AXNX - Earnings call 3 2023

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Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Axonics Third Quarter 2023 Results Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.

I would like now to turn the conference over to Neil Bhalodkar, Axonics Investor Relations. Please go ahead.

Neil Bhalodkar

Michelle. you, Thank thank Results and joining Third Axonics' Good Call. you XXXX Conference Quarter afternoon, for Presenting are today's Keese, on call Chief and Executive Financial Kari Officer; Officer. Raymond Cohen, Chief

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

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

With Ray. the that, turn I'd to now call over like to

Raymond Cohen

Neil, you, joining and call. Thank I afternoon's would everyone like welcome this to

million, quarter system. a last at we growth growth year year revenue period third revenue launch XX% period. benefited quarter, $XX.X year, was solid company-wide from this our prior sacral comparison to of execution. the in of in strong increase overall achieved strong This prior neuromodulation the sacral of recharge-free an level FXX the compared period. More had to a respect of the With which neuromodulation million, with compared representing increase QX to of was XX% despite generated results specifically, $XX.X an We XX%

States to are SNM the in other Axonics. Drilling over of has utilization or period. higher partnering reflects half of competitive for moderate the of and awareness need at volumes growth this the the have our unmet and SNM XX thanks is recently XX%, force public our result SNM on been that systems the wallet represents with from revenue DTC share the of to their We growth half United by people contribution severe significant believe direct sales increasing while the incontinence, high our physicians' last procedural Axonics our measurable coming last to from months, with with therapies, year months, advanced by approximately XX-month of in SNM deployed growth our compared Over revenue the modest, grew of driven nearly in accounts, addition Australia. sales a SNM campaign. Internationally, grown teens existing accounts doing even compared of the down customers business our to last further, prior now of XX as enthusiasm with existing

in that in difficult these to these is on approval are in recent SNM Australia's FXX of process. recharge-free approvals authority have optimistic the and impact system for positive The the changes with BSI, body SNM the to approvals timing exact international which TGA, notified our gain We is working predict and are XXXX. Europe, regulatory will a review given competent revenue

year promoting focused an accounts sales reorder new of Moving on accounts, the of rates to personnel period. increasing was were existing increase XX% million, the addition from $XX.X on by compared Bulkamid, Bulkamid. prior primarily driven to of Results revenue and the additional onboarding

quarter in year. margin the gross Our last XX.X%, which QX up is was from third of in XX.X%

in of benefit the realize net we from operating business. of EBITDA income nearly adjusted million GAAP and We leverage and the continue our also generated $XX as million quarter of $X to

But before there, remarks. performance financial her provide I'd other our updates. now discuss to like will Kari we further several Now go prepared in in corporate detail

directly in sales approximately team are marketing We which of commercial the specialists personnel. XXX Europe United we have therapy members or Australia. XXX field-based specialists, field support Internationally, the in and management. selling in remote XX team personnel The have field are States, located involved clinical and approximately balance of Western

We time staffed into increase this commercial at in XXXX. headcount a only and are our well expect modest heading

advertising Real the to campaign. Axonics' Turning Find Relief direct-to-consumer

about XX,XXX We month. continue individuals each are symptom website to generate complete telling leads and qualified on contact that a information. providing those leads us more Qualified their our symptoms questionnaire than

television seeing In us addition, come grateful our campaign with on tell public into practices Axonics message goodwill ads advanced to the of on out adults treat or Internet. and that patients generate that The many our after our conditions. their continues the about therapy customers to available getting are that physician there the these are are customers therapies we with who asking to

that the to these people continue the to it's of aging normal we a that treatment Now or from questionnaires underscoring out suffer filling individuals leak see know bowel notion that half over not urine of naive, dysfunction. part don't are

call and Our DTC with continues local urology diligently return on encouraging an program Bulkamid in The leads revenue qualified their specialists yielding connect is investment. with work to center community. to measurable SNM

and the Other include, be Given residency incontinence stress educational aware helping also who television initiatives program, that our there limited and to, Irvine to master physicians may and not refreshing campus products programs, programs dysfunction for not marketing, fellows are are our mailings as to NPs can patients to incontinence monthly attendance we visits that medical APs, skills conferences, new national webinars commercials. our seeking for but as educational success are OAB clinical and facilitate from courses APPs, launched physicians their the and to commercials of and/or to and better those recently regional urinary relating -- their educate to the by RNs, and well helping address physicians, at DTC of SNM Bulkamid, symptoms. new bowel conditions

product to development Turning initiatives.

