Axonics Inc. (Nasdaq: AXNX), an Irvine-based maker of products to treat bladder and bowel dysfunction, reported third-quarter sales jumped 32% to $93.1 million, topping the $89.7 million average estimate of 13 analysts.
“Our growth was driven by higher utilization and share of wallet at existing customers and the onboarding of new accounts,” Chief Executive Raymond Cohen said in a statement. “Our commercial team continues to execute at a high level.”
The company increased its 2023 forecast to $362 million, up from a July forecast for $358 million. Following the announcement, shares fell 2% to $48.50 in after-hours trading. The company has a $2.5 billion market cap.
The company increased its gross margin to 74.2%, up from 72.8% in the same period a year ago.
Adjusted EBITDA was $14 million, compared with $3.3 million in the same period last year.
