NeurAxis (NRXS) Q4 2024 earnings summary

Executive summary

• Achieved 43% year-over-year revenue growth in Q4 2024, driven by commercialization of IB-Stim and RED products, and expanded insurance coverage to 51 million lives.

• IB-Stim is the first FDA-cleared treatment for pediatric functional abdominal pain and IBS, with a strong clinical evidence base and growing policy coverage.

• RED device received FDA 510(k) clearance in December 2024 and was soft launched, targeting adult constipation care.

• Net loss for Q4 2024 decreased 73% to $1.5 million, and full-year net loss fell 44% to $8.2 million, mainly due to the absence of IPO-related charges.

• NeurAxis is expanding its portfolio with next-generation devices and pursuing additional FDA indications for pediatric and adult gut-brain disorders.

Financial highlights

• Q4 2024 revenue was $761,000, up 43% year-over-year; unit sales increased 45%.

• FY 2024 revenue reached $2.7 million, a 9% increase from FY 2023; unit sales up 19%.

• Q4 2024 gross margin was 86.4%; FY 2024 gross margin was 86.5%.

• Q4 2024 operating loss was $1.5 million (improved 10%); FY 2024 operating loss was $7.2 million (up 7%).

• Cash on hand at year-end was $3.7 million; no long-term debt, $154,000 in short-term debt for insurance premiums.

Outlook and guidance

• Management expects continued revenue acceleration in 2025, with Q1 2025 marking a third consecutive quarter of year-over-year growth.

• Cash flow breakeven targeted at $10–$12 million in annual revenue.

• Gross margins anticipated to expand as insurance coverage and CPT code adoption increase.

• RED device expected to drive meaningful revenues in upcoming quarters.

• Multiple new product launches and indications are planned through 2027.