Neuraxis, Inc. 2026 Q2 Earnings Call
Review the key takeaways and the transcript of this earnings call.
- NeurAxis reported second quarter fiscal year 2026 revenue of $1.928 million, up 116% year over year from $894,000 in Q2 2025.
- Year-to-date 2026 revenue was $3.6 million, a 98% increase compared to $1.8 million in 2025.
- Ib-stim average selling price increased 30% year to date to $1,003 from $772 in 2025.
- Gross margin expanded by 230 basis points to 85.9% in Q2 2026 compared to Q2 2025.
- Operating expenses increased 53% year over year to $3.8 million in Q2 2026 due to higher selling, research and development, and general and administrative costs.
- Operating loss in Q2 2026 was $2.1 million, 24% higher than the $1.7 million loss in Q2 2025.
- Net loss for Q2 2026 was $2.1 million, a 23% increase compared to Q2 2025.
- Cash on hand was $8.3 million as of June 30, 2026, with free cash flow of $1 million and $2.3 million for the three and six months ended June 30, 2026, respectively.
- NeurAxis has over 100 million covered lives currently and expects to exceed 200 million covered lives by the end of 2027.
- The company has made significant progress with two large commercial payers in Q2 2026, improving insurance coverage.
- Ib-stim unit deliveries increased 60% and 48% for the three and six months ended June 30, 2026, respectively.
- NeurAxis has initiated a federal supply schedule contract with the U.S. Department of Veterans Affairs (VA) and is expanding VA sales efforts with 1099 reps, expecting to have 10 reps trained and selling by mid-September 2026.
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Transcript
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Good morning, everyone, and welcome to the NeurAxis Report second quarter fiscal year 2026 financial results conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star and then one on your touch-tone phones. To withdraw your questions, you may press star and two. Also note today's event is being recorded. I would now like to hand the floor over to Ben Shamsian, investor relations. Sir, please go ahead. Thank you, and good morning, everyone.
Thank you for joining us for NeurAxis' second quarter 2026 financial results and corporate update conference call. Joining us on the call today is Brian Carrico, CEO of NeurAxis, and Tim Henrichs, CFO of NeurAxis. At the conclusion of today's prepared remarks, we will open the call to questions. Please follow the operator's instructions to ask a question. Today's event is being recorded and will be available for replay through the webcast information provided in the press release. Finally, I'd like to call your attention to the customary safe harbor disclosures regarding forward-looking information. The conference call today will contain certain forward-looking statements, including statements regarding the goals, strategies, beliefs, expectations, and future potential operating results of NeurAxis. Although management believes these statements are reasonable based on estimates, assumptions, and projections as of today, these statements are not guarantees of future performance.
Time-sensitive information may no longer be accurate at the time of any telephonic or webcast replay. Actual results may differ materially as a result of risks, uncertainties, and other factors, including but not limited to the risk factors set forth in the company's filings with the SEC. NeurAxis undertakes no obligation to update or revise any of these forward-looking statements. With that said, I would like to now turn over the event to Brian Carrico, Chief Executive Officer of NeurAxis. Brian, please proceed. Thank you, Ben, and good morning to everyone joining us.
Q2 was an important quarter for NeurAxis, and I look forward to delivering several key progress updates today. It was our second full quarter of operating with a Category I CPT code for PENFS, which confirmed what we learned in the first quarter regarding what drives adoption and where we need to focus our commercial resources. This allowed us to stick to the plan and taking what we learned in Q1 to make disciplined strategic decisions in Q2 that will certainly play out in Q3 and Q4. Our strategy is centered on two priorities. Number one, securing the remaining insurance coverage, which I have meaningful updates to report today. Number two, maximizing execution in covered markets while positioning the organization to scale rapidly as new coverage comes online.
I will structure my remarks today around six areas: revenue and second quarter highlights; insurance coverage status and payer progress; key performance indicators or KPIs; commercialization, including our current structure, new hires, and upcoming changes; the opportunity within U.S. Department of Veterans Affairs medical centers; and a summary of our focus and next steps. Following my remarks, Tim Henrichs, our CFO, will review our financial results for the second quarter of 2026. For the second quarter of 2026, revenue was $1.928 million, compared with $894,000 in Q2 2025, representing 116% year-over-year revenue growth. The quarter was successful on many fronts, especially looking at the strategic changes we made commercially and the progress we made with payers. Q2 continued to confirm proof of concept with physician and patient demand continuing to build, but utilization is strong where healthcare providers with the right combination of payer coverage, physician engagement, and operational capacity are in place.
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