AXNX - Earnings call transcript Q1 2022

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Operator

Good day. Thank you for standing by. And welcome to the Axonics' Q1 2022 Results Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. you. Thank Instructions] [Operator like Mr. the now your over speaker today, to would conference hand to I Axonic Relations. Bhalodkar, Neil Investor Sir, the floor is yours

Neil Bhalodkar

on and Thank you you. and call. Dan results Financial and Executive for thank are, Presenting update Officer. joining Axonics' Dearen, Cohen, Good first quarter Officer, afternoon Chief today's call and Chief Raymond President XXXX

defined begin, made plans, call as conference to future the on events, forward-looking I or under that like are remind to Litigation of would we Securities this Before listeners statements performance prospects Reform that Private XXXX. relate statements Act

these Listeners or required to as turn of www.sec.gov. cautioned to expectations no in may the new current forward-looking only could May all subject that XXXX. statements Xth, these and Axonics' on statements revise at not date, These to call. or With law, like expressed detail that circumstances speak to which reliance assumptions as Axonics update I'd While uncertainties to forward-looking Securities Except Exchange and are Commission, place on available factors the are other cause based forward-looking this disclosed information, obligation conference undertakes, results which today's unanticipated are uncertainties, management's any statements online events by Ray. these statements, in to and risks, arise. more and reflect expectations filings risks undue on to a that, differ of are the of number with over from beliefs, materially are call

Raymond Cohen

very an elective recovered health increase XX% million be Omicron like disruption February. considering respect volumes increase quarter and continued of procedure representing March, and variant dialing I'd generated the first in in and the significant XXXX the nicely later. everyone in care call $XX.X With We're had XXXX year-over-year. first revenue to those trend compared with was our Thanks January Sacral to this who to April. favorably joining of results, and an XXXX. on welcome have pleased results, Neil. procedures Axonics facilities million, may revenue, and afternoon's that in in you neuromodulation accelerated of neuromodulation XX% quarter to Sacral And $XX.X

expect annum at the neuromodulation to next gains. expand continue expansion several for share per market to by by Axonics XX% per market sacral growing and neuromodulation XX% years least sacral the with year We at least driven revenue its

in revenue, disruption, market. Turning to posted improved Bulkamid, are over of the from Bulkamid possible, the of other, the through States, $X.X incontinence market into $X.X surface highly underpenetrated in agents market urethral by which of this into record owned we've Moreover, of remainder category. is the women months incontinence, from course international stress and this urinary the accounts. United In large life of Bulkamid XX,XXX existing of what underserved generated XX has bulking leadership March uptake generated quarter female stress and and asset, and just strong the accounts million the States Omicron this million solid the Despite revenue which, XXst in of was United driven rates another onboarding markets. reorder Axonics new for we in -- scratching that year, the suffering in quality urinary the outperforming all from propelling

in this of resulted you've canceled in from procedures heard January As what February and year. in I and to of call companies, noted on hundreds our similar cases other February, Omicron

which highly business updated fact very confident seen pass. prepared be discuss Bulkamid. cases in guidance balance will that we XXXX that rescheduled by And and We Dan for April sacral neuromodulation remarks come have XXXX in we that our the expect trends encouraged both of these throughout and to the will his for will we're are

call the turn I'll that, with to So over Dan.

Dan Dearen

Thank you, Ray.

States. of $XX.X revenue the million XX% revenue net represents was in stated, the quarter XX% $XX.X first $X.X period. which, margin the net of United the compared an prior million million XX% or the Ray to neuromodulation profit Bulkamid $XX.X a was period. for XXXX. Axonics first million, in of generated compared Gross net increase Sacral in to of generated U.S. This which quarter of representing year $X.X of million, As generated the XX.X% prior XX.X% revenue in was gross was was

manufacturing gross yield. sales During contributed to the to system margin higher the the year gross sales in sales efficiencies and a absorption overhead and mainly benefited from the of period. Higher new days March margin favorable quarter, recharge-free improved and compared prior also Bulkamid last of and

of as compared million the expenses XXXX. Regarding expense compensation our first supply and million our higher sourcing including we of chain, intangibles non-cash been loss in this equivalents certain was $XXX the items million $X.X in period. $XX.X through quarter in new are a at sacral neuromodulation in prices year-end year million Net totaled first vendors prior million parts XXXX of manage million expenses cash paying loss Included operating net of challenges to We've Total experienced stock-based the quarter year $XX.X have similar $XX system. sourcing the for $X.X amortization. certain were companies, to $XXX to March other for and for able million. medical necessary. by of $XX.X XXXX Cash from operating technology Operating were to XXst expenses when period. and million prior components compared of

year to fiscal guidance. Turning XXXX

increase XX% XXXX; an will an over million, follows; is to additional $XXX revenue I increase outlook as year the neuromodulation an turn of fiscal year of to Ray for XX% updated company increase of $XXX XXXX; sacral XXXX. and remarks. now year compared $XX fiscal call XX% revenue compared million, Our total of compared of to back fiscal of Bulkamid to revenue million,

