raymond Cohen

Thanks, Neil. And I’d like to welcome everyone who’s joining this afternoon’s call and may listen to the playback. Axonics generated revenue of $71 million in the first quarter, an increase of 46%, compared to the prior year period. More specifically, sacral neuromodulation revenue was $55.2 million, representing an increase of 41% compared to the prior year period.