NRXSNYSEElectromedical & Electrotherapeutic ApparatusUS GAAP · USD

Neuraxis, INC

Neuraxis, INC is a U.S.-based medical device company focused on neuromodulation therapies for pediatric and adult patients. Its product portfolio includes the IB-Stim device for functional abdominal pain associated with IBS in children and the RED device for identifying chronic constipation due to pelvic floor dyssynergia in adults.

Kysy yhtiöstä
Liikevaihto3,6milj. USD
+32,9 %v/v
Liikevoitto (EBIT)−7,8milj. USD
−9,4 %v/v
EBIT-marginaali−219,4%
+47,1 %-yks.v/v
Nettotulos−7,8milj. USD
+5,4 %v/v
Vapaa kassavirta−6,5milj. USD
−5,5 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2022–2025

−10,0−7,5−5,0−2,50,02,55,0milj. USD2022: 2,7 milj. USD2022: EBIT −3,4 milj. USD20222023: 2,5 milj. USD2023: EBIT −6,7 milj. USD20232024: 2,7 milj. USD2024: EBIT −7,2 milj. USD20242025: 3,6 milj. USD2025: EBIT −7,8 milj. USD20253,6−7,8
LiikevaihtoLiikevoitto (EBIT)

Liiketoiminta

Osuus liikevaihdosta
IB-Stim device70 %

PENFS neuromodulation therapy used for children and adolescents with functional abdominal pain associated with IBS.

RED device25 %

Office-based diagnostic device used to identify chronic constipation due to pelvic floor dyssynergia in adults.

Other indications and pipeline5 %

Development-stage uses and future indications for the company's neuromodulation platform.

Asiakkaat

The company sells primarily to healthcare companies, especially hospitals and clinics that purchase devices on a purchase-order basis. Its end users are patients treated for functional abdominal pain, IBS-related symptoms, and constipation-related disorders, with reimbursement coverage playing a central role in adoption. The business also serves lower-income patients through discounting and financial assistance programs when insurance coverage is unavailable.

Hospitals and clinics

Primary buyers of IB-Stim devices for treating pediatric functional abdominal pain and related conditions.

Healthcare companies and provider organizations

Purchasers that place purchase orders and integrate the devices into clinical workflows.

Commercial insurers and reimbursed patients

Not direct buyers, but critical to adoption because coverage determines patient access and volume.

Adult GI practices

Users of RED for point-of-care identification of pelvic floor dyssynergia in constipation patients.

Self-pay and financially assisted patients

Patients receiving discounted devices when insurance coverage is unavailable.

Strategia

The company’s strategy is to expand insurance coverage for IB-Stim, which it describes as the main driver of customer adoption and revenue. It is also pursuing FDA clearance for additional indications and expanding adoption of RED, while continuing product development and commercialization efforts.

Broaden insurance coverage for IB-StimLyhyt aikaväli

Coverage determines patient access and is the main driver of device adoption and revenue.

Obtain FDA clearance for new indicationsKeskipitkä aikaväli

Additional indications can expand the addressable market and increase device usage per patient.

Expand RED adoptionKeskipitkä aikaväli

RED adds a second commercial product and broadens the company beyond a single indication.

Maantiede

2025

Neuraxis is headquartered in the United States and appears to operate primarily in the U.S. healthcare market. Its commercial exposure is tied to domestic reimbursement, FDA clearance, and adoption by U.S. hospitals, clinics, and insurers rather than to a broad international footprint.

Riskit

The business depends on reimbursement adoption, regulatory clearance, and successful commercialization of a narrow product set, so delays in any of these areas can materially affect growth. It also faces going-concern, internal control, and execution risks typical of early-stage medical device companies that rely on external financing and continued clinical/regulatory progress.

Järjestetty vakavuuden mukaan
Going-concern and financing riskKriittinen

The company has required external capital to fund operations and commercialization efforts.

Kohdistuu: Corporate liquidity

Insurance reimbursement dependenceKorkea

Commercial adoption is tied to insurer coverage, so slow payer acceptance can limit patient access and sales volume.

Kohdistuu: IB-Stim

Regulatory approval riskKorkea

Future growth depends on FDA clearance for additional indications and product uses.

Kohdistuu: Pipeline indications

Product concentrationKorkea

Revenue is concentrated in a small number of devices and indications, increasing sensitivity to adoption changes.

Kohdistuu: IB-Stim and RED

Internal control and reporting riskKeskitaso

Reported material weaknesses and prior restatement increase the risk of financial reporting errors.

Kohdistuu: Financial reporting

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition on device shipments

Sales are made on purchase orders with standard terms, so cut-off and contract completeness matter for period revenue.

Vaikutus: Net sales timing

Patient discounting and assistance programs

Discounts for lower-income or uninsured patients reduce realized selling prices and affect gross margin.

Vaikutus: Net sales and gross margin

Inventory expiration and obsolescence

Expired inventory charges can arise from product shelf-life and regulatory clearance timing.

Vaikutus: Cost of goods sold

Warrant liability fair value

Changes in warrant valuation can create non-operating gains or losses unrelated to core operations.

Vaikutus: Other income/expense

Internal control remediation and restatement risk

Prior material weaknesses and a restatement increase the likelihood of future accounting adjustments.

Vaikutus: Financial statement reliability

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Päivitetty: 24.9.2026

Neuraxis, INC (NRXS) liikevaihto, tulos ja tunnusluvut 2025 – Clarifo