NeurAxis Q1 Revenues Surge 80% to $1.6M, Gross Margin Hits 86.4%
NeurAxis’s first-quarter 2026 revenues rose 80% year-over-year to $1.6 million, with gross margin expanding by 200 basis points to 86.4% and operating loss narrowing 24%. The AMA Category I CPT® code assignment effective January 1 enhanced payor coverage, boosting full-price device sales and underpinning a $7.1 million cash balance.
1. Record First Quarter Financial Performance
NeurAxis delivered record Q1 results with revenues of $1.6 million, up 80% year-over-year, gross margin of 86.4% (up 200 bps) and a 24% narrower operating loss compared to Q1 2025.
2. Category I CPT Code Drives Coverage
The January 1 activation of the AMA Category I CPT® code for PENFS significantly expanded payor coverage, enabling more full-price IB-Stim device sales and improved reimbursement dynamics.
3. FDA Clearance and VA Contract
Recent regulatory and commercial milestones include FDA clearance for functional dyspepsia treatment in patients eight and older and a Veterans Affairs Federal Supply Schedule contract, opening access to 7 million veterans.
4. Strengthened Balance Sheet
As of March 31, 2026, cash on hand was $7.1 million, bolstered by an additional $2.1 million raised through at-the-market equity and warrant exercises in April and May.