NeurAxis Reports Record Third Quarter 2026 Financial Results Driven by 150% Year Over Year Revenue Growth

Broader reimbursement lifted sales and gross margin, while higher expenses widened the quarterly net loss.

Rhea-AI Summary

NeurAxis (NYSE American: NRXS) reported third-quarter 2026 revenue growth of 150% year over year as insurance coverage supported higher IB-Stim sales. Revenue reached $2,027,904, versus $811,414 a year earlier, and unit deliveries rose 92%. Gross margin increased 330 basis points to 86.6%, reflecting more sales at full reimbursement pricing following the Category I procedure code’s January 1, 2026 effective date.

Net loss widened to $6,545,442 from $2,122,796. General and administrative expenses included $4.3 million in one-time stock compensation charges. Cash fell to $4.5 million at September 30 from $8.3 million at June 30; a subsequent at-the-market offering raised $1.7 million. Insurance coverage now exceeds 147 million lives. IB-Stim also received FDA clearance for functional dyspepsia-related abdominal pain with associated nausea in patients ages 8 and older.

10 points · 0 major

PositiveiHow this balance works

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0 major · 6 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointThird-quarter revenue increased 150% year over year to $2,027,904 from $811,414.
• Moderate pointIB-Stim unit deliveries increased 92% year over year following broader payer coverage.
• Moderate pointGross margin increased 330 basis points year over year to 86.6% as full-reimbursement sales increased.
• Moderate pointFDA clearance expanded IB-Stim treatment to functional dyspepsia-related abdominal pain with associated nausea, ages 8 and older.
• Moderate pointInsurance coverage expanded to over 147 million lives through policies from multiple national health insurers.
• Moderate pointFourth-quarter financing raised an additional $1.7 million through the at-the-market facility. 2.2% of market cap

4 minor points

• Minor pointPediatric guidelines recommended PENFS, or nerve-field stimulation, for functional abdominal pain in irritable bowel syndrome.
• Minor pointVeterans Affairs Federal Supply Schedule contract established a commercial pathway into the VA health system.
• Minor point. Forward-looking: it has not happened yet and may not happen.Commercial expansion plans include hiring a Chief Commercial Officer and Vice President of Market Access.
• Minor pointAdditional clinical trials commenced to advance IB-Stim indications, including adult research studies.

Negative

• Moderate pointQuarterly net loss widened to $6,545,442 from $2,122,796 a year earlier.
• Moderate pointCash balance declined to $4.5 million at September 30, 2026, from $8.3 million at June 30, 2026.
• Minor pointQuarterly operating loss widened to $6,578,923 from $2,100,085 a year earlier.
• Minor pointGeneral and administrative expenses rose to $7,045,104 from $1,882,614, including $4.3 million in one-time stock compensation.
• Minor pointSelling expenses increased to $1,001,315 from $762,548 a year earlier.
• Minor pointResearch and development expenses increased to $288,745 from $130,850 a year earlier.

News Explained

The fourth-quarter ATM added $1.7 million after quarter-end; September 30 cash equaled 181.6 days of the last reported operating cash use.

NeurAxis says it raised $1.7 million in the fourth quarter through its at-the-market facility, which sells newly issued shares gradually into the market and can dilute existing holders.

The September 30, 2026 cash balance, before the later ATM proceeds, equaled 181.6 days of the last reported operating cash use.

Sources and calculations

• NeurAxis third-quarter 2026 results release (2026-11-09)
• At-the-market program definition (undated)
• NeurAxis 2026Q3 fundamentals (2026Q3)

• Available liquidity against the last reported quarterly operating outflow, in days at that rate $4,476,617 / ($2,268,339 / 92) = 181.6 days

Key Figures

Revenue: $2.0 million; +150% year over year Unit deliveries: +92% year over year Gross margin: 86.6%; +330 basis points year over year +5 more

Revenue

$2.0 million; +150% year over year

Third quarter 2026

Unit deliveries

+92% year over year

IB-Stim, third quarter 2026

Gross margin

86.6%; +330 basis points year over year

Third quarter 2026

Operating and net loss

$6.5 million vs. $2.1 million

Third quarter 2026 vs. third quarter 2025

General and administrative expenses

$7.0 million vs. $1.9 million

Third quarter 2026 vs. third quarter 2025

Cash balance

$4.5 million

As of September 30, 2026

At-the-market proceeds

$1.7 million

Raised in the fourth quarter of 2026

Covered lives

Over 147 million

PENFS insurance coverage footprint

Previous Earnings Reports

3 past events · Latest: Aug 11

Same Type 3 events

1. Aug 11

   Q2 earnings

   24h Move

   -7.6%

   Revenue rose 116% with unit deliveries up 60% and gross margin reaching 85.9%.

