Overall revenue of
$3.5Mis up 5% year-over-year
- Quell shipments of 15.6K devices are up 29% year-over-year
- Quell shipments of 28.7K electrode reorders are up 99% year-over-year
- Capital structure was simplified with 86% of outstanding warrants retired
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 Q3 2017 of
$3.5 millionwas up 5% from $3.4 millionin Q3 2016. Quell contributed $2.6 millionin revenue and DPNCheck contributed $0.6 millionin revenue.
Quell Q3 2017 shipments totaled 15,627 devices and 28,702 electrode
reorder packages with a total invoiced value of
$3.63 million. This compared with 12,086 devices and 14,391 electrode reorder packages with a total invoiced value of $2.90 millionin Q3 2016.
- Cumulative Quell device shipments crossed the 100,000 milestone.
Quell intellectual property assets were expanded with the issuance of
U.S.utility patent for automatically modulating therapeutic neurostimulation based on the user's sleep characteristics. In addition, the patent includes claims related to providing device users with feedback about their sleep.
DPNCheck Q3 2017 revenue of
$0.6 milliondeclined 18% from Q3 2016. Shipments included 39,950 biosensors versus 57,400 biosensors in Q3 2016.
An agreement for a
$7.0 millionprivate equity offering ( $3.5 millionof which was funded in July with the balance planned for October) incorporated the retirement of 4.2 million or 86% of outstanding warrants.
"The Q3 2017 financial results reflect continued Quell growth tempered
by seasonality and unexpected events," said Shai N. Gozani, M.D., Ph.D.,
President and Chief Executive Officer of NeuroMetrix. "We are pleased to
have grown the Quell business on a year over year basis. We also believe
that Quell and DPNCheck revenue was impacted by the unfortunate series
of natural disasters that hit
The Company reported its financial highlights results for Q3 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
Nine Months Ended
|Cost of revenues||2,040,997||2,031,823||7,378,001||5,086,706|
|Research and development||840,577||1,202,651||2,621,445||3,487,291|
|Sales and marketing||2,919,504||2,959,311||8,436,497||8,199,469|
|General and administrative||1,258,466||1,165,815||3,925,595||3,882,461|
|Total operating expenses||5,018,547||5,327,777||14,983,537||15,569,221|
|Loss from operations||(3,512,864||)||(3,970,173||)||(10,198,677||)||(12,343,831||)|
|Change in fair value of warrant liability||327||56,248||208,480||227,873|
Condensed Balance Sheets
|Cash and cash equivalents||$||3,969,218||$||3,949,135|
|Other current assets||4,251,453||3,637,788|
|Common stock warrants||—||4,641|
|Total liabilities and stockholders' equity||$||8,772,656||$||8,283,891|
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