Axonics drops on pricing share offering

Axonics

03/08/2022 13:54

** Axonics Inc's  AXNX.O  stock down 5.8% at $67.03
premarket after medical device co's overnight follow-on prices
    ** Bladder and bowel dysfunction specialist sells 1.75 mln
shares with BofA as sole bookrunner  urn:newsml:reuters.com:*:nBw56nVL3a
    ** Offering prices at $65, 8.7% discount to stock's Tues
close, according to sources
    ** Co plans to use net offering proceeds for general corp
purposes, including potential $35 mln milestone payment related
to acquisition of Contura
    ** AXNX has ~47.1 mln shares outstanding for ~$3.4 bln
market cap, per Refinitiv data, and ~42.7 mln of free float
    ** After the bell Mon, co boosted FY22 rev guidance to $253
mln, 40% increase from 2021, from prior forecast of $238 mln
 urn:newsml:reuters.com:*:nASA03IK3  urn:newsml:reuters.com:*:nBw1B3yDva
    ** Shares have risen ~26% since end-Jun
    ** 7 analysts cover AXNX and all rate "buy" or "strong buy";
median PT $81 - Refinitiv

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))