Axonics, Inc. (NASDAQ:AXNX) Q1 2023 Earnings Call Transcript

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Richard Newitter : All right. Thanks for taking the questions. Maybe just the start on Bulkamid, you think performance there, you’ve owned this product for a few years now. I’m curious where you are on the kind of a – getting deeper into your existing accounts there versus, going how many more your guys are to go after? And I’m just curious have you or when do you plan to start targeting gynecologists?

Raymond Cohen : So, thanks for your question. So, we have some GYN that are customers of ours but it’s not been a main target and we have talked about it that that this is an area that we’d like to put more energy behind. And this year, we do anticipate to focus a bit more if you may on calling on and marketing to GYN practices. I mean, let’s face it. They should be doing Bulkamid and women are coming into the practices and that that be a great place for them to get treated. Having said that, Bulkamid is been an incredible product for us and is really capturing the imagination of any physician who treats women. We have over 1500 physicians now injecting Bulkamid across the United States, this is over and above what the base kind of international business that we inherited.

So, it’s going well and we expected this will continue to grow. And what’s most important is that the existing customers that we have seem to be doing more and increasing, cup, quote-unquote, “same-store sales”. So this thing is going great and we don’t see anything at this point it’s going to slow the adoption of this product down.

Richard Newitter : Great. And if I could on the SNM, over the next few quarters or the next year, or even what’s contemplated in your updated guide, what do you expect more growth to come from share capture or the market expansion side? I know you have both levers to kind of get to your forecast over the long run?

Raymond Cohen : It’s interesting, we understand the comment around share capture, but in our business, it’s a little bit different because it’s not like there’s budgets and we are selling capital equipment, and so forth. So people are just walking through the door every day that are candidates for therapy and every physician practice that we work with has literally hundreds, if not thousands of patients that could benefit from sacral neuromodulation. So, here’s what I would say. We’re just coming right out of the American Urological Association Meeting where there were 18,000 urologists that went to that particular Congress. And what I can tell you is that, when the word is out that Axonics has got the goods. We’ve got great products.

We got great people. And there’s a lot of buzz around folks who have tried our product that might have been working with our competitor previously and the great experience they’re having. There’s a lot of discussion going around amongst and between these physicians. So we fully expect that more and more physicians will be coming our way in 2023 and adding to these kind of bucket of newly acquired competitive accounts. So, we look at it that way, right? When we talk about market share, we’re talking about, wanting to get the maximum amount of money or excuse me – a maximum amount of procedures that are our existing accounts. We’ve subsequently kind of mitigated this whole concept that docs are working with both customers. We see more and more docs coming our way and giving us absolutely the lion’s share if not all of their procedural volume.

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