The following is a summary of the NeurAxis, Inc (NRXS) Q3 2024 Earnings Call Transcript:

Financial Performance:

• NeurAxis reported strong financial growth in Q3 2024 with revenues reaching $667,000, marking a 40% increase year-over-year.

• Year-to-date revenue has remained relatively flat compared to the previous year, reflecting a strong Q3 performance after declines in Q1 and Q2.

• The company achieved a reduction in net loss from $8.6 million in Q3 2023 to $1.8 million in Q3 2024, reflecting cost control and increased sales volumes.

Business Progress:

• NeurAxis has made significant advancements in commercializing its IB-Stim product, with FDA clearance to expand its target age range and promising results from ongoing insurance coverage.

• They announced the upcoming commercialization of RED, a new device for diagnosing chronic constipation, expected late in Q4 2024.

• The reception of a permanent Category 1 CPT billing code effective January 2026 will facilitate smoother billing and potentially increase adoption rates.

Opportunities:

• Expansion to a younger demographic (from ages 8 to 21) for the IB-Stim product increases the market potential significantly, nearly doubling the treatable population.

• The upcoming commercialization of RED provides another revenue stream with strong potential, considering its existing Category 1 CPT billing code and reimbursement by insurers.

• Enhanced insurance coverage, growing to about 35 million covered lives, significantly broadens the potential customer base.

Risks:

• There is a delay in achieving insurance coverage goals, with significant policy coverage pending, which could affect the projected growth and revenue.

• Current revenue and operations are highly dependent on obtaining favorable insurance policy coverage and maintaining technological adoption by healthcare providers.

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