Raymond Cohen

Dan. right. Thank you, All

development what now sales our like and product I'd do initiatives. on few a provide updates to So, marketing is and

a developed years standard longest truly for what corresponding for and sacral recharge-free system, FXX. functional named in neurostimulator the possible has At newly lower new at is you the As clinical XX the over and which device of labeling most approved, our sacral FXX over settings non-rechargeable application. we has in FDA March, stimulation aware, typical received of we've are XX of that early neuromodulation neuromodulation. new sets approval any life FDA ever energy of this years regardless the settings,

is our fob device. Our lead does device. the positive. engineering -- key introduction remote are X.XT require efficient These the has nor circuitry overwhelmingly neurostimulator two The was the our primary me, patient this over X.X fob easy-to-use and of wireless by neuromodulation unlike optimizing MRI fully cell require system that employing of firmware is battery compatible recharge-free size portfolio. implantable decades. control, Moreover, team time and the able and makes to excuse the rechargeable it does elements recharging same enjoying engine as communicator with and benefits the accomplish our enhanced in internal to been last sacral paired replacement stimulation now FXX competitor, system control. employs complete designed remote the batteries. full-body The Axonics or response a not patient a is Physician to having use

field accounts strong with team. support We that the hundreds our commercial received and device of our from they delighted rechargeable been have have

for However, reasons patients from II for non-rechargeable better time-to-time that suited Medtronic certain were accounts those various the InterStim system. a for implanted

are With the come The Axonics forward. last in competitive these of to accounts even sacral neuromodulation the going business FXX accounts now during two way all opportunity available, we that capture the years. our for the bigger expect didn't

enthusiastic the have Across for previously and States, a we United As the decades. into accounts do implanted to only Axonics selling have have we neuromodulation sacral with to discussed, last offer physicians that these now two recharge-free open option system many business and them. known a are non-rechargeable that we're

I for customers. the armed best-in-class FXX to Net-net, we about incontinence this statement. with higher portfolio to want specific market be allow capture solutions share Our an team will their that are complete field excuse is -- even us of a confident me,

we're FXX us of convert accounts accounts. that will So, allow with higher existing and wallet to competitive an us help capture share confident even the

the initiatives development stopping not -- didn't product approval. Our are with FXX

a for rechargeable be hour. As our needs only to one once month you current know recharged system

team supplement every cc implantable for a the is the six months just This same neurostimulator. which the factor, rechargeable what category possible Our this this be plan one will need month, once limits we is continues form to hour. to and later five small new fourth-generation device, to FDA PMA for a recharged engineering push of in submit to

XXXX in We this to of expect device quarter to approved the and before year-end shipping we begin XXXX. of the first be will customers

a minutes initiatives. spend marketing our few discussing like I'd direct-to-consumer to Now,

America, them have Over pursue an the every shortcomings of with conditions. urinary OB/GYN available adults incontinence that or end our with practice and year. XX consistently suffering urology of. the of we diagnosed started if due these to make underreported, direct-to-consumer these States to adults airing there have television silence or in States awareness, working and offerings. have we the us not underdiagnosed, neuromodulation sacral hundreds, address to over to years, in been you've are United In campaign. thousands incontinence. on United did in advantage through or and The significantly across differentially awareness scheduled note lack April the of patients April, launched of with have television clear across In of are These undertreated are take that the urogynecology therapies bowel how advertising or legacy either to not this adults these to a now diligently the markets therapy lack advertisements been the been it life-changing therapy in run To of heard attractive conditions life-changing because or

advertising also However, our Relief The television and other being on during various YouTube, that during with target the targeted on campaign ads Facebook, rate featured May websites. Real programs includes Find the demographic. radio month of national digital are highly

assistance campaign Many in an visit to physician more learn therapy that team individuals of practice have reduce This quiz. and the visit stigma help campaign form conditions, website to the The about incontinence. these In seeing XXX,XXX after Axonics provides Real landing specialist community. So, effort that complete local information to individuals a ads raise directs asking of new aims already women women certain over individuals television consult awareness on or specialist. commercials page patients person on by Relief solutions brand bladder nurses in patient on the contacted with seeing therapy. page. and our Facebook. with to therapies with Axonics of our ads our in with landing The to short unique associated be is Axonics viewers focused will connect our Find they then April, their a our urinary to us told incontinence any interested we and encourage patient-facing Axonics symptom Qualified physicians about a had their about findrealrelief.com a the are even

during three been the of launch held addition, these and Based attendees, it resonating feedback campaign, DTC product the market have with we on that month leader the taking new the phenomenal are should. April clear physician In Response from are we is physicians physician seminars. see actions and can that a that in-person to initiatives community.

that diligent a market is hard and lives physicians, confident incontinence. physicians on improving for and dedication grateful products, work support would for are our outcomes adults strong with like have we field of the trust fulfilling making path the to great thank team their to significant closing, Irvine quality from clinical and placed We progress and of colleagues suffering in Axonics shareholders We in focus our more our leadership. patients' In and remain keen to providing its on Axonics. patients and mission commercial also efforts

time, we're questions. this take at happy to So

it turn we'll over you. Thank So tee operator, first the and up to the participants.

Operator

question Maeder have Sandler. You from Instructions] your Piper [Operator coming Adam from line of first the

now open. is line Your

Adam Maeder

from do that guidance guidance can Great. or in the qualitatively. the the Ray. I taking on Maybe Thanks. And about a quantitatively questions then cell start Thanks How little construction Hi, first. we contribution? year. Dan. just two. FXX the of campaign follow-up I new a device? and assumed or to or Hi, primary DTC the about contemplated think What's nice sacral range had guidance ask the bit you and and talk to congrats wanted my for the on

Dan Dearen

Adam, Hi Sure. Great is question. this Dan.

