OC50 2023: Raymond Cohen

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Raymond Cohen
CEO
AXONICS

WHY: Runs medical device maker that went public in 2018, surpassed $1 billion market valuation in 2020 now near $2.5 billion. Aims to lead the market with its sacral neuromodulation device, which treats patients with overactive bladder conditions. Fourth-generation rechargeable system received FDA approval earlier this year. Chief executive won an Excellence in Entrepreneurship Award from the Business Journal in 2002 for his work with a prior company, Cardiac Science Inc., an Irvine defibrillator maker.

BY THE NUMBERS: This year inked a nearly 145,500-square-foot deal to relocate its headquarters within Irvine in the largest local office lease of the past two years, nearly doubling its local footprint. Physical expansion followed 4,500% surge in revenue from 2019 to 2021, placing it first on the Business Journal’s list of Fastest-Growing Midsized Public Companies in 2021. About 650 companywide employees as of the end of last year.

FUTURE PLANS: Axonics expects growth to continue, forecasting 2023 sales will climb 27% to $348 million, ahead of its prior projections and topping analyst estimates. The company’s Bulkamid technology, acquired in 2021 and used by women with stress urinary incontinence, is in part driving revenue gains.

IN THEIR WORDS: “We believe [the Bulkamid] solution has the potential to drive increased utilization of sacral neuromodulation therapy and we’re eager to get this technology into the marketplace.”

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