AXONICS Reports Q2 FY2023 Earnings Results on July 27, 2023
August 2, 2023
🌥️Earnings Overview
AXONICS ($NASDAQ:AXNX) on July 27, 2023 reported their earnings results for the second quarter of the fiscal year 2023 which ended on June 30, 2023. Total revenue increased 34.7% from the same quarter of the previous year, amounting to USD 92.9 million. Net income was reported at -7.3 million, a significant improvement regarding last year’s figure of -21.4 million.
Price History
The company’s stock opened on Thursday at $54.9 and closed at $53.0, representing a decrease of 2.4% from its previous closing price of $54.3. This decline was attributed to weaker-than-expected earnings results, which fell below analysts’ estimates. In addition, the company’s revenues were also lower than expected. Despite these disappointing figures, the company did report positive year-over-year growth in some key areas, including its gross margin and operating margin, which increased over the same period a year earlier.
However, investors remain cautious about the company’s future performance as the global economy continues to struggle and uncertainty remains around AXONICS‘ core business. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Axonics. More…
| Total Revenues | Net Income | Net Margin |
| 319.85 | -32.18 | -1.8% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Axonics. More…
| Operations | Investing | Financing |
| 11.58 | -120.35 | 133.97 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Axonics. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 648.99 | 48.46 | 11.9 |
Key Ratios Snapshot
Some of the financial key ratios for Axonics are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 82.3% | – | -7.5% |
| FCF Margin | ROE | ROA |
| 2.8% | -2.5% | -2.3% |
Analysis
At GoodWhale, we recently completed an analysis of AXONICS‘s fundamentals. According to our Star Chart, AXONICS is strong in asset and growth, but weak in dividend and profitability. AXONICS has an intermediate health score of 4/10, taking into account its cashflows and debt. We believe that AXONICS may be able to sustain future operations in times of crisis. Furthermore, based on our analysis, we classify AXONICS as a ‘cheetah’ type of company; one that has achieved high revenue or earnings growth but is deemed less stable due to lower profitability. We believe that investors who are looking for a higher reward-risk ratio may find AXONICS attractive. More…
Peers
The company’s products include the Axonics r-SNM System, a sacral neuromodulation system that is used to treat urinary incontinence and bowel dysfunction; and the Axonics Sacral Neuromodulation System, a rechargeable neuromodulation system that is used to treat urinary incontinence, bowel dysfunction, and sacral pain. Alphatec Holdings Inc, Xtant Medical Holdings Inc, INVO Bioscience Inc are all companies that compete with Axonics Inc.
– Alphatec Holdings Inc ($NASDAQ:ATEC)
Alphatec Holdings, Inc. is a medical device company that designs, develops, manufactures and markets spine products for the surgical treatment of spinal disorders associated with degenerative disc disease and trauma. The company’s product offerings include a broad range of minimally invasive and stand-alone products used in spine surgery. Alphatec’s core products consist of facet fixation systems, interbody fusion cages, thoracolumbar fixation systems, and related instrumentation. The company also offers a line of biologics products. Alphatec has a market cap of 1.07B as of 2022 and a return on equity of -374.34%.
– Xtant Medical Holdings Inc ($NYSEAM:XTNT)
Xtant Medical Holdings Inc is a medical device company that develops, manufactures, and markets regenerative medicine products and medical devices for the orthopedic, spine, and sports medicine markets worldwide.
The company has a market cap of $68.18 million and a return on equity of -14.12%. Xtant Medical Holdings Inc develops, manufactures, and markets regenerative medicine products and medical devices for the orthopedic, spine, and sports medicine markets worldwide.
– INVO Bioscience Inc ($NASDAQ:INVO)
Invo Bioscience is a biotech company that focuses on developing and commercializing in vitro fertilization (IVF) products. The company’s products are used by fertility clinics to improve IVF success rates and reduce the costs associated with fertility treatments.
Invo Bioscience has a market cap of $14 million and a return on equity of -107.22%. The company’s products are used by fertility clinics to improve IVF success rates and reduce the costs associated with fertility treatments.
Summary
AXONICS reported strong financial results for its second quarter ended June 30 2023. Total revenue of USD 92.9 million, a 34.7% year-on-year increase, was a positive indicator of the company’s performance. Net income of -7.3 million also showed a marked improvement on the same quarter in the previous year, when it was -21.4 million.
Investors will be encouraged by the financial results, which demonstrate the potential of the company’s core products. The stability in revenue growth and profits will be closely watched in the coming quarters as a sign of AXONICS’ future prospects.
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