NeurAxis Reports Strong Third Quarter 2024 Financial Results Driven by a 40% Increase in Revenues Conference call will be held today, Tuesday, November 12 at 9:00 am ET Carmel, Ind.

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

call will be held today, Tuesday, November 12 at 9:00 am ET

Ind., November 12, 2024 (GLOBE NEWSWIRE)-NeurAxis, Inc. ("NeurAxis," or the "Company")

(NYSE American: NRXS), a medical technology company commercializing neuromodulation therapies for chronic and debilitating conditions

in children and adults, today announced results for the third quarter period ended September 30, 2024.

Financial Highlights

Operational Highlights

Carrico, Chief Executive Officer of NeurAxis, commented, "We are excited about our strong performance in the 3Q24, as revenues

increased 40% year over year. Demand for our IB-Stim product is accelerating, as unit sales grew 50% in the third quarter. Our commercialization,

based on strong data publication leading to insurance coverage, is beginning to bear fruit. We now have approximately 35 million lives

under insurance coverage, with countless payers in the review and policy writing stage.

recent weeks we have achieved very significant milestones in our commercialization efforts of IB-Stim. Two weeks ago, we received a new

FDA 510(K) clearance, expanding IB-Stim's indication from 11-18 year olds to 8-21 year olds, and from 3 devices, not to exceed

4 weeks, to 1 device per week for 4 weeks. In addition, we recently announced that American Medical Association has established a new

Current Procedural Terminology (CPT) Category I code for Percutaneous Electrical Nerve Field Stimulation (PENFS) procedures. Obtaining

a Category I code for this important technology is important for our initiatives to drive patient access for IB-Stim and future PENFS

strong momentum has continued, and we are excited to note that 4Q24 is off to a great start. We are continuing our efforts for success

in the near and long term. As a result of financings in 2024 with long-term investors in the healthcare space, our balance sheet is well

positioned to execute our business plans for the foreseeable future."

Quarter 2024 Financial Results

in the third quarter of 2024 were $667 thousand, up 40% compared to $477 thousand in the third quarter of 2023. Unit sales increased

approximately 50%, partially offset by discounts given to patients without insurance coverage via the Company's financial assistance

program. The Company has made great strides in recent months in gaining insurance coverage, and recent results are indicative of that

profit in the third quarter of 2024 was $570 thousand, a 39% increase compared to $410 thousand in the third quarter of 2023 due to the

higher sales volume. The slight decline in gross margin of 50 basis points in the third quarter of 2024 compared to the third quarter

of 2023 was due to growth in device deliveries from the Company's financial assistance programs that are discounted to patients

without insurance coverage.

loss in the third quarter of 2024 was $1.7 million, a decrease of 45% compared to $3.0 million in the third quarter of 2023. The improvement

was primarily due to higher sales volumes and 2023 post-initial public offering ("IPO") consulting costs that did not recur

net loss in the third quarter of 2024 was $1.8 million, a decrease of 80% compared to $8.6 million in the third quarter of 2023. The

decrease was primarily due to the lower operating loss and the absence of debt discount, issuance cost and debt extinguishment charges

triggered by the Company's IPO in the third quarter of 2023.

cash on hand as of September 30, 2024 was $261 thousand, the Company entered into a $5.0 million investment agreement on November 9,

2024. This capital replaces $3.2 million in committed funding from an existing investor. The transaction is expected to close mid-November.

Although the Company had no long-term debt as of September 30, 2024, short-term debt of $148 thousand represented a note payable related

to the financing of business insurance premiums. Cash used in operations for the nine months ended September 30, 2024 of $4.3 million

was $276 thousand higher than the nine months ended September 30, 2023 primarily due to incremental costs of being a publicly-held company

such as legal, insurance, board and stock exchange fees.

and Time: Tuesday, November 12, 2024, at 9:00am ET

Webcast Information: Interested parties can access the conference call via a live webcast, which is available in the Investor Relations

section of the Company's website at https://edge.media-server.com/mmc/p/op4xi3gu or https://ir.neuraxis.com/. For

participants listening through the webcast, questions can be sent in through the portal using the "Ask a Question" link or

by emailing questions to NRXS@lythampartners.com.

Information: Interested parties can also access the live conference call by initially registering at the following link.

completion of the registration link, call-in participants will receive the dial-in info and a unique PIN to join the call as well as

an email confirmation with the details.

A webcast replay will be available in the Investor Relations section of the Company's website at https://edge.media-server.com/mmc/p/op4xi3gu

or https://ir.neuraxis.com/.

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

8-21 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.

contraindications, precaution, warnings, and IFU, please see: https://ibstim.com/important-information/.

Statements of Operations