NeurAxis Announces BCBS of Vermont Medical Policy Coverage for PENFS, effective October 1st 2024
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) ha annunciato la copertura della politica medica per la Stimolazione Elettrica Percutanea del Campo Nerve (PENFS) da parte di Blue Cross Blue Shield (BCBS) del Vermont, con decorrenza dal 1° ottobre 2024. Questa copertura porta il totale nazionale per PENFS a circa 23 milioni, con ulteriori decisioni da parte dei principali assicuratori in attesa. Il dispositivo IB-Stim™ della NeurAxis, che utilizza la tecnologia PENFS, è autorizzato dalla FDA per il dolore addominale funzionale associato alla sindrome dell'intestino irritabile (IBS) negli adolescenti di età compresa tra 11 e 18 anni.
Il CEO dell'azienda, Brian Carrico, ha espresso entusiasmo riguardo all'espansione della copertura in Vermont e ha dichiarato che NeurAxis è sulla buona strada per raggiungere il suo obiettivo di avere una copertura della politica medica per almeno 50 milioni di vite entro la fine del 2024. Questa espansione è prevista per favorire l'adozione del mercato della loro tecnologia e preparare il terreno per una significativa crescita dei ricavi a fine 2024 e nel 2025.
NeurAxis, Inc. (NYSE American: NRXS) ha anunciado la cobertura de la política médica para la Estimulación Eléctrica Percutánea del Campo Nervioso (PENFS) por parte de Blue Cross Blue Shield (BCBS) de Vermont, con vigencia a partir del 1 de octubre de 2024. Esta cobertura eleva el total nacional para PENFS a aproximadamente 23 millones, con más decisiones de los principales pagadores pendientes. El dispositivo IB-Stim™ de NeurAxis, que utiliza la tecnología PENFS, está autorizado por la FDA para el dolor abdominal funcional asociado con el síndrome del intestino irritable (IBS) en adolescentes de 11 a 18 años.
El CEO de la empresa, Brian Carrico, expresó su entusiasmo por la expansión de la cobertura en Vermont y afirmó que NeurAxis está en camino de alcanzar su objetivo de tener cobertura de política médica para al menos 50 millones de vidas para finales de 2024. Se espera que esta expansión impulse la adopción de su tecnología en el mercado y establezca las bases para un crecimiento significativo de los ingresos a finales de 2024 y durante 2025.
NeurAxis, Inc. (NYSE American: NRXS)는 버몬트주 Blue Cross Blue Shield (BCBS)에서 경피적 전기 신경 필드 자극(PENFS)에 대한 의료 정책 보장을 2024년 10월 1일부터 시행한다고 발표했습니다. 이번 보장으로 PENFS의 전국 총합계는 약 2300만에 달하며, 주요 보험사들의 추가 결정이 대기 중입니다. NeurAxis의 IB-Stim™ 장치는 PENFS 기술을 사용하며, FDA 승인을 받았습니다 11세에서 18세 사이의 청소년에서 과민성 장 증후군(IBS)과 관련된 기능적 복통을 위해 사용됩니다.
회사의 CEO인 브라이언 카리코(Brian Carrico)는 버몬트에서의 보장 범위 확대에 대한 기대감을 나타내며 NeurAxis가 2024년 말까지 최소 5천만 명의 생명을 위한 의료 정책 보장을 달성하는 목표에 도달할 것으로 예상하고 있습니다. 이 확장은 자사의 기술의 시장 채택을 촉진하고, 2024년 말 및 2025년으로 이어지는 수익 성장을 위한 중요한 기반을 마련할 것으로 기대됩니다.
NeurAxis, Inc. (NYSE American: NRXS) a annoncé la couverture de la politique médicale pour la Stimulation Électrique Nerveuse Percutanée (PENFS) par Blue Cross Blue Shield (BCBS) du Vermont, à compter du 1er octobre 2024. Cette couverture porte le total national pour PENFS à environ 23 millions, avec d'autres décisions de grands payeurs en attente. Le dispositif IB-Stim™ de NeurAxis, qui utilise la technologie PENFS, est approuvé par la FDA pour des douleurs abdominales fonctionnelles associées au syndrome de l'intestin irritable (IBS) chez les adolescents âgés de 11 à 18 ans.
Le PDG de l'entreprise, Brian Carrico, a exprimé son enthousiasme quant à l'expansion de la couverture dans le Vermont et a déclaré que NeurAxis est sur la bonne voie pour atteindre son objectif de couvrir au moins 50 millions de vies d'ici fin 2024. Cette expansion devrait favoriser l'adoption de leur technologie sur le marché et préparer le terrain pour une croissance significative des revenus fin 2024 et en 2025.
