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NRXS NYSE AM· NeurAxis Inc.
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NRXS NYSE AM· NeurAxis Inc.
Earnings report Q3 2023

Neuraxis, Inc. Reports Decrease in Revenue for the Latest Quarter

Segments of revenue

Neuraxis, Inc. reported net sales of $477.5 thousand for the three months ended September 30, 2023, representing a decrease of 22.8% compared to the same period in 2022. For the nine months ended September 30, 2023, net sales amounted to $1.93 million, reflecting a decline of 6.9% compared to the same period in 2022.

Strengths

Despite the decrease in revenue, Neuraxis, Inc. demonstrated strength in managing its cost of goods sold, resulting in a gross profit of $410.2 thousand for the latest quarter. The company's management highlighted that the increase in general and administrative expenses contributed to the overall net loss. Additionally, the company's liquidity position improved, with cash on hand increasing to approximately $761 thousand at September 30, 2023, compared to $254 thousand at December 31, 2022.

Challenges

Neuraxis, Inc. faced challenges in generating higher net sales during the latest quarter, as evidenced by the decline of 22.8% compared to the same period in 2022. The company's operating loss also widened to $3.02 million for the three months ended September 30, 2023, compared to $1.20 million in the same period last year. The increase in general and administrative expenses and financing charges contributed to the higher operating loss.

Noteworthy

It is worth noting that Neuraxis, Inc. experienced a significant increase in net loss, amounting to approximately $2.8 million or 135.8% for the three months ended September 30, 2023, compared to the same period in 2022. The increase in net loss was primarily driven by higher general and administrative expenses and the impact of financing charges. However, the company's liquidity position improved, with an increase in cash on hand.

Summary

Neuraxis, Inc. faced challenges in generating higher revenue during the latest quarter, resulting in a decline of 22.8% compared to the same period in 2022. The company's operating loss widened, primarily due to increased general and administrative expenses and financing charges. However, Neuraxis, Inc. demonstrated strength in managing its cost of goods sold and improving its liquidity position. The company's management highlighted the impact of increased general and administrative expenses on the overall net loss.

Source documents

Form 10-Q  filed on Nov 20, 2023
3 pages scanned

Reference data

Company financials Q3 revenue 531.5k
Analyst estimates Q3 EPS missed by -∞%
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