Q4 2020 Highlights:
- Revenue of
$1.8 millionwas up 6% from $1.7 millionin Q4 2019. The business continued to experience headwinds from the COVID-19 pandemic and the effects of positioning Quell for profitability. Gross margin on revenue was $1.3 millionor 73.7%, up from 62.2% in Q4 2019.
- DPNCheck® Medicare Advantage sales continued to grow and partially offset slow international sales. Substantial progress was made towards a major upgrade to the product platform that is expected to launch in H2 2021.
- Quell® made a positive operating contribution reflecting more efficient and focused advertising. Important progress was made on developing new clinical indications for the Quell therapeutic platform.
- Net loss for the quarter was
$0.3 millionin comparison with a net loss of $1.1 millionin the Q4 2019.
"We are pleased that our prioritization of operating profitability has been effective in reducing our quarterly loss and cash consumption. We are now positioned to resume a focus on growth, while continuing to improve the bottom line,” said
Q4 2020 revenues of
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 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
|Cost of revenues||475,527||644,560||2,128,417||7,026,899|
|Research and development||544,747||736,836||2,391,316||3,101,976|
|Sales and marketing||292,417||708,212||1,436,806||4,755,168|
|General and administrative||823,194||1,276,258||3,516,340||5,923,190|
|Total operating expenses||1,660,358||2,721,306||7,344,462||13,780,334|
|Loss from operations||(326,153||)||(1,658,963||)||(2,094,904||)||(11,534,711||)|
|Total other income||386||602,233||2,709||7,761,697|
Condensed Balance Sheets
|Cash and cash equivalents||$||5,226,213||$||3,126,206|
|Other current assets||1,863,653||2,304,608|
|Lease Obligation, net of current portion||461,410||916,674|
|Total liabilities and stockholders’ equity||$||7,994,575||$||6,893,686|
Source: NeuroMetrix, Inc.