The following is a summary of the NeurAxis, Inc. (NRXS) Q2 2024 Earnings Call Transcript:

Financial Performance:

• NeurAxis reported Q2 2024 revenues of $612,000, a 5% decline year-over-year but an improvement from previous quarters.

• Gross profit for Q2 2024 was $538,000 with a gross margin of 88%, compared to 89.5% last year.

• Net loss widened to $2.9 million in Q2 2024 from $2.2 million in Q2 2023, influenced by increased general and administrative costs and non-recurring expenses.

Business Progress:

• Advanced commercialization strategies for PENFS and projected launch of RED device late 2024.

• Achieving higher insurance coverage, expecting an increase to $35.1 million lives covered soon, potentially expanding to over $50 million.

• Indications of growing revenue from increasing orders due to policy changes in specific regions.

Opportunities:

• Significant gains in insurance policy coverage for IB-Stim, expected academic society publication may further bolster coverage.

• Anticipation of FDA approval to expand IB-Stim label, potentially doubling treatable patient population.

• Projected commercialization of RED device in late 2024, already has a Category 1 CPT billing code.

Risks:

• Delays in achieving widespread insurance policy adoption and written policies affecting revenue recognition.

• Dependency on forthcoming academic guidelines to influence payer policies and expand market access.

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