AXNX - Why Shares of Axonics Rose Friday
2023-07-28 12:46:30 ET
Shares of Axonics (NASDAQ: AXNX) were up more than 10% at noon on Friday after the medical device company released second-quarter earnings. The healthcare stock is down more than 6% so far this year.
Axonics focuses on medical products to treat bladder and bowel dysfunction. The company, after the markets closed on Thursday, reported second-quarter revenue of $92.9 million, up 35%, year over year. Most of the revenue, $74.2 million, was from the company's implantable sacral neuromodulation products, which stimulate nerves above the tailbone to treat fecal incontinence and overactive bladders. Bulkamid, an urethral bulking hydrogel used by women to treat stress urinary incontinence, was responsible for the rest of the revenue.
Axonics also said it had a quarterly net loss of $7.3 million compared to a net loss of $21.4 million in the second quarter of 2022.
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Why Shares of Axonics Rose Friday