$12.0Mup 65% year-on-year; Q4 revenue $3.7Mup 36%
- Quell device shipments of 14.3K and electrode reorders of 20K represent new quarterly highs
The Company develops and markets novel therapies, based on bioelectrical and digital medicine, for chronic conditions. The Company's primary product is Quell®, which is an over-the-counter wearable neurostimulation device for treating chronic pain that was launched in Q2 2015. 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 peripheral neuropathies including diabetic peripheral neuropathy (DPN).
Full year 2016 revenue of
$12.0 millionwas up 65% from $7.3 millionin 2015. Quell contributed $7.4Mrevenue and DPNCheck contributed $2.5Mrevenue.
Quell Q4 2016 shipments totaled 14,301 devices and 19,992 electrode
reorder packages with a total invoiced value of
$3.46 million. This was an increase from 12,086 devices and 14,391 electrode reorder packages with a total invoiced value of $2.90 millionin Q3 2016.
- DPNCheck Q4 2016 shipments reached a four year quarterly high of 63,625 biosensors, up 17% from 54,300 biosensors in Q4 2015.
- New Quell product features were unveiled at the Consumer Electronic Show (CES), including app calibration, therapy personalization, expanded health tracking, enhanced battery life, and remote upgrade capability.
- CE marking for Quell was achieved which positions the Company to enter the EU market in 2017.
- A US patent was issued for technology features allowing safe therapeutic of Quell use during sleep.
Following regulatory clearance, DPNCheck was introduced in
Chinaat the Annual Meeting of the China Diabetes Societywith broader market rollout planned in 2017.
In January the Company closed a
$7 millionprivate placement with funding of a first tranche of $4 million. A second tranche of $3 millionis targeted for closing in March 2017, subject to shareholder approval.
"We are pleased with the progress we made in 2016. Both the Quell and DPNCheck businesses are growing and are well positioned to build on the momentum we established in Q4 2016," said Shai N. Gozani, M.D., Ph.D., President and Chief Executive Officer of NeuroMetrix. "Our three core objectives for 2017 are to grow top line revenue while demonstrating operational leverage and reduced cash consumption, to continue our strong record of product and clinical innovation, and to develop new strategic partnerships that accelerate Quell market adoption. Most importantly, we will remain true to our focus on combining bioelectrical and digital medicine to help patients and physicians better treat conditions such as chronic pain and diabetes."
The Company reported its financial highlights results for Q4 2016. Total
For the years 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
|Statements of Operations|
|Quarters Ended||Year Ended|
|Cost of revenues||2,026,299||1,599,267||7,113,005||3,950,746|
|Research and development||907,062||1,069,197||4,394,353||3,894,786|
|Sales and marketing||2,655,976||2,049,376||10,855,445||7,232,971|
|General and administrative||990,209||1,340,431||4,872,670||5,497,513|
|Total operating expenses||4,553,247||4,459,004||20,122,468||16,625,270|
|Loss from operations||(2,864,114||)||(3,320,820||)||(15,207,945||)||(13,276,186||)|
|Change in fair value of warrant liability||47,789||609,802||275,662||4,083,606|
|Net loss per common share applicable to|
|common stockholders, basic and diluted||$||(0.52||)||$||(3.19||)||$||(7.28||)||$||(7.75||)|
|Condensed Balance Sheets|
|Cash and cash equivalents||$||3,949,135||$||12,462,872|
|Other current assets||3,637,788||2,749,509|
|Common stock warrants||4,641||280,303|
|Total liabilities and stockholders' equity||$||8,283,891||$||16,099,601|
SVP and Chief Financial Officer
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