NeurAxis (NYSEAM:NRXS) FY Conference Summary Company Overview - **Company Name**: NeurAxis - **Ticker**: NRXS - **Industry**: Med Tech, specifically focused on neuromodulation therapies for gastrointestinal (GI) disorders - **Market Position**: Growth stage company with over 10 years of experience, recently expanded from pediatric to adult indications [2][3] Key Points and Arguments Corporate Developments - NeurAxis has secured a **Category I CPT code** for its PENFS technology effective January 1, 2026, which is crucial for scaling the technology and obtaining insurance coverage [3][4][21] - The company has expanded its **commercial payer coverage** to over **100 million covered lives**, enhancing access to its treatments [4][24] - In 2025, NeurAxis reported revenues exceeding **$3 million** with a gross margin of approximately **84%** [4][20] Market Opportunity - The **serviceable available market** for NeurAxis is estimated at **$22 billion** in the U.S., with specific indications like functional abdominal pain and IBS representing a **$3 billion market opportunity** [8][9] - There are about **6 million patients** in the U.S. with functional abdominal pain and IBS, with **10%** classified as debilitated [9] Clinical Focus - NeurAxis is concentrating on **functional abdominal pain** and **functional dyspepsia** in both pediatric and adult populations, with ongoing clinical trials for multiple indications [5][6] - The company emphasizes the importance of strong clinical data to support insurance coverage and reimbursement, which is critical for revenue growth [6][10] Competitive Advantage - NeurAxis is the only FDA-approved treatment recommended in pediatric guidelines for gut-brain interaction disorders, providing a unique market position [7][10] - The company has conducted **16 publications** of investigator-initiated research, demonstrating the efficacy and safety of its technology [12] Financial Outlook - NeurAxis has a clear path to profitability, with expectations for gross margins to approach **90%** in the coming year [29] - The company had **$5 million** in cash at the end of the previous quarter, with a monthly burn rate of approximately **$450,000-$500,000** [29][30] Challenges and Strategies - The company faces challenges in scaling due to previous lack of insurance coverage and the need for more trained providers to utilize the technology [17][22] - NeurAxis is actively working to increase insurance policy coverage and improve its market presence through strategic partnerships and data presentation [26][27] Additional Important Information - The management team is experienced, with 90% of the team having been involved in the company's growth [8] - The company is focused on maintaining a strong intellectual property portfolio, which is expected to last until **2039** [18] - NeurAxis is committed to transitioning its technology to frontline treatment options for patients, aiming for earlier intervention and better long-term outcomes [27][28]

Core Viewpoint - Xinhua Medical has confirmed its collaboration with its major shareholder, Shandong Yiyang Health Industry Development Group Co., Ltd., in areas such as medical equipment supply and technical services [2] Group 1 - The company is engaged in partnerships for medical equipment supply [2] - The collaboration includes providing technical services [2]

Core Viewpoint - The company, Shantou Ultrasonic Instrument Research Institute Co., Ltd., specializes in the research, production, and sales of medical imaging and industrial non-destructive testing equipment, with a significant portion of its revenue coming from overseas due to the depreciation of the RMB [3][4]. Company Overview - Shantou Ultrasonic Instrument Research Institute Co., Ltd. was established on November 15, 1982, and went public on January 22, 2025. It is recognized as a national key high-tech enterprise [7]. - The company's main business segments include medical ultrasound (71.16% of revenue), industrial ultrasound (17.30%), accessories (5.72%), X-ray (4.56%), and other (1.26%) [7]. Financial Performance - For the period from January to September 2025, the company reported a revenue of 254 million yuan, a year-on-year decrease of 2.90%, and a net profit attributable to shareholders of 88.94 million yuan, down 3.66% year-on-year [8][9]. - As of September 30, 2025, the company's overseas revenue accounted for 55.26% of total revenue, benefiting from the depreciation of the RMB [3]. Market Activity - On January 15, 2025, the company's stock price fell by 3.56%, with a trading volume of 83.72 million yuan and a turnover rate of 5.99%, resulting in a total market capitalization of 10.207 billion yuan [1]. - The stock has seen a net outflow of 7.16 million yuan from major investors, indicating a reduction in holdings over the past two days [4][5]. Product and Industry Insights - The company showcased its innovative veterinary medical imaging products at the 97th WVC annual conference, engaging with industry experts and gaining valuable user insights [2]. - The industrial ultrasound products are primarily applied in non-destructive testing for water and electricity engineering, including pipelines and pressure vessels [2][3].

