- Q1 2022 revenue of
$2.3 millionincreased by 6.8% from $2.2 millionin the prior year. DPNCheck® sales into Medicare Advantage were the primary contributor to revenue and posted 15.6% year-on-year growth. The gross margin rate was 77.9% in Q1 2022 versus 73.3% in Q1 2021.
- Operating expenses were
$2.8 millionversus $1.6 millionin Q1 2021. Sales & marketing and general & administrative spending increased to support the Company's growth initiatives. Also, prior year R&D expenses benefited from the reversal of a previously accrued technology fee of $450 thousand.
- Net loss for the quarter was
$959 thousandor ( $0.14) per share
- The Company ended the quarter with cash and equivalents of
- In January the Company’s Quell® technology received Breakthrough Designation from the
U.S. Food and Drug Administration(FDA) for treatment of chronic chemotherapy induced peripheral neuropathy (CIPN).
- The Company's value-based health care commercial team grew to 4 uniquely experienced sales, marketing and clinical leaders.
“Our value-based care commercial team is now fully trained and focused on building our DPNCheck® Medicare Advantage business. Although the sales cycle is long, they have had impressive success engaging existing and prospective customers,” said
Q1 2022 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||508,874||576,289|
|Research and development||710,577||233,277|
|Sales and marketing||858,839||393,825|
|General and administrative||1,186,091||1,012,276|
|Total operating expenses||2,755,507||1,639,378|
|Loss from operations||(961,990||)||(60,195||)|
Condensed Balance Sheets
|Cash and cash equivalents||$||23,769,380||$||22,572,104|
|Other current assets||1,817,871||1,615,755|
|Lease obligation, net of current portion||283,209||306,709|
|Total liabilities and stockholders’ equity||$||26,248,371||$||24,888,192|
Source: NeuroMetrix, Inc.