Year-over-Year Revenue Up 77% to
- 8,138 Quell® Devices Shipped
- Quell Retail Launch Initiated with First Shipment to Target stores
The Company operates in two markets - wearable therapeutic technology and point-of-care diagnostic tests. Quell is an over-the-counter wearable therapeutic device for chronic pain that was launched during the second quarter of 2015. DPNCheck® provides accurate and cost-effective screening, diagnosis and monitoring of peripheral neuropathies including diabetic peripheral neuropathy.
Quell shipments totaled 8,138 devices and 7,902 electrode reorder
packages with a total invoiced value of
$1.70 million. This was an increase from 6,675 devices and 6,760 electrode reorder packages with a total invoiced value of $1.48 millionin Q4 2015.
- Quell retail launch began with shipments to Target in late March. Quell will be available in late April in over 500 Target stores as a part of their Smart Health Solutions program featuring smartphone enabled health products.
A new version of Quell began shipping during Q1. This device provides
the option of therapy control directly from a smartphone app, extended
battery life and advanced sleep tracking. Its release follows 510(k)
clearance by the
FDAin January. Current Quell users have access to an upgrade program.
- Quell was named "Best Wearable Technology" at the SXSW Interactive Innovation Awards in March.
NeuroMetrix' primary initiative for 2016 is to make Quell available at leading retailers. This effort started with the March announcement that Quell will be part of a digital health initiative at Target. The Company expects the retail expansion to continue during Q2 as discussions with other retailers mature into distribution arrangements. Promotion will support the retail launch. Television advertising was developed and tested during Q1 and will be part of an expanded media campaign. The Company believes that broad retail availability of Quell in locations where consumers shop for chronic pain solutions will positively impact Quell sales during 2016.
"We are on schedule with our plans for retail distribution," said
The Company reported its financial results for Q1 2016. Total revenues
Company to Host Live Conference Call and Webcast
Safe Harbor Statement
The statements contained in this press release include forward-looking
statements within the meaning of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended, including, without limitation, statements regarding
the company's or management's expectations regarding the business, as
well as events that could have a meaningful impact on the company's
revenues. While the company believes the forward-looking statements
contained in this press release are accurate, there are a number of
factors that could cause actual events or results to differ materially
from those indicated by such forward-looking statements, including,
without limitation, estimates of future performance, and the ability to
successfully develop, receive regulatory clearance, commercialize and
achieve market acceptance for any products. There can be no assurance
that future developments will be those that the company has anticipated.
Such forward-looking statements involve known and unknown risks,
uncertainties and other factors including those risks, uncertainties and
factors referred to in the company's most recent Annual Report on Form
10-K, Quarterly Reports on Form 10-Q, as well as other documents that
may be filed from time to time with the
Statements of Operations
|Cost of revenues||1,482,513||637,261|
|Research and development||1,156,790||902,542|
|Sales and marketing||2,407,879||1,455,686|
|General and administrative||1,424,341||1,546,090|
|Total operating expenses||4,989,010||3,904,318|
|Loss from operations||(4,196,276||)||(3,258,619||)|
|Change in fair value of warrant liability||94,316||1,186,302|
|Net loss per common share, basic and diluted||$||(1.00||)||$||(1.00||)|
|Cash and cash equivalents||$||8,739,651||$||12,462,872|
|Other current assets||2,724,150||2,684,398|
|Common stock warrants||185,987||280,303|
|Total liabilities and stockholders' equity||$||12,308,170||$||16,034,490|
SVP and Chief Financial Officer
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