NeurAxis Reports Record Third Quarter 2026 Financial Results Driven by 150% Year Over Year Revenue Growth

Conference call will be held today, Monday, November 9 at 9:00 am ET

CARMEL, Ind., Nov. 09, 2026 (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, 2026.

3Q26 Financial Highlights

• Revenues increased significantly, 150% year over year to $2.0 million.
• Unit deliveries increased 92%, benefitting from the Category I CPT code effective January 1, 2026, substantially increasing payer coverage.
• Expanded gross margin by 330 basis points as significantly more devices were sold at full reimbursement price reflective of the Category I CPT code payer coverage.
• Cash balance of $4.5 million as of September 30, 2026. The Company subsequently raised an additional $1.7 million through its at-the-market facility.
  
  

Recent Operational Highlights

• Category I CPT^® code assignment to report Percutaneous Electrical Nerve Field Stimulation (PENFS) procedures is now effective, completing a successful commercial milestone for the Company’s proprietary technology, IB-Stim^®.
• Awarded the first-ever FDA clearance for the treatment of abdominal pain in functional dyspepsia (FD), with associated nausea symptoms, in patients 8 years of age and older, expanding the total addressable market for IB-Stim.
• Received medical coverage policy from multiple major national health insurers for PENFS, expanding national coverage footprint to over 147 million lives.
• Secured key important academic society guidelines recommendation for treatment of functional abdominal pain (FAP) in irritable bowel syndrome (IBS) in pediatrics. NeurAxis’s PENFS technology is the only FDA-cleared or approved treatment recommended in the pediatrics guidelines, enabling momentum for large-scale insurance coverage for IB-Stim.
• Awarded a Veterans Affairs Federal Supply Schedule (FSS) contract, officially designating NeurAxis as a federal contractor, demonstrating a clear commercial pathway into the Veterans Affairs health system, which serves ~7 million patients annually.
  
  

Management Commentary

Brian Carrico, Chief Executive Officer of NeurAxis, commented: "We are extremely pleased with the results for the quarter. Our sales team has gained momentum from the increase of insurance coverage and we are expecting that trend to accelerate as we secure the last large insurers in the very near future. Revenue growth accelerated in the third quarter as expanded insurance coverage drove increased utilization of IB-Stim, with revenue rising 150% year over year to $2.0 million and unit deliveries increasing 92%. We also achieved a gross margin of 86.6%, up 330 basis points from the prior-year period, as more devices were sold at full reimbursement pricing. These results highlight the commercial impact of the Category I CPT code and our success in securing broader payer coverage.

We continue to execute on our reimbursement strategy, with insurance coverage now extending to more than 147 million lives. This rapidly expanding coverage base is improving patient access and creating opportunities to dramatically increase physician adoption. Our focus is on converting these coverage gains into higher treatment volumes and sustained revenue growth, while continuing to pursue additional payer policies.

To support that, we have launched an effort to expand our commercial team, including the hiring of a Chief Commercial Officer and a Vice President of Market Access. These investments are designed to strengthen our engagement with physicians and payers, support providers through the reimbursement process and drive higher utilization in covered markets.

As we invest in this next phase of growth, disciplined balance sheet management remains a priority. We are directing capital toward initiatives we believe can deliver the greatest commercial impact, while carefully managing spending. Preserving financial flexibility will allow us to support the commercial expansion needed to capture this opportunity while maintaining a clear focus on capital efficiency. Our goal is to build on the quarter’s revenue and margin performance, expand the business efficiently and deliver sustainable returns for our shareholders.”

Third Quarter 2026 Financial Results

Revenues in the third quarter of 2026 were $2.0 million, up 150% compared to $0.8 million in the third quarter of 2025. IB-Stim unit deliveries increased 92% year over year due to Company’s Category I CPT code becoming effective January 1, 2026, and the resulting increase in payer coverage.

Gross margin in the third quarter of 2026 increased 330 basis points year over year to 86.6%, due to a higher average selling price as the unit mix shifted from devices delivered pursuant to the Company’s discounted financial assistance program to full reimbursement pricing as more payers cover treatment under the Category I CPT code.

Selling expenses were $1.0 million in the third quarter of 2026 compared to $0.8 million in the third quarter of 2025 driven by variable compensation attributable to the Company’s strong sales growth.

Research and development expenses were $0.3 million in the third quarter of 2026 compared to $0.1 million in the third quarter of 2025 as the Company commenced more clinical trials to advance its IB-Stim FDA indications, including adult research studies.

General and administrative expenses were $7.0 million in the third quarter of 2026 compared to $1.9 million in the third quarter of 2025 primarily due to one-time, non-recurring stock compensation charges of $4.3 million, incremental stock compensation expense from the third year of a three-year vesting plan and higher market access costs, including additional headcount and associated recruiting fees, as the Company continued its pursuit of incremental insurance payer coverage. 

Operating loss and net loss in the third quarter of 2026 were $6.5 million compared to $2.1 million for the same period in 2025, reflecting one-time, non-recurring stock compensation charges totaling $4.3 million, partially offset by higher gross profit generated from higher unit deliveries.

Cash on hand as of September 30, 2026, was $4.5 million. The decrease from $8.3 million as of June 30, 2026, was primarily due to the payment of employee withholding taxes related to the net settlement of restricted stock units issued upon the cancelation of stock options. The Company has since improved its liquidity position by raising $1.7 million through the utilization of its at-the-market facility in the fourth quarter of 2026.

Conference Call Details

Date and Time: Monday, November 9, 2026, at 9:00am ET

Toll Free: 1-833-862-0272 (U.S. and Canada toll-free) International: 1-412-634-5915
Webcast: https://app.webinar.net/B2bPr8Dro8e

Replay: Toll Free: 1-855-669-9658 (U.S. and Canada toll-free) International: 1-412-317-0088
Replay access code: 9067695
Webcast: https://app.webinar.net/B2bPr8Dro8e

About NeurAxis, Inc.
NeurAxis, 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 IB-Stim, 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 in irritable bowel syndrome (IBS) and functional dyspepsia, including FD-linked nausea symptoms in patients ages 8 and older. 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.

Forward-Looking Statements
Certain 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, 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.

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

For important RED information, including indications, precautions, and contraindications, visit: https://red4constipation.com/information/

Contacts:

Company
NeurAxis, Inc.
info@neuraxis.com

Investor Relations
Lytham Partners
Ben Shamsian
646-829-9701
shamsian@lythampartners.com

NeurAxis, Inc. Condensed Statements of Operations (Unaudited)
		Three Months Ended								Three Months Ended
		September 30,								September 30,
			2026				2025				2026				2025
Net sales		$	2,027,904			$	811,414			$	5,564,483			$	2,601,155
Cost of goods sold			271,663				135,487				762,601				421,265
Gross profit			1,756,241				675,927				4,801,882				2,179,890
Selling expenses			1,001,315				762,548				2,687,039				1,694,354
Research and development			288,745				130,850				645,123				347,433
General and administrative			7,045,104				1,882,614				11,914,035				6,251,143
Operating loss			(6,578,923	)			(2,100,085	)			(10,444,315	)			(6,113,040	)
Other income (expense):
Financing charges			-				(30,240	)			-				(30,240	)
Interest expense, net			(20,126	)			(29,661	)			(66,109	)			(45,333	)
Change in fair value of warrant liability			(1,837	)			(1,740	)			(30,894	)			(28	)
Other income			55,444				38,930				148,698				96,743
Total other income (expense), net			33,481				(22,711	)			51,695				21,142
Net loss		$	(6,545,442	)		$	(2,122,796	)		$	(10,392,620	)		$	(6,091,898	)