Firefly Neuroscience

Gross margins can be acceptable for software‑enabled devices, but payer behavior is the swing factor. Medicare contractor guidance around the eVox‑type panel historically pushed billing to unlisted code 95999 rather than stacking EEG and ERP codes, reflecting skepticism on panelling and clinical utility.

That undermines pricing leverage and provider ROI until consistent coverage exists. Competition from other FDA‑cleared EEG analytics further constrains price. We do not see latent pricing power akin to monopoly tollbooths.