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NeurAxis, Inc.
(NRXS)
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Rating:57Neutral
Price Target:
$8.00
▲(34.23% Upside)
Action:Reiterated
Date:10/16/26
The score is held back primarily by weak financial performance—large ongoing losses and persistent cash burn—despite strong revenue growth and high gross margins. Technicals are supportive with the stock trading above key moving averages and positive momentum indicators. The earnings call was constructive on growth, payer progress, and scaling plans, but risks remain around coverage expansion and rising operating expenses. Valuation is constrained by negative earnings and no dividend support, while corporate events add modest dilution/compensation overhang.
Positive Factors
High-growth, high-margin model
Rapid revenue growth alongside gross margins above 85% indicates strong underlying economics for IB-Stim as utilization expands. Higher volume and reimbursement-supported sales can improve operating leverage over time, provided the company converts commercial momentum into sufficient scale.
Negative Factors
Persistent losses and cash burn
NeurAxis has not yet demonstrated self-funded operations: substantial net losses and negative operating cash flow require continued revenue acceleration and potentially external funding. Until profitability improves, cash consumption can constrain investment flexibility and increase the importance of execution.
Read all positive and negative factors
Positive Factors
Negative Factors
High-growth, high-margin model
Rapid revenue growth alongside gross margins above 85% indicates strong underlying economics for IB-Stim as utilization expands. Higher volume and reimbursement-supported sales can improve operating leverage over time, provided the company converts commercial momentum into sufficient scale.
Read all positive factors
NeurAxis, Inc. (NRXS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$89.54M
Dividend YieldN/A
Average Volume (3M)145.88K
Price to Earnings (P/E)―
Beta (1Y)0.91
Revenue Growth65.22%
EPS Growth24.92%
CountryUS
Employees24
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.77
Shares Outstanding12,557,765
10 Day Avg. Volume203,460
30 Day Avg. Volume145,876
Financial Highlights & Ratios
PEG Ratio0.22
Price to Book (P/B)12.13
Price to Sales (P/S)11.55
P/FCF Ratio-6.38
Enterprise Value/Market Cap0.90
Enterprise Value/Revenue15.15
Enterprise Value/Gross Profit17.71
Enterprise Value/Ebitda-10.74
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.76
Revenue Forecast (FY)$8.30M
NeurAxis, Inc. Business Overview & Revenue Model
Company Description
NeurAxis, Inc. (NRXS) is an American company specializing in neuromodulation therapy devices. Its primary offering is IB-Stim, a percutaneous electrical nerve field stimulation system engineered to alleviate functional abdominal pain associated wi...
How the Company Makes Money
NeurAxis primarily makes money by selling its neuromodulation therapy (IB-Stim) for patient treatment episodes through U.S. healthcare channels. Revenue is generated when healthcare providers prescribe and administer the therapy and the company is...
NeurAxis, Inc. Earnings Call Summary
Earnings Call Date:Aug 11, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 09, 2026
Earnings Call Sentiment Positive
The call conveyed strong commercial momentum and measurable operational improvements: double-digit, high-percentage revenue growth (116% YoY Q2), rising ASP and unit deliveries, gross margin expansion, improved KPIs, tangible payer engagement and concrete commercialization hires and VA opportunity. At the same time, meaningful challenges remain: limited payer coverage and state Medicaid implementation gaps limit penetration, operational capacity constraints create patient wait times, and the company is still operating at a loss with a going-concern note until cash flow breakeven is achieved. Management presented a clear plan (targeted market execution, additional payer outreach, new hires and VA expansion) and expects short-term increased OpEx to accelerate revenue. Overall the positives — strong growth, improving margins and concrete payer/VA progress — appear to outweigh the risks and required investments, though execution on payer wins and scaling clinic capacity remain critical.Positive Updates
Strong Revenue Growth (Q2 and YTD)
Q2 2026 revenue of $1.928M versus $894K in Q2 2025, up 116% year-over-year; year-to-date revenue ~ $3.5–3.6M, up ~98% versus prior-year period. Management called Q2 the strongest quarterly revenue performance in company history.
Negative Updates
Limited Payer Coverage and Low Penetration
Despite CPT code and payer progress, the company is still treating only a fraction of eligible patients; providers often require coverage across a meaningful portion of their payer mix before activating programs. Management emphasized many markets remain underpenetrated even where some coverage exists.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Revenue Growth (Q2 and YTD)
Q2 2026 revenue of $1.928M versus $894K in Q2 2025, up 116% year-over-year; year-to-date revenue ~ $3.5–3.6M, up ~98% versus prior-year period. Management called Q2 the strongest quarterly revenue performance in company history.
