Axonics Chief Executive Raymond Cohen is dismissive of recent patent infringement charges from device giant Medtronic PLC, and sees a bright future for the $860 million valued company (Nasdaq: AXNX) after the FDA in November gave approval to market its core neurostimulator product, the r-SNM System, in the U.S. to treat overactive bladder issues.
It got approval in September to market the product for fecal incontinence issues.
Cohen’s not the only one optimistic.
Axonics’ sales are expected to explode tenfold from $8.2 million this year to $80.8 million in 2020, according to the average estimate of six analysts. It generated about $3.9 million so far this year, largely from sales overseas. It reported less than a quarter million dollars in the first nine months of 2018.
“We believe the SNM market is poised to dramatically expand over the next few years,” he said.
