NeurAxis Reports Strong Fourth Quarter and Full Year 2025 Financial Results
Rhea-AI Summary
NeurAxis (NYSE: NRXS) reported strong revenue growth and strategic commercial wins for 4Q25 and FY2025. Revenue grew 27% in 4Q25 to $968k and 33% for FY2025 to $3.6M. Operating loss widened to $1.7M in 4Q25 and $7.8M for FY2025; cash was $5.0M at year-end.
Key commercial milestones include a Category I CPT code effective Jan 1, 2026, a VA Federal Supply Schedule contract, expanded FDA clearance for IB-Stim for abdominal pain in patients 8+ years, and post-year At-The-Market proceeds of $2.6M.
Positive
- Revenue +33% FY2025 to $3.6M
- Unit sales +44% FY2025
- Category I CPT code effective Jan 1, 2026; >100M covered lives
- VA Federal Supply Schedule contract awarded
- FDA clearance expanded to treat abdominal pain in patients 8 years+
- Raised $2.6M post-year via ATM and warrants
Negative
- Operating loss +9% FY2025 to $7.8M
- Operating loss +17% Q4 2025 to $1.7M
- Cash used in operations $6.4M in FY2025
- Year-end cash $5.0M may pressure short-term liquidity
- SG&A expenses +14% FY2025 driven by legal settlement and hiring
Key Figures
Market Reality Check
Peers on Argus
NRXS fell 3.05% while key peers AKTX (-18.21%), ICU (-4.08%), LIXT (-4.41%), and RNTX (-4.96%) also traded lower, but no peers appeared in the momentum scanner, pointing to a stock-specific move rather than a coordinated sector rotation.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 12 | Earnings call notice | Neutral | +0.5% | Scheduled Q4 and FY2025 results call with webcast and Q&A details. |
| Nov 11 | Q3 2025 results | Positive | -5.9% | Q3 2025 revenue up 22% with higher unit growth but wider operating loss. |
| Aug 12 | Q2 2025 results | Positive | +2.5% | Q2 2025 revenue growth of 46% and improved operating loss with strong milestones. |
| May 12 | Q1 2025 results | Positive | +16.0% | Q1 2025 revenue up 39% and expanded coverage to 51 million lives. |
| Mar 20 | Q4 2024 results | Positive | -0.9% | Q4 2024 revenue up 43% and FY2024 revenue of $2.7M with better losses. |
Earnings and related updates have generally been received positively, but there are notable instances where strong growth headlines coincided with negative next-day moves.
Across prior earnings-linked events, NeurAxis repeatedly highlighted strong year-over-year revenue growth, such as Q1 2025 revenue rising to $896,000, Q2 to $894,000, Q3 to $811,000, and FY2024 revenue of $2.7 million. These were paired with expanding covered lives (up to 55 million) and reimbursement milestones like the Category I CPT code effective January 1, 2026. However, price reactions have been mixed, with some strong reports (e.g., Q1 2025, +16%) followed by others where good fundamentals were met with selling.
Historical Comparison
Past earnings and related updates for NRXS moved the stock an average of 2.44% over 24 hours. Today’s -3.05% reaction to strong FY2025 growth sits on the weaker side of that history.
Earnings updates across Q1–Q3 2025 showed revenue growth of 39%, 46%, and 22%, followed by FY2024 revenue of $2.7M and now FY2025 revenue of $3.6M, reflecting a consistent expansion trajectory alongside reimbursement and coverage milestones.
Market Pulse Summary
This announcement details strong Q4 and FY2025 revenue growth—up 27% and 33% year over year—alongside high gross margins in the mid-80% range but larger operating losses of $1.7 million for Q4 and $7.8 million for the year. Key milestones include a Category I CPT code, VA FSS contract, and expanded FDA clearances for IB-Stim. Investors may watch cash use, now $5.0 million year-end plus $2.6 million raised post‑period, and how reimbursement and unit growth balance margin pressure.
Key Terms
category i cpt code regulatory
fda clearance regulatory
at-the-market equity offering financial
cpt code regulatory
AI-generated analysis. Not financial advice.
Conference call will be held today, Thursday, March 19 at 9:00 am ET
CARMEL, Ind., March 19, 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 fourth quarter period and full year ended December 31, 2025.
4Q25 Financial Highlights
- Revenues increased
27% year over year to$968 thousand in 4Q25. - Operating loss increased
17% year over year, primarily due to higher selling expenses directly related to increased sales volume and compensation expenses to facilitate growth. - Cash balance was
$5.0 million as of December 31, 2025.
