Full Press Release Details
Inc. Announces Strong Preliminary Unaudited Fourth Quarter 2024 Results; Revenues Increased 50% Year-Over-Year
Ind., (January 8, 2025) (GLOBE NEWSWIRE) - NeurAxis, Inc. ("NeurAxis," or the "Company") (NYSE
American: NRXS), a medical technology company commercializing neuromodulation therapies addressing chronic and debilitating conditions
in children and adults, today announced preliminary, unaudited revenues for the three and twelve months ended December 31, 2024. Revenues
for 4Q24 were approximately $800 thousand, an increase of 50% compared to 4Q23. Revenues for FY2024 were approximately $2.7 million,
an increase of 11% compared to FY2023. The Company had a cash balance of approximately $3.7 million as of 12/31/24.
Carrico, Chief Executive officer of NeurAxis commented: "We are pleased with our continued strong revenue growth in 4Q24. Our revenues
increased approximately 50% in 4Q24, an acceleration compared to the 40% growth we achieved in 3Q24. In 2024, we successfully achieved
our growth objectives for IB-Stim, building on the foundation that robust, peer-reviewed data, drives insurance expansion, fostering
sustainable revenue and margin growth. Our Percutaneous Electrical Nerve Field Stimulation (PENFS) technology is now supported by 16
peer-reviewed studies conducted in leading U.S. children's hospitals. These publications have significantly expanded insurance
coverage to approximately 45 million lives, a substantial increase from 4 million just a year ago. This broader coverage contributed
to the strong revenue growth in the second half of 2024."
expect continued robust revenue growth in 2025 and beyond, driven by expanding insurance coverage policy, the recently announced FDA
510(k) clearance for an expanded indication of IB-Stim that now includes patients aged 8 to 21 years, compared to the previous range
of 11 to 18 years, as well as new Category I Current Procedural Terminology (CPT) code for PENFS procedures. In addition, in 1Q25, we
will begin the commercialization of our Rectal Expulsion Device (RED), which recently received FDA approval.
we believe we are well positioned to achieve our near-term growth objectives with our strengthened balance sheet, including reaching
cash flow breakeven. Our focus remains on strong growth combined with a prudent expense structure, which should result in shareholder
Inc., is a medical technology company focused on neuromodulation therapies to address chronic and debilitating conditions in children
and adults. NeurAxis is dedicated to advancing science and leveraging evidence-based medicine to drive the adoption of its IB-Stim
therapy, which is its proprietary Percutaneous Electrical Nerve Field Stimulation (PENFS) technology, by the medical, scientific, and
patient communities. IB-Stim is FDA-cleared for functional abdominal pain associated with irritable bowel syndrome (IBS) in adolescents
11-18 years old. Additional clinical trials of PENFS in multiple pediatric and adult conditions with large unmet healthcare needs are
underway. For more information, please visit http://neuraxis.com.
statements in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking
statements. Forward-looking statements are based on management's current assumptions and expectations of future events and trends,
which affect or may affect the Company's business, strategy, operations or financial performance, and actual results and other
events may differ materially from those expressed or implied in such statements due to numerous risks and uncertainties. Forward-looking
statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. There are a number of
important factors that could cause actual results, developments, business decisions or other events to differ materially from those contemplated
by the forward-looking statements in this press release. These factors include, among other things, the conditions in the U.S. and global
economy, the trading price and volatility of the Company's stock, public health issues or other events, the Company's compliance
with applicable laws, the results of the Company's clinical trials and perceptions thereof, the results of submissions to the FDA,
the results of the shareholder vote to enable the issuance of the Preferred Stock, and factors described in the Risk Factors section
of NeurAxis's public filings with the Securities and Exchange Commission (SEC). Because forward-looking statements are inherently
subject to risks and uncertainties, you should not rely on these forward-looking statements as predictions of future events. These forward-looking
statements speak only as of the date of this press release and, except to the extent required by applicable law, the Company undertakes
no obligation to update or revise these statements, whether as a result of any new information, future events and developments or otherwise.