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NeurAxis (NRXS) investor relations material
NeurAxis Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary11 Nov, 2025
Executive summary
Achieved fifth consecutive quarter of double-digit revenue growth, with Q3 2025 revenue up 22% year-over-year to $811,000, driven by increased adoption of IB-STIM and RED products, and expanded participation in financial assistance programs.
Major milestone reached with FDA indication expansion for IB-STIM to include functional abdominal pain and dyspepsia in adults, and expanded pediatric indications, broadening the addressable market and insurance coverage.
Category 1 CPT code for IB-STIM finalized and effective January 1, 2026, expected to streamline reimbursement, drive further adoption, and support major scaling in 2026.
Net loss for Q3 2025 was $2.12 million, up 20.9% year-over-year, reflecting higher operating expenses and a legal settlement.
Focus remains on expanding payer coverage, commercial readiness, and disciplined execution to achieve cash flow breakeven as adoption accelerates.
Financial highlights
Q3 2025 revenue was $811,000, up 22% from Q3 2024; unit deliveries increased 38% year-over-year, with nine-month sales up 35.1% to $2.6 million.
Gross margin declined to 83.3% from 85.4% due to higher discounting, expired inventory, and lower-margin financial assistance program sales.
Operating expenses rose 25% to $2.8 million, with selling expenses up 125% to $762,000, and operating loss was $2.1 million, up 27% year-over-year.
Net loss for Q3 2025 was $2.12 million, compared to $1.76 million in Q3 2024.
Cash on hand at September 30, 2025, was $4.4 million, with an additional $2.8 million raised in October; quarterly cash burn rate is $1.5 million.
Outlook and guidance
Expect continued revenue growth in Q4 2025 and into 2026, with the new CPT code anticipated to accelerate adoption and improve gross margins.
Conservative forecasts for initial revenue conversion as hospitals adapt to new workflows and payer processes.
Focused on expanding insurance coverage, especially in pediatric markets, and preparing for broader adult adoption pending further clinical data and payer acceptance.
R&D and marketing investments expected to increase in 2026 to support market expansion and payer engagement; additional financing may be required.
Substantial doubt exists about the ability to continue as a going concern without additional funding.
What is the strategy for national IB-Stim insurance coverage?
How will internal control weaknesses be fully remediated?
What is the timeline for new IB-Stim/RED indications?
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Frequently asked questions
NeurAxis, Inc. is a medical technology company specializing in neuromodulation therapies aimed at addressing chronic and debilitating conditions in both children and adults. The company’s primary product, IB-Stim, utilizes Percutaneous Electrical Nerve Field Stimulation (PENFS) technology to alleviate functional abdominal pain associated with irritable bowel syndrome (IBS) in patients aged 11 to 18. The company is headquartered in Carmel, Indiana, and its shares are listed on the NYSE American.
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