Core Viewpoint - Mindray Medical experienced a stock price decline of 2.00% on January 15, 2023, with a trading price of 203.60 CNY per share and a total market capitalization of 246.85 billion CNY [1] Group 1: Stock Performance - Year-to-date, Mindray Medical's stock price has increased by 6.90%, with a 0.94% rise over the last five trading days and a 4.51% increase over the last 20 days, while it has decreased by 8.38% over the last 60 days [1] - As of September 30, 2025, Mindray Medical reported a total revenue of 25.83 billion CNY, a year-on-year decrease of 12.38%, and a net profit attributable to shareholders of 7.57 billion CNY, down 28.83% year-on-year [2] Group 2: Financials and Shareholder Information - Since its A-share listing, Mindray Medical has distributed a total of 35.34 billion CNY in dividends, with 25.03 billion CNY distributed in the last three years [3] - As of September 30, 2025, the number of shareholders for Mindray Medical reached 108,800, an increase of 18.86% from the previous period, while the average circulating shares per person decreased by 15.87% to 11,139 shares [2]

Group 1 - The core viewpoint of the news is that Wando Medical's stock has experienced fluctuations, with a recent decline of 2.05% and a year-to-date increase of 10.65% [1] - As of January 15, Wando Medical's stock price is reported at 17.24 yuan per share, with a total market capitalization of 12.121 billion yuan [1] - The company has a primary business focus on the research, manufacturing, sales of imaging medical devices, and imaging diagnostic services, with 90.72% of revenue coming from medical device sales [1] Group 2 - As of September 30, Wando Medical reported a total revenue of 1.189 billion yuan for the first nine months of 2025, reflecting a year-on-year growth of 8.73%, while the net profit attributable to shareholders was a loss of 27.2098 million yuan, a decrease of 123.51% year-on-year [2] - The company has distributed a total of 769 million yuan in dividends since its A-share listing, with 267 million yuan distributed over the past three years [3] - As of September 30, 2025, the number of shareholders increased to 27,200, with an average of 25,882 circulating shares per person, a decrease of 1.22% from the previous period [2][3]

Core Viewpoint - Xinhua Medical experienced a stock price decline of 2.02% on January 15, with a current price of 16.46 yuan per share and a total market capitalization of 9.985 billion yuan. The company has seen a year-to-date stock price increase of 14.31% but a slight decline of 0.30% over the last five trading days [1]. Group 1: Financial Performance - For the period from January to September 2025, Xinhua Medical reported a revenue of 6.978 billion yuan, reflecting a year-on-year decrease of 6.00%. The net profit attributable to shareholders was 434 million yuan, down 29.61% compared to the previous year [2]. - The company has distributed a total of 9.63 billion yuan in dividends since its A-share listing, with 607 million yuan distributed over the last three years [3]. Group 2: Shareholder and Market Activity - As of September 30, 2025, the number of shareholders for Xinhua Medical was 38,700, a decrease of 1.44% from the previous period. The average number of circulating shares per person increased by 1.46% to 15,610 shares [2]. - The top ten circulating shareholders include notable entities such as Huabao Zhongzheng Medical ETF, which holds 13.7328 million shares, a decrease of 2.3604 million shares from the previous period. Hong Kong Central Clearing Limited increased its holdings by 768,900 shares to 8.6891 million shares [3].

