NeurAxis (NRXS) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue reached $1.93 million, up 116% year-over-year, marking the strongest quarterly revenue in company history, driven by expanded insurance coverage and commercial execution.

• Category I CPT code for IB-Stim/PENFS effective January 2026 significantly increased insurance reimbursement and adoption.

• Awarded VA Federal Supply Schedule contract, opening access to ~7 million VA patients and driving early traction in the VA channel.

• Commercial hiring accelerated in high-coverage markets, with new leadership roles established to drive growth and operational efficiency.

• Ongoing R&D investment in adult and pediatric indications, including FDA clearance for abdominal pain in functional dyspepsia and NIH-funded trials.

Financial highlights

• Q2 2026 revenue: $1.93 million (up 116% YoY); six-month revenue: $3.54 million (up 98% YoY).

• Gross margin expanded to 85.9% in Q2 2026 from 83.6% in Q2 2025, driven by payer mix shift to higher-margin reimbursed sales.

• Operating expenses in Q2 2026 were $3.8 million, with operating loss at $2.12 million, up 23% YoY, mainly due to increased selling, R&D, and G&A costs.

• Net loss for Q2 2026 was $2.09 million (23% higher YoY); EPS improved from $(0.22) to $(0.19).

• Cash on hand at June 30, 2026: $8.3 million; quarterly burn rate reduced to $1.0 million from $1.5 million in 2025.

Outlook and guidance

• Management expects continued operating losses as the company pursues broader insurance coverage and FDA clearance for additional indications.

• Expectation to surpass 200 million covered lives by end of 2027, with each new payer having a cumulative effect on coverage and hospital activation.

• Profitability and cash flow breakeven are tied to securing additional large payer coverage and expanded market access.

• Significant working capital will be required for ongoing R&D and commercialization efforts through 2026 and beyond.