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2024-03-25| M&A

Markets and Mergers: Boston Scientific and Axonics Shake Hands on Deal

by Bernice Lottering
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Axonics, Inc. (Nasdaq: AXNX) has announced that its shareholders have voted to adopt the merger agreement with Boston Scientific Corporation (NYSE: BSX). Preliminary voting results from the special meeting of stockholders show that a majority of the outstanding shares of Axonics’ common stock voted in favor of adopting the merger agreement. 

Axonics CEO Anticipates Global Impact in Pending Boston Scientific Merger

Raymond W. Cohen, CEO of Axonics, expressed gratitude to the company’s stockholders for their strong support of the transaction with Boston Scientific. He emphasized the team’s anticipation of the global impact that can be achieved as part of Boston Scientific, highlighting the opportunity to extend life-changing therapies to more patients..

The transaction’s closure is anticipated in the first half of 2024, subject to certain conditions, including regulatory approvals and clearances, or the expiration, termination, or waiver of applicable waiting periods under U.S. and foreign antitrust laws. Final voting results, to be reported on a Form 8-K with the U.S. Securities and Exchange Commission, will be tabulated by an independent inspector of election. The press release also contains a precautionary note emphasizing that forward-looking statements entail risks and uncertainties.

Axonics on the Fast-track to Rapid Development

Axonics, a leading global medical technology company, ranked No.2 on the 2023 Financial Times list of fastest-growing companies in the Americas, following its No.1 position in 2022. In 2023, the company reported robust growth, with net revenue reaching $366.4 million, marking a notable 34% increase from the previous year. Additionally, Axonics achieved an improved gross margin of 74.9%, compared to 72.2% in the prior year. In the fourth quarter of 2023, net revenue was recorded at $109.7 million, reflecting a 28% increase from the same period in the previous year, with the company’s gross margin improving to 75.4%, highlighting its value and market performance.

Specializing in medical devices for bladder and bowel dysfunction, Axionics has pioneered several novel technologies in this field. Notably, Their Axonics® sacral neuromodulation systems, targeting overactive bladder and fecal incontinence, generated $291.8 million in 2023. Additionally, Bulkamid®, designed for stress urinary incontinence in women, earned $74.6 million last year. With 28 million women experiencing moderate to severe urinary incontinence and 19 million adults affected by fecal incontinence in the U.S. alone, the market for these products remains lucrative.

Ahead of Expectations, Boston Scientific Continues to See Growth

Boston Scientific, based in Massachusetts, manufactures a broad range of minimally-invasive medical products catering to various healthcare needs. By 2017, the company had introduced more than 13,000 medical products marketed across 100 countries worldwide. Founded in 1979, the company is most recognised for its development of the TAXUS™ Stent, a drug-eluting stent utilized for the treatment of clogged arteries, and has since seen continued growth in the market. 

Taken from their 2023 Report, full-year 2023 net sales reached $14.240 billion, marking a 12.3% growth, surpassing the company’s projected targets. In Q4 2023, Boston Scientific reported net sales of $3.725 billion, marking a 14.9% growth on a reported basis compared to the company’s anticipated range of 9% to 11%. For the full year of 2024, the company expects sales to grow around 8.5% to 9.5% with an anticipated 7.5% to 9.5% growth for Q1 of 2024 compared to last year. Boston Scientific achieved net sales growth in each reportable segment, including its MedSurg division (11.1%) and Cardiovascular segment (13.9%), across various regions including the United States, EMEA, APAC, LACA, and Emerging Markets. Recent developments include FDA approvals, progress in clinical trials, acquisitions, and agreements across multiple fields, including cardiology, urology, pain management, neurology, and cardiovascular surgery. As the company continues to exhibit robust growth and innovation, it remains a noteworthy industry leader poised for further success.

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