We how on haven't we prepared guidance. changed our forward look in methodology

looking stated, And of across medical with the And it so this territory area simply it volumes basis of is managers patients going patient think and line having increase up the an office the companies procedures done account-by-account as elective we. COVID rolls in each the performed, and receding seeing and look are back directors. to call how an I the on are to most technology in

is, product, product our we is in now of kind everything it's expected, it's In have of addition, with Bulkamid products which FXX, of full FXX and doing between the the line and exactly launch RXX a what high the way. really demand. We complement going

on forward. And so the ground, to the the guidance it's just reflect we and latest information increased a step

we're exceed. also get not our So we're but to put don't being to numbers over expect trying that there out skis optimistic and we

answers that the hope question. So,

Adam Maeder

Very follow-up, it helpful the for I'll color, Dan. just Appreciate others here that. and to And one jump in. let keep

course you maybe we the talk one that non-rechargeable. wondering, in flavor you're even just And rechargeable account account month of XXXX? curious a systems if the the a for wins kind be launch? On have how being little that you weeks to post do an about adds? mix trend or a Where you in can are and new of over uptick Just of get the just of additions between follow-up also kind marketplace. Thanks. the seeing or now FXX then see today would bit couple And

Raymond Cohen

Sure, Adam. It's and for good comments and question. your another Thanks question. the interesting

So thanks that. for

Okay.

You've question. a of a asked kind two-part

all is for first And accounts don't to one are using about system. those there I think, been today because So has go the on mean, accounts one are at the is share And These about product a those percentage people LinkedIn the sense get an how to folks absolutely, of do have way you new are are this only rechargeable posts we look new brand we basis of customers new are offering? is LinkedIn to appearing I product to exact seeing answer these had yes. coming the our this of time. in all new number customers many how many We that resistant a Axonics. have high with that along are. competitive

But be of that multiple more over end dozens. comfortable this it's when the I time, sharing concludes. we a think might little maybe quarter

well of that it's about the at way And are other, on we're I'm that to that. And think or given asked These our point dozens two Let's this about This to of that but you way closing it you skew you times or asked recharge-free is Most is what my just leave things are the it the that day with the the XX-XX. that's the hole is about like it not might of going of it. now system because two, smiling asked this then primary to accounts right? right? or I one or non-rechargeable is to important that And however cell was coming answer accomplish kind be gave able new today bucket. split. any it. bottom refer slightly last because to I which XX same answer one are importantly, the really out we in And

business accounts So getting And not way, we're coming that And that. had way have today. that for the excited existing working we're again for new But been on a who've are matters. that start for us about rechargeable very who Xcc. that small course, reasons various it's And with suitable we've nice the attractive. some we once may mind working physician's in system, system. of patients mean by the accounts they I is with product recharge-free rechargeable that our then, that product

or a amplitude Right impacted completely hour that then product. is about month cord this no implant spinal the concerned kettle get the quality of product like body anybody recharge the day, be deal not advantage is is life to to non-rechargeable longevity big recharge implant image to stimulator for diligently every the got It to take the the different once also of work to directly correlated low that that. they're a by now to trying going right? a you So to system. an in And of a going really rechargeable not of fish. is a body It's

body XX are a rechargeable guarantee. at simulator years from least going expect over in and that's all the says said So fully years. along a we've and last to got that labeling XX we Axonics We've

guarantee a there. that's So

device. do you recharge as that to there, that. We the is power All have unlimited have right? Simple

So revenue of the this increases into new more line. for us it's going to getting It's as do to accounts as us been stripes in addition its than great terms all is a sudden only changed promoting turned even company a is has product wonders a and we've a Axonics before. into not product. if But of non-rechargeable a and company that in

that is we're strong attractive a product get patients. small important that believers nice to that I across message rechargeable to very one particularly offer think neurostimulator a real a to it's

Adam Maeder

Thanks color. the for again questions. great, taking That’s

Raymond Cohen

that. Appreciate Thanks. bet. You

Operator

Morgan Your from next is question from Furlong Cecilia Stanley.

Your line open. now is

Cecilia Furlong

and wanted Bulkamid. taking the question. to for Good start I you Hi. Dan thank Ray afternoon, and with

the account could your reorders new you're And really target guidance. account outlook you along you in if really at account the are penetration frame as How well contributions openings. current from point path through across accounts? longer-term as where strength continued Just talk your you this versus that seeing US to would new the contemplated around

Raymond Cohen

Yes. Thanks, Cecilia. That's a good question.

Bulkamid to quickly as I adopted honest to -- as I've and Bulkamid years a And as you been at it's game. moved So product I've that think has. I been on a over has quickly with in this never now itself. seen phenomenon mean be this I is mean XX

women okay. So don't you urinary want say what stress the are We slings have Well reasons? okay? incontinence

vast, Do time have you not to try sneeze, I'll bit And a and leak yes effective? operation. of to from Is It's that's Are women events? lunch. biocompatible that. something We work go been that? you decade and take is Yes. it over seven Yes. rise going Bulkamid yes surgery? not adverse -- and that that a that's wanting are do to have saying, vast know five, that's all you proven clinically sling free used Does and recovery that. is off six, you majority last that my years forth. little are of Yes. free cough, all you A some there so a have urine. exercise, People on a in You body saying so in to the hydrogel and to give it's and presented.