technology placement be finder that lead the this we We mid-XXXX. foramen acquired available continue year to in earlier to expect commercially

our on external progress good the that more more aims making external physicians. system for comfortable and enhance trial experience patients to also new for convenient trial make it and are We

we at that competitive will be not reasons. due this underway initiatives additional have publicly discussing time to We

So detailed at to her review the turn Kari? results. like to I'd of financial call over this Kari point, for

Kari Keese

Ray. Thanks,

As third in year This neuromodulation was Sacral Ray was in of quarter of $XX.X which noted, the million of generated of period. prior generated $XX.X of the the million, was in an XXXX. million, compared $XX.X Axonics revenue generated the XX% U.S. net U.S. increase was represented which XX% revenue XX% to Bulkamid revenue

the of XXXX, a of a XX.X% period. gross of the in XX.X%. profit Axonics X third margin Gross gross XX.X% XXXX in first to margin months quarter generated was $XX.X prior year million Through compared representing of the

of and results, supply we you factors margin While disruptions. are to manufacturing is and gross gross up pleased as the sacral $XX.X account we expenses with XXXX. of the expect products, into FXX given absorption, these ramp third quarter we range to in to Taking XX%. XXXX lines overhead chain know, RXX are that and fourth million Operating neuromodulation the manufacturing margin to these quarter in of were sensitive continuing the yields, between XX%

the to $XX.X expenses, this year period. prior in compares acquisition-related million Excluding

the approximately the quarter period $XXX of compares that interest guided income of of expenses fourth income $XX.X to $XX with which in year the to million. Net aided in consistent of loss we XXXX is XXXX, was operating million. in result in net just operating million previously. have expenses million third expect quarter of adjusted This over a prior the XXXX million, by of $X $X.X We

model prior increase compared operating in EBITDA, results. investments the $XXX.X the the June to of inherent of million equivalents XX, of year $XX.X period. of XXXX, profile million be business of and financial to leverage Cash, XX, adjusted to Axonics third million $X.X compared continues the In an XXXX. in our quarter million of generated were The attractive evident as our $XX XXXX, September financial and cash short-term company

guidance. Turning to fiscal year XXXX

company's is million, year to outlook XXXX. year as year compared guidance increasing $XXX an million growth revenue are increase represents we compared fiscal $XXX.X updated anticipate of follows: and SNM to XXXX to of of of total increase up XX% revenue We year million, XX% fiscal compared fiscal from to XX% million, previously. Bulkamid $XXX XXXX. an This of $XX.X Our full

now remarks. will That turn concludes to back call prepared Neil. the our I

Neil Bhalodkar

Thanks, Kari. Great.

ready time, analyst Q&A the opportunity like a At ask to question. to we to begin each have session. We would an are this

So we request yourself only. to that you question X please limit

question, reenter queue additional please will second and question the an have your permits. you time we take If if

the With Q&A begin that, Michelle, please session.

Operator

Nephron Instructions] [Operator comes The Chris first Pasquale from question with Research.

Christopher Pasquale

a quarter, guys. on Congrats nice

growing you around gave I ask customers existing rate. a your about Ray, high at teens the to stat wanted

efforts point Are a of to the of you're we that's what those curious think is so that you able funnel it's think really do market appealing above that technology think been? the do I the having and patients. growing. at interesting overall offer Axonics direct accounts a really really DTC those a you to I'm the to biggest drivers data what to have and Or therapy more there? function patients having you helping those think accounts

Raymond Cohen

Appreciate Chris. question. Thanks, the

not a thing. It's I think question. answer just to one your it's multifaceted

the accounts that mean, dealing that is objective of in we I all And go I initiatives current number with. when a deep Our there's to we're go of have. say deep,

see to the provide symptom on that like to website. out we that all, of very questionnaire hand similar First our we they questionnaires

it immediately. then in urogynecology if the urology questionnaire, a appropriately. counseled patient So score door to to severe, off get that And walks then just page, pops they're the right they themselves to moderate or if gets every office going they're can

not customer single at that, our a have big that field yet, every everyone, doing force. we not initiative it's think I but

office that about get care scheduled how also, implant, specialists clinical So once sure the that's right? patients is And other external they to trial an The through thing a our efficiently talking time they to staff, get pathway. for make efficiently permanent lot of key. with move spend a the more

a many for and a is we patients but way of it, the as part are naive, have because treatment a takes part quite them mentioned while of in course, to a that, of through lot as of it it DTC, small as Having it's it's getting recall. their process of work care we the we nice I pathway. 'XX, remarks, back of started in April are 'XX, return this today. I a October prepared on But investment here we my mentioned are, said that times,

some taking starting is but to it work. time, it's So

results, is unlike of that then extremely that, before of patients day our Axonics sacral motivated and better these doing to If to aware think next being in the that aware equation. the physicians used talk more another way back the are sure of to becoming clinical those technology, I So the market, are part neuromodulation. -- much in well the our they're with that this big person about and obviously, it was getting be customers results course,

clearly -- helps also of Bulkamid as we us armamentarium, part lastly, as or And having well. portfolio the

thinking people about products about So that it's have presence the it's about offer. we of mind, to

