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NeurAxis (NYSE American: NRXS) reported a 19.7% revenue decline to $646.6K for Q1 2024, compared to $805.1K in Q1 2023. The decline was due to fewer shipments to certain customers due to insurance reimbursement processing delays.
Despite the revenue drop, the company expanded its covered lives by 400%, reaching 22.5 million from 4.5 million previously. Key partnerships with BCBS in various regions contributed significantly to this growth.
The company announced positive clinical trial results for its IB-Stim™ device, showcasing significant improvements in pediatric patients with DGBIs.
NeurAxis secured $6.1 million in convertible note financing and expects FDA clearance for its new rectal expulsion device (RED) in Q4 2024, which is expected to contribute to revenue growth in 2H24.
However, the company reported a net loss of $2.1 million, a 2.4% improvement from Q1 2023, and an operating loss increase of 104.4% to $1.8 million. The company has $81.7K cash on hand and $1.4 million in short-term debt.
NeurAxis (NYSE American: NRXS), a medical technology company specializing in neuromodulation therapies for chronic and debilitating conditions, will be participating in the Lytham Partners Spring 2024 Investor Conference.
The virtual event will take place on May 30, 2024. The company will present a webcast at 9:30 a.m. ET, which can be accessed via the conference's homepage or directly on the webcast platform. The presentation will be available for replay after the event.
Additionally, NeurAxis's management will engage in virtual one-on-one meetings with investors throughout the conference. Interested parties can arrange these meetings through Lytham Partners by contacting them or registering on the conference website.
NeurAxis announced the expansion of medical policy coverage for its Percutaneous Electrical Nerve Field Stimulation (PENFS) through a Blue Cross Blue Shield (BCBS) licensee in Florida. This new policy covers nearly six million members, increasing the total coverage for IB-Stim to approximately 22.5 million lives. IB-Stim™ is a non-surgical device FDA-cleared for treating functional abdominal pain linked to irritable bowel syndrome (IBS) in adolescents. The expansion aligns with NeurAxis' commercialization strategy and is expected to boost market adoption and revenue growth.
NeurAxis (NRXS), a medical technology company specializing in neuromodulation therapies for chronic conditions, will release its Q1 2024 financial results on May 22, 2024, before market open. The period covered is up to March 31, 2024. A conference call is scheduled for the same day at 9:00 am ET to review the results. NeurAxis has also filed a Form 12b-25, indicating a delay in filing its Form 10-Q, which is now expected to be filed on May 20, 2024.
The conference call can be accessed via a live webcast available in the Investor Relations section of NeurAxis' website, and replay options will be provided. Participants can submit questions through the webcast portal or by emailing NRXS@lythampartners.com.