Read all positive updates
Company Guidance
Management guided that it will aggressively scale commercial activity in markets with existing coverage while continuing payer outreach, expecting additional coverage in H2 2026/early 2027 and a goal of exceeding 200 million covered lives by end of 2027 (today >100M); near‑term operational targets include training the first 10 VA 1099 reps (selling by Sept. 15) and getting a year‑end read on VA revenue. Key metrics disclosed: Q2 revenue $1.928M (+116% YoY) and YTD revenue ~$3.5–3.6M (+98% YoY); IB‑Stim ASP $992 in Q2 and $1,003 YTD (up ~28–30% YoY); unit deliveries +60% (3 months) and +48% (6 months); YTD prior‑auth approval 31% vs 12% in 2025; ordering accounts 88 YTD (+16%) with revenue per ordering account $40K (+68%); gross margin 85.9% in Q2 (+230 bps) and 86.1% YTD (+210 bps); Q2 operating expenses $3.8M (+53%) with operating loss $2.1M (net loss $2.1M) and EPS loss $0.19 (improved from $0.22); cash on hand $8.3M, free cash outflow $1.0M (Q2) and $2.3M (6M), and average quarterly burn ~$1.1M YTD (vs ~$1.5M in 2025). Management reiterated an objective of reaching cash‑flow breakeven over time but advised H2 burn may rise as they invest to capture coverage‑driven growth.NeurAxis, Inc. Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
55
Neutral
Cash Flow
28
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.32M | 3.57M | 2.69M | 2.46M | 2.68M | 2.72M |
| Gross Profit | 4.55M | 3.01M | 2.32M | 2.16M | 2.39M | 2.25M |
| EBITDA | -7.50M | -7.67M | -7.90M | -9.23M | -4.33M | -2.95M |
| Net Income | -7.87M | -7.80M | -8.24M | -14.63M | -4.78M | -3.03M |
Balance Sheet | ||||||
| Total Assets | 10.00M | 6.40M | 4.76M | 509.50K | 1.48M | 760.48K |
| Cash, Cash Equivalents and Short-Term Investments | 8.32M | 4.97M | 3.70M | 78.56K | 253.70K | 320.86K |
| Total Debt | 279.39K | 416.61K | 473.40K | 224.26K | 598.82K | 439.27K |
| Total Liabilities | 3.26M | 3.00M | 2.69M | 1.91M | 7.05M | 1.59M |
| Stockholders Equity | 6.74M | 3.40M | 2.07M | -1.40M | -5.57M | -825.66K |
Cash Flow | ||||||
| Free Cash Flow | -5.63M | -6.46M | -6.13M | -6.77M | -2.36M | -2.24M |
| Operating Cash Flow | -5.62M | -6.43M | -6.10M | -6.69M | -2.30M | -2.23M |
| Investing Cash Flow | -112.17K | -131.15K | -27.78K | -71.78K | -61.20K | -1.39K |
| Financing Cash Flow | 8.07M | 7.83M | 9.74M | 6.59M | 2.29M | 661.10K |
NeurAxis, Inc. Technical Analysis
Positive
5.96
Price Trends
6.83
Positive
6.82
Positive
6.67
Positive
Market Momentum
0.14
Positive
47.99
Neutral
33.11
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NRXS, the sentiment is Positive. The current price of 5.96 is below the 20-day moving average (MA) of 7.25, below the 50-day MA of 6.83, and below the 200-day MA of 6.67, indicating a neutral trend. The MACD of 0.14 indicates Positive momentum. The RSI at 47.99 is Neutral, neither overbought nor oversold. The STOCH value of 33.11 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NRXS.
NeurAxis, Inc. Risk Analysis
NeurAxis, Inc. disclosed 54 risk factors in its most recent earnings report. NeurAxis, Inc. reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
NeurAxis, Inc. Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
57 Neutral | $89.54M | -9.26 | -173.28% | ― | 65.22% | 24.92% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
46 Neutral | $11.10M | -0.30 | -218.59% | ― | ― | 38.14% | |
42 Neutral | $21.49M | -2.25 | -113.58% | ― | ― | ― | |
42 Neutral | $110.77M | -0.08 | 250.02% | ― | ― | -2012.66% |
* Healthcare Sector Average
NRXS
NeurAxis, Inc.
7.13
4.41
162.13%
IGC
IGC Pharma
0.19
-0.21
-53.16%
NERV
Minerva Neurosciences
2.32
-1.88
-44.76%
PASG
Passage Bio
3.45
-4.23
-55.08%
LIMN
Liminatus Pharma
2.82
-66.68
-95.94%
NeurAxis, Inc. Corporate Events
Dividends
NeurAxis Declares Q3 Stock Dividend on Preferred Shares
Positive
Oct 14, 2026
On October 14, 2026, NeurAxis, Inc.‘s board authorized and the company declared a stock dividend on its Series B Preferred Stock for the third quarter of 2026, to be paid in shares of common stock. The dividend amount for each holder will be...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
NeurAxis Enhances Executive and Director Equity Compensation
Positive
Aug 19, 2026
On June 10, 2026, NeurAxis stockholders approved a stock option exchange under which 1,319,394 outstanding options from a prior plan were cancelled and replaced one-for-one with restricted stock units under the 2022 Omnibus Securities and Incentiv...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.