NeurAxis Reports Record Second Quarter 2026 Financial Results Driven by 116% Year Over Year Revenue Growth
Rhea-AI Summary
NeurAxis (NYSE American: NRXS) reported record second quarter 2026 results, with revenues rising 116% year over year to $1.93 million, driven by increased payer coverage following the January 1, 2026 Category I CPT code for Percutaneous Electrical Nerve Field Stimulation (PENFS).
Unit deliveries grew 60% year over year and gross margin improved to 85.9% from 83.6%, reflecting a shift from discounted assistance programs to fully reimbursed procedures. Cash stood at $8.3 million on June 30, 2026, with operating cash use reduced to $1.0 million versus $1.5 million a year earlier.
The company highlighted several milestones: VA Federal Supply Schedule contract award, first-ever FDA clearance for IB-Stim in functional dyspepsia abdominal pain (ages 8+), and pediatric guidelines recommending its PENFS technology for functional abdominal pain in IBS.
Positive
- Revenue +116% YoY to $1.93M in Q2 2026
- Unit deliveries +60% YoY in Q2 2026
- Gross margin improved to 85.9% from 83.6% year over year
- Cash balance of $8.3M as of June 30, 2026
- Operating cash use reduced to $1.0M from $1.5M year over year
- First FDA clearance for IB-Stim in functional dyspepsia abdominal pain
- Awarded VA Federal Supply Schedule contract, opening access to VA system
- Category I CPT code effective for PENFS, supporting broader payer coverage
Negative
- Q2 2026 net loss of $2.09M vs $1.69M in Q2 2025
- Operating loss of $2.12M vs $1.72M in Q2 2025
- Selling expenses increased to $0.86M from $0.53M year over year
- R&D expenses rose to $0.27M from $0.12M year over year
- G&A expenses grew to $2.65M from $1.82M year over year
News Explained
The $2.5 million liquidity improvement includes ATM activity, but its share count and dilution effect remain unquantified.
NeurAxis reports a
An ATM program lets the issuer sell new shares gradually at prevailing market prices rather than through one single priced deal. The release does not say how much of the
The
Sources and calculations
- NeurAxis second-quarter 2026 financial results release (2026-08-11)
- At-the-market program definition (undated)
- NeurAxis quarterly earnings report (2026-08-11)
Market Reaction – NRXS
Following this news, NRXS has gained 1.89%, reflecting a mild positive market reaction. The stock is currently trading at $7.00. Trading volume is elevated at 2.7x the average, suggesting notable buying interest.
Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 12 | 1Q26 earnings | Positive | +1.5% | Revenue growth, margin expansion, and improved operating loss supported quarterly results. |
| Mar 19 | 4Q25 earnings | Positive | +2.4% | Quarterly and full-year revenue growth accompanied strategic commercial milestones. |
| Nov 11 | 3Q25 earnings | Positive | -5.9% | Revenue increased, but margin pressure and wider operating loss accompanied reported milestones. |
| Aug 12 | 2Q25 earnings | Positive | +2.5% | Revenue growth, improved operating loss, and expanded clinical milestones marked the quarter. |
| May 12 | 1Q25 earnings | Positive | +16.0% | Revenue growth and expanded covered lives accompanied product and regulatory milestones. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Tag-specific earnings reactions were positive in four of five prior events, with one negative divergence despite positive reported results.
Key Terms
category i cpt code regulatory
at-the-market facility financial
functional dyspepsia medical
neuromodulation medical
AI-generated analysis. How Rhea-AI works. Not financial advice.
Conference call will be held today, Tuesday, August 11 at 9:00 am ET
CARMEL, Ind., Aug. 11, 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 second quarter period ended June 30, 2026.
2Q26 Financial Highlights
- Revenues increased
116% year over year to$1.9M , reflecting continued growth from the Category I CPT code assignment for Percutaneous Electric Nerve Field Stimulation (PENFS) effective January 1, 2026, substantially increasing payer coverage. - Expanded gross margin by 230 basis points as significantly more devices were sold at full reimbursement price reflective of the Category I CPT code payer coverage.
- Cash balance of
$8.3 million as of June 30, 2026. Cash used in operations of$1.0 million in the second quarter of 2026 vs.$1.5 million in the second quarter of 2025.
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.
