Neuraxis Q1 Revenue +80% to $1.6M; Operating Loss Improves 24%
Neuraxis reported strong first quarter 2026 financial results, with revenue increasing 80% year-over-year to $1.6 million and operating loss improving by 24%. This performance was primarily driven by the effective AMA Category I CPT® code for Percutaneous Electrical Nerve Field Stimulation (PENFS), which substantially increased payor coverage and allowed more IB-Stim® devices to be sold at full price, expanding gross margin by 200 basis points. The company also achieved significant operational milestones, including securing a Veterans Affairs Federal Supply Schedule contract and receiving the first-ever FDA clearance for abdominal pain in functional dyspepsia with associated nausea symptoms, expanding the total addressable market for IB-Stim.
Key Highlights
- Q1 2026 revenue increased 80% year-over-year to $1.6 million.
- Gross margin expanded by 200 basis points to 86.4% in Q1 2026.
- Operating loss improved 24% year-over-year to $(1.74) million.
- AMA Category I CPT® code for PENFS became effective January 1, 2026, increasing payor coverage.
- Awarded Veterans Affairs Federal Supply Schedule (FSS) contract.
- Received first-ever FDA clearance for abdominal pain in functional dyspepsia with nausea.
- Expanded FDA clearance for IB-Stim age range (8+ years) and treatment time (4 devices).
- Cash balance was $7.1 million as of March 31, 2026, with an additional $2.1 million raised subsequently.
Price Impact
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