NeurAxis, Inc. announced its financial results for the first quarter ended March 31, 2025, on May 12, 2025. Revenues for the quarter increased by 39% year-over-year to $896 thousand, with unit sales growing approximately 46%.
Gross margin in the first quarter of 2025 declined to 84.4% from 88.4% in the prior year, primarily due to higher growth from financial assistance customers with discounted pricing and increased manufacturing and shipping costs. Operating expenses rose by 27% to $3.1 million, influenced by a lawsuit settlement, higher selling expenses, and increased research and development costs.
The operating loss for the first quarter of 2025 was $2.3 million, an increase of 25% year-over-year. Excluding the one-time legal settlement charge, the operating loss would have improved by 9%. The net loss for the quarter was $2.3 million, an 8% increase, but would have improved by 22% excluding the settlement.
As of March 31, 2025, cash on hand was $2.0 million. The company continues to see positive policy coverage for PENFS technology, encompassing approximately 51 million lives. Management anticipates meaningful acceleration in revenue growth driven by expanding payer coverage for IB-Stim and the commercialization of RED, alongside the Category I CPT code becoming effective in early 2026.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.