$4.3Mis up 89% year-over-year
- Quell device shipments of 18.7K and electrode reorders of 25.4K represent new quarterly highs
- Quell retail availability expands to nearly 3,000 stores
The Company develops and markets novel therapies, based on bioelectrical and digital medicine, for chronic conditions. The Company's primary product is Quell®, which is an over-the-counter wearable neurostimulation device for treating chronic pain that was launched in Q2 2015. The Company also has a diagnostic business based on its DPNCheck® product, which is a point-of-care test that provides accurate and cost-effective screening, diagnosis and monitoring of peripheral neuropathies including diabetic peripheral neuropathy (DPN).
Q1 2017 Highlights:
Revenue for Q1 2017 of
$4.3 millionwas up 89% from $2.3 millionin Q1 2016. Quell contributed $3.1Mrevenue and DPNCheck contributed $0.8Mrevenue.
Quell Q1 2017 shipments totaled 18,697 devices and 25,437 electrode
reorder packages with a total invoiced value of
$4.11 million. This was an increase from 14,301 devices and 19,993 electrode reorder packages with a total invoiced value of $3.46 millionin Q4 2016.
- Quell retail availability expanded to nearly 3,000 stores. Quell is now available in selected stores of Target, CVS, Walgreens, Best Buy, Bed Bath & Beyond and Sam's Club.
- Second generation Quell device was unveiled at CES 2017 and started shipping during the quarter.
DPNCheck Q1 2017 revenue of
$0.8 millionwas a new quarterly high. Shipments included 50,850 biosensors, up 45% from 35,025 biosensors in Q1 2016.
The Company closed a private equity offering of
"Quell retail distribution supported by TV and social media advertising contributed to our strong commercial and financial results in Q1 2017," said Shai N. Gozani, M.D., Ph.D., President and Chief Executive Officer of NeuroMetrix. "We have also been pleased with the customer response to our second generation Quell device that was introduced at CES 2017 in January and has been shipping since February. As we look forward to the balance of 2017, we are focused on continuing to grow top line revenue while carefully managing expenses and cash consumption. We are particularly focused on improving Quell gross margin through optimization of the supply chain and development of a novel third generation device."
The Company reported its financial highlights results for Q1 2017. Total
Company to Host Live Conference Call and Webcast
NeuroMetrix is a commercial stage, innovation driven healthcare company combining bioelectrical and digital medicine to address chronic health conditions including chronic pain, sleep disorders, and diabetes. The company's lead product is Quell, an over-the-counter wearable therapeutic device for chronic pain. Quell is integrated into a digital health platform that helps patients optimize their therapy and decrease the impact of chronic pain on their quality of life. The company also markets DPNCheck®, a rapid point-of-care test for diabetic neuropathy, which is the most common long-term complication of Type 2 diabetes. The company maintains an active research effort and has several pipeline programs. The company is located in Waltham, Massachusetts and was founded as a spinoff from the Harvard-MIT Division of Health Sciences and Technology in 1996. For more information, please visit www.NeuroMetrix.com.
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||2,697,602||1,482,513|
|Research and development||903,284||1,156,790|
|Sales and marketing||2,597,712||2,407,879|
|General and administrative||1,421,782||1,424,341|
|Total operating expenses||4,922,778||4,989,010|
|Loss from operations||(3,314,258||)||(4,196,276||)|
|Change in fair value of warrant liability||77,601||94,316|
|Net loss per common share applicable to common stockholders, basic and diluted||$||(0.91||)||$||(1.00||)|
|Cash and cash equivalents||$||6,897,161||$||3,949,135|
|Other current assets||3,566,645||3,637,788|
|Common stock warrants||171,651||4,641|
|Total liabilities and stockholders' equity||$||11,089,340||$||8,283,891|
SVP and Chief Financial Officer
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