NeurAxis Q2 revenue down 5.3% to $611.5K; net loss widens to $2.9M; insurance coverage expands to 22.5M lives

Neuraxis, INC

2024-Q2 EPS reported -$0.73 revenue$1,258,135

Revenue $611.5K, down 5.3% YoY; gross margin 88.0% vs 89.5%.
Net loss $2.9M, up 30.5% YoY; operating loss $2.2M, up 97.5%.
Covered lives grew to 22.5M from 4.5M a year ago; commitment from payer with 12M lives starting Oct 1.
Submitted RED device to FDA for clearance expected Q4 2024; submitted label expansion to ages 8-21.
Secured additional $3.0M funding in May; total committed financing $9.1M; cash $1.8M, short-term debt $4.8M.

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