Press Releases
The Company is building a broad national distributional channel for its
SENSUS Pain Management System, which is a novel transcutaneous
electrical nerve stimulator intended for treating chronic pain. SENSUS
is a convenient and wearable non-invasive device that offers physicians
and their patients a non-narcotic pain relief option as a complement to
medications. The device is lightweight and can be worn during the day
while remaining active, or at night while sleeping. The Company believes
it is the only transcutaneous electrical nerve stimulator designed
specifically for people with diabetes that suffer from chronic pain. The
most common cause of such pain is painful diabetic neuropathy (PDN),
which affects up to 5 million people in the U.S. alone. The Company’s
business strategy is to develop widespread distribution in
Recent highlights:
-
Third quarter 2013 revenue of
$1.3 million represented sequential growth from$1.2 million revenue reported for the second quarter of 2013. - SENSUS shipments accelerated to 557 devices in the third quarter, up from 210 devices in the second quarter and 145 devices in the first quarter of product launch. To date, over 1,000 SENSUS devices have been shipped.
-
Simplex Healthcare entered an agreement to offer SENSUS through its wholly owned subsidiary,Diabetes Care Club , which is one of the largest providers of mail order diabetes supplies inthe United States . -
Rehabilitation Management Group (RMG) and its subsidiary, OsteoArthritis Centers of America, entered an agreement to incorporate SENSUS into their proprietary chronic pain programs, which are offered by over 100 affiliated clinics. -
David Van Avermaete , former US President of the LifeScan division ofJohnson & Johnson and a seasoned executive in the medical device and diabetes field, joined the company’s Board of Directors. This added valuable commercialization experience.
“SENSUS is gaining attention among key national distribution companies
who see the clinical and market potential for a non-narcotic,
non-addictive pain relief option,” said
The Company reported its financial results for the third quarter of
2013. Total revenues were
For the nine month period ended
Company to Host Live Conference Call and Webcast
About
NeuroMetrix is a medical device company that develops and markets home use and point-of-care devices for the treatment and management of chronic pain, peripheral neuropathies, and associated neurological disorders. The Company is presently focused on diabetic neuropathies, which affect over 50% of people with diabetes. If left untreated, diabetic neuropathies trigger foot ulcers that may require amputation and cause disabling chronic pain. The annual cost of diabetic neuropathies has been estimated at $14 billion in the United States. The company markets the SENSUS™ Pain Management System for treating chronic pain, focusing on physicians managing patients with painful diabetic neuropathy. The company also markets the DPNCheck® device, which is a rapid, accurate, and quantitative point-of-care test for diabetic neuropathy. This product is used to detect diabetic neuropathy at an early stage and to guide treatment. For more information, please visit http://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 relating to the adoption of
SENSUS and NC-stat DPNCheck, our ability to build a successful business
focused on diabetic peripheral neuropathy, our hope of expanding our
commercial sales channel of our diabetic neuropathy products and our
hope that entering into SENSUS pilot programs with national distribution
partners will rapidly expand SENSUS awareness and sales. 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, our
estimates of future performance, and our ability to successfully
develop, receive regulatory clearance or approval, commercialize and
achieve market acceptance for any of our 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
|
NeuroMetrix, Inc. Condensed Statements of Operations (Unaudited) |
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Quarters Ended |
Nine Months Ended |
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| 2013 | 2012 | 2013 | 2012 | |||||||||||||
| Revenues | $ | 1,314,728 | $ | 1,764,764 | $ | 3,876,654 | $ | 6,052,137 | ||||||||
| Cost of revenues | 578,484 | 793,990 | 1,649,429 | 2,912,284 | ||||||||||||
| Gross profit | 736,244 | 970,774 | 2,227,225 | 3,139,853 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 740,324 | 980,361 | 2,727,590 | 2,979,153 | ||||||||||||
| Sales and marketing | 581,079 | 1,457,079 | 2,241,138 | 4,586,822 | ||||||||||||
| General and administrative | 1,014,295 | 1,147,075 | 3,240,049 | 3,720,407 | ||||||||||||
| Total operating expenses | 2,335,698 | 3,584,515 | 8,208,777 | 11,286,382 | ||||||||||||
| Loss from operations | (1,599,454 | ) | (2,613,741 | ) | (5,981,552 | ) | (8,146,529 | ) | ||||||||
| Interest income | 1,407 | 3,487 | 4,570 | 11,812 | ||||||||||||
| Warrants offering costs | — | — | (376,306 | ) | — | |||||||||||
| Change in fair value of warrant liability | 881,783 | — | 2,037,779 | — | ||||||||||||
| Net loss | $ | (716,264 | ) | $ | (2,610,254 | ) | $ | (4,315,509 | ) | $ | (8,134,717 | ) | ||||
| Net loss per common share applicable to common stockholders, basic and diluted | $ | (0.26 | ) | $ | (1.24 | ) | $ | (2.13 | ) | $ | (4.37 | ) | ||||
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Note: per share amounts have been adjusted to reflect the Company’s 1:6 reverse stock-split which occurred on February 15, 2013. |
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Condensed Balance Sheets (Unaudited) |
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September 30, 2013 |
December 31, 2012 |
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| Cash and cash equivalents | $ | 7,836,168 | $ | 8,699,478 | ||
| Other current assets | 1,659,603 | 1,873,588 | ||||
| Noncurrent assets | 207,135 | 304,381 | ||||
| Total assets | $ | 9,702,906 | $ | 10,877,447 | ||
| Current liabilities | $ | 1,894,924 | $ | 2,005,606 | ||
| Noncurrent liabilities: | ||||||
| Common stock warrants | 1,973,426 | — | ||||
| Other | 27,379 | 71,419 | ||||
| Stockholders’ equity | 5,807,177 | 8,800,422 | ||||
| Total liabilities and stockholders’ equity | $ | 9,702,906 | $ | 10,877,447 | ||
Source:
NeuroMetrix, Inc.
Thomas T. Higgins, 781-314-2761
SVP and
Chief Financial Officer
neurometrix.ir@neurometrix.com