Management Commentary
Brian Carrico, Chief Executive Officer of NeurAxis, commented: "Our second quarter results exceeded our expectations, but more importantly, we applied the insights gained during the first quarter to make meaningful strategic adjustments and additions that further strengthen our commercial execution. The second quarter again confirmed both the strength of demand for PENFS nationally and the effectiveness of our commercial model. It also reinforced that utilization is highest in markets where access barriers are lower and providers have the right combination of payer coverage, physician engagement, and operational capacity. As a result, we have expanded our commercial organization to focus on regions where insurance coverage is strongest, positioning us to maximize adoption and growth.
"During the quarter, we also continued to improve our average selling price as our revenue mix shifted toward covered and reimbursed procedures and away from discounted financial assistance programs. This transition enhances the quality of our revenue, supports stronger long-term gross margins, and provides a more scalable foundation for future growth. In addition, market feedback continues to reinforce that PENFS is among the most profitable pediatric gastroenterology procedures performed in the office setting when supported by commercial insurance coverage.
"Expanding insurance coverage remains the single most important driver of our long-term growth strategy. While the progress we have made with commercial payers has been encouraging, our experience continues to demonstrate that providers require confidence that a meaningful portion of their patient population is covered before they fully integrate PENFS into routine clinical practice. Accordingly, expanding medical policy coverage remains our highest strategic priority.
"We continue to make meaningful progress with several large commercial payers and are cautiously optimistic that these efforts will result in additional coverage decisions during the second half of 2026 or early 2027. At the same time, we are applying these proven strategies across our broader payer pipeline while enhancing the operational infrastructure that enables providers to efficiently treat patients once coverage is established.
"With a growing base of commercial insurance coverage, increasing physician adoption, and an increasingly focused commercial organization, we believe NeurAxis has successfully transitioned from an access-creation phase to an execution phase. We remain confident that our commercial strategy, combined with continued payer expansion, positions the Company to drive sustainable long-term growth."
Second Quarter 2026 Financial Results
Revenues in the second quarter of 2026 were
Gross margin in the second quarter of 2026 increased to
Selling expenses were
Research and development expenses in the second quarter of 2026 of were
General and administrative expenses were
Operating loss and net loss in the second quarter of 2026 increased
Cash on hand as of June 30, 2026, was
Conference Call Details
Date and Time: Tuesday, August 11, 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/E5zrP9X7wLY
Replay: Toll Free: 1-855-669-9658 (U.S. and Canada toll-free) International: 1-412-317-0088
Replay access code: 8443629
Webcast: https://app.webinar.net/E5zrP9X7wLY
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 June 30, | Six Months Ended June 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Net sales | $ | 1,928,695 | $ | 894,086 | $ | 3,536,578 | $ | 1,789,741 | |||||||
| Cost of goods sold | 272,573 | 146,643 | 490,939 | 286,118 | |||||||||||
| Gross profit | 1,656,122 | 747,443 | 3,045,639 | 1,503,623 | |||||||||||
| Selling expenses | 861,387 | 534,013 | 1,685,724 | 1,034,131 | |||||||||||
| Research and development | 274,344 | 115,197 | 373,911 | 222,201 | |||||||||||
| General and administrative | 2,645,103 | 1,816,091 | 4,851,395 | 4,260,246 | |||||||||||
| Operating loss | (2,124,712 | ) | (1,717,858 | ) | (3,865,391 | ) | (4,012,955 | ) | |||||||
| Other income (expense): | |||||||||||||||
| Interest expense, net | (19,794 | ) | (13,434 | ) | (45,983 | ) | (15,672 | ) | |||||||
| Change in fair value of warrant liability | 2,449 | (119 | ) | (29,057 | ) | 1,712 | |||||||||
| Other income | 56,311 | 40,993 | 93,253 | 57,813 | |||||||||||
| Total other income, net | 38,966 | 27,440 | 18,213 | 43,853 | |||||||||||
| Loss before income taxes | (2,085,746 | ) | (1,690,418 | ) | (3,847,178 | ) | (3,969,102 | ) | |||||||
| Income tax expense | - | - | - | - | |||||||||||
| Net loss | $ | (2,085,746 | ) | $ | (1,690,418 | ) | $ | (3,847,178 | ) | $ | (3,969,102 | ) | |||
