The following is a summary of the NeurAxis, Inc. (NRXS) Q4 2023 Earnings Call Transcript:

Financial Performance:

• NeurAxis experienced a decrease in revenues in fiscal year 2023 to $2.5 million, down 8.4% from the previous year, predominantly due to reduced shipments.

• Q4 revenues saw a drop to $531.5 thousand compared to $613.1 thousand in Q4 2022.

• Despite a reduction in selling expenses to $323.6 thousand from prior year's $410.9 thousand, the company's net loss heightened to $14.6 million in 2023, much higher than the $4.8 million loss in 2022.

• The Q4 net loss stood at $5.3 million, mainly because of a $3.7 million debt extinguishment cost and higher G&A expenses.

• The company's financial restatement for certain periods in 2023 resulted in an upshot of $3.7 million in the net loss and an equal increase to additional paid-in-capital.

Business Progress:

• The company treated 830 children using its IB-Stim technology in 2023, marking a penetration rate of 0.14%.

• NeurAxis noted significant growth in insurance coverage and plans for further expansion in the following year.

• Working towards acquiring a Category 1 billing code, the company already has a technology-specific one.

• After securing $6.1 million in convertible financing, the company intends to commercialize additional devices like the RED, expecting its FDA clearance in the fall of 2024.

• NeurAxis expects a rise in its revenues, powered by expanding insurance coverage and the launch of RED device, projecting a more profound growth wave into 2024 and 2025.

• The company is strategically focusing on market education, wider insurance acceptance, and commercializing its RED technology to enable swift growth. The introduction of RED technology is anticipated to serve as a significant revenue driver. Despite a Q4 revenue dip, the company is diversifying its customer base and optimistically sees this as a move towards improved insurance coverage and reimbursement rates.

More details: Neuraxis IR

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