Axonics, Inc.

Good day, thank you for standing by, and welcome to Axonics Q1 2022 results conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during that session, you will need to press star 1 on your telephone keypad. If you require any further assistance, please press star 0. Thank you. I would now like to hand the conference over to your speaker today, Mr. Neil Balodkar from Axonix Investor Relations. Sir, the floor is yours.

Thank you. Good afternoon, and thank you for joining Axonix's first quarter 2022 results and update call. Presenting on today's call are Raymond Cohen, Chief Executive Officer, and Dan Deeren, President and Chief Financial Officer. Before we begin, I would like to remind listeners that statements made on this conference call that relate to future plans, events, prospects or performance are forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. While these forward-looking statements are based on management's current expectations and beliefs, these statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause results to differ materially from the expectations expressed on this conference call. These risks and uncertainties are disclosed in more detail in Axonics' filings with the Securities and Exchange Commission, all of which are available online at www.sec.gov. Listeners are cautioned not to place undue reliance on these forward-looking statements, which speak only as of today's date, May 5, 2022. Except as required by law, Axonics undertakes no obligation to update or revise any forward-looking statements to reflect new information, circumstances, or unanticipated events that may arise. With that, I'd like to turn the call over to Ray.

Thanks, Neal. And I'd like to welcome everyone joining this afternoon's call and those of you who may be dialing in later. We're very pleased with our first quarter 2022 results, considering the significant disruption that the Omicron variant had on elective procedures in healthcare facilities in January and February. Synchronal modulation procedure volumes recovered nicely in March. and continued to trend favorably and have accelerated in April. With respect to the first quarter 2022 results, Exxonix generated $48.4 million in revenue, representing an increase of 41% compared to 2021. Cyclone modulation revenue was $39.1 million, an increase of 19% year over year. We continue to expect the sequential modulation market to expand at least 15 percent per annum for the next several years, with Exxonix growing its sequential modulation revenue by at least 25 percent per year, driven by market expansion and share gains. Turning to Bulkamed, which posted revenue of $9.4 million, of which $6.6 million was generated in the United States, the remainder, of course, in the international markets. Despite the Omicron disruption, Volcomed generated another record quarter of revenue, driven by strong uptake in the United States from onboarding new accounts and solid reorder rates from existing accounts. In the 13 months through March 31st of this year that we've owned this asset, Volcomed has improved the quality of life for over 32,000 women suffering from stress urinary incontinence. outperforming all other urethral bulking agents and propelling exonics into market leadership in this category. Moreover, we are just scratching the surface of what is possible in the large and highly underserved and underpenetrated female stress urinary incontinence market. As I noted on our call in February, and similar to what you've heard from other companies, Omicron cases resulted in hundreds of canceled procedures in January and February of this year. We expect that these cases will be rescheduled throughout the balance of 2022, and we're very encouraged by the business trends that we have seen for April for both sacral demodulation and bulk med, and we are highly confident that our updated 2022 guidance, which Dan will discuss in his prepared remarks, will in fact come to pass. So with that, I'll turn the call over to Dan.