- Overall Q2 2022 revenue of
$2.1 milliondecreased by 3.4% from $2.2 millionin the prior year. DPNCheck® domestic sales, primarily into Medicare Advantage accounts, were the largest component of revenue and posted another strong quarter with 20.3% year-on-year growth. The Company’s Quell over-the-counter business declined by 50% due to a planned decrease in promotion spending in anticipation of transitioning to the new prescription fibromyalgia indication in Q4 of this year.
- Q2 2022 gross profit of
$1.5 millionversus $1.7Min Q2 2021 reflected a margin rate of 67.9% versus 74.8% in the prior year. Supply chain issues resulted in broker payments in Q2 2022 to secure critical parts. Excluding these payments, the Q2 2022 margin rate was 75.5%, up slightly from 2021.
- Operating expenses were
$2.7 millionversus $2.2 millionin Q2 2021 reflecting product development initiatives for DPNCheck and Quell, as well as fielding an expanded DPNCheck commercial team.
- Net loss for the quarter was
$1.2 millionor ( $0.17) per share. The Company ended the quarter with cash and investment grade securities of $23 million.
- In May the Company’s Quell technology received FDA De Novo authorization as the first non-pharmacological treatment for fibromyalgia, a chronic pain syndrome estimated to affect two to five percent of the
U.S.adult population (five to fifteen million people). Bradley M. Fluegelwas appointed to the Company’s Board of Directors in June. Mr. Fluegelhas extensive commercial and strategic advisory experience in healthcare and medical technology.
"We have achieved several important milestones in positioning
Q2 2022 revenue of
Revenues in H1 2022 increased by
Company to Host Live Conference Call and Webcast
NeuroMetrix is an innovation-driven company with a mission to improve individual and population health through innovative medical devices and technology solutions for neurological disorders and pain syndromes. The Company has three commercial products. DPNCheck® is a diagnostic device that provides rapid, point-of-care detection of peripheral neuropathies. ADVANCE® is a diagnostic device that provides automated, in-office nerve conduction studies for the evaluation of focal neuropathies. Quell® is a wearable neuromodulation technology indicated for treatment of fibromyalgia symptoms and chronic lower extremity pain. For more information, 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, 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|
||Six Months Ended
|Cost of revenues||686,121||558,221||1,194,995||1,134,510|
|Research and development||915,799||641,525||1,626,376||874,802|
|Sales and marketing||566,598||269,493||1,425,437||663,318|
|General and administrative||1,180,101||1,276,223||2,366,192||2,288,499|
|Total operating expenses||2,662,498||2,187,241||5,418,005||3,826,619|
|Loss from operations||(1,210,318||)||(531,963||)||(2,172,308||)||(592,158||)|
|Condensed Balance Sheets|
|Cash, cash equivalents and securities||$||22,968,146||$||22,572,104|
|Other current assets||1,658,804||1,615,755|
|Lease obligation, net of current portion||258,912||306,709|
|Total liabilities and stockholders’ equity||$||25,257,053||$||24,888,192|
Source: NeuroMetrix, Inc.