Axonics Modulation Technologies Inc. (Nasdaq: AXNX), the Irvine-based maker of devices to help control bladders, has had a busy month.
In its first full quarter of commercial results following FDA approval of its r-SNM System, Axonics on May 5 reported first-quarter revenue of $26.3 million, which beat the analyst estimate of $15.1 million. Its loss of 43 cents a share also topped the consensus estimate of a 56-cent loss.
Over 350 unique hospitals and ambulatory surgery centers in the U.S. implanted patients with the Axonics r-SNM System in the first quarter.
“Sales momentum accelerated throughout the first quarter, peaking in mid-March prior to COVID-19-related postponement of elective procedures,” the company said in a statement.
Two days after announcing the results, the company said the offering of 4 million shares of common stock at $32.50 a share garnered around $130 million in additional capital. The funding will support Axonics’ commercialization into the U.S., Europe and Canada. Underwriters for the offering were BofA Securities, Morgan Stanley and Wells Fargo Securities.
On April 29, the company appointed Michael Carrel chairman of Axonics’ board of directors, replacing Raphael Wisniewski, who has served in that position since the company’s inception in 2013.
Carrel, who has been a member of the board since February 2019, is CEO of Ohio-based AtriCure Inc. (Nasdaq: ATRC), a maker of medical devices for the treatment of atrial fibrillation and with a market cap of $1.8 billion.