Core Viewpoint - As of January 14, 2026, the stock price of Kangtong Medical (301515) closed at 26.15 yuan, down 1.88%, with a turnover rate of 15.84% and a trading volume of 103,900 hands, amounting to a total transaction value of 273 million yuan [1] Group 1: Financial Performance - For the first three quarters of 2025, Kangtong Medical reported a main revenue of 344 million yuan, a year-on-year decrease of 30.06% [3] - The net profit attributable to the parent company was -10.21 million yuan, a year-on-year decline of 150.92% [3] - The net profit excluding non-recurring items was -12.87 million yuan, down 176.82% year-on-year [3] - In Q3 2025, the company achieved a single-quarter main revenue of 79.12 million yuan, an increase of 42.81% year-on-year [3] - The single-quarter net profit attributable to the parent company was -1.80 million yuan, a year-on-year decrease of 138.94% [3] - The single-quarter net profit excluding non-recurring items was -2.60 million yuan, down 182.34% year-on-year [3] - The company's debt ratio stood at 40.94%, with an investment income of -179,400 yuan and financial expenses of 542,400 yuan, while the gross profit margin was 22.45% [3] Group 2: Capital Flow - On January 14, 2026, the net inflow of main funds was 6.57 million yuan, accounting for 2.4% of the total transaction value, while retail investors saw a net inflow of 4.18 million yuan, making up 1.53% of the total [1] - Over the past five days, the financing buy amounted to 35.98 million yuan, with financing repayment at 25.90 million yuan, resulting in a net financing increase of 10.08 million yuan, totaling 41.15 million yuan over three consecutive days [2] - The margin trading data indicated no shares were sold or repaid, with a margin balance of 9.77 million yuan [2]

Group 1: Sector Highlights and Rotation - The Trump administration plans to impose broader tariffs on semiconductor imports and related products, including a 25% tariff on advanced computing chips like Nvidia's H200 and AMD's MI325X [1][5] - This development has led to a decline in stock prices for Nvidia and AMD, which is expected to have a short-term negative impact on the sentiment of the A-share semiconductor sector and related industry chain companies [1][5] Group 2: External Markets and Related Assets - The three major U.S. stock indices closed lower, with the Dow Jones down 0.08%, the Nasdaq down 1%, and the S&P 500 down 0.53%, indicating pressure on technology stocks, including declines of over 2% for Microsoft, Amazon, and Meta [2][6] - The Nasdaq Golden Dragon China Index fell by 0.21%, with notable declines in Chinese concept stocks such as Zhongjin Medical, Trip.com, and Dingdong Maicai [3][7] - In the international commodity market, WTI crude oil dropped by 1.45% to below $61 per barrel, while Brent crude fell by 2.26% to below $64 per barrel; spot gold and New York futures gold also saw declines, with prices falling below $4610 and $4620 per ounce, respectively, with a daily drop of over 0.3% [4][8]

Core Viewpoint - ICU Medical is presenting its investment rationale and commitment to the company, highlighting a positive outlook following recent challenges and macroeconomic factors [2][3]. Group 1: Company Overview - ICU Medical's leadership team, including CEO Vivek Jain and CFO Brian Bonnell, is committed to addressing investor interests and simplifying communication [2][3]. - The company has experienced situational challenges in past transactions but is now positioned to move forward with a clearer strategy [3]. Group 2: Market Context - The presentation indicates that many macroeconomic challenges previously faced by the company are now behind them, suggesting a more stable environment for future growth [3].

ICU Medical (NasdaqGS:ICUI) FY Conference January 14, 2026 04:30 PM ET Company ParticipantsRoland Ye - AssociateVivek Jain - CEORoland YeGood afternoon, everyone. We're excited to continue our 44th Annual JPMorgan Healthcare Conference. My name is Roland Ye. I'm an associate on the healthcare team here at JPMorgan. And today it's my pleasure to introduce ICU Medical, excuse me, and its CEO, Vivek Jain. We'll have time for a Q&A at the end, where we'll be joined by Brian Bonnell, CFO. And with that, we'll ha ...