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NeurAxis, Inc. (NYSE: NRXS) shares began Thursday positive. The company, a medical technology firm commercializing neuromodulation therapies for chronic and debilitating conditions in children and adults, today announced results for the fourth quarter ended December 31, 2024.
Revenues in the fourth quarter of 2024 were $761 thousand, up 43% compared to $531 thousand in the fourth quarter of 2023. Unit sales increased approximately 45% due to growth from patients with full insurance reimbursement and the Company’s financial assistance program that offers discounts for patients without insurance coverage. The Company continues to see great improvements in recent months, gaining positive policy coverage for the PENFS technology, and recent results are indicative of that success.
Revenue in fiscal year 2024 was $2.7 million, an increase of 9% compared to $2.5 million in fiscal year 2023. Unit sales increased approximately 19% due to continued growth of the Company’s financial assistance program.
Gross margin in the fourth quarter of 2024 remained steady at 86.4% during the fourth quarters ended December 31, 2024 and 2023. The Company maintained its gross margin by growing its higher margin full insurance reimbursement program to offset the growth of devices delivered through the discounted financial assistance program.
NRXS shares gained 11 cents, or 4.8%, to $2.40.
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