Innovative Health Solutions

What Innovative Health Solutions does

Innovative Health Solutions operates publicly as NeurAxis, Inc., a medical technology company founded in 2011 and headquartered in Versailles, Indiana. The company develops neuromodulation therapies for chronic and debilitating conditions affecting the gut-brain axis, with core technology being Percutaneous Electrical Nerve Field Stimulation (PENFS), a drug-free, non-surgical electrical stimulation method targeting abnormal amygdala activation observed in IBS patients. The company employs 11-50 staff and reports quarterly financial results consistent with public-company status.

NeurAxis's flagship product is IB-Stim, a first-to-market, FDA-cleared wearable device worn behind the ear that is indicated for functional abdominal pain associated with irritable bowel syndrome (IBS) and functional dyspepsia in patients 8 years and older. The company has secured multiple FDA firsts, including the first-ever clearance for adult functional dyspepsia with associated nausea (October 2025) and the first pediatric FAP/FD clearance (May 2025). A second product, RED, received FDA 510(k) clearance for testing and evaluation of patients with chronic constipation. Both products target disorders of gut-brain interaction without pharmaceuticals or surgery.

Revenue is generated through sales of these prescription medical devices to healthcare providers (primarily gastroenterologists and pediatricians), with realization dependent on insurance reimbursement. The company has aggressively expanded payer coverage, securing medical policies with Molina Healthcare (5+ million lives), Highmark BCBS, Capital Blue Cross, BCBS of Vermont, Blue Cross Kansas City, and the VA Federal Supply Schedule, cumulatively expanding access to approximately 45 million additional covered lives by December 2025. An AMA Category I CPT code became effective in January 2026, establishing a permanent reimbursement pathway. NeurAxis reports consistent year-over-year revenue growth in the 22-50% range across multiple quarters of 2024 and 2025, supplemented by a $5.0 million registered direct offering closed in May 2025.

Name

Innovative Health Solutions

Legal name

NeurAxis, Inc.

Website

https://i-h-s.com

Company type

Public

Founded year

2011

Operating status

Operating

Headcount range

11–50 employees

Short description

NeurAxis (Innovative Health Solutions) is a publicly held Indiana medical technology company that develops FDA-cleared, drug-free PENFS neuromodulation devices — primarily the IB-Stim wearable for pediatric and adult IBS and functional dyspepsia — sold to gastroenterologists and pediatricians and reimbursed through an expanding payer network.

Ownership category

akta.pro rank

Product category

Neuromodulation Medical Devices

NAICS

Electromedical and Electrotherapeutic Apparatus Manufacturing (334510)

SIC

Electromedical & Electrotherapeutic Apparatus (3845)

akta.pro primary industry

Cardiac Assist & Heart Failure Therapies (Implantables, Neuromodulation) (HLAHAFAL)

Keywords

• Neuromodulation medical devices
• Percutaneous nerve stimulation
• Gut-brain axis therapy
• Functional GI disorder treatment
• FDA-cleared medical devices

Headquarters

HQ city

Versailles

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Supply Chain

Revenue model

1. Medical Device Sales: Sales of IB-Stim and RED devices to healthcare providers and patients. Revenue is driven by growing insurance reimbursement coverage with newly established CPT Category I codes for PENFS procedures enabling permanent reimbursement pathway.
2. Insurance Reimbursement: Revenue generated through insurance payer reimbursement as coverage expands. Company has secured medical policy coverage with multiple major insurers including Molina Healthcare (5+ million lives), Highmark BCBS, Capital Blue Cross, and VA Federal Supply Schedule.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Innovative Health Solutions (operating as NeurAxis, Inc.) develops and commercializes FDA-cleared neuromodulation medical devices using proprietary PENFS (Percutaneous Electrical Nerve Field Stimulation) technology targeting the gut-brain axis. Its flagship IB-Stim is a first-to-market, drug-free, non-surgical wearable device indicated for functional abdominal pain associated with IBS and functional dyspepsia in patients 8 years and older, while RED is an FDA 510(k) cleared device for diagnostic evaluation of chronic constipation. Revenue is generated primarily through device sales to healthcare providers, reimbursed via expanding insurance payer coverage and a permanent AMA Category I CPT code.

Product overview

NeurAxis offers targeted neuromodulation therapies for patients suffering from disorders of gut-brain interaction (DGBI), including functional abdominal pain associated with irritable bowel syndrome (IBS) and functional dyspepsia (FD). The company's core technology is PENFS (Percutaneous Electrical Nerve Field Stimulation). The main products are IB-Stim (available for both adults and pediatrics, 8+ years) and RED (for chronic constipation evaluation). Both are non-surgical, drug-free neurostimulation devices that target the gut-brain axis to address chronic abdominal pain conditions.

