NeurAxis Announces Highmark BCBS Policy Coverage
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The announcement by NeurAxis, Inc. regarding the expansion of policy coverage by Highmark Blue Cross Blue Shield represents a significant milestone in the company's commercial strategy. This development is particularly noteworthy for stakeholders as the extension to approximately seven million additional lives under Highmark BCBS's policy can potentially lead to increased adoption and utilization of NeurAxis's neuromodulation therapies. As these therapies are designed to address chronic conditions, a broader coverage implies that a larger patient population could benefit, which, in turn, could drive up demand and revenues for NeurAxis.
It's important to understand the nuances of neuromodulation therapies. These involve the alteration of nerve activity through targeted delivery of a stimulus, such as electrical or pharmaceutical agents, to specific neurological sites in the body. The efficacy of such treatments in managing chronic pain or neurological disorders can significantly improve the quality of life for patients. Consequently, insurance coverage for such therapies is a critical factor in their accessibility.
From a financial perspective, the nearly double increase in covered lives since the previous year is an indicator of robust business growth and could be a positive signal to investors about the company's market penetration capabilities. However, it's essential to monitor how this expansion translates into actual revenue growth and to consider the costs associated with scaling operations to meet potential increases in demand.
The incorporation of NeurAxis's neuromodulation therapies into Highmark BCBS's coverage is a strategic win for the company and could serve as a precedent for other insurance providers nationally. The healthcare industry often observes a 'follow the leader' approach where once a major insurance player adopts a new therapy or technology, others may follow suit. This could pave the way for NeurAxis to secure additional agreements with other insurers, thereby enhancing their market presence.
In analyzing the broader implications, it's essential to consider the competitive landscape. NeurAxis's ability to almost double their coverage in a short period suggests that their commercial execution is strong. However, competitors will likely take note and may adjust their strategies accordingly. For investors, the key will be to watch how NeurAxis maintains its competitive edge and how it translates this coverage win into long-term customer retention and revenue growth.
Furthermore, the timing of the coverage expansion aligns with the anticipated publication of all relevant data, which could bolster the company's value proposition to both payers and patients. If the forthcoming data is positive, it could further solidify NeurAxis's position in the market and potentially lead to an uptick in stock performance, contingent on market conditions and investor sentiment.
CARMEL, Ind., March 11, 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 receipt of Highmark Blue Cross Blue Shield (“Highmark BCBS”) policy coverage for approximately seven million lives effective April 8, 2024. Highmark BCBS provides coverage in the mid-Atlantic, covering Pennsylvania, Delaware, New York, and West Virginia.
“We are thrilled to announce new policy coverage from Highmark BCBS, expanding our total covered lives to now approximately 16.25 million individuals,” said Brian Carrico, President and Chief Executive Officer of NeurAxis. “Through our focused execution and continued momentum, we have almost doubled our total amount of covered lives since the end of last year. We remain focused on executing on our commercial strategy as we close in on all data being published. We look forward to receiving positive responses from payers on a national level as we aim to expand the coverage of IB-Stim.”
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
Gilmartin Group
IR@neuraxis.com
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