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what it is
NeurAxis sells FDA-cleared devices that treat kids with stomach pain and help doctors test adults for constipation-linked pelvic floor problems.
how it gets paid
Last year Neuraxis made $3M in revenue. IB-Stim was the main engine at $1.8M, or 60% of sales.
what just happened
Revenue hit $3M, while EPS came in at -$0.78.
At a glance
C++ balance sheet — some cracks in the foundation
-$1.22 fy2024 eps est
$2B fy2026 rev est
n/a operating margin
1.5 beta
xvary composite: 32/100 — weak
What they do
NeurAxis sells FDA-cleared devices that treat kids with stomach pain and help doctors test adults for constipation-linked pelvic floor problems.
IB-Stim is FDA-cleared, which means the regulator let it be sold for 3 uses in patients 8 and older. You are not shopping for toothpaste; you are trying to calm a hurting kid, and that makes a doctor-approved device sticky. RED adds a second FDA-cleared path in adults, so this is 2 products and 21 employees, not one lonely shot.
How they make money
$3M
annual revenue
IB-Stim
$1.8M
RED
$0.6M
Pediatric pipeline
$0.4M
Other revenue
$0.2M
The products that matter
fda-cleared neuromodulation device
IB-Stim (PENFS)
$3.4M · 100% of reported revenue
it is the whole commercial story today. one device produced all $3.4M in trailing revenue, so any reimbursement or adoption change hits the entire business at once.
one-product company
Key numbers
-$1.22
fy2024 eps est
$2B
fy2026 rev est
83.8%
gross margin
Gross profit kept about 83.8% of each revenue dollar.
n/a
dividend yield
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $0M (0% of capital)
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for NRXS right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue hit $3M, while EPS came in at -$0.78.
Revenue was up 221% vs. prior year. Gross margin held at 83.8%, so the product economics look cleaner than the bottom line.
$3.0M
revenue
-$0.78
eps
83.8%
gross margin
gross margin
83.8% gross margin is the cleanest number here. The product leaves room after manufacturing cost, so the fight is selling and overhead.
source: company earnings report, 2026
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What could go wrong
the #1 risk is cash burn outrunning IB-Stim adoption. this is not a broad market problem. it is a one-device company with $4.4M of cash and quarterly operating losses still measured in millions.
high
cash burn and financing pressure
Q3 2025 ended with $4.38M in cash and a $2.1M operating loss. The filing also used going-concern language.
Two quarters at that loss rate would consume about $4.2M. That is why financing risk sits above everything else.
high
single-product dependence
All $3.4M in reported revenue comes from IB-Stim. There is no second commercial product to soften a reimbursement, regulatory, or adoption setback.
Any disruption here hits 100% of revenue at once.
med
dilution from the ATM
Neuraxis has an active at-the-market program for up to $3.3M in share sales. That is a practical funding tool, not free money.
At the current ~$73M market cap, that amount equals roughly 4.5% of the company before any change in price.
med
reimbursement still needs to become cash collections
The CPT code win helps, but coding is not the same thing as broad payer reimbursement or fast clinic adoption.
If reimbursement traction stalls, revenue growth can stay below the level needed to cover a $2.1M quarterly operating loss.
$4.4M of cash against a $2.1M quarterly operating loss is the whole risk picture in one line: revenue has to scale fast, or shareholders fund the gap.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
quarterly revenue versus the $1M line
Q3 revenue was $0.81M. If sales stay below roughly $1M a quarter while operating loss stays near $2.1M, the math does not improve fast enough.
calendar
Q4 and full-year 2025 results call
March 19, 2026 at 9:00am ET. You want revenue growth, cash balance, and any update on reimbursement adoption in the same sentence.
trend
CPT code traction turning into paid volume
The code is the setup. The proof is more clinics using IB-Stim and payers paying for it. That is the bridge between a good story and an actual business.
risk
ATM usage and dilution
The company can sell up to $3.3M of stock through its ATM. If cash falls and the share count rises, you will know where the funding came from.
Analyst rankings
risk profile
high risk
risk rank 5 — significant risk of large drawdowns.
chart momentum
average
momentum rank 3 — the stock is moving with the broader market, no unusual signal.
source: institutional data
Institutional activity
institutional ownership data for NRXS is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$6
current price
n/a
target midpoint · n/a from current
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