-- question, go. as or making the your first got it's or acquired to first ready patients injections.,and So to up get trained we you and physician, day be you're this one make thing, on a you've you're right. two on you're there. scopes, comfortable stack need product these We then the some the that -- and we right week, so doing sure don't to Once

So there's coverage no neuromodulation. of sacral with as heavy lift follow-up, is case case in terms or the

reorder And but purchase -- get is send we in been They are the we orders. up, trained they've So the orders the just and just and count rates strong. once open just that we and I ship nice, product post might it's is product the estimated. simple as revenue. the the than really add, on what we had And and margin actually even better that,

a at up other in we release read up in got XX% you points, will that picked things couple picked and margin even even of we our above currency quarter. this exchange a as particular here, we So of which news the because

here we're single day. XX we asset we're in we now And just here's gone months. for, haven't owned kinds out those work but reorder because rates. how think, accounts of -- we game. quite have, every still and We've many haven't new well, I And at is the anyway, there, So, analytics, this it's the that haven't just doing we disclosed frankly, early saying, the into

that adding satisfaction both new accounts. I in the get up patient from experience every later a not are and under the say period of one of injections, the Bulkamid So they're -- multiple That's do more of comes they're of accounts. it's we're results these and to importantly, And that for time. handful, single patients. this and physician, a signed leaking cough with hundreds we're continuing add the the fair during literally day But existing minutes to accounts customers of that they Bulkamid dry. seeing us accounts, XX these they're handful of mean, and and stand test up, a just but they have phenomenal hundreds those then right? for immediately, Imagine conditions, they course, level in

going maybe ridiculously a we've don't of product to I'll you'd comments far our know and set gave the I even part that so And continues a bunch we're forth that the here. asset, exceed is It well. reason but we we updated mind. of leave -- when if prefer soft of today. expectations legs So we acquired So numbers This the to meet and guidance only forth, going you our exceeding I has that right? this to even a is you think line Things give you the us expectations. for it at if lot are

Cecilia Furlong

No, Ray. Okay. follow-up could the just on appreciate supply if commentary I color, as around your And well, I chain. all the

bit recharge-free think you're seeing If offsets platform you a could thinking you about And balance gross from what the you just in a you're across through easing? either of walk those potential any have launching recent all then more as through the either today, the margin or of gross about shifts contributions, just factors? just year the field margin really how Bulkamid from standpoint

Raymond Cohen

Dan. we've for really XXXX. the years two our in we've and in company it stable. ASP I'll couple is since to got now Sure. news make mean, States comments Look, to literally going one pass the the I United good same I'm of pricing product for a the is just or that launched

every little news. mean, day got that's a out to here coming single pay address. a a more to a things or So of this component whatever. the I little for different good you thing that try there, stock, nicked fire drill, got bit because you up it's and get We it's and bit or are to

has better us. of news chosen, work but cost goods And is profile the that for So issues are just right? are stable. that got these business prices chain annoying, got to that's supply that's reality, a we've the them. again, good FXX you through but Once

nice margin. And contributes we Bulkamid, So prices got exchange. stable once margins. euro-dollar that had the And little again, got really we we to from and pickup increasing then that gross

about that Dan he with what I'll and expect forward. speak to going said, So can pass it to

Dan Dearen

Sure.

no about it. be not say just chain because the not wanted So prudent was we comment supply to --

would think it's a certain price medical components device And probably resistor or up whether you, I then capacitor to large industry, some have that so wholesaler, to we like times. just epoxy purchase I increases a get called material. lead company seen orders but higher in every I what on by in that long most paying all the that deem by it where we addressed out some who are placing wanted have the components we've prices nothing where and have there we cases swallowed

manufacturing any mention had it. haven't of but would given everything it say supply as it than to nothing issues we we COVID, a just more be felt that's chain, with happened to result prudent So stock-out about

that So was really that.

a before. component, nicks as far get these despite little have which reality that scale more manufacturing on larger we correct, certain might we Ray's to margins, in have the we ever commentary where the for is is we're he As than pay is

on more better. absorption get are efficiencies There As overhead. time of goes better we manufacturing

And cost goods of tight sold. so a our on have control really we

for solid And margins the so quarter. we had

end launching oversell also and the it, don't to gross XXs rest point the we a inventory launched We rechargeable expect yes, that, device. we'll product. rechargeable profile to higher in to a high I than next of want throughout year. our that the range new building the it want I stay be because them out call margin the year, FXX by getting current that approval the of has hopefully But and product just

bit product you your shifts one to it tend in point time around move or or any down up a margin way the little these have other. so does And mix, a

place. only a expect At good we the scale, So to to me be in say we're XXXx. margins in And perfectly this heard mid-XXs. very according you've It's tracking plan.

