IRVINE, Calif. (AP) — IRVINE, Calif. (AP) — Axonics Modulation Technologies Inc. (AXNX) on Wednesday reported fourth-quarter net income of $665,000, after reporting a loss in the same period a year earlier.
On a per-share basis, the Irvine, California-based company said it had profit of 1 cent.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for a loss of 23 cents per share.
The medical technology company posted revenue of $85.9 million in the period, also beating Street forecasts. Three analysts surveyed by Zacks expected $85.8 million.
For the year, the company reported that its loss narrowed to $59.7 million, or $1.28 per share. Revenue was reported as $273.7 million.
Axonics shares have dropped roughly 3% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $60.87, an increase of 6% in the last 12 months.
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