- Approximately 4,500 Quell® Devices Shipped, Up 73% Compared to Q2 2015
DPNCheck® Shipments at
Three Year High of Nearly40,000 Biosensors
Revenue Up 44% to
$2.1 MillionCompared to Q3 2014
The Company operates in two markets - wearable therapeutic technology and point-of-care diagnostic tests. Its newest product is Quell, an over-the-counter wearable therapeutic device for chronic pain that was launched during the second quarter of 2015. Its point-of-care neuropathy test, DPNCheck, provides accurate and cost-effective screening, diagnosis and monitoring of peripheral neuropathies including diabetic peripheral neuropathy.
Third quarter highlights:
Quell shipments totaled approximately 4,500 devices and 5,500
electrode packages with a total invoiced value of
$985,000. This was an increase from 2,600 devices and 2,700 electrode packages with a total invoiced value of $602,000in Q2 2015. Devices shipped grew 73%, electrode packages shipped increased about two times, and the total invoiced value of shipments was up 63% on a sequential quarter basis.
Quell distribution was expanded from direct-to-consumer via www.quellrelief.com
and through physician dispensing, to now include Amazon, QVC and
Hammacher Schlemmercatalog sales.
- An Android app for Quell providing a real-time therapy dashboard, and therapy and sleep tracking was released and made available in Google Play.
- Results of a Quell post-market clinical study were presented at the scientific session of the PAINWeek conference in September. The study reported 60-day follow-up data for 88 subjects with various forms of chronic pain. The key findings were that 81% of subjects reported improvement in their chronic pain and 67% reported a reduction in use of pain medications.
- Quell is sold under terms providing a money-back guarantee. The Company anticipates a return rate in the range of 20%. The return rate during Q3 2015 was 11.0%.
Quell was featured in several TV, social and print media including
Good Morning America on
ABC, and multiple regional news shows.
- DPNCheck shipments reached a three-year high of 39,500 biosensors during Q3 2015 compared to 28,500 biosensors in Q2 2015 and 35,800 biosensors in Q3 2014.
The Company has initiatives underway to expand Quell distribution through existing and new retail channels, potentially involving mass merchandisers, chain drug stores and shopping clubs. While all major retailers have annual product display cycles that limit their flexibility to stock new products, the Company believes there may be opportunities to engage new Quell distribution channels in 2016.
The Company's DPNCheck marketing partner in
"We followed a strong Quell launch in the second quarter with compelling
growth in the third quarter," said
The Company reported its financial results for Q3 2015. Total revenues
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. 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
Condensed Statements of Operations
Nine Months Ended
|Cost of revenues||1,119,186||639,025||2,351,479||1,909,443|
|Research and development||940,794||945,349||2,825,589||3,273,900|
|Sales and marketing||1,965,627||537,785||5,183,595||1,678,665|
|General and administrative||1,386,170||1,310,012||4,157,082||3,605,047|
|Total operating expenses||4,292,591||2,793,146||12,166,266||8,557,612|
|Loss from operations||
|Warrants fair value adjustment||151,806||564,550||3,473,804||1,554,411|
|Net loss per share applicable to common stock, basic and diluted||$||(0.26||)||$||(0.19||)||$||(1.02||)||$||(1.18||)|
Condensed Balance Sheets
|Cash and cash equivalents||$||9,116,806||$||9,221,985|
|Other current assets||2,852,590||1,868,140|
|Deferred revenue, current||$||692,244||$||25,048|
|Other current liabilities||2,845,566||2,673,100|
|Common stock warrants||890,105||5,307,332|
|Total liabilities and stockholders' equity||$||12,928,804||$||11,402,230|
SVP and Chief Financial Officer
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