Axonics (AXNX): Competition Coding Questions

We view the competitive pressures for Axonics (AXNX) as manageable following the American Medical Association’s (AMA) disclosure this afternoon that it will create new Category III procedure codes for tibial neurostimulator services [Valencia (private), BlueWind (private)], in that we expect CMS to map these codes to facility-based reimbursement groups that pay ~50% below rates for AXNX sacral nerve procedures.