2. May 12

   Q1 earnings

   24h Move

   +1.5%

   Revenue grew 80%, unit deliveries rose 35%, and gross margin reached 86.4%.

3. Nov 11

   Q3 earnings

   24h Move

   -5.9%

   Revenue rose 22%, while gross margin declined and operating loss widened year over year.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

at-the-market facility, category i cpt code, functional dyspepsia, fda clearance

4 terms

at-the-market facility financial

"The Company subsequently raised an additional $1.7 million through its at-the-market facility."

An at-the-market facility is a standing arrangement that lets a publicly traded company sell new shares directly into the open market at whatever the current market price is, typically through an investment bank acting as a sales agent. For investors it matters because it provides the company with a flexible way to raise cash without a large, one-time share offering; however, selling additional shares can dilute existing ownership and, by increasing supply, may pressure the stock price like adding more tickets to a limited-seat event.

category i cpt code regulatory

"Unit deliveries increased 92%, benefitting from the Category I CPT code effective January 1, 2026"

A Category I CPT code is a five-digit medical billing number used to describe commonly performed procedures and services so insurers and providers speak the same language when submitting claims and paying bills. For investors, these codes matter because they determine how easily and consistently a treatment or test can be billed and reimbursed—think of them like a standardized barcode that helps forecast revenue, adoption, and insurance coverage risks for healthcare products and services.

functional dyspepsia medical

"the treatment of abdominal pain in functional dyspepsia (FD)"

A common chronic disorder of the upper digestive tract that causes recurring stomach discomfort, bloating, early fullness, and nausea without an obvious structural cause. Think of it as a repeatedly upset stomach that persists and interferes with daily life; for investors it matters because its high prevalence and limited effective treatments drive demand for new drugs, diagnostics, and therapies, affecting commercial prospects and regulatory attention in the gastrointestinal market.

fda clearance regulatory

"Awarded the first-ever FDA clearance for the treatment of abdominal pain"

FDA clearance is the U.S. Food and Drug Administration’s official permission to market certain medical devices or diagnostic tests after reviewing evidence that they are as safe and effective as similar products already on the market. For investors, it’s like a product passing a required safety inspection — it reduces regulatory uncertainty, speeds commercial rollout, and can directly affect sales prospects, valuation, and partnership opportunities.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Conference call will be held today, Monday, November 9 at 9:00 am ET

CARMEL, Ind., Nov. 09, 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 third quarter period ended September 30, 2026.

3Q26 Financial Highlights

• Revenues increased significantly, 150% year over year to $2.0 million.
• Unit deliveries increased 92%, benefitting from the Category I CPT code effective January 1, 2026, substantially increasing payer coverage.
• Expanded gross margin by 330 basis points as significantly more devices were sold at full reimbursement price reflective of the Category I CPT code payer coverage.
• Cash balance of $4.5 million as of September 30, 2026. The Company subsequently raised an additional $1.7 million through its at-the-market facility.
  
  

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 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.
• Received medical coverage policy from multiple major national health insurers for PENFS, expanding national coverage footprint to over 147 million lives.
• 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.
• 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.
  
  

Management Commentary

Brian Carrico, Chief Executive Officer of NeurAxis, commented: "We are extremely pleased with the results for the quarter. Our sales team has gained momentum from the increase of insurance coverage and we are expecting that trend to accelerate as we secure the last large insurers in the very near future. Revenue growth accelerated in the third quarter as expanded insurance coverage drove increased utilization of IB-Stim, with revenue rising 150% year over year to $2.0 million and unit deliveries increasing 92%. We also achieved a gross margin of 86.6%, up 330 basis points from the prior-year period, as more devices were sold at full reimbursement pricing. These results highlight the commercial impact of the Category I CPT code and our success in securing broader payer coverage.

We continue to execute on our reimbursement strategy, with insurance coverage now extending to more than 147 million lives. This rapidly expanding coverage base is improving patient access and creating opportunities to dramatically increase physician adoption. Our focus is on converting these coverage gains into higher treatment volumes and sustained revenue growth, while continuing to pursue additional payer policies.

To support that, we have launched an effort to expand our commercial team, including the hiring of a Chief Commercial Officer and a Vice President of Market Access. These investments are designed to strengthen our engagement with physicians and payers, support providers through the reimbursement process and drive higher utilization in covered markets.

As we invest in this next phase of growth, disciplined balance sheet management remains a priority. We are directing capital toward initiatives we believe can deliver the greatest commercial impact, while carefully managing spending. Preserving financial flexibility will allow us to support the commercial expansion needed to capture this opportunity while maintaining a clear focus on capital efficiency. Our goal is to build on the quarter’s revenue and margin performance, expand the business efficiently and deliver sustainable returns for our shareholders.”