Cecilia Furlong

for questions. taking the Great. Thank you

Raymond Cohen

Cecilia. you, Thank

Operator

Your next question of from from line Biegelsen Wells Larry is the Fargo.

your ask may question. You

Unidentified Analyst

is question. more Larry. primary the on My the for taking around Hi. is cell. This question Nathan Thanks for

your market you you color same versus device of have from So have any your of in terms both launched Thanks. what physicians what time Would regarding primary product you your your device. your the have launched cell you around launched competitors? next-generation their seen dynamic competitor the give heard you in products? And given

Raymond Cohen

Well, I competitor's of X electronics form it sum a would factor. And some up upgraded okay? is terms same InterStim inside say dollar basically and the short, which that's they're late in exact how I'd our

think I obvious most So that's the thing.

Second they need to the the experience to with all you comes recharged multiple the it thing patient They complicated items improve is plugged where didn't the do device. to communicator. to system anything can't a control communicate when need remote they have patient in world be get otherwise

experience, body. really They a that So device to the when nothing it situation. they've patient comes help that are to the in indicating the done longer will last little bit

the -- nine four saying basically They're get years exact conditions. to that for an papers you an II. from X.X as average years InterStim XX average year, I quote years eight great So really and clinical I'll that can clinical mean opposed double average some on maybe under on to

XX if years out conditions, years the we get over XX of those on And if does a get good energy can years. device, implant XX.X requirements. apples-to-apples under device we amplitude that comparison, they get with Our physician an low can

a got we've significantly product. So easier-to-use

clinically use it's competitor used We have underscore underwent our there have to validated to current And I'll PMA make our but simulation It's stimulation. IDE I'd We right? Because clinical efficacy no a no these study. the constant our rechargeable non-rechargeable rechargeable. in a it We our system. strong in a using I'm using a been call algorithm, same to a today say current going it sold product products which it that switched clinically by engine system from in There devices. We're It's approved there all statement. have recharge-free validated. out validated control also They the of we validated. system, voltage same constant engine. that data are there's are the or

and lived got on our product a side. to with longer got we've efficacy easier We So validated a lot use. strong

physician So you based out can mean I bottom sees these that average the our line. I on coming I mean also. facts, the tell that's they're is word the that, way. who And

it's work experience. case covered. You Every gets a with different Axonics

You from the support get phenomenal company.

You got patients that are completely satisfied.

Our having no people things doing left sure We experience. to good actually are mantra a is right? make are patient behind,

it's right So of what think the we're gestalt up entire I to.

this I've do focused. we a all goods I dare on leader the we along. Medtronic category. Axonics. and and feet XX-year head got we We want got excellent said We're do comparison, because are no got can It's we've the We're gaining going and You But it. determined. There's We're start apples-to-apples to got XX, question. people and momentum. has say man, be the on to in the it street fact. the we market ground

I that say surveys, any if the think obvious that it's a level physician does or their looking numbers, the legacy be investigation not horse, provider. going that think attach just conversations wants anybody individual any we to at So how Axonics to it's -- of I should to really certain wagon

Unidentified Analyst

guess you of the XX% to just that estimate capture share primary rechargeable you. cell market. about the Axonics of share you a SNM similar the Do Thank and has think that market? so Well, -- we so sticking XX% I could Okay. currently market of

Raymond Cohen

decide going broken record okay? number themselves. to to So And and then patient and the a based going a is I'm patient This to there There they're present your patient like thinks a product a doctor choice a and the fantasy, sound doctor is then and choose. patient. to give the whatever that there aren't I rechargeable to are going here. They're or is is to two he or that going of spreadsheet appreciate non-rechargeable product a either going amongst question conditions a doctor is a on use appropriate markets the because

We decisions. influencing -- we're have not those

So -- don't to percentages go want and to I market the because only number have by. share one of you debate

neuromodulation I opinions. not sacral of leave So are is. But we how XX% being be years patients give know that stimulators Our fresh States. that. our means be leader. will the might competitor released United our what at don't to has is this put the I just the are can that. market now, it that in We or think in right? in rest That I'll many answer not objective we shipping numbers until all you it

Unidentified Analyst

much. Thank so you Great.

Operator

is Matson go question Mike from Next & Needham ahead. Please from Company.

Mike Matson

I your my questions. guidance. margin it you first, here But level comments XX% for appreciate don't I've and next from missed it specific the to few XX%, maybe but Dan earlier at better Thanks or I good over gross for can we of expect get the it quarters? the afternoon. Yeah, rest on taking year, even should guess, this I know give stay

Dan Dearen

numbers and -- would on my it, product when we which mix of we look on expecting build here what look is at and terms plans. internal estimates is the I in we're take at

guided analyst the think we XX.X% had think consensus. was I earlier with I to it

so to it because in fine I to but XX.X% much think, anyone push oversell of have into have to on. it's the remainder stay XX.X% for going we year, XXs the and I the want the it don't

Mike Matson

helpful. That's understand. I Yeah,

wanted an force. then update give us sales on And to Okay. your you if see could

With is of reps, maybe an that the some or? the launch opportunity additional FXX, add to

