Dear Fellow Shareholders,
I am pleased to take this opportunity to share the many developments that have occurred over the past 4 months and the future we envision for NRXS as we move into 2024.
As we look back at the first 120 days since our IPO, we are very pleased with our accomplishments. Highly successful med-tech companies build success from the foundation of strong data publications, which leads to broad insurance policy coverage which results in exponential revenue growth. The primary goal in the 4th quarter was to make sure the publications were in place to confidently ask insurance companies for written policy coverage, and we have succeeded. We have now executed and delivered one of the strongest med-tech research publication portfolios in the industry. Our robust portfolio has led to numerous large insurance policy coverages even sooner than expected which has created an increase in revenues in the areas written policy coverage exists such as
As we move into 2024, the strength of our publications has allowed us to schedule 10 major insurance company and policy decision meetings just in the first quarter. We understand that we cannot dictate the timing of policy coverage implementation once a decision is made, but we can prepare the markets and children’s hospitals for the ability to treat children in need once the policy coverage is effective.
Regarding future opportunities, we are anticipating two new revenue opportunities to market in 2024. The first is for Functional Dyspepsia for children, which has a market opportunity of
The second is for chronic constipation, through an agreement with the
Key 4th Quarter Points of Interest
- As we approach 10M covered lives for our existing product, we are confident that we will surpass our target of 75M covered lives by the end of 2024.
- Exceeded our goal of 12 publications by the end of 2023 by securing a total of 14.
- Having just announced CareFirst BCBS which goes effective
January 1 st, 2024, adding 3.5M lives, we continue to have great visibility into our insurance coverage pipeline which gives us confidence in realizing a significant revenue increase in 2024.
Our team is laser-focused on continued policy coverage, the addition of 1 new pediatric IB-Stim indication expected to receive FDA clearance by the end of 2024 and a new RED product for the adult GI market expected to generate revenues in 2024, we expect substantial revenue growth for what is expected to be a great 2024.
About
This page discusses ongoing research activities with percutaneous electrical nerve field stimulator (PENFS) technology, as well as other technology. Please note, the research being described includes information about technology and intended uses of that technology which have not been reviewed or approved/cleared by the
Forward-Looking Statements
Certain statements in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements are based on management’s current assumptions and expectations of future events and trends, which affect or may affect the Company’s business, strategy, operations or financial performance, and actual results and other events may differ materially from those expressed or implied in such statements due to numerous risks and uncertainties. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. There are a number of important factors that could cause actual results, developments, business decisions or other events to differ materially from those contemplated by the forward-looking statements in this press release. These factors include, among other things, the conditions in the
Contacts:
Company
info@neuraxis.com
Investor Relations
IR@neuraxis.com
![](https://ml.globenewswire.com/media/YzA5NDdmYjYtNzg0MC00ZjZiLWFiN2QtMDIzNTI4NjJjZGJlLTEyNjM3OTU=/tiny/NeurAxis-Inc-.png)
2023 GlobeNewswire, Inc., source