Press Releases
-
Revenue Up 116% year-over-year to
$2.6 Million - 11,201 Quell Devices Shipped
- Expanded Retail Availability of Quell to over 1,500 retail stores
The Company operates in two markets - wearable therapeutic technology and point-of-care diagnostic tests. The Company's two primary products are Quell® and DPNCheck®. Quell is an over-the-counter wearable neurostimulation device for treating chronic pain that was launched in Q2 2015. DPNCheck is a point-of-care diagnostic device that provides accurate and cost-effective screening, diagnosis and monitoring of peripheral neuropathies including diabetic peripheral neuropathy (DPN).
Recent Highlights:
-
Quell shipments totaled 11,201 devices and 9,676 electrode reorder
packages with a total invoiced value of
$2.53 million . This was an increase from 8,138 devices and 7,902 electrode reorder packages with a total invoiced value of$1.70 million in Q1 2016. - Quell distribution expanded with initial orders for pilot programs at two major drug store chains. Quell is now available in over 1,500 retail locations.
- Online and retail sales have been supported by a national TV promotion campaign primarily utilizing high-impact cable channels.
- Quell technology advanced with the launch of an updated Android app providing support for the Quell Health Cloud and release of a Sport Electrode for situations of high humidity and perspiration.
-
The Company announced that a clinical study by the
Scripps Translational Science Institute will assess the impact of Quell technology on opioid use and pain in cancer patients. -
A CE Marking application for Quell was submitted to allow marketing
directly to consumers within the
European Union . -
An at-the-money private placement of equity securities raised new
funding of
$7.5 million , before costs.
"We are pleased with our progress in Q2 2016. Our plans for penetration
of the retail sector are on schedule and, largely due to increasing
Quell shipments, total company revenue growth during the past four
quarters has averaged 83% year-on-year. Our current marketing focus for
Quell is on building widespread brand awareness through our TV and
on-line promotion efforts, as well as developing retail channel
experience," said
Financial Results:
The Company reported its financial results for Q2 2016. Total revenues
were
For the six months ended
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, as
well as events that could have a meaningful impact on the company's
revenues. 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
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| Statements of Operations | ||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||
|
Quarters Ended
|
Six Months Ended
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| 2016 | 2015 | 2016 | 2015 | |||||||||||||||||||
| Revenues | $ | 2,647,422 | $ | 1,224,987 | $ | 4,922,669 | $ | 2,507,947 | ||||||||||||||
| Cost of revenues | 1,572,370 | 595,032 | 3,054,883 | 1,232,293 | ||||||||||||||||||
| Gross profit | 1,075,052 | 629,955 | 1,867,786 | 1,275,654 | ||||||||||||||||||
| Operating expenses: | ||||||||||||||||||||||
| Research and development | 1,127,850 | 982,253 | 2,284,640 | 1,884,795 | ||||||||||||||||||
| Sales and marketing | 2,832,279 | 1,762,282 | 5,240,158 | 3,217,968 | ||||||||||||||||||
| General and administrative | 1,292,305 | 1,224,822 | 2,716,646 | 2,770,912 | ||||||||||||||||||
| Total operating expenses | 5,252,434 | 3,969,357 | 10,241,444 | 7,873,675 | ||||||||||||||||||
| Loss from operations | (4,177,382 | ) | (3,339,402 | ) | (8,373,658 | ) | (6,598,021 | ) | ||||||||||||||
| Interest income | 4,553 | 500 | 11,258 | 1,589 | ||||||||||||||||||
| Change in fair value of warrant liability | 77,309 | 2,135,696 | 171,625 | 3,321,998 | ||||||||||||||||||
| Net loss | $ | (4,095,520 | ) | $ | (1,203,206 | ) | $ | (8,190,775 | ) | $ | (3,274,434 | ) | ||||||||||
| Net loss per common share applicable to common stockholders, basic and diluted | $ | (5.37 | ) | $ | (2.07 | ) | $ | (6.56 | ) | $ | (3.13 | ) | ||||||||||
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| Condensed Balance Sheets | |||||||||||
| (Unaudited) | |||||||||||
|
2016 |
2015 |
||||||||||
| Cash and cash equivalents | $ | 11,330,857 | $ | 12,462,872 | |||||||
| Other current assets | 2,447,889 | 2,684,398 | |||||||||
| Noncurrent assets | 798,935 | 887,220 | |||||||||
| Total assets | $ | 14,577,681 | $ | 16,034,490 | |||||||
| Current liabilities | $ | 2,906,005 | $ | 3,191,479 | |||||||
| Common stock warrants | 108,678 | 280,303 | |||||||||
| Stockholders' equity | 11,562,998 | 12,562,708 | |||||||||
| Total liabilities and stockholders' equity | $ | 14,577,681 | $ | 16,034,490 | |||||||
View source version on businesswire.com: http://www.businesswire.com/news/home/20160721005154/en/
SVP and
Chief Financial Officer
neurometrix.ir@neurometrix.com
Source:
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