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- **Revenue Momentum**: 22% YoY growth in Q3 2025, driven by pediatric market expansion and FDA adult indication.
- **CPT Code Inflection**: New Category 1 CPT code effective Jan 1, 2026, with work RVUs to incentivize physician adoption.
- **Adult Market Strategy**: RCT in adults, VA contract pursuit, and private testing to diversify revenue streams.
- **Financial Health**: $4.4M cash on hand, $1.5M quarterly burn rate, positioning for 2026 adoption acceleration.
- **Key Risk**: RED reimbursement uncertainty pending CPT code clarity post-January 2026.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 2025 revenue of $811,000, up 22% YoY, marking the fifth consecutive quarter of double-digit growth. Growth driven by expanded FDA indication for adults and pediatric market penetration.
- **CPT Code Milestone**: New Category 1 CPT code effective January 1, 2026, introducing work RVUs and streamlined reimbursement, expected to accelerate adoption in children's hospitals.
- **Adult Market Strategy**: Three-pronged approach includes RCT in adults, VA contract pursuit, and private market testing. FDA clearance based on pediatric extrapolation limits immediate coverage but sets foundation for future growth.
- **RED Product Update**: Soft launch continues with focus on VA integration. Reimbursement clarity pending new CPT code details post-January 2026.

**【CFO Financial Commentary】**
- **Financial Highlights**: Q3 2025 gross margin 83.3% (down 2.1% YoY due to financial assistance program discounts and RED inventory charges). Operating expenses $2.8M (25% YoY increase), driven by sales commissions (+125%) and R&D investments (+18% YoY).
- **Liquidity**: $4.4M cash on hand as of Q3, with $2.8M raised in October via ATM and warrant exercises. Free cash flow burn rate maintained at $1.5M per quarter.
- **2026 Outlook**: Anticipated transition to full reimbursement with Category 1 CPT code, targeting cash flow breakeven as adoption accelerates.

**【Q&A Key Highlights】**
- **Commercial Team Incentivization**: Sales reps highly motivated by commission structures and prioritization of high-policy-coverage states. Forecast accuracy within $50K YoY reflects deep account knowledge.
- **Payer Engagement**: Constructive dialogue with top payers, leveraging clinical evidence and policy coalitions. Expect gradual policy changes as Category 1 code implementation begins.
- **2026 Investment Plan**: Increased marketing spend targeting payers and R&D for adult indications. Contingent on adoption pace, plans to expand salesforce or marketing efforts post-Q1 2026 results.
- **RED Reimbursement Uncertainty**: CPT code changes may impact RED economics; VA integration and private market testing continue amid reimbursement clarity delays.


NeurAxis, Inc. (NRXS) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

NRXS

NRXS fundamentals

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