Neuraxis, INC
neuraxis.comNeuraxis 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.
Products & Services
Neuromodulation devices including the RED product, launched in 2025. The company holds a Category III CPT Code for insurance reimbursement of its devices.
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.
Customers & 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.
Geographic Exposure
United States only, based on insurance carrier coverage expansion across certain U.S. locations as described in the FY2025 10-K.
Financial Snapshot
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