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- Axonics Modulation Technologies
Axonics Modulation Technologies Acquisition, Valuation, Funding & Investors
Axonics Modulation Technologies was acquired by Boston Scientific for $3.7B in January 2024, a 9.2x multiple on $404M of revenue.
Axonics Modulation Technologies revenue at acquisition
$404M
Last twelve months · Jan 2024
Axonics Modulation Technologies revenue multiple at acquisition
9.2x
EV/Revenue · Jan 2024
Cumulative funding Axonics Modulation Technologies raised
$146M
across 5 funding rounds
About Axonics Modulation Technologies
Axonics Modulation Technologies is a Irvine, California-headquartered medical technology company offering rechargeable sacral neuromodulation systems for overactive bladder and bowel dysfunction. The FDA-approved Axonics r-SNM system features a smaller, MRI-compatible implant with 15-year battery life, implanted in over 100,000 patients since 2019.
Founded
2012
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Product sales
Revenue
$404M (Jan 2024)
Valuation
$3.7B (acquired Jan 2024)
Axonics Modulation Technologies Acquisition
Axonics Modulation Technologies was acquired by Boston Scientific for $3.7B on 8 January 2024.
The acquisition price implies a 9.2x revenue multiple on $404M of revenue.
Before the acquisition Axonics Modulation Technologies had raised $146M across 5 funding rounds.
| Acquirer | Date | Type | Price | EV/Revenue | EV/EBITDA |
|---|---|---|---|---|---|
| 8 Jan 2024 | Strategic M&A | $3.7B | 9.2x | 106.6x |
Axonics Modulation Technologies Funding History
Axonics Modulation Technologies has raised a total of $146M across 5 funding rounds.
Axonics Modulation Technologies' first fundraising round was a $33M Series A in March 2014. The most recent completed round was a $40M Series C in April 2018.
Axonics Modulation Technologies funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Apr 2018 | Series C | Gilde Healthcare (lead); Longitude Capital (lead); Silicon Valley Bank (lead) | $40M | Axonics Modulation Technologies develops a rechargeable sacral neuromodulation (SNM) system for treating overactive bladder (OAB) and bowel dysfunction by stimulating the sacral nerve to normalize brain-bladder/bowel communication, offering an alternative to anticholinergic drugs and competing with Medtronic's InterStim, which requires battery replacement surgery every 4-5 years. The Axonics device features a miniaturized implant with a 15+ year lifespan, recharged externally for 1 hour every 1-2 weeks, along with a four-electrode tined lead, skin-worn charger, remote, and clinician tablet for programming. It had CE Mark approval in Europe and was pursuing FDA clearance via the pivotal ARTISAN-SNM trial, expected to complete by end-2018, with commercialization planned in US and Europe. On April 4, 2018, Axonics raised $40.1 million in financing: $20.1 million equity led by Longitude Capital with participation from existing investor Gilde Healthcare, plus a $20 million credit facility from Silicon Valley Bank. Funds supported commercialization efforts ahead of anticipated FDA approval. This followed a $35 million Series C in 2017 (initial $14.5M in May, additional $20.5M later with Gilde and others). Traction included European sales generating under $0.25 million in first 9 months of 2018 and ~$3.9 million for full year 2018 (mostly overseas), with analyst projections of $8.2 million in 2019 exploding to $80.8 million in 2020. The company targeted the growing SNM market, estimated to exceed $1 billion soon, dominated by Medtronic, positioning Axonics' patient-friendly rechargeable system to capture share post-FDA approval, potentially saving US healthcare $12 billion over 15 years by reducing replacement surgeries. Axonics received FDA approval for OAB in 2019, followed by a $120 million IPO (8M shares at $15, Nasdaq: AXNX) and later $100 million stock offering at $22/share implying ~$630M valuation. |
| Jul 2017 | Series C | Gilde Healthcare (lead); Cormorant Asset Management | $21M | Axonics Modulation Technologies is a US-based medtech company developing a novel implantable rechargeable sacral neuromodulation (r-SNM) system for treating overactive bladder (OAB) and fecal incontinence, featuring a small 3cc device that is MRI-compatible and lasts up to 15 years. The company had received CE Mark approval in Europe and Canada by 2016 and was preparing for US FDA pivotal studies. In July 2017, Axonics closed a $20.5 million extension to its Series C financing round, led by Gilde Healthcare with participation from Cormorant Asset Management, CICA, and private investors, bringing the total Series C to over $35 million after an initial $15 million tranche in May. This extension was part of a broader fundraising history including a $32.6 million Series A and $38.5 million Series B, totaling at least $106.1 million raised by mid-2017. Proceeds from the $20.5 million Series C extension were allocated to fund a pivotal clinical study for OAB patients aimed at securing US FDA approval, set to begin late 2017 across medical centers in North America and Europe, and to prepare for global market access. Gilde Healthcare's Geoff Pardo joined the board, emphasizing the potential for the SNM market to exceed $1 billion in revenue, with Axonics positioned to capture share due to its advanced miniaturized rechargeable technology against the incumbent player. The financing was described as oversubscribed, reflecting strong investor confidence in the management team and product. Axonics continued development post-round, achieving IDE clearance from FDA, positive RELAX-OAB study results, and additional patents. The company later raised $40.1 million in 2018 ($20.1 million equity led by Longitude Capital and Gilde, plus $20 million credit from SVB), went public via IPO on NASDAQ (AXNX) in 2018 raising ~$120 million, and began commercializing in the US and Europe after FDA approval. |
