- 6,675 Quell® Devices Shipped, Up 48% Compared to Q3 2015
DPNCheck® Shipments at
All-Time Highof 54,300 Biosensors
Revenue Up 94% to
$2.7 MillionCompared to Q4 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.
Quell shipments totaled 6,675 devices and 6,760 electrode reorder
packages with a total invoiced value of
$1.48 million. This was an increase from 4,514 devices and 5,472 electrode reorder packages with a total invoiced value of $0.98 millionin Q3 2015. Devices shipped grew 48%, electrode reorder packages shipped increased 24%, and the total invoiced value of shipments was up 50% on a sequential quarter basis.
Quell distribution channels continued to expand with
Hammacher Schlemmer, The Grommet and FSA Storeadded to existing channels of www.QuellRelief.com, Amazon, QVC, and physician dispensing.
The Company had a high profile at CES 2016; participating in two panel
discussions - "The Roadmap to FDA Approval" and "The Future of
Wearables". In addition, Quell was covered in over 27 news outlets
Newsweek, Boston Globe, Drug Store News, Pain Medicine News, and Consumer Reports.
The Company obtained
FDA510(k) clearance for the next generation Quell which includes the ability to control therapy directly from a smartphone.
- DPNCheck shipments reached an all-time high of 54,300 biosensors during Q4 2015 compared to 31,375 biosensors in Q4 2014.
The China Food and Drug Administration(CFDA) approved DPNCheck.
The Company completed a private equity financing on
December 31, 2015raising net proceeds of approximately $7.5 millionbefore fees and expenses.
NeuroMetrix' primary initiative for 2016 is the launch of Quell into retail distribution. Negotiations with potential retailers are at an advanced stage and may result in shipments starting in Q2 2016. The Company believes that broad retail availability of Quell in locations where consumers shop for chronic pain solutions will positively impact Quell sales during 2016. To support this initiative, the Company is planning an expanded media campaign, including television promotion, to begin in Q2 2016. The campaign's goal is to broaden awareness of Quell.
The Company recently secured regulatory approval for DPNCheck in
"Virtually all our attention and available resources are directed at
expanding Quell distribution," said
The Company reported its financial results for Q4 2015. Total revenues
For the year ended
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|
|Cost of revenues||1,599,267||659,159||3,950,746||2,568,602|
|Research and development||1,069,197||802,076||3,894,786||4,075,976|
|Sales and marketing||2,049,376||1,234,447||7,232,971||2,913,112|
|General and administrative||1,340,431||1,120,076||5,497,513||4,725,123|
|Total operating expenses||4,459,004||3,156,599||16,625,270||11,714,211|
|Loss from operations||(3,320,820||)||(2,406,129||)||(13,276,186||)||(8,770,049||)|
|Warrants offering costs||—||—||—||(50,874||)|
|Change in fair value of warrant liability||609,802||(504,316||)||4,083,606||1,050,095|
|Condensed Balance Sheets|
|Cash and cash equivalents||$||12,462,872||$||9,221,985|
|Other current assets||2,684,398||1,868,140|
|Common stock warrants||280,303||5,307,332|
|Total liabilities and stockholders' equity||$||16,034,490||$||11,402,230|
SVP and Chief Financial Officer
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