Revenue up 65% year-over-year to
- New quarterly highs for Quell device shipments and electrode reorders
- DPNCheck shipments reached 4 year high of 57,400 biosensors
The Company operates in two markets - wearable therapeutic technology and point-of-care diagnostic tests. The Company's two primary products are Quell® and DPNCheck®. Quell is an over-the-counter wearable neurostimulation device for treating chronic pain that was launched in Q2 2015. DPNCheck is a point-of-care diagnostic device that provides accurate and cost-effective screening, diagnosis and monitoring of peripheral neuropathies including diabetic peripheral neuropathy (DPN).
Quell shipments totaled 12,086 devices and 14,391 electrode reorder
packages with a total invoiced value of
$2.90 millionin Q3 2016. This was an increase from 11,201 devices and 10,237 electrode reorder packages with a total invoiced value of $2.53 millionin Q2 2016.
The Company announced that a clinical study by Brigham and Women's
Bostonwill assess the utility of Quell technology in patients with chronic low back pain.
- DPNCheck shipments in Q3 2016 reached a 4 year high of 57,400 biosensors, up 45% from 39,500 biosensors in Q3 2015.
Final DPNCheck regulatory approval was obtained from the
China Food and Drug Administration.
A patent was issued in
Chinafor the core DPNCheck technology.
"We are pleased with our progress in the third quarter. Our marketing
focus for Quell continues to be on building widespread brand awareness
through TV and on-line promotion, as well as developing retail channel
experience," said Shai N. Gozani, M.D., Ph.D., President and Chief
Executive Officer of NeuroMetrix. "We are optimistic that the next phase
of retail expansion will occur in the first half of 2017. Our DPNCheck
efforts remain centered on building the Medicare Advantage business
along with international expansion in partnership with local
distributors. We are collaborating with
The Company reported its financial highlights results for Q3 2016. Total
For the nine months ended
Company to Host Live Conference Call and Webcast
NeuroMetrix is a commercial stage, innovation driven healthcare company combining bioelectrical 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, including a therapeutic device for restless leg syndrome. 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. 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||2,031,823||1,119,186||5,086,706||2,351,479|
|Research and development||1,202,651||940,794||3,487,291||2,825,589|
|Sales and marketing||2,959,311||1,965,627||8,199,469||5,183,595|
|General and administrative||1,165,815||1,386,170||3,882,461||4,157,082|
|Total operating expenses||5,327,777||4,292,591||15,569,221||12,166,266|
|Loss from operations||(3,970,173||)||(3,357,345||)||(12,343,831||)||(9,955,366||)|
|Change in fair value of warrant liability||56,248||151,806||227,873||
|Net loss per common share applicable to common stockholders, basic and diluted||$||(0.76||)||$||(1.06||)||$||(7.01||)||$||(4.06||)|
Condensed Balance Sheets
|Cash and cash equivalents||$||7,568,186||$||12,462,872|
|Other current assets||3,024,234||2,749,509|
|Common stock warrants||52,430||280,303|
|Total liabilities and stockholders' equity||$||11,348,732||$||16,099,601|
SVP and Chief Financial Officer
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