Q1 2021 Highlights:
- Revenue of
$2.2 millionimproved 19% sequentially from $1.8 millionin Q4 2020. Q1 2021 revenue was approximately level with Q1 2020. Gross margin on revenue was $1.6 millionor 73.3%, an improvement of 190 basis points over 71.4% in Q1 2020.
- Net loss for the quarter was
$60 thousandin comparison to a net loss of $657 thousandin Q1 2020.
- DPNCheck® posted sequential and year-on-year revenue growth. The domestic Medicare Advantage business was the primary contributor to DPNCheck revenue during the quarter.
- The Company's new DPNCheck enterprise reporting software was launched during the quarter and is now being deployed to Medicare Advantage customers.
- The Quell® direct to consumer business delivered positive operating margins.
- The Company continued development of its investigational device, based on Quell technology, for treating fibromyalgia symptoms and anticipates a regulatory filing in early 2022.
U.S.utility patents issued during the quarter, as the Company continued to build its intellectual property portfolio.
"This past quarter demonstrated our continued progress towards profitability and reduced cash usage,” said
Q1 2021 revenue of
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 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, the effects of the COVID-19 pandemic on all aspects of the Company’s business, 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
SVP and Chief Financial Officer
Statements of Operations
|Cost of revenues||576,289||620,190|
|Research and development||233,277||533,620|
|Sales and marketing||393,825||424,349|
|General and administrative||1,012,276||1,251,746|
|Total operating expenses||1,639,378||2,209,715|
|Loss from operations||(60,195||)||(657,869||)|
Condensed Balance Sheets
|Cash and cash equivalents||$||5,145,167||$||5,226,213|
|Other current assets||1,820,236||1,863,653|
|Lease obligation, net of current portion||371,827||461,410|
|Total liabilities and stockholders’ equity||$||7,720,872||$||7,994,575|
Source: NeuroMetrix, Inc.