Neuraxis reports Q1 EPS (33c) vs. (32c) last year

Reports Q1 revenue $896K vs. $647K last year. Brian Carrico, CEO, commented, “Q1 2025 marked another strong quarter for NeurAxis (NRXS), with revenue growing 39% year-over-year, extending the momentum that began in Q3 2024. Our progress is becoming increasingly evident in the numbers. In the first quarter alone, 300 patients were treated through full PO or PAP programs-an annualized rate of 1,200 patients. While this marks important growth, it still represents just 0.2% of the 600,000 severely affected children in the U.S. suffering from IBS who are in urgent need of IB-Stim. This robust growth is driven by physicians gaining greater comfort with billing and coding processes, alongside broader awareness of academic society guidelines that recognize PENFS with the highest GRADE of evidence. Today, positive coverage policies now encompass approximately 51 million lives, and several additional payers are actively engaged in policy development. While our revenue trajectory has accelerated in recent quarters, it’s important to recognize we are still reaching only a small fraction of our total addressable market, primarily because national policy coverage and the implementation of the Category I CPT code are still forthcoming. We expect the upcoming publication of academic society guidelines to be a significant catalyst for broader insurance coverage, with the goal of securing treatment access for the majority of affected children in the U.S. These coverage expansions, alongside the Category I code taking effect on January 1, 2026, are the two critical milestones that position us for large-scale national growth. In parallel, we have submitted for FDA clearance to expand IB-Stim’s indication to include pediatric Functional Dyspepsia, and we are cautiously optimistic for approval in 2025. A successful clearance would effectively double our pediatric addressable market. Our vision is clear: we are methodically executing against our milestones to drive growth, expand access, and deliver on our revenue expectations. We anticipate meaningful acceleration in revenue growth as we move closer to cash flow breakeven, fueled by two catalysts – the continued expansion of positive payer coverage for IB-Stim (PENFS) and the commercialization of RED, alongside the Category I CPT code becoming effective in early 2026.”