So APP we also involved mentioned what's really tell nurses question. you a marketing good But of is it's lot one I events do And called of that these I would a that. initiatives things we where have these program -- XX which in attended coming in. and a what's the of Every someplace into nurses, and get in to there's United things people that by then is nature. other insights month, typically XX working able accounts States, about in the they're

long that of big, laundry we're doing. a there's So Chris, things, list

in are confidence Now to competitors clear really been population about to our market. a But existing And the hands, we're see market hands, this of can't customers us we've thrilled confidence going our market, the continue the in our is of the lot grow to to really untapped. our It's I'll growing. doing and grow. saying speak underserved and by some that finish this or us that We things just this growth kind own the not saying, this to doing. underserved it's gives potential gives of from what it's about the

Operator

Biegelsen comes Wells The next question with Fargo. from Larry

Larry Biegelsen

revenue taking do just take? nice any in year? level, will is by at share step over you you at you're grow the X/X back, can't a there it U.S. on drivers market now. you? Ray, What XX% Congrats to How think a here. quarter reason SNM the high long next leadership And are for a

Raymond Cohen

Thanks, Larry. Appreciate question. the

and we the of look, course, we're moving XXXX, everything plan. if continue. you just we're So of if of about is XX% I mean, what backing neighborhood So market, to run direction, going we've to right it we the but talking game there. sooner been confident and and of out, get right? Axonics there happen we're I later, executing the then pleased to XX% off results, the terms not I'd the in get then in kind this right? that would the in by think general think SNM we're in just growth be in end of and And I like keep with numbers that fantastic, growth than revenue going So we're of the notion will about, year-over-year

Operator

comes The Travis Securities. Bank of from next with America question Steed

Travis Steed

upside focus Congrats the my And on this question on the margin quarter. I'll margins.

to for Just the margin the any it raising additional curious of know on that you're can I you expansion you now And how sound think this And was gross to there's QX, were to but that? stuff like before quarter? then XX%. elaborate you're margin color don't some behind you XX%, can if it get XXXX? if doing into at XX% push did I XX% and

Raymond Cohen

you Kari? Do want comment, to

Kari Keese

still continue we're line to to getting as to Sure. that our certain QX, some gross sight and stated. supply yield the meaningful even end had margin quarter-to-quarter capacity. to and production to choppiness We've had Travis, of Yes, of some as we issues. some expect see At chain we you've have improvements had

So guided QX, at We we that XX% as and updated for do second to this mentioned, that QX we came XX% do point to and the XX.X%, had have note guide. in in end XX% previously the that to XX% high guide squared fairly previous to of away items half. are at the you these feel

and continue and longer the term, to keep the expected our do ways cap. XX% to just to runs have several we production volumes. to overall We're think we need for as now, optimize gross We executing. process there's continue longer chain margin. And not with process So finding supply higher do improve think

Travis Steed

well? as margins EBITDA And

Kari Keese

Yes. the sixth quarter consecutive QX On margins, I EBITDA think this EBITDA. positive adjusted marks of

are the So natural that results by that operating there's trend the this driven no model. continue. reason think shouldn't in the being leverage We business

of for the QX, For expected million made $XX OpEx. we remark

increase onetime OpEx, IP OpEx in meaning acquisition-related charge, at backing R&D you acquired can there's steady look quarter-to-quarter the adjusted the really that out see adjusted costs you nonrecurring If just and a number.

trend think is continue. that we So OpEx guide QX higher. The will slightly

on in We for and comfortable with. number spend certain But marketing increased consensus, QX at is $XXX in we're expect spend million line some more which overall commissions, with XXXX initiatives development initiatives. OpEx higher the product right

Operator

Securities. The next question Truist from comes Richard Newitter with

Richard Newitter

on Congrats following up the just quarter. the on here. margins Maybe

you And the as to timing of For it XXXX, next any next quarters, comfortable bit EBITDA ahead, feel to us your looks growth going like year? just we wondering there's do could sense a little looking think, still bit about think leverage of give as to just the Ray, plus I'm getting I the couple a little a cadence margin? OpEx year-over-year you a thinking out specifically of as year fourth weighted we be part operating if XX% think or with below I'm the deleveraging applied to disproportionately in should grow is OpEx. sales trying of quarter,

Kari Keese

So look...

