Axonics, Inc.

CIK:0001603756|SEC Filings

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net revenue	$ 116,193	$ 93,100	$ 322,167	$ 256,644
Cost of goods sold	26,542	23,996	74,120	64,850
Gross profit	89,651	69,104	248,047	191,794
Operating expenses
Research and development	13,491	8,167	37,339	25,172
General and administrative	23,761	11,778	55,192	34,659
Sales and marketing	52,972	47,544	160,607	134,468
Amortization of intangible assets	2,221	2,302	6,722	6,803
Acquisition-related costs	3,474	0	9,953	2,368
Acquired in-process research & development	0	0	0	15,447
Total operating expenses	95,919	69,791	269,813	218,917
Loss from operations	(6,268)	(687)	(21,766)	(27,123)
Other income (expense)
Interest and other income	4,704	4,271	13,379	12,149
Interest and other expense	8	(83)	(83)	774
Other income, net	4,712	4,188	13,296	12,923
(Loss) income before income tax (benefit) expense	(1,556)	3,501	(8,470)	(14,200)
Income tax (benefit) expense	(1,535)	(427)	3,764	(1,538)
Net (loss) income	(21)	3,928	(12,234)	(12,662)
Foreign currency translation adjustment	10,438	(6,185)	9,752	636
Comprehensive income (loss)	$ 10,417	$ (2,257)	$ (2,482)	$ (12,026)
Net (loss) income per share, basic (in USD per share)	$ 0.00	$ 0.08	$ (0.24)	$ (0.26)
Weighted-average shares used to compute basic net (loss) income per share (in shares)	51,088,073	49,244,981	51,010,885	48,973,252
Net (loss) income per share, diluted (in USD per share)	$ 0.00	$ 0.08	$ (0.24)	$ (0.26)
Weighted-average shares used to compute diluted net (loss) income per share (in shares)	51,088,073	50,086,491	51,010,885	48,973,252

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash Flows from Operating Activities
Net loss	$ (12,234)	$ (12,662)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Depreciation and amortization	9,298	9,295
Stock-based compensation	26,393	33,388
Acquired in-process research & development	0	15,447
Provision for allowance of credit losses	756	59
Change in fair value of contingent consideration	0	2,400
Deferred income taxes	4,042	(2,896)
Other items, net	4,016	208
Changes in operating assets and liabilities
Accounts receivable	(6,016)	(4,164)
Inventory	(37,620)	(19,326)
Prepaid expenses and other current assets	666	(1,814)
Other assets	(778)	(2,326)
Accounts payable	1,564	5,577
Accrued liabilities	(4,829)	(623)
Accrued compensation and benefits	20,931	(2,502)
Operating lease liabilities	2,475	(337)
Other liabilities	0	(27,370)
Net cash provided by (used in) operating activities	8,664	(7,646)
Cash Flows from Investing Activities
Purchases of property and equipment	(7,614)	(2,243)
Purchases of short-term investments	(240,244)	(288,914)
Proceeds from sales and maturities of short-term investments	379,046	212,175
Net cash provided by (used in) investing activities	131,188	(78,982)
Cash Flows from Financing Activities
Payment of contingent consideration recognized at acquisition	0	(7,630)
Proceeds from exercise of stock options	3,014	3,672
Net cash provided by (used in) financing activities	3,014	(3,958)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	1,143	(937)
Net increase (decrease) in cash, cash equivalents, and restricted cash	144,009	(91,523)
Cash, cash equivalents and restricted cash, beginning of year	117,525	238,846
Cash, cash equivalents and restricted cash, end of period	261,534	147,323
Supplemental Disclosure of Cash Flow Information
Cash paid for interest	0	55
Cash paid for taxes	848	94
Noncash Investing and Financing Activities
Property and equipment acquired but not yet paid	0	7
Property and equipment acquired from tenant improvement allowance	4,900	0
Common stock issuance for acquired in-process research & development	$ 0	$ 15,447

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 239,452	$ 104,811
Short-term investments	105,773	240,149
Accounts receivable, net of allowance for credit losses of $1,198 and $442 at September 30, 2024 and December 31, 2023, respectively	62,644	57,243
Inventory, net	113,861	79,940
Prepaid expenses and other current assets	4,184	9,279
Total current assets	525,914	491,422
Restricted cash	22,082	12,714
Property and equipment, net	20,698	10,760
Intangible assets, net	78,454	81,375
Other assets	22,478	24,235
Goodwill	104,545	99,417
Total assets	774,171	719,923
Current liabilities
Accounts payable	20,109	18,452
Accrued liabilities	5,701	10,527
Accrued compensation and benefits	35,998	15,060
Operating lease liabilities, current portion	2,611	1,777
Total current liabilities	64,419	45,816
Operating lease liabilities, net of current portion	29,900	25,840
Deferred tax liabilities, net	15,363	10,703
Total liabilities	109,682	82,359
Commitments and contingencies (Note 3)
Stockholders’ equity
Preferred stock, par value $0.0001 per share; 10,000,000 shares authorized, no shares issued and outstanding at September 30, 2024 and December 31, 2023	0	0
Common stock, par value $0.0001, 75,000,000 shares authorized at September 30, 2024 and December 31, 2023; 51,110,021 and 50,770,520 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	5	5
Additional paid-in capital	1,063,185	1,033,778
Accumulated deficit	(392,586)	(380,352)
Accumulated other comprehensive loss	(6,115)	(15,867)
Total stockholders’ equity	664,489	637,564
Total liabilities and stockholders’ equity	$ 774,171	$ 719,923