Raymond Cohen

have commercial worked XXXX to of -- in complete expansion field of latter part our part question. diligently let's XXXX So we Look, of the in the field the say force. just Mike good early

we believe revenue. the We on don't We more the XXXX we significant add we number. between in in need much consider and territory feet increase of support a XXXX and we XXX it's additional don't and managers individuals. believe that It's many people to the honestly we States street. representatives feel And a exceed even pretty with And clinical managers, people United sales to almost that the half mix. clinical in approximately have in with quota-carrying So need in terms consensus. heads exactly half would comfortable specialists that

from of to States us like we now. to staffed went all people backfilling. before -- turnover be we But when So those the and the public without feel going right a one you've course, we We there's to bit little we that than we've approval. work. are we our done Mike products of have FDA fully look things in market XXX United And, right some hired of do known thing kinds other

news now. a I trained They're that that And even place think cases. we this is and Alaska present the or big not we've not well we're excellent places is team. There got ahead while good continental have can't the States Hawaii the we a all in that's the curve. in in that the mode. like I we're I to we team United in And this think So and and big United got But team. we -- we're is mean support one growth good right place be, been big in the States think on of really shape. always an

the about sorry you for get the are year. we and question long-winded I to the So about did color where about rest what today give little anticipate next the to wanted of but how answer, a the we

So shape the in quality commercial and States. good good the the about of in feel we're the we size United and team

Mike Matson

was helpful. very Okay, got you. it. Thank That

Raymond Cohen

welcome. Thanks Mike. You're

Operator

Next from question Rescott Securities. from David is Truist

Your line is open. now

David Rescott

congrats taking the for and the thanks guys, on Hey question quarter.

device how a the First, potentially new some accounts. far or I guess recharge-free SNM that the on two I launch. for I you've so updates in me some about three Bulkamid And past. past door provided with you these opener think was the you've guess in of talked posted seminars But to

or get maybe I And these to or new so, some this do not whether seminars starting accounts? bring guess, a some SNM sense be in you of would accounts at point Bulkamid even

Raymond Cohen

stress between about have patients the the it beautiful this standpoint. from Look have suggest that XX% works at part stats -- all it are urinary incontinence. both also incontinence who just even of XX% and These is somewhere the synergistic from we totally patients look Yeah. urinary present urge that -- right? with products it patient The

our incontinence. have a to Not and patients together. percentage the incontinence incontinence that's So urinary by is which clinicians big mixed fecal incontinence, of urge confused as what referred a is dual with who be to

door got Axonics no is. part ability who've the it's in very So market. this these a the nonrechargeable what rechargeable mean, this the I of walking the like and is market And the patients, these not to is their notion about the condition problems. is, question that matter that -- a therapies, and the treat beautiful is people are point has holistic, right? These

beautiful the that's part. So

done very seen have it's with. realize to Bulkamid course, Axonics, it's to of that us, we products get with I really these right? company synergistic Sacral got So people work wow some mean Neuromodulation and going good good and are symbiotic, never adopt they have this business So great. with accounts is a

like the it's I'm Neuromodulation. Sacral then going on side, has existing like to chance, and to incontinence stress and what happy to us give They now Axonics, a working an work down, them it's right? customer we on patients. product And a we are know that been we lay to already in. it like know product with new what urinary we're have other mean, You -- a treat I got bring who with

both been with Customers ways it's us, a customers as Neuromodulation. with and that Sacral work never adopting So us. working Existing opener way coming Bulkamid. ultimately Bulkamid our adopting for door then

the that can, to And the use it, incontinence. has a this could is the thought effect hopeful Well, we end certain is done. When become will people's advantageous a Sacral therapy You to now are we're get therapy, out of to customers what with of we're and the resort best right right? look quickly your for patients pull comfortable In that it significantly you this case, it's that But we better not Axonics, the out great, than have asset, We believed, can to and bag in the So been with is the a efficiently what from these not of product last we it. We first-line is wants that anticipated integrate made a we long-lived we And who about it our move acquire possible. as stress have might expectations. people that reality we if now he early. the MRI-compatible doc highly we Neuromodulation. something optimistic. do you has imagined. more seeing day, good as Bulkamid have going efficacious Sacral product exceeded Neuromodulation effect. it, right? statements this products And acquired urinary to first were

you don't -- don't got talk just on about about going you've we if to any the the to not got So stick. what We sense you Sacral problem, we're saying you. a found do obviously. it. therapy. stress We About We go urinary to from end, and life "Hey had we're help We see to And consumers not just doing physicians this was are a findrealrelief.com normal. campaign. know I can you and Neuromodulation. this happen about is you. we're my is I the now about just have Bulkamid. noticed, and talk if significantly ads depend branded there." don't Axonics is I them if ads patient And like I whole problem, in Axonics This you've go your That's encourage better. if that's talk have going Now continence. leak directly the letting real this. is to we're why this to from or

David Rescott

that maybe appreciate you're product for seeing pulling the some some far. that provided so even you maybe to recharge-free you within well? any accounts maybe Okay. color provide coming then what is recharge-free guess, second waiting even heavy, gains you're and some I products recharge-free kind commentary around as launch, us. -- the typical could where able of the the now accounts coming some typically implants from therefore in that or are a That's, I or maybe this -- rechargeable Axonics just a share But of a are account a from I into heavy just guess helpful. the one, of seeing from are the lot around some we're you product, competitor offer of