Raymond Cohen

would I rather about but QX. give we comments, finish general some wait we until XXXX talk can you to

in of quarter million you the total terms in As consensus $XXX is know, revenue.

some EBITDA good look going can and adjusted so is inputs that we've So provided forth. to riddle out I one what think like pretty

year, been this an very, procedure. In terms message cadence we've this a like year quarter elective is the for given softest QX an I and beginning represents our very is next really clear tried of for that think company -- elective earlier Axonics that product to

then you're then, is deal quarter in and momentum the QX business, year. holidays we course, strong, able the the you the be but to you always there is then QX, of the lightest that given QX will in So with. see of is quarter. QX roughly have QX And that equivalent what do to strongest that hope is to

the other the a you're right? the big back of we've bit was There until a for given I heavily last words, expect. and In numbers the okay? kind of pretty that's couple good that that's particular things that of us terms talking in the increasing But Kari was our see that's that XXXX, quarter. the seen think plan all in revenue But and likely that rather question guidance and of product launch year, ability we're at in we'd rest the And skewed appreciate in provide if it build wait, asking, a the that a us question, next of -- years, XXXX deal was slipping that we'll we that's or work about out So way mind, about, maybe manage don't in to the cadence part things if But we that early I February the shape. period, solid you for January don't time. the Richard.

Operator

Sandler. from Piper comes with question Maeder next The Adam

Adam Maeder

here going international which little $XXX model, than OUS the the I share Congrats Curious go mean, on if neuromodulation those seen script a here do Ray, sacral off ask maybe not a with like market can FXX. figures. is quickly comment the bit at quarter. the internationally. If digits market, comments specifically United you in go look the States? little show I product million And perfect, on a more and nice I and at about how more think at and, I offensive market my I'm the like business you admittedly have to your FXX in on we've the could roughly mid-single on you

Raymond Cohen

Adam. we in start talking of to of I you're to right? about have mean have start United question. Thanks, States, internationally with, effect, I kind appreciate got we Yes. that Look, in the there. XX% we So the the personnel

a compete, various to SNM business these for in modest need that better much currently need us revenue order product With that to nonrechargeable I compete different we we're have. to in we I approved. markets. the think that and honestly, We our really think considering product. internationally, appropriately staffed, In the we're position approval, grow

that we represented what when I number that overall thing know -- it we in The about revenue first of XXXX going according XX% was is. remarks made don't that know international to public Medtronic's their only they back can't I public. were

we to information, privy and hard that have any you I as know, So don't numbers. haven't heard

Australia know is don't systems provide may it's that are of robust who not life if the you're primarily I money quality don't people aware, single issue be we right? we're for as there's salespeople have lot of just and a internationally that why just now is the the of these other described. caps, And sales markets remind So So or as who the budgets with which Netherlands laissez-faire it's whether payer about. focused that to a that's issue the you that. there, Canada on a or products, or as market, dealing products talk with little the might U.K. more force -- is we're focused direct

approved. bodies But no but regulatory we even to requirements I and we're get much in get There's was think the things remarks, trying Under. point shouldn't expect my of per -- product these a take have So right? that Down this to are down too internationally right? I in lot requirements and Adam, showstoppers with changed fully was path, this terms longer, the that's MDR across say. engaged TGA We the

on it, period approval opposed hopefully, months longer and to our than as working we of that. a we're So hands of will time matter in get the in a

get increasing these become this approved for So but forward. a us see And SNM you'll measurable going of business products internationally. our hopefully, could part -- more revenue once

question, appreciate Adam. I that

Operator

Polark from Wolfe Research. comes Mike The question next with

Michael Polark

Seeing recharge-free are new in in versus mentions as patients rechargeable. versus recharge-free what change the curious Just has the the guess, field? any there? just quarters mix like in any to And I if X/X, preferring rechargeable been insights on recent X/X quarter,

Raymond Cohen

don't But with you, dozens like conversations all Mike. that exactly attribute goes patient and of remind It's the appreciate They makes it's you're not I patient product customers would the we RXX, up XX not customers months, why tell not Which have which rechargeable interval and X much It's whether new to, them that our I've with because preference. rechargeable upon you, they directly every to in. X rechargeable based of had that interesting rechargeable ultimately wind I try our to they the so to dozens somebody really whatever determines do patient Thank a a anything. just to what guides mean talking that the we preference. question. is would doctor to recharging about schedule back hour with.

