74.8 F
Laguna Hills
Monday, Jul 4, 2022

Axonics Offering: $130M

- Advertisement -

Irvine-based Axonics Modulation Technologies Inc. (Nasdaq: AXNX) will sell 4 million shares at $32.50 apiece in an offering that closes May 12.

Proceeds from the $130 million will fund commercialization of Axonics’s r-SNM system in the U.S., Europe, and Canada. Healthcare providers globally are beginning to schedule procedures curtailed amid coronavirus work.

Axonics makes sacral neuromodulation products: minimally invasive devices that send electrical impulses to nerves in the lower back to treat incontinence and other dysfunctions of the bladder and bowel.

Its shares traded recently at about $35, more than double their level of three weeks ago and up 28% on the year, for a $1.2 billion market cap.

This week it reported quarterly net revenue of $26.3 million, up from net revenue of $1.1 million, year-over-year, in the first full quarter of results following FDA approval of the r-SNM system in November. Some 95% of the results came from the U.S.

Net loss was $14.6 million, from $13.1 million a year ago, due mainly to expanding sales teams, Axonics said.

Offering underwriters are B of A, Morgan Stanley and Wells Fargo. Underwriter option on the deal is 600,000 shares. Axonics had 34.5 million shares outstanding prior to the new stock.

Next articleMidday Stock Roundup

Featured Articles


Related Articles