Welcome to our dedicated page for Neuraxis news (Ticker: NRXS), a resource for investors and traders seeking the latest updates and insights on Neuraxis stock.
Neuraxis, Inc. (symbol: NRXS) is a growth-stage company pioneering in the development of neuromodulation therapies aimed at treating chronic and debilitating conditions in children. With a steadfast focus on disorders of gut-brain interaction (DGBIs), the company is committed to improving the lives of pediatric and adolescent populations. Neuraxis leverages its proprietary Percutaneous Electrical Nerve Field Stimulation (PENFS) technology to deliver targeted therapies that are both innovative and effective.
In recent months, Neuraxis has made significant strides. Following its IPO, the company has successfully built a robust portfolio of research publications, which has enabled it to secure broad insurance policy coverage sooner than anticipated. This has led to increased revenues in regions such as Massachusetts and Wisconsin, where written policy coverage is in place.
As the company moves into 2024, it continues to focus on expanding insurance policy coverage, with 10 major meetings scheduled in the first quarter alone. Additionally, Neuraxis is preparing for the FDA clearance of a new pediatric IB-Stim indication by the end of 2024 and the introduction of a new RED product aimed at the adult gastrointestinal market, both expected to generate substantial revenue growth.
Financially, Neuraxis recently filed a restatement of its third-quarter 2023 financial results, resulting in a $3.7 million increase to the company's net loss and additional paid-in capital. However, this restatement is unrelated to revenues or cash expenses, and the company's cash position remains unchanged.
Looking ahead, Neuraxis is well-positioned for continued success. The company's dedicated team remains focused on advancing policy coverage, expanding its product pipeline, and preparing markets and children’s hospitals for effective treatments once coverage is in place.
For more detailed updates and to stay informed on the latest developments, shareholders and interested parties are encouraged to participate in the company’s upcoming first-quarter 2024 financial results conference call. Details for accessing the live webcast and replay are available on the company's Investor Relations website.
NeurAxis, Inc. (NYSE American: NRXS) has announced that the American Medical Association (AMA) has established a new Current Procedural Terminology (CPT) Category I code for Percutaneous Electrical Nerve Field Stimulation (PENFS) procedures, effective January 1, 2026. This development is significant for NeurAxis' PENFS technology, IB-Stim, which is FDA-cleared for functional abdominal pain associated with irritable bowel syndrome (IBS) in adolescents aged 11-18 years.
IB-Stim is a non-surgical device that sends gentle electrical impulses into cranial nerve bundles in the ear. This advancement is particularly important as there are currently no FDA-approved drug therapies for children with abdominal pain-related disorders of the gut-brain interaction. The new Category I code recognizes the strong clinical evidence and utilization of PENFS procedures, led by IB-Stim, and is expected to drive patient awareness and access to this FDA-cleared treatment option for IBS.
NeurAxis (NYSE American: NRXS), a medical technology company specializing in neuromodulation therapies for chronic conditions in children and adults, is set to participate in the Lytham Partners Fall 2024 Investor Conference on October 1, 2024. The event will be held virtually, featuring a webcasted presentation at 12:30 p.m. ET and one-on-one meetings with investors.
Investors can access the webcast through the conference homepage or a direct link, with replay available after the event. To schedule meetings with NeurAxis management, interested parties can contact Lytham Partners or register for the event online. This conference provides an opportunity for NeurAxis to showcase its innovative medical technologies and engage with potential investors.
NeurAxis (NYSE American: NRXS) has announced medical policy coverage for its Percutaneous Electrical Nerve Field Stimulation (PENFS) technology by Geisinger Health Plan, effective September 15, 2024. This coverage will bring the national total for PENFS to approximately 24 million insured lives. NeurAxis' FDA-cleared IB-Stim™ device is designed for functional abdominal pain associated with irritable bowel syndrome (IBS) in adolescents 11-18 years old. The company aims to achieve medical policy coverage for at least 50 million lives by the end of 2024, setting the stage for significant revenue and margin growth in late 2024 and 2025.
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.
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