NeurAxis Inc., a developer of percutaneous electrical nerve field stimulation (PENFS) devices for disorders of gut-brain interaction (DGBI), highlighted its revenue momentum at the iAccess Alpha Virtual Best Ideas Fall Investment Conference on September 15, 2026. The company’s first-half 2026 revenue reached $3.5 million, a 94% year-over-year increase from $1.8 million in the same period last year, driven by expanding insurance reimbursement and commercial coverage. With a $7 million to $8 million annual revenue target and no long-term debt, NeurAxis projects steady growth even without additional payer contracts or Q3/Q4 expansion, underscoring its operational resilience and clinical momentum.
The company’s gross margins improved to 86% in the first half of 2026, from 84% in the prior year, with management noting a theoretical ceiling of around 92%. Each approved patient generates roughly $4,800 in revenue—derived from four $1,200 devices used over four weeks—while the $72 million market cap reflects a price-to-book ratio of about 11 times. NeurAxis’s stock, trading near $5.75 per share (within its $2.21–$9.33 52-week range), has delivered a 146% return over the past year, with Wall Street analysts targeting a range of $9 to $13 per share.
A key driver of growth is NeurAxis’s expanding payer coverage, with nearly 30 medical policy agreements covering over 100 million lives, including major plans from Anthem (40 million lives), Blue Cross Blue Shield (11–13 plans), and Molina (5 million lives via Medicaid). The company also secured a Federal Supply Schedule (FSS) contract with the U.S. Veterans Affairs (VA) system, targeting 180–200 hospitals through 10–12 contractors. Category I CPT code clearance (effective January 2026) and FDA De Novo clearance (2019) have supported reimbursement expansions, with 25–30 states now loaded with Medicaid fee schedules.
Clinical data underscores the device’s efficacy. The largest pediatric registry included 300 patients, showing sustained symptom relief at 6–12 months, with a number needed to treat (NNT) of 3 for irritable bowel syndrome (IBS) compared to 6–14 for conventional treatments. The PENFS system, targeting cranial nerves (5, 7, 9, 10) to modulate gut-brain interactions, has been validated in 21 investigator-initiated studies, including a landmark trial published in The Lancet. Physicians earn 1.5 relative value units (RVUs) under the CPT code, further incentivizing adoption.
Operational expansion is also underway. NeurAxis now employs 7 full-time staff, with projections to reach 15 by year-end 2026 and 30 by year-end 2027. A new Vice President of Market Access and Reimbursement Provider Solutions was hired in advance of the conference, while a $1 million quarterly burn rate and $4 million cash position support near-term growth. The company plans a device redesign launch in early 2027, aligning with anticipated payer coverage expansions and commercial sales force scaling.
Brian Carrico, NeurAxis’s CEO, emphasized the correlation between clinical data and reimbursement wins, stating that ‘strong data equals strong policy coverage and reimbursement, equals strong revenue growth.’ He projected $7 million to $8 million in revenue for 2026 without additional contracts, with further gains expected from expanded commercial coverage and leadership hiring. ‘The demand is incredible,’ he added, positioning NeurAxis as a high-growth biotech player with a clear path to profitability.
With a $22 billion total serviceable available market split between pediatric ($8 billion) and adult ($14 billion) segments, NeurAxis operates in a niche but rapidly expanding space. Its $13 million to $14 million cash flow breakeven target and Series B preferred shares expiring December 31, 2026 highlight its strategic focus on revenue diversification and operational scaling. The company’s next major milestone will be the iAccess Alpha Winter Investment Conference (December 8–9, 2026), where further guidance on 2027 growth expectations is anticipated.
