Press Releases
Diabetes Product Revenue Growth, Preparation for Quell Launch
The Company operates in two primary markets - wearable therapeutic
technology and point-of-care tests. It is preparing for the launch of
its newest product, Quell™, an over-the-counter wearable pain relief
device that utilizes proprietary non-invasive neurostimulation
technology to provide relief from chronic pain. The device is designed
for users with conditions such as diabetic nerve pain, low back and leg
pain, fibromyalgia and pain associated with osteoarthritis. 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
Recent highlights:
- The Company is focused on Quell commercial launch in the second quarter of 2015. During the first quarter, a direct sales force for the health care professional channel was fielded. A new manufacturing facility capable of handling anticipated Quell demand over the next several years was completed and commissioned.
- The Company tested market interest in Quell through a pre-ordering initiative on the Indiegogo platform. The campaign goal was pre-orders of 500 Quell devices. This goal was met within two days. At completion of the campaign in mid-April pre-orders exceeded 1,900 Quell devices. These devices are expected to ship in the second quarter of 2015 about the time of Quell commercial launch.
-
The Company reported Q1 revenue of
$1.3 million , approximately level with Q1 2014. Revenue from diabetes products was$0.7 million , up 44% from$0.5 million in Q1 2014. - DPNCheck biosensor shipments during Q1 2015 totaled nearly 37,000 tests. This was more than double the approximately 18,000 tests shipped in Q1 2014.
- Cumulative SENSUS shipments passed the milestone of 8,000 devices. In Q1 2015, 1,024 devices were shipped versus 1,448 devices in Q1 2014. During Q1 2015, 5,482 SENSUS electrodes were shipped in comparison with 2,526 electrodes in Q1 2014.
"I'm pleased with the substantial progress we've made throughout the
Company, both with DPNCheck and toward a second quarter Quell launch
target," said
The Company reported its financial results for Q1 2015. Total revenues
were
Company to Host Live Conference Call and Webcast
About
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 relating to (i) the launch of
Quell in the second quarter of 2015, (11) that the Indiegogo campaign
for Quell is indicative of consumer interest in Quell and that consumers
will purchase Quell at the target price, (iii) the adoption of SENSUS
and DPNCheck, and (iv) ability to build a successful business focused on
diabetic neuropathy. 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 as well as other documents that may be filed
from time to time with the
|
|
|||||||||||||
| Condensed Statements of Operations | |||||||||||||
| (Unaudited) | |||||||||||||
|
Quarter Ended |
|||||||||||||
| 2015 | 2014 | ||||||||||||
| Revenues | $ | 1,282,960 | $ | 1,331,537 | |||||||||
| Cost of revenues | 637,261 | 615,081 | |||||||||||
| Gross profit | 645,699 | 716,456 | |||||||||||
| Operating expenses: | |||||||||||||
| Research and development | 902,542 | 863,718 | |||||||||||
| Sales and marketing | 1,455,686 | 446,216 | |||||||||||
| General and administrative | 1,546,090 | 1,146,757 | |||||||||||
| Total operating expenses | 3,904,318 | 2,456,691 | |||||||||||
| Loss from operations | (3,258,619 | ) | (1,740,235 | ) | |||||||||
| Interest income | 1,089 | 1,036 | |||||||||||
| Change in fair value of warrant liability | 1,186,302 | 514,600 | |||||||||||
| Net loss | $ | (2,071,228 | ) | $ | (1,224,599 | ) | |||||||
| Net loss per common share data, basic and diluted | $ | (0.25 | ) | $ | (0.21 | ) | |||||||
| Condensed Balance Sheets | ||||||||||||
| (Unaudited) | ||||||||||||
|
2015 |
2014 |
|||||||||||
| Cash and cash equivalents | $ | 6,403,123 | $ | 9,221,985 | ||||||||
| Other current assets | 1,819,695 | 1,868,140 | ||||||||||
| Noncurrent assets | 908,084 | 312,105 | ||||||||||
| Total assets | $ | 9,130,902 | $ | 11,402,230 | ||||||||
| Current liabilities | $ | 3,318,933 | $ | 2,698,148 | ||||||||
| Noncurrent liabilities: | ||||||||||||
| Common stock warrants | 4,121,030 | 5,307,332 | ||||||||||
| Other | 9,296 | 9,635 | ||||||||||
| Stockholders' equity | 1,681,643 | 3,387,115 | ||||||||||
| Total liabilities and stockholders' equity | $ | 9,130,902 | $ | 11,402,230 | ||||||||
SVP and
Chief Financial Officer
neurometrix.ir@neurometrix.com
Source:
News Provided by Acquire Media