Axonics, Inc. (NASDAQ:AXNX) Q4 2022 Earnings Call Transcript

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I mean, I think it’s embarrassing via abysmal, okay, I mean bottom line. I mean, this is silly that the average customer in the United States is doing as few as they are. Now that presents a big opportunity and a big upside for us, right. I mean – and these numbers are better today than they were when we started in 2020, right. I mean, we are seeing incremental increases in same-store sales on that side. So it’s all upside for us from that standpoint. So hopefully, I’m looking at my colleagues now to see if there was any other substantive part of the question.

Dan Dearen: No, I think

Raymond Cohen: How many more could…

Dan Dearen: I think raised now, look, there are, call it, between 2,100 and 3,000 physicians that have implanted SNM, raised – I think in the prepared remarks or in one of the earlier questions, which is we don’t need to go out and find new physicians to bring them into SNM and with the innovation that we’ve brought to the table and the sales and marketing team and the fact that we are smothering these accounts with clinical specialists to make sure that everything goes perfectly well for their patient population, it’s just time, or it’s perseverance and time for same-store sales to increase, we track this internally, we know exactly how many more units each customer did in 2022 over 2021 and it’s really solid growth. And so, we believe over the next five years, we’re going to see a big increase in utilization and the great news, as Ray just mentioned is, since the average, if not all at that level, but it’s very easy for these physicians to double or triple their volume without running into any issues with access to operating suite time for a patient population.

Raymond Cohen: You know, Adam, it’s Ray again. I have one more thing I’d like to add and it’s been really interesting with Bulkamid because what we have found is that only about half of the customers and by the way we have more Bulkamid customers than we have SNM customers right now and we found about half of them are not even doing sacral neuromodulation, and of the half that are doing it, not all of them are our customers, right, some of them are competitive accounts. So this is really interesting and it’s been a true eye-opener for us, right, and that is – look, if you’re doing Bulkamid, I mean there is no reason in the world why you’re not doing sacral neuromodulation, it’s just that you’ve got it maybe a bad attitude about it given the legacy products that were out there, right, so – but once again, big opportunity for us in terms of that and having Bulkamid, it really helped, right, it’s getting us into accounts that we normally wouldn’t have been and is giving us a lot of opportunities for cross-selling which we’ve been taking full advantage of which I think is showing up in our market share numbers and so on so forth.

So, but really appreciate the questions, a good question, we’re happy to chat about that.

Adam Maeder: Good color. Thank you.

Operator: Thank you. Our next question comes from the line of Michael Polark with Wolfe Research. Your line is now open.

Michael Polark: Hi, good evening, a lot of questions are asked, so I boycott my second question, I’ll just ask one, I’m curious, the expansion into being a two therapy company with Bulkamid has proved to be highly successful, you’ve built a real platform, the focus call point, I’ve asked this question before, I’m just curious for your updated views, is there interest in adding a third leg to the stool, what does that opportunity set looks like today or is the focus in ’23 executing on this core vision? Thanks so much.

Raymond Cohen: It was, Mike, right?

Michael Polark: Yeah, yeah.

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