NeurAxis Reports Record First Quarter 2026 Financial Results Driven by 80% Year Over Year Revenue Growth
Rhea-AI Summary
NeurAxis (NYSE American: NRXS) reported record Q1 2026 revenue of $1.6 million, up 80% year over year, with unit deliveries up 35%. Gross margin rose to 86.4%, and operating loss declined 24%, supported by expanded insurance coverage from the new Category I CPT® code.
Cash was $7.1 million on March 31, 2026, plus $2.1 million raised afterward. NeurAxis highlighted new FDA clearances for IB-Stim, VA Federal Supply Schedule access, and pediatric guideline recommendations, broadening its addressable market.
Positive
- Revenue increased 80% year over year to $1.6 million in Q1 2026
- Unit deliveries grew 35% year over year in Q1 2026
- Gross margin expanded 200 basis points to 86.4%
- Operating loss and net loss decreased 24% and 23% year over year
- Cash balance of $7.1 million plus $2.1 million raised in April 2026
- Category I CPT code effective, supporting broader payor coverage for PENFS
- VA Federal Supply Schedule contract opens access to ~7 million VA patients
- First FDA clearance for abdominal pain in functional dyspepsia with nausea
- Expanded FDA clearance for IB-Stim age range to 8 years and older
- Treatment regimen increased from 3 to 4 IB-Stim devices per patient
- Pediatric guidelines recommend NeurAxis PENFS as the only FDA-cleared option
Negative
- Operating expenses rose 3% year over year to $3.1 million
- Company continues to report operating loss and net loss despite revenue growth
- Recent liquidity improvement relied on at-the-market equity sales and warrant exercises
News Market Reaction – NRXS
In the May 12 session, NRXS gained 1.47%, reflecting a mild positive market reaction. Argus tracked a trough of -11.6% from its starting point during tracking. Our momentum scanner triggered 5 alerts that day, indicating moderate trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 05 | Earnings call announcement | Neutral | +4.7% | Scheduled Q1 2026 results release and business update conference call. |
| Mar 19 | Quarter & year results | Positive | +2.4% | Strong Q4 and FY 2025 revenue growth with key commercial wins. |
| Mar 12 | Earnings call announcement | Neutral | +0.5% | Announced timing and access details for Q4 and FY 2025 call. |
| Nov 11 | Quarterly results | Positive | -5.9% | Q3 2025 revenue up 22% with multiple FDA clearances and CPT code win. |
| Aug 12 | Quarterly results | Positive | +2.5% | Q2 2025 revenue up 46% plus FDA clearance and guideline support. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings-related headlines have usually led to modest positive moves, with one notable selloff despite strong results.
Over the past few quarters, NeurAxis has repeatedly reported strong revenue growth and commercial milestones. Q2 and Q3 2025 earnings showed year-over-year revenue increases of 46% and 22%, supported by FDA clearances and expanding coverage. The Q4/FY 2025 update highlighted continued growth but wider losses. More recently, the May 5 and March 12 earnings-call announcements produced small positive share moves. Today’s Q1 2026 results extend this narrative of revenue acceleration and broader reimbursement adoption.
Key Terms
category i cpt code medical
percutaneous electrical nerve field stimulation (penfs) medical
functional dyspepsia medical
functional abdominal pain medical
irritable bowel syndrome (ibs) medical
fda clearance regulatory
at-the-market equity offering financial
federal supply schedule (fss) regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
Conference call will be held today, Tuesday, May 12 at 9:00 am ET
CARMEL, Ind., May 12, 2026 (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 results for the first quarter period ended March 31, 2026.
1Q26 Financial Highlights
- Revenues increased
80% year over year to$1.6M , reflecting the AMA Category I CPT® code assignment for Percutaneous Electrical Nerve Field Stimulation (PENFS) effective January 1, 2026, substantially increasing payor coverage. - Expanded gross margin by 200 basis points and improved operating loss by
24% year over year as more IB-Stim® devices were sold at full price due to the recently secured Category I CPT® Code. - Cash balance was
$7.1 million as of March 31, 2026. Subsequently, the Company successfully completed an additional$2.1 million through its at-the-market equity offering and warrant exercises in April and May of 2026.
