AXNX - Axonics wins bullish call from Barclays; revenue beat predicted

cagkansayin/iStock via Getty Images Barclays initiated the coverage of Axonics (AXNX) with an outperform recommendation citing the potential of the company to top the current consensus estimates. The price target of $74.00 per share indicates a premium of ~14.5% to the close. “We are bullish on AXNX given we see multiple ways for AXNX to drive upside to the revenue the Street models today,” analyst Travis Steed noted. Steed expects the company to eventually grow its share in the U.S. sacral neuromodulation market to 50% from an estimated 26% in 2023 and argues that every percentage point of market share is worth about $10M in annual revenue for the company. The analyst projects Axonics’ recently acquired Bulkamid to contribute $40M to revenue by 2023 with the potential to add over $100M based on market size. The firm also says that the company could win FDA approval by March or April

For further details see:

Axonics wins bullish call from Barclays; revenue beat predicted