NeurAxis, Inc. (NRXS)
:NRXS
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NeurAxis, Inc.
(NRXS)
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Rating:54Neutral
Price Target:
$7.00
▼(-3.45% Downside)
Action:ReiteratedDate:03/19/26
The score is held back primarily by weak financial performance—ongoing large losses and material cash burn despite strong gross margins and revenue growth. Technicals are a meaningful positive with strong momentum above major moving averages, while valuation remains challenged due to negative earnings. The earnings call adds support via reimbursement/access catalysts and improved liquidity, but execution risks (margin pressure, rising opex, uneven adoption) remain significant.
Positive Factors
High gross margins & revenue growth
Consistent double-digit unit and revenue growth combined with very high gross margins (~84% TTM) indicate durable unit economics and product pricing power. This mix supports scalable gross-profit generation as volumes rise, enabling margin retention if operating spend is disciplined while commercialization scales.
Negative Factors
Persistent cash burn
Sustained negative operating and free cash flow at multi-million dollar annualized levels creates a structural need for external capital to fund operations and growth. Ongoing cash burn increases dilution risk, constrains strategic optionality, and forces prioritization between commercialization investments and clinical evidence generation unless revenue scale accelerates materially.
Read all positive and negative factors
Positive Factors
Negative Factors
High gross margins & revenue growth
Consistent double-digit unit and revenue growth combined with very high gross margins (~84% TTM) indicate durable unit economics and product pricing power. This mix supports scalable gross-profit generation as volumes rise, enabling margin retention if operating spend is disciplined while commercialization scales.
Read all positive factors
NeurAxis, Inc. (NRXS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$81.11M
Dividend YieldN/A
Average Volume (3M)55.04K
Price to Earnings (P/E)―
Beta (1Y)0.77
Revenue Growth36.89%
EPS Growth43.58%
CountryUS
Employees21
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.18
Shares Outstanding11,187,639
10 Day Avg. Volume34,967
30 Day Avg. Volume55,039
Financial Highlights & Ratios
PEG Ratio0.24
Price to Book (P/B)12.13
Price to Sales (P/S)11.55
P/FCF Ratio-6.38
Enterprise Value/Market Cap0.94
Enterprise Value/Revenue21.45
Enterprise Value/Gross Profit25.47
Enterprise Value/Ebitda-9.99
Forecast
1Y Price Target
$13.00Price Target Upside79.31% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.56
Revenue Forecast (FY)$8.50M
NeurAxis, Inc. Business Overview & Revenue Model
Company Description
NeurAxis, Inc. operates as a neuromodulation therapy device company in the United States. It offers IB-Stim, a percutaneous electrical nerve field stimulation system intended to be used in patients 11-18 years of age with functional abdominal pain...
How the Company Makes Money
NeurAxis generates revenue primarily from the sale of its neuromodulation systems and related consumables used in delivering therapy (e.g., single-use or procedure-related components where applicable). Revenue is recognized through commercial dist...
NeurAxis, Inc. Earnings Call Summary
Earnings Call Date:Mar 19, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 27, 2026
Earnings Call Sentiment Positive
The call communicated a clear progression from regulatory and coverage milestones toward commercialization: a Category I CPT code, a ~45M member major payer policy, an FSS contract with the VA, sustained unit and revenue growth, and strengthened liquidity. Management also outlined concrete commercial hiring and payer engagement plans and multiple ongoing clinical trials to expand adult and other-indication coverage. Offsetting these positives are margin compression driven by product mix and inventory adjustments, higher operating expenses that increased quarterly losses, uneven hospital adoption due to operational/administrative barriers, and the need for additional payer policies (and an adult RCT) to unlock broader adoption. Overall, the upside from reimbursement wins, regulatory progress, accelerating submissions and funded runway meaningfully outweighs the execution and margin challenges in the near term.Positive Updates
Category I CPT Code Effective Jan 1, 2026
Company secured a Category I CPT code effective January 1, 2026, shifting focus from access creation to commercial execution; management cited this as a major catalyst enabling scaled reimbursement efforts and stated the combined coverage footprint now exceeds 100 million covered lives (company statement).
Negative Updates
Medical Policy Coverage Still Required; CPT Code Alone Insufficient
Management confirmed payers generally will not provide coverage based solely on the CPT code; written medical policy coverage remains essential. Current submission growth is concentrated (driven by roughly ~10% of children's hospitals), and additional payer policy wins are required for broader adoption.
Read all updates
Q4-2025 Updates
Positive
Negative
Category I CPT Code Effective Jan 1, 2026
Company secured a Category I CPT code effective January 1, 2026, shifting focus from access creation to commercial execution; management cited this as a major catalyst enabling scaled reimbursement efforts and stated the combined coverage footprint now exceeds 100 million covered lives (company statement).