FY2025 Financial Highlights
- Revenues for FY2025 increased
33% year over year to$3.6 million . - Operating loss increased
9% year over year, primarily due to a one-time non-recurring legal settlement. Excluding the legal settlement, the Company’s operating loss was flat year over year despite its investment in selling expenses that were offset by higher gross profit from increased sales volume.
Recent Operational Highlights
- Category I CPT® code assignment to report Percutaneous Electrical Nerve Field Stimulation (PENFS) procedures is now in effect, 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 and creates a clear commercial pathway into the Veterans Affairs health system, which serves nearly 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 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 and expanded FDA clearance for the age and treatment time per patient for IB-Stim:
- The age range expanded from 8-21 years to 8 years and older.
- The 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: “We believe NeurAxis has entered a new phase of its growth trajectory. With the Category I CPT code now in effect with positive policy coverage for more than 100 million covered lives, the foundation for scalable adoption of IB-Stim is firmly in place, and the opportunity in front of us is significantly easier for the market to understand.
Our highest priority remains expanding medical policy coverage across the payer landscape, as each additional coverage win meaningfully increases patient access and reduces friction for providers. In parallel, our internal prior-authorization team continues to expand, helping hospital partners streamline reimbursement and increase confidence in adopting IB-Stim.
The early part of 2026 has been focused on deploying our commercial strategy, learning from real-world utilization, and identifying the key drivers that accelerate adoption. With those insights now in hand and the reimbursement framework established, we believe we are positioned at the beginning of a multi-year growth cycle, with our focus squarely on disciplined execution and scaling utilization nationwide.”
Fourth Quarter and Fiscal Year 2025 Financial Results
Revenues in the fourth quarter of 2025 were
Revenue in fiscal year 2025 was
Gross margin in the fourth quarter of 2025 of
Gross margin in fiscal year 2025 of
Selling, general and administrative expenses in the fourth quarter of 2025 were
Selling, general, and administrative expenses in fiscal year 2025 were
Operating loss in the fourth quarter of 2025 was
Operating loss in fiscal year 2025 was
Net loss in the fourth quarter of 2025 was
Net loss for the full year 2025 was
Cash on hand as of December 31, 2025, was
Conference Call Details
Date and Time: Thursday, March 19, 2026, at 9:00am ET
Live Webcast Information: Interested parties can access the conference call via a live webcast, which is available in the Investor Relations section of the Company's website at https://ir.neuraxis.com/ or https://edge.media-server.com/mmc/p/4ig827me. For participants listening through the webcast, questions can be sent in through the portal using the “Ask a Question” link or by emailing questions to NRXS@lythampartners.com.
Call-in Information: Interested parties can also access the live conference call by initially registering at the following link. Upon completion of the registration link, call-in participants will receive the dial-in info and a unique PIN to join the call as well as an email confirmation with the details.
Replay: A webcast replay will be available in the Investor Relations section of the Company's website at https://ir.neuraxis.com/ or https://edge.media-server.com/mmc/p/4ig827me.
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 | |||||||
| For the Years Ended December 31, | |||||||
| 2025 | 2024 | ||||||
| Net sales | $ | 3,569,282 | $ | 2,685,925 | |||
| Cost of goods sold | 562,916 | 362,002 | |||||
| Gross profit | 3,006,366 | 2,323,923 | |||||
| Selling expenses | 2,279,974 | 1,468,884 | |||||
| Research and development | 493,611 | 433,614 | |||||
| General and administrative | 8,062,689 | 7,578,242 | |||||
| Operating loss | (7,829,908 | ) | (7,156,817 | ) | |||
| Other income (expense): | |||||||
| Financing charges | (30,240 | ) | (230,824 | ) | |||
| Interest expense, net | (73,969 | ) | (174,328 | ) | |||
| Change in fair value of warrant liability | (7,634 | ) | (941 | ) | |||
| Amortization of debt discount and issuance costs | - | (126,387 | ) | ||||
| Other income (expense) | 141,196 | (552,204 | ) | ||||
| Total other income (expense), net | 29,353 | (1,084,684 | ) | ||||
| Net loss | $ | (7,800,555 | ) | $ | (8,241,501 | ) | |
FAQ
What were NeurAxis (NRXS) revenue and growth for Q4 2025 and FY2025?
How did NeurAxis (NRXS) profitability and losses change in FY2025?
What commercial milestones did NeurAxis (NRXS) announce on March 19, 2026?
What FDA and clinical expansions did NeurAxis (NRXS) report for IB-Stim?
What is NeurAxis's cash position and recent financing as of March 19, 2026?
