The Company develops and markets novel therapies for chronic health conditions employing neurostimulation and digital medicine. The Company has two primary commercial products. Quell® is an over-the-counter wearable neurostimulation device for treating chronic pain. DPNCheck® is a point-of-care test that provides accurate and cost-effective screening, diagnosis and monitoring of diabetic peripheral neuropathy (DPN).
- Revenue of
$3.7 millionin Q4 and $16.1 millionfull year 2018 were lower than 2017 by 24% and 6%, respectively. Quell shipment volume and revenue declined due to lower advertising and refocused distribution.
- DPNCheck 2018 revenue of
$4.2 millionwas up 34% over 2017. A new distribution agreement for Japanwas executed with Fukuda Denshi.
- The Company reported positive net income of
$24 thousandin 2018.
- Over the course of 2018 Quell distribution was restructured to retain the most profitable channels. Combined with the launch of Quell 2.0 at higher pricing, this contributed to improved gross profit and margins. Full year gross profit of
$7.4 millioncarried a gross margin rate of 45.9%, up 5.8 percentage points from 40.1% in 2017.
- The 2018 GSK collaboration agreement was amended in Q4 to accelerate part of the
$13.8 millionremaining milestones. NeuroMetrixreceived a $2 millionpayment on signing the amendment. Total GSK collaboration funding in 2018 was $14.7 millionof which $12.7 millionwas recognized within collaboration income.
- The Quell intellectual property position was enhanced by the issuance in Q4 of three U.S. utility patents.
"Our Q4 revenues and advertising efficiency were below expectations,” said
In Q4 2018 total revenues were
For full year 2018, total revenues were
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 has two primary products. Quell is an over-the-counter wearable therapeutic device for chronic pain. DPNCheck is a rapid point-of-care test for diabetic neuropathy which is the most common long-term complication of Type 2 diabetes. 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
SVP and Chief Financial Officer
Statements of Operations
|Cost of revenues||1,980,407||2,857,537||8,707,082||10,235,538|
|Research and development||1,059,697||876,191||5,134,592||3,497,636|
|Sales and marketing||2,658,820||2,315,366||9,698,753||10,751,863|
|General and administrative||851,012||1,764,322||4,841,278||5,689,917|
|Total operating expenses||4,569,529||4,955,879||19,674,623||19,939,416|
|Loss from operations||(2,821,136||)||(2,883,941||)||(12,291,567||)||(13,082,618||)|
|Total other income||18,503||3,867||12,315,172||223,365|
|Net income (loss)||$||(2,802,633||)||$||(2,880,074||)||$||23,605||$||(12,859,253||)|
Condensed Balance Sheets
|Cash and cash equivalents||$||6,780,429||$||4,043,681|
|Other current assets||4,850,588||5,059,693|
|Total liabilities and stockholders’ equity||$||12,113,248||$||9,599,224|
Source: NeuroMetrix, Inc.