Operator

[Operator Instructions]

Neil Bhalodkar

Are on. you we're there? Michelle, back

Operator

Yes.

Neil Bhalodkar

Okay.

So should ahead we go continue? and

Michael Polark

his Yes. -- Mike is for still is line open still questions.

Raymond Cohen

that. Sorry about

Okay.

live now we're again? Michelle, So

Operator

Yes.

Raymond Cohen

All right. Apologies. Okay.

here I Irvine, we power outage in a think had California.

that. about sorry So

and that So about burdensome to question interval split us for we're preference, preference. And and was the company, the of that and rechargeable is it's as people. nonrechargeable, just kind between recharging than I fact a down agnostic patient physician seems the the but going more explaining Mike's about not was long or it significantly path

nonrechargeable from erase to tough for physicians they but perceptions device the the competitor. because it's that was have, only years, nevertheless, But our thing XX-something knew a

answer -- XX% your Mike, and So now that but is direct XX% about it's rechargeable. the nonrechargeable about to question,

Product FXX is to So continues way. great, people are working either gain product. And popularity. in the with okay we're highly satisfied

they're implant. with we're device As long to of Axonics, doing business business regardless want happy get as they to which the

Operator

Our Singh next from Markets. Capital with question comes RBC Shagun

apologize, line disconnect. do his I did

The comes question Needham Company. Mike Matson from next & with

Michael Matson

continued any expansions reformulations markets? Yes. opportunities or R&D create to the see Bulkamid. just international And wondering to product? maybe for pipeline, going Great if strength that any terms of are there indication with in opportunity of there additional enhancements, was I into is Thanks. the

Raymond Cohen

business we pretty So respect with a internationally, Mike. Bulkamid, have to robust

In fact, me think the Bulkamid of checking You revenue? XX% I was number? guys it this on

Kari Keese

It's XX% international.

Raymond Cohen

in XX% so States. the international, United XX%

in markets countries. business from selling of came a almost few the quarter So the in we're XX% and quite international

will continue. that So

down. At focused and on the heads Bulkamid. just moment, Mike, We're of we utilization continued adoption got

think urinary the becoming for to on it's and pants stress going the just continuing our of with therapy well. now get first-line to product. with And us thing not are on -- word key the for kind things are to fire try It's women is that do fast really product I incontinence. more We out

as directly So I question answers can. think that pretty I as the well

Operator

Rescott comes question next The Baird. with David from

David Rescott

any where the that prepared if a year, remarks, but color heading out here. Street next count modest quarter XXXX. increase in increase XXXX. think is Congrats the thinking next in I'm of you really or outlook year? could you modest you're eternally into we're in necessarily you growth headcount OpEx -- qualifying about I for more Not Ray, on sure in provide kind mid-teens how into called just head the strong on wondering this

Raymond Cohen

in would modest, state have say mean is modest I the so. maybe not I have United covering country union. probably the the of I of representation. mean don't last entire we're if or XX%, neighborhood Well, remaining X% Alaska I -- was mean, right? But so in even we areas it's literally is it States. the we where we don't

representative a selling have We now Bulkamid Hawaii neuromodulation. sacral in both and

around we've United terms -- territories the now in but or we not than to in down reason of our doubling personnel. coverage we are that more markets those another, have do, fair more really getting we're share, we're and where for business our certain one that may invest looking So got States competitor good the are

we with call folks all sure those not make business we are So us. doing on that

I a years neuromodulation lot say that at United We doing. We is We point. stuff many billing exactly this doing sacral data what know third-party this So would how didn't data States. procedures they're of very good just ago. that in from the information know we know who's have we have

higher to volume really key we move the party, pretty users, that now. thing the meter. bigger that is have that if us bring want some we're to the And you may, for focused helps people So

years well, can really almost think less made accomplish considering X XX And time. and States, months -- I'm we're now, during about during point, than think almost this the progress commercial we at in XX we're now of So what period. that phenomenal period to next this years we've excited the United I X that I

Operator

The Kristen from comes CL with Stewart next question King.

