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NeurAxis, Inc. commercializes neuromodulation therapies for chronic and debilitating conditions in children and adults. The company’s proprietary IB-Stim product uses Percutaneous Electrical Nerve Field Stimulation, or PENFS, and is FDA cleared for functional abdominal pain associated with irritable bowel syndrome, functional dyspepsia, and FD-related nausea symptoms in patients 8 years and older.
Recurring NeurAxis news includes FDA clearance updates, reimbursement and coding developments, medical policy coverage decisions, commercial access through payer and government channels, and adoption of PENFS in clinical practice. Company updates also cover quarterly financial results, business update calls, preferred stock dividends, equity and balance-sheet activity, and changes involving licensed neuromodulation assets.
NeurAxis, Inc. (NYSE American: NRXS) has announced medical policy coverage for Percutaneous Electrical Nerve Field Stimulation (PENFS) by Blue Cross Blue Shield (BCBS) of Vermont, effective October 1, 2024. This coverage brings the national total for PENFS to approximately 23 million, with more decisions from major payers pending. NeurAxis' IB-Stim™ device, which uses PENFS technology, is FDA-cleared for functional abdominal pain associated with irritable bowel syndrome (IBS) in adolescents aged 11-18 years.
The company's CEO, Brian Carrico, expressed excitement about the coverage expansion in Vermont and stated that NeurAxis is on track to achieve its goal of having medical policy coverage for at least 50 million lives by the end of 2024. This expansion is expected to drive market adoption of their technology and set the stage for significant revenue growth in late 2024 and into 2025.
NeurAxis Inc (NYSE American: NRXS) reported Q2 2024 financial results. Key highlights include:
- Expanded covered lives to 22.5 million, up from 4.5 million in May 2023
- Submitted FDA applications for RED device and IB-Stim label expansion
- Q2 revenue of $611.5K, down 5.3% YoY
- Gross profit of $538K, down 6.9% YoY
- Operating loss increased 97.5% to $2.2M
- Net loss increased 30.5% to $2.9M
- Cash on hand: $1.8M
The company expects to double covered lives to 50 million in H2 2024, potentially accelerating growth in late 2024 and 2025. FDA clearance for RED device is anticipated in Q4 2024.
NeurAxis, Inc. (NYSE American: NRXS), a medical technology company focused on neuromodulation therapies for chronic conditions in children and adults, has announced its upcoming second quarter 2024 financial results release and conference call. The company will report summarized financial results for the quarter ended June 30, 2024, on Friday, August 9, 2024, before market open. A conference call is scheduled for the same day at 9:00 am ET to review the results.
Interested parties can access the call via a live webcast available on the company's Investor Relations website. Participants can also join through a call-in option by registering online. A webcast replay will be available after the call on the company's website for those unable to attend live.
NeurAxis announced a new submission to the FDA for expanding its IB-Stim label to include ages 8-21 and allow marketing of 4 devices per prescription. This expansion is backed by a systematic literature review showing the effectiveness of IB-Stim in a broader age range. Additionally, NeurAxis disclosed its compliance with NYSE guidelines regarding audit opinions, highlighting their current financial strategy, which includes securing $3.0 million and $3.1 million in convertible note financing and closing an additional $3.0 million in convertible notes to improve their financial position.
NeurAxis (NYSE American: NRXS) reported a 19.7% revenue decline to $646.6K for Q1 2024, compared to $805.1K in Q1 2023. The decline was due to fewer shipments to certain customers due to insurance reimbursement processing delays.
Despite the revenue drop, the company expanded its covered lives by 400%, reaching 22.5 million from 4.5 million previously. Key partnerships with BCBS in various regions contributed significantly to this growth.
The company announced positive clinical trial results for its IB-Stim™ device, showcasing significant improvements in pediatric patients with DGBIs.
NeurAxis secured $6.1 million in convertible note financing and expects FDA clearance for its new rectal expulsion device (RED) in Q4 2024, which is expected to contribute to revenue growth in 2H24.
However, the company reported a net loss of $2.1 million, a 2.4% improvement from Q1 2023, and an operating loss increase of 104.4% to $1.8 million. The company has $81.7K cash on hand and $1.4 million in short-term debt.
NeurAxis (NYSE American: NRXS), a medical technology company specializing in neuromodulation therapies for chronic and debilitating conditions, will be participating in the Lytham Partners Spring 2024 Investor Conference.
The virtual event will take place on May 30, 2024. The company will present a webcast at 9:30 a.m. ET, which can be accessed via the conference's homepage or directly on the webcast platform. The presentation will be available for replay after the event.
Additionally, NeurAxis's management will engage in virtual one-on-one meetings with investors throughout the conference. Interested parties can arrange these meetings through Lytham Partners by contacting them or registering on the conference website.
NeurAxis announced the expansion of medical policy coverage for its Percutaneous Electrical Nerve Field Stimulation (PENFS) through a Blue Cross Blue Shield (BCBS) licensee in Florida. This new policy covers nearly six million members, increasing the total coverage for IB-Stim to approximately 22.5 million lives. IB-Stim™ is a non-surgical device FDA-cleared for treating functional abdominal pain linked to irritable bowel syndrome (IBS) in adolescents. The expansion aligns with NeurAxis' commercialization strategy and is expected to boost market adoption and revenue growth.
NeurAxis (NRXS), a medical technology company specializing in neuromodulation therapies for chronic conditions, will release its Q1 2024 financial results on May 22, 2024, before market open. The period covered is up to March 31, 2024. A conference call is scheduled for the same day at 9:00 am ET to review the results. NeurAxis has also filed a Form 12b-25, indicating a delay in filing its Form 10-Q, which is now expected to be filed on May 20, 2024.
The conference call can be accessed via a live webcast available in the Investor Relations section of NeurAxis' website, and replay options will be provided. Participants can submit questions through the webcast portal or by emailing NRXS@lythampartners.com.
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