NeurAxis, Inc. announced its financial results for the fourth quarter and full fiscal year ended December 31, 2024, on March 20, 2025. Revenues for the fourth quarter of 2024 increased by 43% year-over-year to $761 thousand, with unit sales growing approximately 45%.
For the full fiscal year 2024, revenues reached $2.7 million, an increase of 9% compared to $2.5 million in 2023. The gross margin for the fourth quarter remained steady at 86.4%, while the full year gross margin was 86.5%, a slight decline from 87.7% in 2023 due to growth in discounted financial assistance programs.
The operating loss for the fourth quarter of 2024 improved by 10% year-over-year to $1.5 million, but the full year operating loss increased by 7% to $7.2 million. Net loss for 4Q24 decreased by 73% to $1.5 million, and for the full year 2024, it decreased by 44% to $8.2 million, primarily due to the absence of debt-related charges from the 2023 IPO.
As of December 31, 2024, NeurAxis reported cash on hand of $3.7 million. The company highlighted positive policy coverage for approximately 51 million lives and noted that over 1,000 pediatric patients were treated with IB-Stim over the past 12 months. Management expects upcoming academic society guidelines to drive significant insurance policy coverage and is pursuing FDA clearance for Functional Dyspepsia in children, which could double its pediatric market.
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