Kristen Stewart

Congrats more could if new good a on go trialing into you was on bit detail just little external quarter. system. the I a wondering

any And on timing this, sorry if but thoughts I for that? missed

Raymond Cohen

assuming in terms statutory So, able the timeline the get next yes, in year. the to And be product, in with end mid-XXXX. diligently we'll that by standard FDA we're market of working to hopefully, filed timing, the be of of

So the we've it fully does validation, making all the The verification you product But and can time, imagine. developed. and testing to is some now required take filing. that's do as got

is said for eliminate cables the streamlined, this lower this able we've the take a much product publicly when external to used before, patients And be make today, a it of to most -- X-day, ability that is being designed things profile. lot to and trial. they're typically the X-day, that So shower are importantly, more undergoing

Axonics that ones we bet, from to we're et And And message up that Axonics, able and space. think, our cetera, combination react. public listening customers, with the our on forward, shareholders, of combination intently So the coming you're the we're shareholders, not out who here piece very if trying streamlined, the could stopping. bet but I tell our investing customers I And to to new amongst the should in customer also say of say I mean, about our or the things we're and really in these help. to the things puzzle we're an system, base message there's nimble And the new the I'd to that be trying heard going more finder is really Kristen, et only to this think have to market get to enough to enormous trial our cetera. not customers, product. that We're you the amount to the because external are innovator feedback I and driving enthusiasm things make the of foramen and and new

under where from, when the right, talk changes. is listening innovation, it And listening, we about that's and then one taking it really of values key comes asking thoughtful and being making our questions, advisement

easy undergone as we So forward in to that I will has hands. possible symptom think a this get in of and push patients terms looking renaissance making continue that relief to as sacral caregivers the envelope the for our neuromodulation And they're for.

the So more a I live year. coming this line, you but but the be appreciate a difficult we'll in to I do the phone information lot it's picture, having draw over question. about

Operator

The Singh RBC next Capital question comes with Markets. Shagun from

Shagun Singh Chadha

really I dropped. about can Ray, 'XX. look how wondering a on a a right does if expand Axonics there adjacencies call talk so a add you momentum into that's it turned maybe to runway lot was I'm of with even think and just about Bulkamid, though you quarter, you've I you congratulations your like now on lot is potentially sorry, going could that into have current out strong businesses, points But, but or us well. of

does that broadly? how think you it make open And about do you just urology, players? strategically? how from other do more IDNs, Just interest you think do then you of sense, about Would be How think separately, to Axonics health? women's

Raymond Cohen

If last me, message, larger I by I asking company. you're being acquired part be a of open decode the think Axonics to your would

the think it, I you that's that Is Okay. Neil? heard how question.

my minute encourage we that every is would to buy every stock So Axonics' people for -- to be it. of day people answer sale and

can you none or us a here think a mean So to buy game. the shareholder We're bit whole I that question. to of lifetime be lot value, employment. bit. of create reaction for bit, the are my little that would And here that I that's

business. We execution open. something focus just certainly And the on so of It's about. think we're our we not

arms really question other a around it's constantly things. and -- are mean you different The looking question to really one's asked I get kind difficult of big at it. is we

we they lot saw finder. We we and coming acquired foramen acquired the that folks a to us, have Bulkamid of and

lot a might inbounds, get you of as So we imagine.

is focus fairway the trying stay continence field, we're down respect straight with to to that. new the and main Our

a of bag of would We number that miscellaneous bag up that for are fill So don't meter. nature, we've sense inexpensive, to been strategic move with make the potential a other to could That's doesn't that evaluating add stuff, us. right? bunch the want products the in

judicious we thoughtful just So and be there. to we're go And going we'll what about from do.

of do means we terms said an into else sense, different that a do that we platform In adjacencies, utilizing make businesses if that not that neurostimulation points, different neurostimulation? adjacent business times completely. numerous call I not as think getting what anticipate with does could we

a knitting business. stick going to So and stay We to got kind straight we're of our ahead. good just

of with or urgent tens opportunity and patients moderate of combination or have incontinence market, our think patients a of I to are forth. between the out or stress I underappreciated And the And who've who the bath such DTC SUI there. urine differentially so have really forms severe patients untapped say, magnitude millions these efforts been We diagnosed should incontinence at time. this of underscore --

And when findrealrelief.com. television be year, million and to got information we'll looking people for our this over per X and on people ads you coming over run at you've quarter, XXX,XXX website well

quite eye And of the that think a really So this us that, think, off would I kind also a underscores foolish the unbelievable take to is fact it frankly, market. bit our for I ball.

it going the in So we're Shagun. question, appreciate and continue to years to the growing do to down path the growing focus company, profitably And the on go come. I

Operator

Anthony from comes question Mizuho. Petrone next The with

Anthony Petrone

strong Congratulations A statistics quarter. sharing a last account couple penetration, some on referencing just quarter. from

the You are last highest Axonics a that XX volume quarter accounts at Ray, mentioned, year. surgeries about doing

bound competitor to just here. get can user just and year the I on like where up upper synergies for how base wondering XX,XXX Got follow-up certainly be synergies second then so? And next many of quick are let's the as over average is say, about are implants last seems considering the doesn't or Just And the wins, that bags. that would to XX Medtronic have that across that up driving, it think, it Bulkamid quarter. there

runway with Medtronic? to gain and much how Bulkamid, So there option just but procedure also patients share a lever in bigger of practices more that terms from being for potentially now is a

