NeurAxis Reports Strong Fourth Quarter 2024 Financial Results Driven by a 43% Increase in Revenues

Core Viewpoint - NeurAxis, Inc. reported strong financial performance in Q4 2024, highlighting significant growth in revenue and operational achievements, positioning the company for continued expansion in the neuromodulation therapy market [3][4][7]. Financial Highlights - Revenues in Q4 2024 increased by 43% to $761 thousand compared to$531 thousand in Q4 2023 [7][8]. - For the fiscal year 2024, total revenue was $2.7 million, a 9$2.5 million in fiscal year 2023 [9]. - The gross margin for Q4 2024 remained steady at 86.4%, while the fiscal year 2024 gross margin was 86.5%, down from 87.7% in fiscal year 2023 [10][11]. Operational Highlights - The company expanded insurance coverage to approximately 51 million lives, a significant increase from 4 million as of December 31, 2023 [4][7]. - NeurAxis received a new CPT Category I code for PENFS procedures effective January 1, 2026, and FDA clearance for its RED device [7][8]. - Over the past year, more than 1,000 pediatric patients were treated, representing just over 0.1% of the 600,000 children in the U.S. suffering from debilitating IBS [4]. Management Commentary - The CEO emphasized the company's strong performance and growth prospects, driven by expanded insurance coverage and disciplined cost management [3]. - The company is optimistic about upcoming academic society guidelines that are expected to enhance insurance policy coverage for treatments [5]. Expenses and Losses - Selling, general, and administrative expenses in Q4 2024 were $2.1 million, a 2$2.0 million in Q4 2023 [12]. - The operating loss for Q4 2024 was $1.5 million, an improvement of 10$1.6 million in Q4 2023 [14]. - The net loss for the full year 2024 was $8.2 million, a decrease of 44$14.6 million in 2023 [16].