NeurAxis, Inc. ( (NRXS) ) has released its Q3 earnings. Here is a breakdown of the information NeurAxis, Inc. presented to its investors.
NeurAxis, Inc. is a medical technology company specializing in neuromodulation therapies to treat chronic and debilitating conditions in both children and adults. They focus on advancing science and evidence-based medicine with their FDA-cleared IB-Stim™ therapy, which targets functional abdominal pain associated with irritable bowel syndrome in adolescents.
In the third quarter of 2024, NeurAxis reported a 40% increase in revenues, reaching $667,000 compared to the previous year. This growth is attributed to the rising demand for their IB-Stim product. The company has also expanded its insurance coverage significantly, now encompassing approximately 35 million lives.
Key financial metrics showed considerable improvement with operating losses reduced by 45% and net losses decreased by 80%. Strategic milestones include obtaining FDA clearance for an expanded age range for their IB-Stim product and acquiring a new CPT Category I code for their PENFS procedures. Additionally, they secured a $5 million investment to bolster their financial standing.
Looking forward, NeurAxis remains committed to expanding its clinical research and insurance coverage, aiming to enhance the adoption of its technologies. The company’s management expresses cautious optimism about achieving further growth and success in their business plans for the upcoming quarters.