Read all positive updates
Company Guidance
Management guidance emphasized execution now that the Category I CPT code (effective Jan 1, 2026) and RVUs are in place, shifting focus from access creation to scaling utilization across more than 100 million covered lives (including ~45 million members added via a December payer policy); management highlighted Q4 revenue of $968K (+27% YoY vs. $761K) and FY2025 revenue of $3.6M (+33% YoY vs. $2.7M), unit deliveries +35% in Q4 and +44% for FY (seventh straight quarter of double‑digit unit growth), Q4 gross margin 85.4% (down 100 bps YoY) and FY gross margin 84.2% (down 230 bps YoY), Q4 operating expenses $2.5M (+20% YoY) with selling $518K (+31%), R&D $137K (+15%), G&A $1.9M (+17%), Q4 operating and net loss $1.7M (FY operating loss $7.8M; FY net loss $7.8M, 5% improvement YoY), cash $5.0M at 12/31/25 (Q4 free cash flow $2.5M vs. a core burn of ~$1.5M), and post‑quarter financings of ~$2.6M raising cash to >$6M with ~$1.2M ATM capacity remaining; operational KPIs called out include prior authorization submissions ~10x higher vs. 2025, current submission growth driven by ~10% of children’s hospitals, VA FSS access to ~7M VA patients (functional dyspepsia ~3%), FDA label expansion to ages 8+ and four devices per treatment, and ongoing RCTs (adult trial at Cleveland Clinic) to support broader adult coverage.NeurAxis, Inc. Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
45
Neutral
Cash Flow
28
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 3.57M | 2.69M | 2.46M | 2.68M | 2.72M |
| Gross Profit | 3.01M | 2.32M | 2.16M | 2.39M | 2.25M |
| EBITDA | -7.67M | -7.90M | -9.23M | -4.33M | -2.95M |
| Net Income | -7.80M | -8.24M | -14.63M | -4.78M | -3.03M |
Balance Sheet | |||||
| Total Assets | 6.40M | 4.76M | 509.50K | 1.48M | 760.48K |
| Cash, Cash Equivalents and Short-Term Investments | 4.97M | 3.70M | 78.56K | 253.70K | 320.86K |
| Total Debt | 416.61K | 473.40K | 224.26K | 598.82K | 439.27K |
| Total Liabilities | 3.00M | 2.69M | 1.91M | 7.05M | 1.59M |
| Stockholders Equity | 3.40M | 2.07M | -1.40M | -5.57M | -825.66K |
Cash Flow | |||||
| Free Cash Flow | -6.46M | -6.13M | -6.77M | -2.36M | -2.24M |
| Operating Cash Flow | -6.43M | -6.10M | -6.69M | -2.30M | -2.23M |
| Investing Cash Flow | -131.15K | -27.78K | -71.78K | -61.20K | -1.39K |
| Financing Cash Flow | 7.83M | 9.74M | 6.59M | 2.29M | 661.10K |
NeurAxis, Inc. Technical Analysis
Positive
7.25
Price Trends
5.75
Positive
4.56
Positive
3.62
Positive
Market Momentum
0.42
Positive
59.04
Neutral
59.46
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NRXS, the sentiment is Positive. The current price of 7.25 is above the 20-day moving average (MA) of 6.89, above the 50-day MA of 5.75, and above the 200-day MA of 3.62, indicating a bullish trend. The MACD of 0.42 indicates Positive momentum. The RSI at 59.04 is Neutral, neither overbought nor oversold. The STOCH value of 59.46 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NRXS.
NeurAxis, Inc. Risk Analysis
NeurAxis, Inc. disclosed 54 risk factors in its most recent earnings report. NeurAxis, Inc. reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
NeurAxis, Inc. Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
54 Neutral | $81.11M | -5.29 | -3071.15% | ― | 36.89% | 43.58% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
46 Neutral | $25.92M | -0.82 | -87.18% | ― | ― | 38.42% | |
44 Neutral | $26.19M | -9.21 | -96.36% | ― | -6.51% | 58.31% | |
44 Neutral | $228.49M | -0.12 | 506.72% | ― | ― | -323.61% |
* Healthcare Sector Average
NRXS
NeurAxis, Inc.
7.25
5.55
326.47%
IGC
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0.27
-0.02
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NERV
Minerva Neurosciences
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277.14%
PASG
Passage Bio
8.08
1.08
15.43%
LIMN
Liminatus Pharma
0.18
-8.83
-98.06%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.