NeurAxis, Inc. (NYSE American: NRXS) hat die medizinische Policenabdeckung für die perkutane elektrische Nervenfeldstimulation (PENFS) durch Blue Cross Blue Shield (BCBS) von Vermont bekannt gegeben, die am 1. Oktober 2024 in Kraft tritt. Diese Abdeckung erhöht die nationale Gesamtzahl für PENFS auf etwa 23 Millionen, und wichtige Entscheidungen von großen Kostenträgern stehen noch aus. Das IB-Stim™-Gerät von NeurAxis, das die PENFS-Technologie verwendet, ist von der FDA zugelassen für funktionelle Bauchschmerzen, die mit dem Reizdarmsyndrom (IBS) bei Jugendlichen im Alter von 11 bis 18 Jahren verbunden sind.
Der CEO des Unternehmens, Brian Carrico, äußerte sich begeistert über die Ausweitung der Abdeckung in Vermont und erklärte, dass NeurAxis auf dem besten Weg ist, ihr Ziel zu erreichen, bis Ende 2024 mindestens 50 Millionen leben mit medizinischer Policenabdeckung zu versorgen. Diese Erweiterung wird voraussichtlich die Markteinführung ihrer Technologie vorantreiben und den Weg für ein signifikantes Umsatzwachstum Ende 2024 und in das Jahr 2025 ebnen.
- Expanded medical policy coverage for PENFS by BCBS of Vermont, effective October 1, 2024
- National coverage for PENFS increased to approximately 23 million lives
- On track to achieve coverage for at least 50 million lives by the end of 2024
- FDA-cleared technology for functional abdominal pain associated with IBS in adolescents
- Potential for significant revenue growth in late 2024 and into 2025
- None.
Insights
The BCBS of Vermont's decision to cover PENFS is a significant milestone for NeurAxis. This coverage expansion brings their total covered lives to
The October 1, 2024 effective date allows time for healthcare providers to prepare for implementation, potentially leading to a smoother adoption curve. However, investors should note that the revenue impact may not be immediate, as it often takes time for new treatments to gain traction even after coverage is secured.
The company's goal of
NeurAxis's strategy of focusing on payer coverage expansion is a sound approach in the medical device market. The addition of BCBS Vermont, while a smaller state, is noteworthy as it includes the University of Vermont Children's Hospital, potentially influencing adoption in academic settings.
The company's target of
Investors should monitor the rate of policy approvals and any announcements of larger payers in the coming months. The projected "significant revenue ramp" in late 2024 and 2025 will depend not only on coverage but also on physician adoption rates and patient awareness, factors not addressed in this announcement.
CARMEL, Ind., Aug. 13, 2024 (GLOBE NEWSWIRE) -- NeurAxis, Inc. (“NeurAxis,” or the “Company”) (NYSE American: NRXS), a medical technology company commercializing neuromodulation therapies addressing chronic and debilitating conditions in children and adults, today announced medical policy coverage for Percutaneous Electrical Nerve Field Stimulation (PENFS), for Blue Cross Blue Shield (BCBS) of Vermont Medical Members, effective 10/1/2024. This medical policy will bring our national total coverage for PENFS to roughly 23 million, with more decisions from major payers still pending.
IB-Stim™ is a non-surgical device that sends gentle electrical impulses into cranial nerve bundles in the ear. NeurAxis’ PENFS technology is FDA-cleared for functional abdominal pain associated with irritable bowel syndrome (IBS) in adolescents 11-18 years old. There are currently no FDA-approved drug therapies for children with abdominal pain-related disorders of the gut-brain interaction. The current medical treatments, which are off-label drugs, can often have serious side effects, and most lack scientific evidence of efficacy.
“We are excited regarding the coverage expansion in the state of Vermont, home to the renowned University of Vermont Children’s Hospital,” said Brian Carrico, President and Chief Executive Officer of NeurAxis. “We continue to make progress on our commercialization strategy goals for IB-Stim by increasing payer coverage to drive market adoption of our technology. We are on track to achieve our stated goal of having medical policy coverage for at least 50 million lives by the end of 2024, which will set the stage for a significant revenue ramp in late 2024 and into 2025,” Mr. Carrico concluded.
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 adoption of its IB-Stim™ therapy, which is 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 associated with irritable bowel syndrome (IBS) in adolescents 11-18 years old. 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, the results of the shareholder vote to enable the issuance of the Preferred Stock, 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.
Contacts:
Company
NeurAxis, Inc.
info@neuraxis.com
Investor Relations
Lytham Partners
Ben Shamsian
646-829-9701
shamsian@lythampartners.com
FAQ
When will BCBS of Vermont's medical policy coverage for NeurAxis' PENFS technology (NRXS) become effective?
What is the current national coverage for NeurAxis' PENFS technology (NRXS) after the BCBS of Vermont announcement?
What is NeurAxis' (NRXS) coverage goal for their PENFS technology by the end of 2024?
What condition is NeurAxis' (NRXS) IB-Stim device FDA-cleared to treat?
