Axonics(AXNX) - 2024 Q2 - Quarterly Results

Revenue Growth - Record net revenue of $114.6 million, a 23% increase year-over-year, driven by higher utilization and new accounts[2] - Sacral neuromodulation revenue reached $91.2 million, up 23% compared to the prior year period[2] - Bulkamid revenue grew to $23.4 million, a 25% increase year-over-year[2] - Net revenue for Q2 2024 increased to $114.565 million, up 23.3% from $92.894 million in Q2 2023[14] - Sacral neuromodulation revenue in the U.S. for Q2 2024 reached $89.076 million, up 23.4% from $72.205 million in Q2 2023[15] - Bulkamid revenue in the U.S. for Q2 2024 grew to $18.306 million, a 23.6% increase from $14.806 million in Q2 2023[15] Profitability and Margins - Gross margin expanded to 77.8%, up from 75.6% in the prior year period[2] - Gross profit for Q2 2024 rose to $89.143 million, a 27% increase from $70.190 million in Q2 2023[14] - Net income of $6.9 million, compared to a net loss of $7.3 million in the prior year period[2] - Net income for Q2 2024 improved to $6.899 million, compared to a net loss of $7.342 million in Q2 2023[14] - Comprehensive income for Q2 2024 was $7.365 million, a significant recovery from a comprehensive loss of $3.592 million in Q2 2023[14] Adjusted EBITDA - Adjusted EBITDA increased to $23.4 million, up from $18.4 million in the prior year period[2] - Adjusted EBITDA for Q2 2024 was $23.436 million, compared to $18.411 million in Q2 2023, reflecting a 27.3% increase[17] Cash and Assets - Cash, cash equivalents, short-term investments, and restricted cash totaled $362 million as of June 30, 2024[2] - Inventory increased to $105.4 million, up from $79.9 million in the prior year period[10] - Total current assets grew to $512.1 million, compared to $491.4 million in the prior year period[10] Liabilities - Total liabilities increased to $104.0 million, up from $82.4 million in the prior year period[11] Expenses - Research and development expenses for Q2 2024 increased to $12.792 million, up 42.9% from $8.949 million in Q2 2023[14] - Acquisition-related costs for Q2 2024 were $2.652 million, significantly higher than $602,000 in Q2 2023[14] - Stock-based compensation expense for Q2 2024 was $8.611 million, down from $11.204 million in Q2 2023[17]