Press Releases
The Company develops and markets novel therapies, based on neurostimulation and digital medicine, for chronic health conditions. The Company’s primary product is Quell®, which is an over-the-counter wearable neurostimulation device for treating chronic pain. 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 diabetic peripheral neuropathy (DPN).
The Company reported a new collaboration with
- GSK acquired exclusive ownership of Quell technology for markets outside the U.S.
NeuroMetrix retained exclusive ownership of Quell technology for the U.S. market- GSK agreed to payments totaling
$26.5 million of which$5 million was paid at closing and up to$21.5 million is payable upon achievement of milestones - The companies agreed to co-fund Quell development during an initial period starting in 2019
“The GSK collaboration is transformative for us and for chronic pain sufferers who will have access to Quell technology outside the US,” said
Q1 2018 Highlights:
- Revenue of
$4.9 million increased 15% from Q1 2017 - Quell revenue was up 13% to
$3.5 million ; DPNCheck revenue was up 43% to a new high of$1.2 million - Q1 2018 gross margin rate of 40.2%, improved 280 basis points from 37.4% in the prior year
- OPEX was
$5.6 million ,$0.7 million higher than Q1 2017 - Net collaboration income of
$4.8 million was recorded - Net income was
$1.2 million in comparison with a net loss of$3.2 million in Q1 2017 - Cash resources at
March 31, 2018 were$6.1 million
Company to Host Live Conference Call and Webcast
About
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's lead product is Quell, an over-the-counter wearable therapeutic device for chronic pain. 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. 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
Source:
SVP and Chief Financial Officer
781-314-2761
neurometrix.ir@neurometrix.com
Statements of Operations
(Unaudited)
| Quarters Ended March 31, |
||||||||
| 2018 | 2017 | |||||||
| Revenues | $ | 4,942,990 | $ | 4,306,122 | ||||
| Cost of revenues | 2,955,260 | 2,697,602 | ||||||
| Gross profit | 1,987,730 | 1,608,520 | ||||||
| Operating expenses: | ||||||||
| Research and development | 1,279,564 | 903,284 | ||||||
| Sales and marketing | 2,504,741 | 2,597,712 | ||||||
| General and administrative | 1,804,143 | 1,421,782 | ||||||
| Total operating expenses | 5,588,448 | 4,922,778 | ||||||
| Loss from operations | (3,600,718 | ) | (3,314,258 | ) | ||||
| Other income: | ||||||||
| Collaboration income | 4,755,705 | — | ||||||
| Other income | 11,265 | 81,858 | ||||||
| Total other income | 4,766,970 | 81,858 | ||||||
| Net income (loss) | $ | 1,166,252 | $ | (3,232,400 | ) | |||
NeuroMetrix, Inc.
Condensed Balance Sheets
(Unaudited)
| March 31, 2018 |
December 31, 2017 |
|||||||
| Cash and cash equivalents | $ | 6,097,792 | $ | 4,043,681 | ||||
| Other current assets | 3,736,095 | 5,059,693 | ||||||
| Noncurrent assets | 474,814 | 495,850 | ||||||
| Total assets | $ | 10,308,701 | $ | 9,599,224 | ||||
| Current liabilities | $ | 3,486,177 | $ | 4,581,835 | ||||
| Stockholders’ equity | 6,822,524 | 5,017,389 | ||||||
| Total liabilities and stockholders’ equity | $ | 10,308,701 | $ | 9,599,224 | ||||
Source: NeuroMetrix, Inc.