Differentiator

Problem solved

Functional benefit

Brands

• IB-Stim®: FDA-cleared, drug-free and non-surgical neuromodulation device worn behind the ear for functional abdominal pain associated with IBS and functional dyspepsia in patients 8 years and older.
• RED™

Products and services

• IB-Stim First-to-market, FDA-cleared, drug-free and non-surgical neuromodulation device worn behind the ear using PENFS technology. Indicated for functional abdominal pain associated with irritable bowel syndrome (IBS) and functional dyspepsia in patients 8 years and older, with no serious side effects or complications reported. Prescribed by gastroenterologists and pediatric specialists and reimbursed via insurance under expanding medical policies and an AMA Category I CPT code.
• RED (Rectal Electrodiagnostics) FDA 510(k) cleared neuromodulation device used by healthcare providers for the testing and evaluation of patients with chronic constipation. Intended as a diagnostic aid in clinical settings.

Quantifiable outcome

• 22-50% year-over-year revenue growth consistently reported across multiple quarters 2024-2025
• +2 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Four partnerships are on record, tiered core and major.

• Molina HealthcarecoreOthersMajor insurance payer providing coverage for PENFS therapy across over 5 million lives in multiple states. Represents significant revenue channel expansion.
• Veterans AffairscoreOthersVA Federal Supply Schedule contract secured December 2025, broadening access to more patients with functional abdominal pain through VA healthcare system.
• Highmark BCBSmajorOthersBlue Cross Blue Shield affiliate providing medical policy coverage for PENFS therapy.
• Capital Blue CrossmajorOthersRegional insurance provider with medical policy coverage for PENFS effective October 2024.

Scale indicators7 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Electrocore: Developer of gammaCore, a non-invasive vagus nerve stimulation (nVNS) device for multiple indications including headache and gastroenterology-related conditions. Closest peer to NeurAxis in terms of small-cap neuromodulation targeting non-pharmaceutical treatment of chronic conditions.
• Axonics: Develops sacral neuromodulation systems (SNM) for overactive bladder, fecal incontinence, and urinary retention — directly comparable small-cap neuromodulation company with similar commercial-stage profile and FDA-cleared implantable neurostim devices.

Broad incumbents

• Medtronic: Operates a large neuromodulation division including InterStim (sacral nerve stimulation for bowel/bladder dysfunction) and gastrointestinal therapies. Compares to NeurAxis on neuromodulation mechanism applied to GI disorders but competes across a much broader device portfolio.
• Abbott: Major neuromodulation player with Proclaim DRG and dorsal root ganglion stimulation systems, plus legacy neuromodulation portfolio from St. Jude. Comparable as large incumbent in implantable neurostimulation addressing chronic pain conditions.
• Nevro: Manufacturer of HFX spinal cord stimulation systems for chronic pain. Comparable as a publicly-traded neuromodulation company with FDA-cleared implantable neurostim devices targeting chronic pain indications and pursuing payer coverage.
• Boston Scientific: Operates a major neuromodulation division including Precision Spectra and WaveWriter spinal cord stimulation systems. Comparable as a large incumbent with broad neurostim portfolio overlapping chronic pain and GI conditions.

Emerging players

• Inspire Medical Systems: Develops Inspire, an implantable neurostimulation device for obstructive sleep apnea. Comparable as a small-cap-to-mid-cap pure-play neuromodulation company with FDA-cleared neurostim technology that scaled via payer coverage expansion — analogous growth playbook to NeurAxis.
• Setpoint Medical: Developer of vagus nerve stimulation (VNS) therapy targeting inflammatory diseases including rheumatoid arthritis and IBD. Comparable as an emerging neuromodulation company pursuing immune-mediated and gut-brain axis indications adjacent to NeurAxis's focus.
• Saluda Medical: Developer of closed-loop spinal cord stimulation systems (Evoke) for chronic neuropathic pain. Comparable as an emerging neuromodulation company with FDA-cleared neurostim technology targeting chronic pain.
• NeuroSigma: Developer of external trigeminal nerve stimulation (eTNS) therapy, including Monarch eTNS device for ADHD. Comparable as a small neuromodulation company using peripheral nerve stimulation outside the brain with similar commercialization-stage profile.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/ihsinnovative
• Facebookfacebook.com/innovative-health-solutions-305032869592048

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Innovative Health Solutions