Axonics, Inc. (NASDAQ:AXNX) Q3 2023 Earnings Conference Call October 30, 2023 4:30 PM ET

Company Participants

Neil Bhalodkar - Vice President of Investor Relations

Raymond Cohen - Chief Executive Officer

Kari Keese - Chief Financial Officer

Conference Call Participants

Chris Pasquale - Nephron Research

Larry Biegelsen - Wells Fargo

Travis Steed - Bank of America Securities

Richard Newitter - Truist Securities

Adam Maeder - Piper Sandler

Mike Polark - Wolfe Research

Mike Matson - Needham & Company

David Rescott - Baird

Kristen Stewart - CL King

Shagun Singh - RBC Capital Markets

Anthony Petrone - Mizuho Securities

Kallum Titchmarsh - Morgan Stanley

Michael Sarcone - Jefferies

Mike Kratky - Leerink Partners

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Axonics Third Quarter 2023 Results Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.

I would like now to turn the conference over to Neil Bhalodkar, Axonics Investor Relations. Please go ahead.

Neil Bhalodkar

Thank you, Michelle. Good afternoon and thank you for joining Axonics' third quarter 2023 results conference call. Presenting on today's call are Raymond Cohen, Chief Executive Officer; and Kari Keese, Chief Financial Officer.

Before we begin, I'd 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 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, October 30, 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

Thank you, Neil and I would like to welcome everyone joining this afternoon's call.

With respect to the third quarter, we had strong company-wide execution. We generated solid results in this quarter with revenue at $93.1 million, representing an overall increase of 32% compared to the prior year period. More specifically, sacral neuromodulation revenue was $73.9 million, an increase of 30% compared to the prior year period. This strong level of growth was achieved despite a 42% growth comparison in Q3 of last year, a period which benefited from the launch of our F15 recharge-free sacral neuromodulation system.