Financial Performance - Fiscal year 2023 revenue was $2.5 million, down 8.4% from $2.7 million in fiscal year 2022, primarily due to fewer shipments[7] - Fourth quarter revenue in 2023 was $531.5 thousand, a decrease of 13.3% compared to $613.1 thousand in the same period of 2022[8] - Net sales for the year ended December 31, 2023, were $2,460,049, a decrease of 8.3% from $2,684,735 in 2022[23] - Gross profit decreased to $2,156,704 in 2023, down 9.6% from $2,387,675 in 2022[23] - Operating loss increased to $(6,664,495) in 2023, compared to $(3,372,238) in 2022, reflecting a significant rise in losses[23] - Net loss for fiscal year 2023 expanded to $14.6 million from $4.8 million in fiscal year 2022[13] - Net loss for the year was $(14,626,683) in 2023, compared to $(4,780,061) in 2022, indicating a worsening financial position[23] Expenses - Gross profit margin for fiscal year 2023 was 87.7%, down from 88.9% in fiscal year 2022[9] - Selling expenses for fiscal year 2023 decreased by 21.3% to $323.6 thousand from $410.9 thousand in fiscal year 2022[10] - General and administrative costs increased by 62.6% to $8.3 million in fiscal year 2023 compared to $5.1 million in fiscal year 2022[12] - Research and development expenses were $169,315 in 2023, down 25% from $225,610 in 2022, indicating reduced investment in innovation[23] - General and administrative expenses surged to $8,328,315 in 2023, up 62.5% from $5,123,420 in 2022, impacting overall profitability[23] - Total other expenses netted $(7,962,188) in 2023, a substantial increase from $(1,407,823) in 2022, primarily due to higher financing charges and debt-related costs[23] - Interest expense rose to $(476,416) in 2023, up 49.5% from $(318,666) in 2022, reflecting increased borrowing costs[23] Cash and Assets - Cash on hand at December 31, 2023, was $78.6 thousand, with cash used by operations of $6.7 million[14] Future Outlook - The company aims to achieve medical policy coverage for at least 50 million lives by the end of 2024[4] - The innovative rectal expulsion device (RED) is expected to be commercialized in 2024, potentially driving significant near-term revenue[4] Warrant and Debt Management - The change in fair value of warrant liability contributed positively with $844,854 in 2023, compared to $606,049 in 2022[23] - The company reported an extinguishment of debt liabilities amounting to $(3,649,561) in 2023, which was not present in 2022[23]
Neuraxis(NRXS) - 2024 Q1 - Quarterly Results