| May 2017 | Series C | Advent Life Sciences; Andera Partners; Neomed Management; Legend Capital; Cormorant Asset Management | $15M | Axonics Modulation Technologies develops the first rechargeable sacral neuromodulation (r-SNM) system for treating urinary and fecal dysfunction. The system includes a miniaturized rechargeable stimulator lasting at least 15 years, a charging system, patient remote control, and clinician programmer. It received European and Canadian regulatory approval and completed a 50-patient European clinical study prior to the round. Axonics closed a $14.5 million first tranche of its Series C financing on approximately May 2, 2017, from existing investors including Advent Life Sciences, Andera Partners (as Edmond de Rothschild Investment Partners), Cormorant Asset Management, Legend Capital, and Neomed Management. The company aimed to raise $30 million total in Series C to fund a pivotal U.S. clinical study for overactive bladder patients, targeting FDA approval. A second closing added $20.5 million, bringing Series C to $35 million with new investors Gilde Healthcare and CICA. The SNM device market generated nearly $700 million in revenue in 2016, projected to exceed $1 billion by 2021, dominated by one player (Medtronic). Axonics positions its smaller, longer-lasting rechargeable implant as a cost-saving alternative, potentially reducing U.S. healthcare costs by $12 billion over 15 years through fewer replacement surgeries. Prior rounds included $32.6 million Series A and $38.5 million Series B, with total fundraising surpassing $85 million. |
| Dec 2015 | Series B | Andera Partners (lead); Advent Life Sciences; Neomed Management; Legend Capital; Cormorant Asset Management | $39M | Axonics Modulation Technologies, founded in 2012, is a medical device company developing miniaturized implantable sacral neuromodulation (SNM) technology for treating overactive bladder and fecal incontinence. The company's SNM system is 60% smaller than competing devices and features rechargeable technology with a functional lifespan exceeding 15 years, compared to approximately 5 years for existing market alternatives. In December 2015, Axonics completed a $38.5 million Series B financing to fund multi-center clinical studies in overactive bladder patients planned to begin in early 2016 across Europe and North America. Existing investors NeoMed Management, Legend Capital (a venture arm of Legend Holdings), and The Alfred E. Mann Foundation participated alongside new investors. As of the funding announcement, the company had raised approximately $59 million total since inception in late 2013. At the time of the Series B, the overall sacral neuromodulation market was estimated at approximately $600 million annually, with roughly 30,000 devices implanted globally in 2014. The Axonics SNM system was the first rechargeable SNM device to obtain regulatory clearance in Europe and represented the company's early-stage positioning against established competitors like Medtronic's InterStim system. |
| Mar 2014 | Series A | Andera Partners (lead); Aperture Venture Partners; Neomed Management; Legend Capital | $33M | Axonics Modulation Technologies, founded in late 2013 and based in Irvine, CA, develops miniaturized implantable sacral neuromodulation (SNM) technology licensed from The Alfred E. Mann Foundation for treating urinary and bowel dysfunction, overactive bladder, chronic pain, and related conditions. The r-SNM system features a rechargeable stimulator lasting at least 15 years, optimized charging, remote control, and clinician programmer, positioning it as smaller and longer-lasting than competitors like Medtronic's InterStim. In March 2014, Axonics closed a $32.6 million Series A preferred stock financing led by Edmond de Rothschild Investment Partners (EdRIP), with participation from NeoMed Management, Legend Capital, and private individuals. Proceeds funded product development, multi-center clinical studies for safety and efficacy, working capital, and establishment of a European subsidiary for clinical trials and commercial launch. The company followed with a $38.5 million Series B in late 2015, bringing total funding to $59 million, adding investors like Advent Life Sciences and Cormorant Asset Management alongside prior backers. Series C began with $14.5 million first closing (target $30 million), then $20.5 million second closing in 2017, totaling $35 million for Series C, supporting a pivotal U.S. FDA study for overactive bladder starting late 2017, after European/Canadian approvals in 2016. Sources highlight market traction: SNM device sales approached $600 million annually (~30,000 implants in 2014), projected to exceed $1 billion by 2019-2021, with Medtronic as the sole dominant player. |
Who has invested in Axonics Modulation Technologies?
