Press Releases
The Company is working to develop a high growth, profitable diabetes
franchise focused on diabetic peripheral neuropathy, or DPN. It is the
most common complication of diabetes, affecting over half of people with
diabetes. DPN causes significant morbidity including pain, increased
risk of falling in the elderly, and is the primary trigger for diabetic
foot ulcers which may require lower extremity amputations. The Company
has two diabetes products: a diagnostic test, NC-stat®
DPNCheck™, which was launched in the fourth quarter of 2011,
and the SENSUS™ Pain Management System, which was launched in
Recent highlights include:
-
SENSUS Pain Management System. The
Company received
FDA clearance for the SENSUS Electrode onNovember 29, 2012 which completed the regulatory requirements needed for commercial launch. Commercial shipments were initiated in earlyJanuary 2013 . The Company has seven durable medical equipment (DME) suppliers with 30 field sales representatives. The goal is to have 100 DME sales representatives by mid-year and 250 sales representatives by year end. -
NC-stat DPNCheck. The Company is focused
on
Medicare Advantage accounts and selected international markets. Domestic sales efforts are concentrated in a small, high-level commercial team. The Company currently has three active customers with a total of about 130,000 covered lives. An additional threeMedicare Advantage plans, with a total of about 130,000 covered lives, are planning or carrying out pilot programs. Total NC-stat DPNCheck revenue for 2012 was$1.4 million of which about$600,000 was attributed toMedicare Advantage accounts. -
Operational Consolidation. The Company’s
narrow commercial focus allowed it to streamline operations and reduce
expenses. This included shutting down its direct sales force for
NC-stat DPNCheck which has been targeting individual endocrinology and
podiatry clinics. Employee headcount is currently at 35, a 40%
reduction over the course of 2012. As a consequence, operating
expenses are forecasted to decrease about 20% in 2013 into the range
of
$11-$12 million from$14 million for 2012. -
Capital Structure Adjustment. The Company
executed a reverse split of its common stock on a 1:6 share basis
effective for trading starting on
February 19, 2013 . The reverse split is intended to increase the per share trading price of the Company’s common stock to satisfy the$1.00 minimum bid price requirement for continued listing on theNASDAQ Capital Market .
“We enter 2013 with two novel and proprietary diabetes products, a
focused commercial plan, and a lower cost operating structure that we
can leverage with growth,” said
The Company reported its financial results for the fourth quarter of
2012. Total revenues were
For the year ended
Company to Host Live Conference Call and Webcast
About
NeuroMetrix is an innovative medical device company that develops and
markets home use and point-of-care devices for the treatment and
management of diabetic neuropathies, which affect over 50% of people
with diabetes. If left untreated, diabetic neuropathies trigger foot
ulcers that may require amputation, cause disabling chronic pain, and
increase the risk of falling in the elderly. The annual cost of diabetic
neuropathies has been estimated at $14 billion in the
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 relating to the adoption of
NC-stat DPNCheck and SENSUS, our ability to build a successful business
focused on diabetic peripheral neuropathy, and our hope of expanding our
commercial sales channel of our diabetic neuropathy products. 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, our
estimates of future performance, and our ability to successfully
develop, receive regulatory clearance or approval, commercialize and
achieve market acceptance for any of our 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 as well as other documents that may be filed
from time to time with the
| NeuroMetrix, Inc. | ||||||||||||||||||||
| Condensed Statements of Operations | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
|
Quarter Ended |
Year Ended |
|||||||||||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||||||||||
| Revenues | $ | 1,523,152 | $ | 2,359,863 | $ | 7,575,289 | $ | 10,396,775 | ||||||||||||
| Cost of revenues | 676,522 | 1,200,302 | 3,588,806 | 4,722,069 | ||||||||||||||||
| Gross profit | 846,630 | 1,159,561 | 3,986,483 | 5,674,706 | ||||||||||||||||
| Operating expenses: | ||||||||||||||||||||
| Research and development | 566,637 | 827,639 | 3,545,790 | 3,877,526 | ||||||||||||||||
| Sales and marketing | 1,140,660 | 1,523,809 | 5,727,482 | 6,688,591 | ||||||||||||||||
| General and administrative | 1,014,831 | 1,228,369 | 4,735,238 | 5,111,616 | ||||||||||||||||
| Total operating expenses | 2,722,128 | 3,579,817 | 14,008,510 | 15,677,733 | ||||||||||||||||
| Loss from operations | (1,875,498 | ) | (2,420,256 | ) | (10,022,027 | ) | (10,003,027 | ) | ||||||||||||
| Interest income | 2,662 | 3,968 | 14,474 | 21,922 | ||||||||||||||||
| Net loss | $ | (1,872,836 | ) | $ | (2,416,288 | ) | $ | (10,007,553 | ) | $ | (9,981,105 | ) | ||||||||
| Net loss per common share data, basic and diluted | $ | (0.89 | ) | $ | (3.76 | ) | $ | (5.22 | ) | $ | (15.53 | ) | ||||||||
|
Note: per share amounts have been adjusted to reflect the Company’s 1:6 reverse stock-split which occurred on February 15, 2013. |
||||||||||||||||||||
| Condensed Balance Sheets | |||||||||
| (Unaudited) | |||||||||
|
December 31, 2012 |
December 31, 2011 |
||||||||
| Cash and cash equivalents | $ | 8,699,478 | $ | 10,290,446 | |||||
| Other current assets | 1,873,588 | 3,204,860 | |||||||
| Noncurrent assets | 304,381 | 725,477 | |||||||
| Total assets | $ | 10,877,447 | $ | 14,220,783 | |||||
| Current liabilities | $ | 2,005,606 | $ | 3,012,916 | |||||
| Noncurrent liabilities | 71,419 | 119,346 | |||||||
| Stockholders’ equity | 8,800,422 | 11,088,521 | |||||||
| Total liabilities and stockholders’ equity | $ | 10,877,447 | $ | 14,220,783 | |||||
Source:
NeuroMetrix, Inc.
Thomas T. Higgins, 781-314-2761
SVP and
Chief Financial Officer
neurometrix.ir@neurometrix.com