NeurAxis Reports Strong Third Quarter 2024 Financial Results Driven by a 40% Increase in Revenues

Core Insights - NeurAxis, Inc. reported a 40% increase in revenues for Q3 2024, reaching $667 thousand compared to$477 thousand in Q3 2023, with an improved operating loss of 45% [2][8]. Financial Highlights - Revenues for Q3 2024 were $667 thousand, a 40$477 thousand in Q3 2023 [2][6]. - Gross profit rose to $570 thousand, a 39$410 thousand in Q3 2023, although gross margin slightly declined by 50 basis points [7]. - Operating loss decreased to $1.7 million, down 45$3.0 million in Q3 2023 [8]. - Net loss for Q3 2024 was $1.8 million, an 80$8.6 million in Q3 2023 [9]. Operational Highlights - The total covered lives expanded to approximately 35 million from 4.5 million as of October 1, 2023 [3]. - Recent medical policy coverages include significant plans from BCBS in Florida and the mid-Atlantic region, covering over 16 million lives combined [3]. - NeurAxis received a new CPT Category I code for PENFS procedures effective January 1, 2026, and FDA clearance to expand IB-Stim's patient age range from 11-18 years to 8-21 years [3][5]. - The company secured a $5.0 million capital investment to replace$3.2 million in committed funding from an existing investor [3][10]. Management Commentary - The CEO expressed excitement over the strong performance in Q3 2024, highlighting a 50% growth in unit sales of the IB-Stim product and the successful expansion of insurance coverage [4][5].