Financial Performance - Net revenue for the three months ended June 30, 2022, was $68.98 million, a significant increase from $45.87 million in the same period of 2021, representing a growth of approximately 50.4%[11] - Gross profit for the six months ended June 30, 2022, was $83.44 million, compared to $49.13 million for the same period in 2021, indicating a year-over-year increase of about 69.7%[11] - Total net revenue for the six months ended June 30, 2022, was $117.4 million, a 46.3% increase from $80.2 million in the same period of 2021[32] - Revenue from the r-SNM System in the United States was $54.5 million for the three months ended June 30, 2022, up 38.7% from $39.2 million in the same period of 2021[32] - The company reported a net loss of $44.1 million for the six months ended June 30, 2022, compared to a net loss of $47.7 million for the same period in 2021[18] - The net loss for the three months ended June 30, 2022, was $21.44 million, compared to a net loss of $25.15 million for the same period in 2021, showing an improvement of about 14.3%[11] Expenses and Costs - Total operating expenses for the three months ended June 30, 2022, were $71.63 million, up from $44.74 million in the prior year, reflecting an increase of approximately 60.3%[11] - The company incurred acquisition-related costs of $12.21 million during the three months ended June 30, 2022[11] - The company reported stock-based compensation of $15.0 million for the six months ended June 30, 2022, up from $11.6 million in the prior year[18] - The company recorded advertising expenses of $6.3 million and $9.5 million for the three and six months ended June 30, 2022, respectively, compared to $1.5 million and $2.9 million for the same periods in 2021[60] - The Company has a total lease cost of $582,000 and $1.162 million for the three and six months ended June 30, 2022, respectively, compared to $614,000 and $1.209 million for the same periods in 2021[74] Assets and Liabilities - Cash and cash equivalents as of June 30, 2022, were $203.24 million, a decrease from $220.88 million at December 31, 2021[8] - Total assets decreased to $514.09 million as of June 30, 2022, down from $547.95 million at December 31, 2021[8] - Total liabilities increased to $76.36 million as of June 30, 2022, compared to $65.51 million at December 31, 2021, marking an increase of approximately 16.5%[8] - The company reported an accumulated deficit of $358.68 million as of June 30, 2022, compared to $314.57 million at December 31, 2021[8] - Cash, cash equivalents, and short-term investments totaled $213.2 million as of June 30, 2022, down from $220.9 million at December 31, 2021, expected to fund operations for at least the next 12 months[26] Inventory and Investments - As of June 30, 2022, the company had $39.1 million in finished goods inventory, $4.4 million in work-in-process inventory, and $14.9 million in raw materials inventory, net of reserves of $0.1 million[47] - The company’s inventory increased by $6.2 million during the six months ended June 30, 2022, compared to a decrease of $6.5 million in the same period of 2021[18] - The company had no outstanding investment securities as of December 31, 2021, and as of June 30, 2022, the fair value of commercial paper investments was $103.9 million[44] Tax and Deferred Assets - The effective tax rate for the three months ended June 30, 2022, was 2.13%, significantly lower than the 15.09% effective tax rate for the same period in 2021[93] - As of June 30, 2022, the Company has net deferred tax assets with a full valuation allowance on its U.S. net deferred tax assets[61] - The Company maintains a full valuation allowance on its U.S. net deferred tax assets, evaluating recoverability annually[61] Market and Operational Insights - The ongoing COVID-19 pandemic has adversely affected the Company's business, particularly through the cancellation or delay of elective procedures, which could materially harm revenues[27] - The Company expects to continue significant spending on sales and marketing to support product commercialization in the U.S. and internationally[26] - The Company operates in one segment focused on the development and commercialization of innovative products for bladder and bowel dysfunction, with over 90% of sales to U.S. hospitals[65] Stock and Compensation - The weighted-average shares used to compute basic and diluted net loss per share for the three months ended June 30, 2022, were 45,311,001[11] - The company reported stock-based compensation expenses of $7.905 million for the three months ended June 30, 2022, compared to $6.327 million for the same period in 2021, reflecting an increase of approximately 25%[81] - The company had total unrecognized compensation cost related to unvested stock options of $4.0 million as of June 30, 2022, expected to be recognized over a weighted-average period of approximately 1.2 years[84] - The company had total unrecognized compensation cost related to unvested restricted shares awards of $52.3 million as of June 30, 2022, expected to be recognized over a weighted-average period of approximately 2.6 years[88] Acquisitions and Product Development - The company acquired Contura Limited in February 2021, expanding its product offerings to include Bulkamid for treating female stress urinary incontinence[21] - The acquisition of Bulkamid, completed on February 25, 2021, contributed to revenue growth, with Bulkamid net revenue of $22.6 million for the six months ended June 30, 2022[32] Financial Management and Risks - The company does not currently engage in hedging transactions to manage exposure to interest rate risk, indicating a conservative approach to financial management[152] - All revenue is denominated in U.S. dollars, while expenses are primarily in local currencies, exposing the company to foreign currency exchange rate risk as it expands internationally[153] - Inflationary factors may adversely affect the company's operating results, although no material impact has been observed to date[155] - The company has not entered into any material foreign currency hedging contracts but may consider doing so in the future as operations grow internationally[154]

Axonics, Inc. (NASDAQ:AXNX) Q4 2021 Earnings Conference Call February 24, 2022 4:30 PM ET Company Participants Raymond Cohen – Chief Executive Officer & Director Neil Bhalodkar – Vice President of Investor Relations Dan Dearen – President & Chief Financial Officer Conference Call Participants Larry Biegelsen – Wells Fargo Chris Pasquale – Guggenheim Cecilia Furlong – Morgan Stanley Adam Maeder – Piper Sandler & Co. David Rescott – Truist Securities Michael Matson – Needham & Company Danielle Antalffy – SVB ...

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