NeurAxis Announces New Medical Policy Coverage in Michigan, Adding 566,000 Covered Lives

Rhea-AI Summary

NeurAxis (NYSE:NRXS) announced new medical policy coverage for Percutaneous Electrical Nerve Field Stimulation (PENFS) in Michigan, adding approximately 566,000 covered lives and bringing estimated national coverage to about 55 million lives.

The policy gives roughly 82% of commercially insured pediatric beneficiaries in Michigan access to PENFS. IB-Stim is FDA-cleared for functional abdominal pain related to IBS and Functional Dyspepsia for patients aged 8+. A Category I CPT code becomes effective January 1, 2026, and management cites ongoing payer discussions and a strengthened balance sheet to support expected revenue growth.

Positive

• 566,000 new covered lives in Michigan
• State pediatric access at 82% of commercially insured beneficiaries
• Total national coverage increased to ~55 million lives
• Category I CPT code effective Jan 1, 2026 for PENFS billing
• IB-Stim holds FDA clearance for pediatric abdominal pain (8+)

Negative

• None.

Insights

Payer Access Strategist

New Michigan medical policy meaningfully expands access to PENFS, improving commercial coverage breadth and near-term reimbursement visibility.

NeurAxis gained policy coverage for Percutaneous Electrical Nerve Field Stimulation (PENFS) that adds 566,000 covered lives in Michigan and brings national coverage to about 55,000,000 lives; this increases access so that roughly 82% of commercially insured pediatric beneficiaries in Michigan are covered. The change directly reduces a key non‑clinical barrier to utilization by creating a payer‑backed pathway for clinicians to bill for IB‑Stim under medical policy.

Primary dependencies include actual payer reimbursement rates, utilization among eligible patients, and clinical coding clarity ahead of the January 1, 2026 Category I CPT code effective date. Watch for published policy language that specifies covered indications, prior‑authorization requirements, and allowed billing codes; these details will determine near‑term uptake and revenue realization within the next 6–12 months.

Commercial Growth Analyst

The new Michigan policy and stated national coverage increase the probability of measurable commercial revenue expansion if utilization follows coverage.

Coverage for IB‑Stim in Michigan increases the addressable commercially insured pediatric population and formally recognizes PENFS in payer policy, which often precedes predictable reimbursement and scaled ordering by clinics. The announcement notes ongoing discussions with major insurers and cites a Category I CPT code effective January 1, 2026, both of which typically improve billing consistency and margins once operationalized.

Key near‑term items to monitor are the pace of payer policy rollouts from the named large insurers, any specific utilization management rules in the new Michigan policy, and reported uptake metrics (prescriptions/placements) over the next 6–12 months. If coverage converts to actual claims payments and utilization rises, revenue and margin expansion may follow; if utilization stalls, the coverage will still be a structural plus but with muted financial impact.

CARMEL, Ind., Nov. 12, 2025 (GLOBE NEWSWIRE) -- NeurAxis, Inc. (“NeurAxis” or the “Company”) (NYSE American: NRXS), a medical technology company commercializing neuromodulation therapies for chronic and debilitating conditions in children and adults, today announced new medical policy coverage for Percutaneous Electrical Nerve Field Stimulation (PENFS), representing approximately 566,000 total covered lives, in Michigan. With this addition, approximately 82% of commercially insured pediatric beneficiaries in Michigan now have access to PENFS under medical policy. This expansion increases NeurAxis’ total national coverage to roughly 55 million total lives, with additional payer decisions from major insurers expected in the coming months.

NeurAxis’ proprietary PENFS technology, IB-Stim, is FDA-cleared for the treatment of functional abdominal pain associated with irritable bowel syndrome (IBS) and Functional Dyspepsia (nausea symptoms) in patients 8 years and older. IB-Stim is a non-invasive neuromodulation device that gently stimulates cranial nerve bundles in the ear to help regulate pain signaling between the gut and the brain. Currently, no FDA-approved drug therapies exist for pediatric patients with abdominal pain-related disorders of gut-brain interaction (DGBIs), a significant unmet medical need. In the absence of approved options, off-label prescription drugs are often used, despite limited efficacy data and potential safety concerns—underscoring IB-Stim’s unique position as the only FDA-cleared therapy specifically designed for this large and underserved pain related patient population.

