Financial Performance - Revenues increased 40% to $667 thousand in Q3 2024 compared to $477 thousand in Q3 2023[2] - Operating loss improved by 45% to $1.7 million in Q3 2024 from $3.0 million in Q3 2023[11] - Net loss decreased by 80% to $1.8 million in Q3 2024 from $8.6 million in Q3 2023[12] - Gross profit increased 39% to $570 thousand in Q3 2024 compared to $410 thousand in Q3 2023[10] Product Performance - Unit sales of the IB-Stim product grew 50% in Q3 2024, reflecting strong demand[7] - Received new FDA clearance for IB-Stim, expanding the age indication from 11-18 years to 8-21 years[4] Market Expansion - Total covered lives expanded to approximately 35 million, up from 4.5 million as of October 1, 2023[2] - The company has 16 peer-reviewed publications supporting its PENFS technology, enhancing its position for payor coverage[5] Investment and Cash Position - Secured a $5.0 million capital investment to replace $3.2 million in committed funding from an existing investor[6] - Cash on hand as of September 30, 2024, was $261 thousand, with an upcoming $5.0 million investment expected to close mid-November[13]
Neuraxis(NRXS) - 2024 Q3 - Quarterly Results