Aclarion, Inc. (NASDAQ: ACONW)

Aclarion is a healthcare technology company that leverages Magnetic Resonance Spectroscopy (MRS) and proprietary biomarkers to optimize clinical treatments. The company focuses on the U. S. low back and neck pain market, which was valued at $134.5 billion according to a 2020 JAMA article. Aclarion’s technology provides objective, non-invasive diagnostics to identify painful intervertebral discs, aiming to improve surgical outcomes and reduce healthcare costs associated with chronic discogenic low back pain.

Aclarion generates revenue through the commercialization of its NOCISCAN product suite, which includes the NOCICALC and NOCIGRAM software products. Revenue is derived from direct patient payments, third-party payer reimbursements via Category III CPT codes, and payments from imaging centers that perform MRS exams using the company’s technology. The company currently earns the majority of its revenue in the United Kingdom and the United States through a mix of direct payments and emerging reimbursement pathways.

The company operates through the following segments:

• NOCISCAN: This segment encompasses the company’s primary product suite designed to non-invasively analyze the chemical makeup of intervertebral discs using MR spectroscopy. The NOCISCAN platform includes the NOCICALC® software, which processes raw MRS data into spectra and performs degenerative pain biomarker calculations, and the NOCIGRAM® software, which generates diagnostic reports with NOCISCORE® values on a 0-10 scale to indicate painful or non-painful discs. The segment also includes the NOCISCAN MRS exam protocol and data transfer portal that securely transmits data from MR scanners to Aclarion’s cloud-based post-processor.

Aclarion holds a niche position in the diagnostic imaging industry by offering a non-invasive alternative to invasive provocation discography tests for diagnosing painful discs in low back pain patients. The company differentiates itself from standard lumbar MRI and PD tests by providing objective, quantitative biochemical data that correlates with pain and structural degeneration. Its competitive advantages include proprietary biomarkers exclusively licensed from UCSF, patented signal processing technologies, and clinical evidence showing improved surgical outcomes when its technology guides treatment decisions.

Aclarion serves hospitals, outpatient imaging centers, spine surgeons, and patients suffering from chronic low back and neck pain. Specific customers include imaging centers operated by RadNet, which has three fully operational centers performing NOCISCAN exams, and early adopters using PHILIPS MR scanner compatibility. The company also collaborates with key opinion leader surgeons and strategic partners such as Alphatec Holdings to expand clinical validation and market reach.