NeurAxis (NRXS) Q3 2026 earnings summary

Executive summary

• Q3 2026 revenue was $2.03M, up 149.9% YoY; IB-Stim deliveries rose 92% as payer coverage broadened following the Category I CPT code’s January 1, 2026 effective date.

• Gross margin reached 86.6%; net loss was $6.55M, including $4.30M in one-time stock compensation. Substantial doubt about the ability to continue as a going concern remains.

Financial highlights

• 9M 2026 sales were $5.56M, up 113.9% YoY; gross profit was $4.80M versus $2.18M.

• Q3 gross profit was $1.76M versus $676K; operating loss was $6.58M and net loss was $6.55M, versus $2.10M and $2.12M, respectively.

• 9M operating and net losses were $10.44M and $10.39M; adjusted for one-time stock compensation and the prior-year legal settlement, each was $5.8M.

• Q3 operating expenses were $8.3M; excluding $4.3M of one-time stock compensation, expenses were $4.0M, up 45% YoY.

• 9M operating cash use was $4.53M; cash was $4.48M at September 30, 2026.

Outlook and guidance

• Recent payer wins are expected to contribute in Q4, with a more meaningful impact in 2027 as provider implementation and commercial expansion progress.

• Sales representatives hired for January starts are expected to affect results within 3–4 months; profitability was described as a first-half 2027 possibility.

• Near-term hiring, market-access, clinical and R&D investment is expected to raise SG&A and cash burn; profitability depends on growth and operating leverage.

• Medicaid fee-schedule coverage could reach 90% of states and territories by spring 2027, with timing potentially extending to July 1.