Axonics Modulation Technologies (NASDAQ:AXNX) reported preliminary Q2 revenue and provided an operational update.
Net revenue is expected to be $15.2M, as compared to $1.5M in Q2 2019.
U.S. Sales accounted for ~96% of total revenue.
New order flow in April was de minimis due to COVID-19-related restrictions on elective procedures.
New order flow began a gradual recovery in early May and June as restrictions were lifted in certain states.
Average weekly new order flow in June was ~$2M, or 70% of the weekly average achieved in Q1 2020.
Over 485 unique accounts (hospitals and ambulatory surgery centers) in the U.S. have implanted patients with the Axonics r-SNM System, including more than 110 new accounts that were added in Q2 2020.
As of June 30, cash and cash equivalents were $288M.
Axonics will report complete Q2 results and provide a further operational update after the market closes on August 6.
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