- Revenue of
$2.1 millionwas up slightly from Q3 2020. Gross margin on revenue was $1.4 million, a 70.0% gross margin rate. This was a decrease of 3.6 percentage points from $1.5 million, a 73.6% gross margin rate, in Q3 2020. The margin rate contraction reflected cost increases for component parts.
- The DPNCheck® Medicare Advantage business continued to be the primary contributor to revenue during the quarter. Subsequent to the end of the quarter,
Susan Bell, RNwas appointed as SVP, Population Health & Value Based Careand will lead the Company's Medicare Advantage and value based health care business.
- Operating expenses increased
$0.4 millionover Q3 2020 reflecting regulatory activities and personal costs.
- Net loss for the quarter was
$0.7 millionin comparison to a net loss of $0.3 millionin Q3 2020.
- In July the Company’s Quell® technology received Breakthrough Device Designation from the
U.S. Food and Drug Administration(FDA) for the treatment of fibromyalgia symptoms in adults. Subsequent to the end of the quarter, a De Novo request was filed. The Company indicated that a successful and timely review process could result in commercial launch of Quell® for fibromyalgia in the second half of 2022.
- The Company joined the Center to
Stream Healthcarein Place (C2SHIP) as an industry partner. Quell was cited by C2SHIP as being well suited to its mission for the in-place management of chronic pain, remote monitoring, and personalization of pain management.
- The Company utilized its at-the-market (ATM) facility to raise
$15.8 millionin net proceeds from the sale of common stock. It ended the quarter with $23.2 millioncash on the balance sheet.
"We continued to successfully execute on our core initiatives this past quarter. We saw further adoption of DPNCheck testing within Medicare Advantage plans and are pleased that
Q3 2021 revenue of
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 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
||Nine Months Ended
|Cost of revenues||619,833||537,614||1,754,343||1,652,890|
|Research and development||724,556||652,671||1,599,358||1,846,569|
|Sales and marketing||442,230||340,927||1,105,548||1,144,389|
|General and administrative||965,711||762,903||3,254,210||2,693,146|
|Total operating expenses||2,132,497||1,756,501||5,959,116||5,684,104|
|Loss from operations||(687,971||)||(257,887||)||(1,280,129||)||(1,768,751||)|
Condensed Balance Sheets
|Cash and cash equivalents||$||23,213,537||$||5,226,213|
|Other current assets||2,346,853||1,863,653|
|Lease Obligation, net of current portion||329,169||461,410|
|Total liabilities and stockholders’ equity||$||26,293,669||$||7,994,575|
Source: NeuroMetrix, Inc.