“We remain focused on expanding insurance coverage for IB-Stim to make this much-needed therapy for abdominal pain associated with IBS and Functional Dyspepsia more accessible and affordable for patients,” said Brian Carrico, CEO of NeurAxis. “Our payer engagement strategy is progressing well, with several of the nation’s largest insurers now in active discussions as they approach policy review cycles over the next eight months. With a Category I CPT code taking effect January 1, 2026, and our proprietary PENFS technology recognized in leading clinical practice guidelines, we believe NeurAxis is positioned for meaningful revenue growth and margin expansion. Supported by a strengthened balance sheet, we are ready to capitalize on the accelerating demand ahead.”

About NeurAxis, Inc.
NeurAxis, Inc., is a medical technology company focused on neuromodulation therapies to address chronic and debilitating conditions in children and adults. NeurAxis is dedicated to advancing science and leveraging evidence-based medicine to drive adoption of its IB-Stim™ therapy, which is its proprietary Percutaneous Electrical Nerve Field Stimulation (PENFS) technology, by the medical, scientific, and patient communities. IB-Stim™ is FDA cleared for functional abdominal pain associated with irritable bowel syndrome (IBS) and functional dyspepsia in patients 8 years and older. Additional clinical trials of PENFS in multiple pediatric and adult conditions with large unmet healthcare needs are underway. For more information, please visit http://neuraxis.com.

Forward-Looking Statements
Certain statements in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements are based on management’s current assumptions and expectations of future events and trends, which affect or may affect the Company’s business, strategy, operations or financial performance, and actual results and other events may differ materially from those expressed or implied in such statements due to numerous risks and uncertainties. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. There are a number of important factors that could cause actual results, developments, business decisions or other events to differ materially from those contemplated by the forward-looking statements in this press release. These factors include, among other things, the conditions in the U.S. and global economy, the trading price and volatility of the Company’s stock, public health issues or other events, the Company’s compliance with applicable laws, the results of the Company’s clinical trials and perceptions thereof, the results of submissions to the FDA, and factors described in the Risk Factors section of NeurAxis’s public filings with the Securities and Exchange Commission (SEC). Because forward-looking statements are inherently subject to risks and uncertainties, you should not rely on these forward-looking statements as predictions of future events. These forward-looking statements speak only as of the date of this press release and, except to the extent required by applicable law, the Company undertakes no obligation to update or revise these statements, whether as a result of any new information, future events and developments or otherwise.

Contacts:

Company
NeurAxis, Inc.
info@neuraxis.com
For contraindications, precautions, warnings, and IFU, please see: https://ibstim.com/important-information/.

Investor Relations
Lytham Partners
Ben Shamsian
646-829-9701
shamsian@lythampartners.com

FAQ

What change did NeurAxis (NRXS) announce on November 12, 2025 regarding coverage in Michigan?

NeurAxis announced new medical policy coverage for PENFS in Michigan adding about 566,000 covered lives on November 12, 2025.

How much of Michigan's commercially insured pediatric population now has access to IB-Stim (NRXS)?

Approximately 82% of commercially insured pediatric beneficiaries in Michigan now have access to PENFS under medical policy.

What is NeurAxis' (NRXS) estimated total national coverage after the Michigan decision?

The company estimates total national coverage of roughly 55 million lives after the Michigan policy addition.

When does the Category I CPT code for PENFS take effect for NRXS billing?

The Category I CPT code for PENFS is scheduled to take effect on January 1, 2026.

What indications is IB-Stim cleared for and what patient age group does NRXS target?

IB-Stim is FDA-cleared for functional abdominal pain associated with IBS and Functional Dyspepsia in patients aged 8 years and older.

Does the NeurAxis announcement (NRXS) promise immediate revenue figures or guaranteed insurer adoption?

No specific revenue figures were disclosed; the company said additional payer decisions are expected in the coming months but did not guarantee outcomes.