Recent Operational Highlights
- Category I CPT® code assignment to report Percutaneous Electrical Nerve Field Stimulation (PENFS) procedures is now effective, completing a successful commercial milestone for the Company’s proprietary technology, IB-Stim®.
- Awarded a Veterans Affairs Federal Supply Schedule (FSS) contract, officially designating NeurAxis as a federal contractor, demonstrating a clear commercial pathway into the Veterans Affairs health system, which serves ~7 million patients annually.
- Awarded the first-ever FDA clearance for the treatment of abdominal pain in functional dyspepsia (FD), with associated nausea symptoms, in patients 8 years of age and older, expanding the total addressable market for IB-Stim.
- Secured key important academic society guidelines recommendation for treatment of functional abdominal pain (FAP) in irritable bowel syndrome (IBS) in pediatrics. NeurAxis’s PENFS technology is the only FDA-cleared or approved treatment recommended in the pediatrics guidelines, enabling momentum for large-scale insurance coverage for IB-Stim.
- Received expanded FDA clearance for the age and treatment time per patient for IB-Stim in the 2nd half of 2025:
- The age range expanded from 8-21 years to 8 years and older.
- The new recommended treatment per patient increased from 3 devices to 4 devices, one device per week, for 4 consecutive weeks.
Management Commentary
Brian Carrico, Chief Executive Officer of NeurAxis, commented, “The first quarter marked a transformational period for NeurAxis, representing our first full quarter operating with the Category I CPT® code for PENFS in effect. This provided our clearest view to date into the key drivers of adoption, and where we will focus our resources. We delivered a strong
“Our value proposition continues to resonate with payers, patients, and physicians. IB-Stim addresses a significant unmet need in disorders of the gut-brain interaction. Our products favorable safety profile serves as a beneficial alternative to off-label drug use, including medications with FDA black-box warnings. Expanded clinical evidence, accepted published guidelines, the Category I CPT code, and growing payer adoption together provide a strong foundation for continued coverage expansion.”
First Quarter 2026 Financial Results
Revenues in the first quarter of 2026 of
Gross margin in the first quarter of 2026 increased to
Operating expenses in the first quarter of 2026 of
Operating loss and net loss in the first quarter of 2026 decreased
Cash on hand as of March 31, 2026, was
Conference Call Details
Date and Time: Tuesday, May 12, 2026, at 9:00am ET
Toll Free: 1-877-270-2148 (U.S. and Canada toll-free) International: 1-412-317-6060
Webcast: https://app.webinar.net/892nzbBzqeJ
Replay: Toll Free: 1-855-669-6958 (U.S. and Canada toll-free) International: 1-412-317-0088
Replay access code: 5040620
Webcast: https://app.webinar.net/892nzbBzqeJ
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 the adoption of IB-Stim, 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 in irritable bowel syndrome (IBS) and functional dyspepsia, including FD-linked nausea symptoms in patients ages 8 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.
For contraindications, precautions, warnings, and IFU, please see: https://ibstim.com/important-information/.
For important RED information, including indications, precautions, and contraindications, visit: https://red4constipation.com/information/
Contacts:
Company
NeurAxis, Inc.
info@neuraxis.com
Investor Relations
Lytham Partners
Ben Shamsian
646-829-9701
shamsian@lythampartners.com
| NeurAxis, Inc. Condensed Statements of Operations | |||||||
| (Unaudited) | |||||||
| Three Months Ended Mar 31, | |||||||
| 2026 | 2025 | ||||||
| Net sales | $ | 1,607,883 | $ | 895,655 | |||
| Cost of goods sold | 218,366 | 139,475 | |||||
| Gross profit | 1,389,517 | 756,180 | |||||
| Selling expenses | 824,336 | 500,119 | |||||
| Research and development | 99,567 | 117,867 | |||||
| General and administrative | 2,206,293 | 2,433,292 | |||||
| Operating loss | (1,740,679 | ) | (2,295,098 | ) | |||
| Other (expense) income: | |||||||
| Interest expense, net | (26,189 | ) | (2,237 | ) | |||
| Change in fair value of warrant liability | (31,506 | ) | 1,831 | ||||
| Other income | 36,942 | 16,820 | |||||
| Total other (expense) income, net | (20,753 | ) | 16,414 | ||||
| Net loss | $ | (1,761,432 | ) | $ | (2,278,684 | ) | |