Raymond Cohen

Thank comments. you, appreciate Yes. Anthony. your I

something Let me clean up.

out a either that think context. of or I bit little some misinterpretation

We year. doing customers XX implants over are a well have that some

effort, The point the have a physician probably about with X I in buckets, to mean we do physicians high which just them move growth I it's move obviously it the But somebody we to is is bit we're to of per turn that. XX that is accounts. that are category our across. the bring lot the we they X to we are -- for to So kind made So looking into withdrew put into quite doing rare. month, Xx per folks maximize surrounded and there's teens to frankly. into why that, a somebody rate we to into kind of of right? those may, the X month, get to the aware of just out to I kind ability came what than middle want well, those those bigger continuing up to to volume, us than Xx thing right? around of right? of keep dabbler forces, talk if a castle use who's easier more -- per to terms dabblers that's we're a XX on the more And that's XX, accounts little teeny of think if or high-volume the One of one of take to Which it there. turn are accounts. And account high-volume term to they high-volume any So docs some -- basis. Obviously, of Clearly, they're competitor you point out It's mid- doing who's were we get is that in to bucket. market. So it of can and the their account, XX key doing out a doing Axonics. implant XX looking and the us we high-volume is try

and using quite Now them But with and us Bulkamid us has giving penetrate castles an people opportunity into respect to we've with of few able to key them. get get longer the Bulkamid to sacral game for been on a neuromodulation. the to to play been then those

without from had and urology clearly where had we has it from than acquisition who in you're us made and other not if no us not absolutely other to the share does separate the not today business gain So your strategic helping Bulkamid sacral ?And business asking no to and neuromodulation neuromodulation. is that answer standpoint. whether be Medtronic, gain doubt, are implying would we in that We sacral a question. our question is a or line product or right, was

news So and our are that some competitor sacral half now have of BOTOX. is it doing just with doing about neuromodulation Bulkamid only are that them A good our with customers doing the Axonics. bunch of we are

going So mean with for more a moving to would It's you we're There's I difficult cross-selling have to legacy time. company a and initiatives little a just lot monopoly -- years, just that. associated in take we've XX think the we're the that talked displace that. a who about I all direction. had competitor of right? continuing to as doing it's as work on imagine. right it's a And

on but really out, neuromodulation, with well the think word's products. And we're moving They our and sling like a it has say so a to Bulkamid much our we direction. So do in I comes the it right forth. works And and clearly incontinence charm. -- that yes support woman right? easier When so sacral a to the example. team for is get an great who from got to than as stress goods. Bulkamid to procedure Patients And urinary really,

that gave pretty your answer, hopefully, So Anthony, question. open-end to a you

Operator

Stanley. next The Kallum question with Morgan comes Titchmarsh from

Kallum Titchmarsh

you've whether that's populations there's the the campaigns mix receive I comments a wanted some across there. SNM the you. DTC I'm since treatment demographics on see awareness, whether have wondering been seen from Just that type of you've is anything these commencing campaign, Anything varied goal in patient the seen spread patient surprised to years? I typical mean given interesting respondent ads? the an different or certain

Raymond Cohen

the who patient say say that -- consistent. the there's question. it's actual people pretty actually anything demographics responding for of would to DTC implanting. you I we're from Thank wouldn't different from I about the

to I have of difference more have men think implant. that the we customers responding that only get percentages actually an than as is we our DTC

less terms the number. in As of are it that turns than out XX% somewhere men, maybe XX% or but of inquiring around it's people actual implants,

only I'd would So be call the that out. thing

going it's think starting now this to interesting month actually. be really I

We will -- patient incontinence running has be commercial bowel fecal and therapy Axonics and him is fecal a gentleman had both will with his dysfunction having the about who has a life. how changed talks that first incontinence really have or urinary who Axonics'

will and commercial. that it a very see, interesting be do we particular to specifically to man So picked

has as have commercial that dual well. running we Now incontinence a we're And also the also woman who same symptoms.

stress for have, we November commercial. this first time, urinary the So incontinence

We and have urinary incontinence to the incontinence a more time. same OAB the generic addition fecal people dual about commercial of are straightforward where talking kind And in at ads.

