Press Releases
The Company develops and markets novel therapies for chronic health conditions employing neurostimulation and digital medicine. The Company has two primary commercial products. Quell® is an over-the-counter wearable neurostimulation device for managing chronic pain. DPNCheck® is a point-of-care test that provides accurate and cost-effective screening, diagnosis and monitoring of diabetic peripheral neuropathy (DPN).
Highlights:
- The Company reported net income of
$2.1 million in Q1 2019, an increase of$0.9 million or 76% over Q1 2018. - Revenue of
$3.1 million was below Q1 2018 by 37%. Quell shipment volume and sales were lower due to reduced advertising spending plus curtailment of most retail and direct response television distribution channels. DPNCheck revenue of$1.2 million was level with Q1 2018. - Quell was named CES 2019 Innovation Awards Honoree in the Fitness, Sports and Biotech product category. The Company announced the development of new functionalities for the device including therapy coaching, an intensive therapy option and artificial intelligence that are expected to be available later in 2019.
- The peer-reviewed journal Pain Practice published results from a randomized controlled trial of Quell in 35 subjects with chronic low back pain. The study was conducted at the Brigham and Women’s Hospital Pain Management Center in
Boston, MA. Key findings from the study included statistically significant reductions in pain intensity, pain interference with function (including sleep, activity and mood), and reduced pain catastrophizing in the Quell group after three months of use, all in comparison with a control group of 33 subjects with chronic low back pain who received treatment as usual. - The Company reported several new DPNCheck clinical studies that had recently been published further expanding the body of clinical validation of the technology. These studies appeared in the peer-reviewed journals Muscle and Nerve, Diabetes Care, and Diabetes Technology & Therapeutics.
"The in-depth review of our Quell strategy that last quarter we advised would be conducted is now in its last stages,” said
Financials:
In Q1 2019 total revenues were
Company to Host Live Conference Call and Webcast
About
NeuroMetrix is a commercial stage, innovation driven healthcare company combining neurostimulation and digital medicine to address chronic health conditions including chronic pain, sleep disorders, and diabetes. The Company has two primary products. Quell is an over-the-counter wearable therapeutic device for chronic pain. DPNCheck is a rapid point-of-care test for diabetic neuropathy which is the most common long-term complication of Type 2 diabetes. 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 and cash resources. 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, the ability to successfully develop, receive regulatory clearance, commercialize and achieve market acceptance for any products, and the final outcome of the ongoing
Source:
SVP and Chief Financial Officer
781-314-2761
neurometrix.ir@neurometrix.com
Statements of Operations
(Unaudited)
| Quarters Ended March 31, |
||||||||
| 2019 | 2018 | |||||||
| Revenues | $ | 3,122,935 | $ | 4,942,990 | ||||
| Cost of revenues | 2,324,231 | 2,955,260 | ||||||
| Gross profit | 798,704 | 1,987,730 | ||||||
| Operating expenses: | ||||||||
| Research and development | 855,081 | 1,279,564 | ||||||
| Sales and marketing | 2,025,288 | 2,504,741 | ||||||
| General and administrative | 1,619,490 | 1,804,143 | ||||||
| Total operating expenses | 4,499,859 | 5,588,448 | ||||||
| Loss from operations | (3,701,155 | ) | (3,600,718 | ) | ||||
| Collaboration income | 5,734,849 | 4,755,705 | ||||||
| Other income | 16,813 | 11,265 | ||||||
| Net income | $ | 2,050,507 | $ | 1,166,252 | ||||
NeuroMetrix, Inc.
Condensed Balance Sheets
(Unaudited)
| March 31, 2019 |
December 31, 2018 |
|||||||
| Cash and cash equivalents | $ | 7,200,795 | $ | 6,780,429 | ||||
| Other current assets | 4,429,347 | 4,805,736 | ||||||
| Noncurrent assets | 2,276,621 | 2,405,715 | ||||||
| Total assets | $ | 13,906,763 | $ | 13,991,880 | ||||
| Current liabilities | $ | 4,502,872 | $ | 6,592,897 | ||||
| Lease Obligation, net of current portion | 1,211,480 | 1,301,172 | ||||||
| Stockholders’ equity | 8,192,411 | 6,097,811 | ||||||
| Total liabilities and stockholders’ equity | $ | 13,906,763 | $ | 13,991,880 | ||||
Source: NeuroMetrix, Inc.