9 investors have backed Axonics Modulation Technologies across its funding rounds, including Legend Capital, Cormorant Asset Management, Andera Partners, Neomed Management, Gilde Healthcare and Advent Life Sciences.
Lead investors include Gilde Healthcare, Longitude Capital, Silicon Valley Bank and Andera Partners.
Axonics Modulation Technologies Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | Mar 2014 | ||
| 3 | Participant | Mar 2014 | ||
| 3 | Participant | Mar 2014 | ||
| 3 | Participant | Dec 2015 | ||
| 2 | Participant | Dec 2015 | ||
| 2 | Lead | Jul 2017 | ||
| 1 | Participant | Mar 2014 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Axonics Modulation Technologies
Axonics Modulation Technologies has acquired 1 company to date.
Last acquisition by Axonics Modulation Technologies was on February 25th 2021. Axonics Modulation Technologies acquired Contura for $200M.
Latest Acquisitions by Axonics Modulation Technologies
| Description | Contura is a Lund-headquartered pharmaceutical company specializing in urology and women's health products. It markets Bulkamid hydrogel for stress urinary incontinence treatment, approved in Europe and the US, with clinical data from over 20,000 procedures performed globally. |
| HQ Country | |
| HQ City | London |
| Deal Date | 25 Feb 2021 |
| Valuation | $200M |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Axonics Modulation Technologies acquisitions and their M&A valuation multiples. Start Free Trial | |
Axonics Modulation Technologies Competitors
Axonics Modulation Technologies competitors include listed companies like UBtech Robotics and Abbott India, and private ones like CMR Surgical, Neuralink, Science and Mach Industries.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $3B | - | ||
| Private | - | - | $9B | - | ||
| Private | - | - | $1.5B | - | ||
| Publicly listed | $298M | ($108M) | $5.1B | 9.5x | ||
| Publicly listed | $722M | $199M | $5.7B | 7.4x | ||
| Private | - | - | $3.7B | - |
Axonics Modulation Technologies Public Comps
Axonics Modulation Technologies is no longer listed, but its public comps include iRhythm Holdings, Pulse Biosciences, Envista Holdings, ICU Medical, Amplifon, Jiangsu Yuyue Medical, Ottobock, Imeik Technology Development, Mirion and MGI Tech.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $747M | ($25M) | 5.2x | 4.6x | (151.6x) | 36.4x | |||
| $350K | ($76M) | 10040.2x | 1962.9x | (46.3x) | (52.4x) | |||
| $2.7B | $365M | 1.6x | 1.5x | 11.7x | 10.5x | |||
| $2.2B | $288M | 2.1x | 2.2x | 16.6x | 11.4x | |||
| $2.8B | $572M | 1.7x | 1.7x | 8.3x | 7.4x | |||
| $1.2B | $254M | 3.1x | 3.0x | 14.6x | 15.1x | |||
| $1.9B | $435M | 2.7x | 2.6x | 12.2x | 10.1x | |||
| $366M | $232M | 9.7x | 9.5x | 15.3x | 16.6x | |||
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Common questions about Axonics Modulation Technologies
| When was Axonics Modulation Technologies founded? | Axonics Modulation Technologies was founded in 2012. |
| Where is Axonics Modulation Technologies headquartered? | Axonics Modulation Technologies is headquartered in Los Angeles, CA, United States. |
| Is Axonics Modulation Technologies publicly listed? | No, Axonics Modulation Technologies was acquired by Boston Scientific in January 2024. |
| Who acquired Axonics Modulation Technologies? | Axonics Modulation Technologies was acquired by Boston Scientific in January 2024. |
| How much was Axonics Modulation Technologies acquired for? | Axonics Modulation Technologies was acquired for $3.7B in January 2024, a 9.2x revenue multiple. |
| How much funding has Axonics Modulation Technologies raised? | Axonics Modulation Technologies has raised $146M across 5 funding rounds. |
| What was Axonics Modulation Technologies' last funding round? | Axonics Modulation Technologies' last funding round was a $40M Series C in April 2018, led by Gilde Healthcare, Longitude Capital and Silicon Valley Bank. |
| Who are Axonics Modulation Technologies' investors? | Axonics Modulation Technologies' investors include Andera Partners, Neomed Management, Legend Capital, Cormorant Asset Management, Advent Life Sciences, Gilde Healthcare, Aperture Venture Partners, Silicon Valley Bank and Longitude Capital. |
| Which companies are comparable to Axonics Modulation Technologies? | Companies comparable to Axonics Modulation Technologies include CMR Surgical, Neuralink, Science, UBtech Robotics, Abbott India and Mach Industries. |
| How many companies has Axonics Modulation Technologies acquired? | Axonics Modulation Technologies has acquired 1 company, including Contura. |
| What was the largest acquisition by Axonics Modulation Technologies? | The $200M acquisition of Contura in February 2021 is the largest acquisition Axonics Modulation Technologies has made to date. |
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