is up see add that some But in some being talk I with people we're see the I changing to think seen dysfunction, messaging symptoms we're it's mean can about talk far. talk and seeing kind response the really can a you curious than specific way. and was trying more what draw we're draws. really little We're urinary be different embarrassed. your about incontinence how these question of fecal we maybe for it a people in. mean dysfunction. what thing get one about get of it's Because going so see to So fecal I to embarrassing to us if to time we -- to we've to

neuromodulation with do for get to go it. incontinence urinary So patients that so sacral fecal the about know actually some of along that we or urge XX% of incontinence form have

their general. how of really it those indication, fecal impacts presenting interesting can people in So in some with that primary be will our we business draw see if as continence to

are our and because neuromodulation what the XX that's days. television age people it's ones television television, these demographic television why for are older, we're Axonics the at is years a years we're we're watching that why are network person average of kind old. on on And on that after. look getting The demographic if that's up of sacral you because But right? Well, that SaaS, So to. we're third-party you'll XX or the that's we find

the fancy and in past doesn't So other pull that's the some just some and tried services well. as stuff case. it streaming We've

a plain and As Facebook vanilla obviously television. just network

story. the that's So

Operator

The comes from question Michael Sarcone next Jefferies. with

Michael Sarcone

where productivity think of U.S., could rep Just does look you a talk like in quick what Can just And average? do about, kind question. on go? the that you ultimately

Raymond Cohen

That's a question. good

rep when our publicly of sacral day average $X.X that was neuromodulation, looked we headcount we at competitor productivity the early for their about talked per million. So

obviously, would nice over be expect, Now terms And with we that million on rep XXXX. increases trajectory was basis. in guiding we This in average with a with no expect consistent competition. little our XXXX, what a year, in per productivity we're monopoly a of $X.X growth to

by not even is, that. it as to as So our to you could finished encouraged the see year again, productivity and imagine, very once fourth be we're high

your the answer that's to question. So

to it at. looking for that's what I think XXXX, you round got higher, up we're obviously, but

Operator

with from question next comes Kratky Mike Leerink Partners. The

Michael Kratky

initiatives in So quick a efforts are meaningful kind the DTC of your side? likely newly investment and accelerate trade-offs that television at headcount follow-up, how spending that just commercials the as do the potentially in continue new expect throughout then to XXXX? DTC committing to or more balance implemented And you versus you

Raymond Cohen

looking my whatever pill that great. game or us, urine. that panties is, people if frankly. messages on like are again, that we're And of Well, of whatever The kind are We look they're DTC as it business. game. just suggesting or is everything the diapers is right? hearing driver television quite once adult where -- that's We're the top, counterprogramming not And long the leak long exclusive, ads our playing a really DTC to at about at are on I it's mutually think take icing for playing we're it or you normal then or my

counter I that's the driver the script of our to mentioned we're driving the which that that business. business. today, in about DTC other I doing company is want are not emphasize the It's really the some all initiatives of the that So talked programming. But we've and

not to providing some our a Now to go symptom we're measure, right? the benefit going and having website. to difficult out everybody to is Not some messages fact this -- and questionnaire. we're the everybody airways these on that going that the the fill really folks appreciate of additional is where said is There's to be customers that, to going of

about offices asking into just Some -- Axonics of Axonics these about walk say, and them therapy. right asking

we they that, national been Now the too. forthcoming. customer therapy, a you competitor right?" but location go still that when "Yes, called our walk It's of into offer got that for for Axonics course, and television, thank hasn't they from I'm about tell waiting go, doing Axonics InterStim they card me doesn't

So you in question. answer reasonably a colorful your that gives any hopefully, to event,

Operator

to your now Raymond Cohen would show I time. closing to this at no I questions like remarks. back turn further for the call

Raymond Cohen

Thank you, help today. I operator. appreciate your

incontinence thank mission innovating, to which patients, Axonics say mission-driven awareness dedicated that and Axonics' confident undertreated and remains and supporting like remain to as in that and our committed as we the our and for continue always, of So efforts best-in-class diligent rapidly our of trust my incontinence. physician to for to continue team grow field the grateful the closing, improving to therapies underserved lives raising colleagues we adults with years markets expand participate. We their in I physicians, in their will diligent in and And profitably team for customers of penetrate patients Axonics. ahead fulfilling and placed -- would we're to our in have like I'd efforts in shareholders the dedication Irvine our the and the

the questions with so you the ahead. community, all much to for in speaking look from the the today. months and weeks and call thank forward you seeing Appreciate and analyst we So

Operator

concludes This you conference participating. call. for today's Thank

a You now have great Everyone, may disconnect. afternoon.

Axonics (AXNX) 30 Oct 232023 Q3 Earnings call transcript