NeurAxis, Inc. (NASDAQ:NRXS) Q4 2023 Earnings Call Transcript

Operator: [Operator Instructions] We have another question for you. Are you concerned about the decline in revenue in the fourth quarter compared to last year?

Brian Carrico: No, we’re not at all. Revenue was very concentrated in 2023 from a smaller number of accounts, and those accounts just ran into coverage issues over the last year and therefore began sending their patients to GPS instead of purchasing devices at full price. We now see a much more diverse customer base each week, each month, with more steady revenue per account, which will increase in spades as coverage and reimbursement mature. We also see an increasing number of accounts that order each month, building a strong base ready to expand revenue as the coverage landscape improves. I mentioned in the call that over 200 patients without insurance coverage came to our GPS and prior office services in Q4. Those revenues would have equaled roughly $1 million additional dollars on top of our revenue if there was written policy coverage in place.

And those numbers alone get us the profitability. So now we’re sitting in a very strong position. All the revenues are down. That is not — we’re not concerned about that part.

Operator: Okay. At this point, we don’t see any more questions in the queue. Therefore, I would like to turn the call over to Brian for closing remarks.

Brian Carrico: Thanks, Ben. Thank you all very much for being with us today. We look forward to communicating with you again soon. Have a nice day.

Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.