Neuraxis Inc (NASDAQ: NRXS) is a medical device company that develops and commercializes neuromodulation devices for clinical use in hospitals and private physical therapy practices. Revenue comes from device placements reimbursed through third-party health insurance carriers and from direct device sales, with a financial assistance program serving patients without health insurance coverage. The company operates exclusively in the United States, where reimbursement is tied to a Category III CPT Code and prior authorization approvals from insurance carriers. Net sales grew 32.9% to $3,569,282 for the year ended December 31, 2025, up from $2,685,925 for the year ended December 31, 2024. Gross margin was 84.2% for FY2025, down from 86.5% for FY2024, with the decline attributed to product mix shifts including the 2025 launch of the RED device. The company was founded in 2011 and has a history of operating losses. No cash dividends have been declared or paid, and the company qualifies as a smaller reporting company under SEC definitions.

Revenue model

Transactional revenue from device placements reimbursed by health insurance carriers and direct device sales. A financial assistance program provides discounted access to uninsured patients. Reimbursement is tied to a Category III CPT Code requiring prior authorization. Net sales were $3,569,282 for FY2025.

Products and services

Neuromodulation devices including the RED product, launched in 2025. The company holds a Category III CPT Code for insurance reimbursement of its devices.

Customers and end markets

Hospitals and private physical therapy practices in the United States. End patients include both insured individuals and uninsured patients served through a financial assistance program.

Value-chain role

Medical device manufacturer and direct commercial distributor. Handles signal development, device hardware and software development, manufacturing, sales, marketing, and distribution. Reimbursement depends on FDA regulatory approval and insurance carrier coverage determinations.

Geographic exposure

United States only, based on insurance carrier coverage expansion across certain U.S. locations as described in the FY2025 10-K.

Source: SEC 10-K, filed 2026-03-19

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