WALTHAM, Mass.--(BUSINESS WIRE)--
NeuroMetrix, Inc. (Nasdaq: NURO), an innovative healthcare company that
develops wearable medical technology and point-of-care tests that help
patients and physicians better manage chronic pain, nerve diseases, and
sleep disorders, today reported preliminary financial highlights for the
fourth quarter and for the full year 2015.
Revenue for the fourth quarter of 2015 is estimated at approximately
$2.7 million in comparison with $2.1 million in Q3 2015 and $1.4 million
in Q4 2014. During the fourth quarter of 2015 the Company shipped 6,675
Quell® devices plus electrodes and accessories with an
estimated invoiced value of approximately $1.5 million in comparison
with 4,514 devices plus electrodes and accessories with an invoiced
value of $1.0 million in Q3 2015.
For the full year 2015, revenue is estimated at approximately $7.3
million in comparison with $5.5 million in 2014. Approximately 13,800
Quell devices were shipped in 2015. The Company reported approximately
$12.4 million in cash and cash equivalents at the end of 2015.
"Quell turned in 48% unit volume growth in Q4 over Q3. This continues
the strong upward trend we've reported since product release in Q2
2015," said Shai N. Gozani, M.D., Ph.D. President and CEO of
NeuroMetrix, Inc. "At this early stage, device shipment growth is the
key metric for overall demand and is a positive early indicator of
future electrode revenue. Consumer interest reflected in these Quell
shipments positions us well to expand distribution during 2016."
Note Regarding Forward-Looking Statements
This press release contains estimates underlying the Q4 and full year
2015 financial results and other forward-looking statements. Actual
results may differ from those indicated as a result of finalization of
fourth quarter and full year financial statements as well as other risks
and uncertainties, including those described from time to time in
reports filed by NeuroMetrix with the Securities and Exchange
Commission. NeuroMetrix undertakes no obligation to update information
contained in this release. For further information regarding risks and
uncertainties associated with the Company's business, please refer to
the Company's filings with the Securities and Exchange Commission.
About Quell
Quell utilizes NeuroMetrix's patented neurostimulation technology to
provide widespread relief from chronic pain. The advanced wearable
device is lightweight and can be worn during the day while active, and
at night while sleeping. It has been cleared by the FDA for treatment of
chronic pain without a prescription. In a recent study, 81% of Quell
users reported an improvement in their chronic pain. Quell includes a
smartphone app that tracks and personalizes users' pain therapy. It is
available for purchase at QuellRelief.com,
selected retailers and healthcare professionals.
About NeuroMetrix
NeuroMetrix is an innovative healthcare company that develops wearable
medical technology and point-of-care tests that help patients and
physicians better manage chronic pain, nerve diseases, and sleep
disorders. 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160111005180/en/
NeuroMetrix, Inc.
Thomas T. Higgins, 781-314-2761
SVP and
Chief Financial Officer
neurometrix.ir@neurometrix.com
Source: NeuroMetrix, Inc.
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