Raymond Cohen

refer explicitly, have I'll mean, the closing accounts. say good to I'm our relatively the it right, the just of Yes. may weren't what I bottom business in about we that procedures, answered XX% talking existing know, hole of but It's or XX% the question. modest amount I We not or you a bucket, from following. When getting the a of

those that okay and and or a they their number of They was Axonics. are reach maybe the to of XXX% good may it working we had interest They business legacy some patient they some think just -- that accounts a an had was working ever body couldn't with majority one are before, provider our XXX because and one have in had instances, some any gave of idea didn't no them. gained extra pounds again. accounts rechargeable still They because have patient in the But XXX%. ever of Some good in competitor or a around, things. the

Okay. got yet have But us, whole right? zero of we've those I number ball literally with And that's we way a the measurable dozens we our that's a these expect dozens what launch since before, have we brand-new we that first come a in new that we weeks a a, never kind game of that of for literally that's really don't institutions that And and exciting of a continue, did a business out of and institution. have the product. six before, Getting that mean uptick. account accounts to business contract them because have with of

with these So that of the before. getting with institutions never process we've in contracts of worked we're some still

but haven't even been it, interest demand able there's there's fulfill yet. and to yes, we So,

through We do to this paperwork again, work to the agreements to addendum it with existing of also Well, have process. an have we added our time own that customers. have once kind takes

that operationalized So the time launch always kind side a a bit can product of line the of this fully a these of lag have. like time there we you a the benefit -- appreciate that's or are of is new like business before

our will the open in had the company QX in We've in playing it's terms be, the I elective of the view with through of number it's ranked is the years, think of But people management's we and a kind feat, right? getting no a employees proud -- funny thing. success, here forward, small And fastest-growing So those details. company say, going working procedures. just time mean, have And -- we're post started. Being one field view just We're for impressed first is, we what because dare are and two all now actually we're I of clearly. our in and Americas that. I

that us And compete this really COVID. been hardest -- So before ever than competitor I've having against said is not anybody could to good feels we're COVID has the it imagine. this to

go things, all So when and opportunity are there rest people back and elective done go show on an out really gives to to get we of procedures and people and it it, do. the procedures comfortable in again we when our get what can

able didn't are about quite our we COVID obviously, non-rechargeable a because our have back, actually behind tied we're, because behind and a actually hand prospects. the to And So bullish field now optimistic of back, go -- and the without in we out other the one system. tied recharge hand

And And So we're you with now what of XXXX hardly the going obviously, we're now get product do next about that ever recharge. really can you for in it. feeling have bullish. excited if in we're to good. pretty then funny a sense the we quarters I We're to rechargeable I and hopefully, mean mean, XXXX. statement. it's -- me, overstating not three I'm need And, a

one be for should XXXX that product in attractive of marketplace as well. So the hell an

David Rescott

again. Very helpful. Thanks,

Raymond Cohen

you. Thank

Operator

Michael Polark line the from Wolfe Research. from of Next is

Your open. now line is

Michael Polark

is Hi. color. revenue, It afternoon. but of I one that a have only Good give appropriate yes, take, lot A XQ or consensus question. a $XX sounds million, sequentially? like framework

Raymond Cohen

consensus it's numbers, mean, to what to a I I asking to you almost question Are confirm ask question. is. QX analyst want your me Mike? the

Michael Polark

aside numbers I'm sequential reply, heard prior haven't ensure revenue have -- the to the the just impressed we think that by I we any there be about which, trying we’ll commentary from specific Yes.

Raymond Cohen

Yes.

make sure yes. me Let --

timing about community which have added reiterated I look, what the to at is think, You're guidance we I all it we pace had think analyst rest. a just the and Like, we earlier going did asking just fine the basically and bit little assumed, forward. is the

beat and Its to to round number is $XX Our million $XX to going I'm your right? million, change. objective up --

objective quarter. that beat is number. to every I our that's mean, objective Our

through terms us because wave in could factors in obviously hit Now, external hung predicted we nobody had February. have was that that QX challenging all around January quarter, of COVID and the

there's So I weird and the -- unless in things been something lot a world. mean knows, God weird happens of now, happening

it. terms we of feel QX. the in but to beat objective in -- our numbers good really those And So about business, is

around balance the the we're not so, terms of in moving year. the cadence things for of And

Michael Polark

good. Sounds you much. Thank so

Raymond Cohen

Mike. Thanks it. No. Appreciate

Operator

Danielle Your last from from question Securities. SVB is Antalffy

Your now line is open.

Priya Sachdeva

taking Danielle. Hi, could ask guys. I one. This is questions. guess, Priya I Thanks on for if the for

going? new have -- investments do appreciate XXX,XXX many contacted are those you on the any have actually website. patients bit to patient to As color those any the your those And, is in how DTC by that a you metrics of I on other follow-up. you see are efforts who you're front, can sense any who landing of guess, nurses, of a April patients you guys little make many continue those sense track And getting But guys how there visited do of how DTC SNM?

