- Revenue of
$2.2 millionimproved 63% from $1.4 millionin Q2 2020. The Q2 2020 results were adversely affected by a pandemic-related decline in customer orders. Gross margin on revenue was $1.7 millionor 74.8%, an increase of 11.2 percentage points from the 63.6% gross margin rate in Q2 2020.
- Net loss for the quarter was
$0.5 millionin comparison to a net loss of $0.8 millionin Q2 2020.
- The domestic Medicare Advantage business was the primary contributor to DPNCheck® revenue during the quarter.
- The Quell® direct to consumer business delivered positive operating margins.
- The Company continued development of its investigational device, based on Quell technology, for treating fibromyalgia symptoms and anticipates a regulatory filing later this year. Related to this program, results from a randomized, sham-controlled trial of Quell for treatment of fibromyalgia were presented at two pain medicine conferences.
- The Company utilized its at-the-market (ATM) facility to raise
$3.8 millionin net proceeds from the sale of common stock.
- Subsequent to the end of the quarter the Company reported that Quell had received Breakthrough Device Designation from the
U.S. Food and Drug Administration(FDA) for treating the symptoms of fibromyalgia in adults.
"We continued to make progress in both the DPNCheck and Quell business lines. We believe we are laying the groundwork for steady top-line growth going forward,” said
Q2 2021 revenue of
Company to Host Live Conference Call and Webcast
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, the effects of the COVID-19 pandemic on all aspects of the Company’s business, 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
SVP and Chief Financial Officer
Statements of Operations
||Six Months Ended
|Cost of revenues||558,221||495,086||1,134,510||1,115,276|
|Research and development||641,525||660,278||874,802||1,193,898|
|Sales and marketing||269,493||379,113||663,318||803,462|
|General and administrative||1,276,223||678,497||2,288,499||1,930,243|
|Total operating expenses||2,187,241||1,717,888||3,826,619||3,927,603|
|Loss from operations||(531,963||)||(852,995||)||(592,158||)||(1,510,864||)|
Condensed Balance Sheets
|Cash and cash equivalents||$||8,364,197||$||5,226,213|
|Other current assets||1,667,025||1,863,653|
|Lease Obligation, net of current portion||350,895||461,410|
|Total liabilities and stockholders’ equity||$||10,768,893||$||7,994,575|
Source: NeuroMetrix, Inc.