Third Quarter 2026 Financial Results

Revenues in the third quarter of 2026 were $2.0 million, up 150% compared to $0.8 million in the third quarter of 2025. IB-Stim unit deliveries increased 92% year over year due to Company’s Category I CPT code becoming effective January 1, 2026, and the resulting increase in payer coverage.

Gross margin in the third quarter of 2026 increased 330 basis points year over year to 86.6%, due to a higher average selling price as the unit mix shifted from devices delivered pursuant to the Company’s discounted financial assistance program to full reimbursement pricing as more payers cover treatment under the Category I CPT code.

Selling expenses were $1.0 million in the third quarter of 2026 compared to $0.8 million in the third quarter of 2025 driven by variable compensation attributable to the Company’s strong sales growth.

Research and development expenses were $0.3 million in the third quarter of 2026 compared to $0.1 million in the third quarter of 2025 as the Company commenced more clinical trials to advance its IB-Stim FDA indications, including adult research studies.

General and administrative expenses were $7.0 million in the third quarter of 2026 compared to $1.9 million in the third quarter of 2025 primarily due to one-time, non-recurring stock compensation charges of $4.3 million, incremental stock compensation expense from the third year of a three-year vesting plan and higher market access costs, including additional headcount and associated recruiting fees, as the Company continued its pursuit of incremental insurance payer coverage. 

Operating loss and net loss in the third quarter of 2026 were $6.5 million compared to $2.1 million for the same period in 2025, reflecting one-time, non-recurring stock compensation charges totaling $4.3 million, partially offset by higher gross profit generated from higher unit deliveries.

Cash on hand as of September 30, 2026, was $4.5 million. The decrease from $8.3 million as of June 30, 2026, was primarily due to the payment of employee withholding taxes related to the net settlement of restricted stock units issued upon the cancelation of stock options. The Company has since improved its liquidity position by raising $1.7 million through the utilization of its at-the-market facility in the fourth quarter of 2026.

Conference Call Details

Date and Time: Monday, November 9, 2026, at 9:00am ET

Toll Free: 1-833-862-0272 (U.S. and Canada toll-free) International: 1-412-634-5915
Webcast: https://app.webinar.net/B2bPr8Dro8e

Replay: Toll Free: 1-855-669-9658 (U.S. and Canada toll-free) International: 1-412-317-0088
Replay access code: 9067695
Webcast: https://app.webinar.net/B2bPr8Dro8e

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								Three Months Ended
		September 30,								September 30,
			2026				2025				2026				2025
Net sales		$	2,027,904			$	811,414			$	5,564,483			$	2,601,155
Cost of goods sold			271,663				135,487				762,601				421,265
Gross profit			1,756,241				675,927				4,801,882				2,179,890
Selling expenses			1,001,315				762,548				2,687,039				1,694,354
Research and development			288,745				130,850				645,123				347,433
General and administrative			7,045,104				1,882,614				11,914,035				6,251,143
Operating loss			(6,578,923	)			(2,100,085	)			(10,444,315	)			(6,113,040	)
Other income (expense):
Financing charges			-				(30,240	)			-				(30,240	)
Interest expense, net			(20,126	)			(29,661	)			(66,109	)			(45,333	)
Change in fair value of warrant liability			(1,837	)			(1,740	)			(30,894	)			(28	)
Other income			55,444				38,930				148,698				96,743
Total other income (expense), net			33,481				(22,711	)			51,695				21,142
Net loss		$	(6,545,442	)		$	(2,122,796	)		$	(10,392,620	)		$	(6,091,898	)

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much did NeurAxis revenue grow in the third quarter of 2026?

NeurAxis revenue increased 150% year over year to $2,027,904, compared with $811,414 in the third quarter of 2025. IB-Stim unit deliveries rose 92%, while gross margin increased 330 basis points to 86.6% as more devices sold at full reimbursement pricing.

Was NeurAxis profitable in the third quarter of 2026?

NeurAxis reported a net loss of $6,545,442, compared with $2,122,796 a year earlier. General and administrative expenses included $4.3 million in one-time, non-recurring stock compensation charges.

Why did NeurAxis cash decline during the third quarter of 2026?

The cash decline primarily reflected employee withholding-tax payments related to the net settlement of restricted stock units issued upon cancellation of stock options. Cash was $4.5 million at September 30, versus $8.3 million at June 30. NeurAxis subsequently raised $1.7 million through its at-the-market facility in the fourth quarter.