Press Releases
Quell Commercial Launch Milestone Achieved; Strong Early Shipments
The Company operates in two primary markets - wearable therapeutic
technology and point-of-care tests. Its newest product is 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. This 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:
-
Quell commercial launch was achieved on schedule in
June 2015 . Between the launch and quarter-end, approximately 2,600 Quell devices and nearly 1,000 electrode reorders were shipped to customers. Q2 shipments fulfilled order backlog from the Indiegogo pre-order campaign in March/April, orders from stocking physicians, and orders placed through the quellrelief.com website. -
The Company reported Q2 revenue of
$1.2 million plus an additional$0.6 million of deferred revenue related to Quell shipments. Combined, these total approximately$1.8 million in revenue-related product shipments during Q2. By comparison, revenue in Q2 2014 was$1.3 million . The Q2 Quell shipments will be recorded in revenue during Q3 after the Company has gained sufficient experience with product returns for valuation purposes. - Cumulative device shipments of the Company's wearable technology, Quell plus SENSUS, passed the 10,000 milestone during Q2. Approximately 650 SENSUS devices plus 5,800 electrode packages were shipped in Q2.
- DPNCheck biosensor shipments during Q2 2015 totaled nearly 29,000 tests, an increase of 17% from Q2 2014.
-
An underwritten public equity offering for
$14.7 million was completed duringMay 2015 . The Company realized net proceeds of$10.1 million after a$3.2 million repurchase of preferred stock and after deducting underwriting discounts and commissions and offering expenses.
"Quell commercial launch during Q2 marked the achievement of our second
major milestone for 2015, the first being the unveiling of Quell at the
Consumer Electronics Show in January," said
The Company reported its financial results for Q2 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 regarding the business. 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
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NeuroMetrix, Inc. |
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Quarters Ended |
Six Months Ended |
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| 2015 | 2014 | 2015 | 2014 | ||||||||||||||||
| Revenues | $ | 1,224,987 | $ | 1,343,770 | $ | 2,507,947 | $ | 2,675,307 | |||||||||||
| Cost of revenues | 595,032 | 655,337 | 1,232,293 | 1,270,418 | |||||||||||||||
| Gross profit | 629,955 | 688,433 | 1,275,654 | 1,404,889 | |||||||||||||||
| Operating expenses: | |||||||||||||||||||
| Research and development | 982,253 | 1,464,834 | 1,884,795 | 2,328,551 | |||||||||||||||
| Sales and marketing | 1,762,282 | 694,664 | 3,217,968 | 1,140,880 | |||||||||||||||
| General and administrative | 1,224,822 | 1,148,278 | 2,770,912 | 2,295,035 | |||||||||||||||
| Total operating expenses | 3,969,357 | 3,307,776 | 7,873,675 | 5,764,466 | |||||||||||||||
| Loss from operations | (3,339,402 | ) | (2,619,343 | ) | (6,598,021 | ) | (4,359,577 | ) | |||||||||||
| Interest income | 500 | 990 | 1,589 | 2,026 | |||||||||||||||
| Other expense | — | (27,618 | ) | — | (27,618 | ) | |||||||||||||
| Warrants fair value adjustment | 2,135,696 | 475,261 | 3,321,998 | 989,861 | |||||||||||||||
| Net loss | $ | (1,203,206 | ) | $ | (2,170,710 | ) | $ | (3,274,434 | ) | $ | (3,395,308 | ) | |||||||
| Net loss per share applicable to common stock, basic and diluted | $ | (0.48 | ) | $ | (0.85 | ) | $ | (0.74 | ) | $ | (1.06 | ) | |||||||
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Condensed Balance Sheets |
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| Cash and cash equivalents | $ | 12,638,982 | $ | 9,221,985 | ||||||
| Other current assets | 2,360,358 | 1,868,140 | ||||||||
| Noncurrent assets | 1,033,646 | 312,105 | ||||||||
| Total assets | $ | 16,032,986 | $ | 11,402,230 | ||||||
| Deferred revenue, current | $ | 612,090 | $ | 25,048 | ||||||
| Other current liabilities | 2,749,023 | 2,673,100 | ||||||||
| Noncurrent liabilities: | ||||||||||
| Common stock warrants | 1,041,911 | 5,307,332 | ||||||||
| Other | 9,732 | 9,635 | ||||||||
| Stockholders' equity | 11,620,230 | 3,387,115 | ||||||||
| Total liabilities and stockholders' equity | $ | 16,032,986 | $ | 11,402,230 | ||||||
View source version on businesswire.com: http://www.businesswire.com/news/home/20150722005200/en/
SVP and
Chief Financial Officer
neurometrix.ir@neurometrix.com
Source:
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