For are those still of who interested patients but barriers implanted, there to what aren't Thanks. some getting are implantation? the

Raymond Cohen

Well, question. you that's Thank question. an interesting for Okay. the

the -- So okay, for let me moment. are what barriers, push aside a just the

a the to one. findrealrelief.com, talk terms because start generation. probably didn't with that's from are In advertising, going to actually different I'm of you the have how to point number many I people about response impressions, direct-to-consumer

they time in those the late is them the -- and to right? is that, pathway? can go millions. providers, one dropped then to care all thing which can kind okay? register stuff, Are visitors', the are I lot The permission That's up or the an a and game the wind in our where can now. and I right? the visitors', patient website know results survey which they. they because is so with that survey we fufu consult implant, unique speak, okay? when impressions the Bulkamid. in many mean, that what getting key in fundamentally right Are people for contact is neuromodulation took So manager. in measure But to So the injection of of for the they we know them individuals we're I And don't how know that's out then, call about be put to don't we'll get the how care data that sacral So to ways particular that's count and understand to that trial, patients pathway? ultimately we unique those this what our enroll process patients of There we And and be external the their we what of beyond for up stuff fill they early of we'll to other impressions, in responders a in give to in business in is we're way doing campaign able do do of the want care XXX,XXX themselves to

patient is do So cloud. got And data actual going up what then to basically that the fact the ad. we sit person who there match implant the is to that an we in with is the who responded an

of kinds things. a other that's it and time takes times imagine can there's you and and Now these all process lag

already got you say, give Denver from and have come two have I already anecdotal got campaign docs can -- last and I and where to stories, being it's one me in Real Relief two recently weekend in is So, trials even Find I patients external the up implanted. then the seminar

we stuff, one-off is dollars but to going the run We're stuff. going hear able You is anecdotal not that, some for make, way okay? What the ROI to earmarked report us is premature And so in way that good to for tracking much said what be balance kind not of campaign. pretty we've of for an any it's we're pretty on about. to meaningful does ultimately really this this this But this stories be to campaign year. --

are Well, was out May. gave turns it you the good. than month May pace a in We even that it is in XXX,XXX XXXXXX last so visitors early I think number the April. in may higher the for people month April, in I see April. indications of very maybe of significantly

any of that in a that. take of lift some numbers big money the the about it's you said right? Dan to for assure management quite these trying of to bit and change secret, particular, to one no all increment are fact we're some and myself our happen. the in So knows nicely take I But to a effort it's invest going team, terms that rest we're along, It's response therapies. which to going to these make this a and And and senior of operators. we starting underscores just So and us

Okay? operators. We're not geeks, media We're social right?

understand the So apply happening, try what we're that's cash could everything and to amount we that really our the objective. on ROI money what's and really our going We understand to going do, back our end, shareholders. came of that judiciously. shareholders the And hug We've to of got our good that. to of we're best operationalize we say so stewards that And we a net cash as where cash. that's from is right, the on responsible act and I that about kind behalf

that's a that here conversation, So problems, a at time one face is solution. that it. solutions And dark, forth. is can we're a this do, talk new and don't and comfortable renaissance right? day. trying And now. these that let's knowing about the People about person That excited is so problems talking people what the is occurring longer if there's it response. a about are we we're to really mean, get the I now it's no so influencing conditions, there in to unless There

time. chance in give So get it's us right. and silence a them. these for this to great and and say news them is patients I All in for we And have who dare help problems an out exciting want been to with to people America really suffering come

right? We gotten particular don't there's need other to don't be It's bothered to once physician's a They What inertia, to the specific may want enough practices. run we right? dropped nature. why into have a to human they? office. Now, receptive They the happens? the just caregivers have action. logistics take end, action. But involved. those patient So have People It's on take again,

from say and we to your the now, Medical to person the months call So, get a calendar. have of them busy a staff the for hard right? is to who and community them consult, -- with community work to No. wants can a overcome there those for in we're drop people secret consult, get can right? is of ways face if we medical they it. this, So has terms None in on you a planet? name who are issues business you say, three in the see come if in I that no are you this, of I -- persons that best on Let's these organization practices, the interested,

problems them. we the in in out get to scheduled. got diagnose door. people they are, how day, they're got to then get we ultimately them treatments. differentially at, the to do So what to offer They where But They've to and end help got figure what these can of the their them

of time So reap it is us take a just because process some and it benefits is for the going to logistics. to

is just about make trust their to in to table comfort provider patient it the not have depends. that pursue? decisions across would conversation. a going physician why then of the and in and own again, Once individual Each -- So their level

So see we we're how But enough at color it's to it been what to sense it in that's and give overwhelmingly least positive. thinking all, a trying you how hopefully, do. about about and we're all

new things into doing therapies. help in mean, and And is, and in. these last I'll of existing you patients thing, to more the so, the the access Axonics, the get us motivation I the to to is practice and we're their help actually community. more now marketplace them response patients to with to get the patients more physician imagine can here the get thrilled giving entrant continue the campaign it's initial reaction And from say

your appreciated. for much So you Very thank question.

Priya Sachdeva

helpful. super Thanks from color. me. all That’s for Yeah, the

Raymond Cohen

you. bet. You Thank

Operator

That ends our closing call the for question-and-answer Cohen session. I'll turn over remarks. back to Raymond

Raymond Cohen

Thank you.

It remarks. for So appreciate more all Thanks questions. to color gives an the us little prepared the analysts to opportunity your thanks a it. to operator. always We certainly add

continued Have a And to August. early care. good support again thank Take evening. you talking we look and forward for so, in we you your to

Dan Dearen

you. Thank

Operator

conference today's call. Thank you for participating. concludes all That

disconnect. now may You

Axonics (AXNX) 8 May 222022 Q1 Earnings call transcript