$4.3Mis up 63% year-over-year
- Quell device shipments of 20.1K and electrode reorders of 30.7K represent new quarterly highs
DPNCheck revenue of
$0.8 millionis up 78% year-over-year
The Company develops and markets novel therapies, based on neurostimulation and digital medicine, for chronic health conditions. The Company's primary product is Quell®, which is an over-the-counter wearable neurostimulation device for treating chronic pain. 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 diabetic peripheral neuropathy (DPN).
Revenue for Q2 2017 of
$4.3 millionwas up 63% from $2.6 millionin Q2 2016. Quell contributed $3.0Min revenue and DPNCheck contributed $0.8Min revenue.
Quell Q2 2017 shipments totaled 20,110 devices and 30,707 electrode
reorder packages with a total invoiced value of
$4.4 million. This was an increase from 18,697 devices and 25,437 electrode reorder packages with a total invoiced value of $4.1 millionin Q1 2017.
Quell intellectual property assets were expanded with the issuance of
DPNCheck Q2 2017 revenue of
$0.8 millionwas up 78% from Q2 2016. Shipments included 47,700 biosensors, up 45% from 32,875 biosensors in Q2 2016.
$7.0 millionprivate equity offering was announced subsequent to Q2 2017.
"Our primary focus remains top-line revenue growth and cash management. The Q2 2017 financial results continue positive trend lines on both metrics," said Shai N. Gozani, M.D., Ph.D., President and Chief Executive Officer of NeuroMetrix. "We are also devoting significant resources toward our future competitiveness. R&D investment in product innovation is a good example. Another example is funding Quell-related clinical studies. Combined, these efforts are designed to establish a business capable of delivering growth over the long term."
The Company reported its financial highlights results for Q2 2017. Total
Company to Host Live Conference Call and Webcast
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'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 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, 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
Six Months Ended
|Cost of revenues||2,639,402||1,572,370||5,337,004||3,054,883|
|Research and development||877,584||1,127,850||1,780,868||2,284,640|
|Sales and marketing||2,919,281||2,832,279||5,516,993||5,240,158|
|General and administrative||1,245,347||1,292,305||2,667,129||2,716,646|
|Total operating expenses||5,042,212||5,252,434||9,964,990||10,241,444|
|Loss from operations||(3,371,555||)||(4,177,382||)||(6,685,813||)||(8,373,658||)|
|Change in fair value of warrant liability||130,552||77,309||208,153||171,625|
|Net loss||$ (3,237,796||)||$ (4,095,520||)||$||(6,470,196||)||$||(8,190,775||)|
Condensed Balance Sheets
|Cash and cash equivalents||$||3,611,949||$||3,949,135|
|Other current assets||4,181,838||3,637,788|
|Common stock warrants||41,099||4,641|
|Total liabilities and stockholders' equity||$||8,382,659||$||8,283,891|
SVP and Chief Financial Officer
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