- Total Q3 2022 revenue of
$2.0 millionwas 4.7% lower than $2.1 millionreported in Q3 2021. DPNCheck® sales, the Company’s largest revenue contributor, declined by 6% primarily due to a drop in international sales. DPNCheck Medicare Advantage sales were flat as an increase in new accounts was offset by decreased orders from the Company’s largest customer.
- Q3 2022 gross profit of
$1.3 millionversus $1.4 millionin Q3 2021 reflected a margin rate of 64.8% versus 70.0% in the prior year. The rate decrease was due to broker payments above standard costs to secure critical parts for current and future production. Excluding this variance, the Q3 2022 margin rate was 73.6%.
- Operating expenses of
$3.0 millionincreased from $2.1 millionin Q3 2021. Higher spending primarily reflected product development efforts for DPNCheck and Quell® Fibromyalgia and investments in commercial resources for both product lines.
- Net loss for the quarter was
$1.6 millionor ( $0.23) per share and the Company ended the quarter with cash and securities of $20.8 million.
- Preparation continued for a Q4 2022 limited launch of Quell Fibromyalgia. This device is the first and only
U.S. Food and Drug Administration(FDA) authorized medical device that helps reduce the symptoms of fibromyalgia, a condition affecting about 10 million U.S.adults. An agreement was signed with a nationally accredited online pharmacy to process Quell Fibromyalgia prescriptions.
"Although revenue was slightly down this quarter compared to the same quarter last year, we believe that our R&D, commercial and infrastructure investments are positioning the Company for future growth," said
Q3 2022 revenue of
Revenue in the nine-month period ended
Company to Host Live Conference Call and Webcast
NeuroMetrix is an innovation-driven company with a mission to improve individual and population health through innovative medical devices and technology solutions for neurological disorders and pain syndromes. The Company has three commercial products. DPNCheck® is a diagnostic device that provides rapid, point-of-care detection of peripheral neuropathies. ADVANCE® is a diagnostic device that provides automated, in-office nerve conduction studies for the evaluation of focal neuropathies. Quell® Fibromyalgia is a wearable neuromodulator that is the first and only FDA-authorized medical device to help reduce the symptoms of fibromyalgia. For more information, 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, 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
||Nine Months Ended
|Cost of revenues||693,571||619,833||1,888,566||1,754,343|
|Research and development||1,074,954||724,556||2,701,330||1,599,358|
|Sales and marketing||810,209||442,230||2,235,646||1,105,548|
|General and administrative||1,102,260||965,711||3,468,452||3,254,210|
|Total operating expenses||2,987,423||2,132,497||8,405,428||5,959,116|
|Loss from operations||(1,712,991||)||(687,971||)||(3,885,299||)||(1,280,129||)|
Condensed Balance Sheets
|Cash, cash equivalents and securities||$||20,826,659||$||22,572,104|
|Other current assets||2,605,347||1,615,755|
|Lease Obligation, net of current portion||233,693||306,709|
|Total liabilities and stockholders’ equity||$||24,032,390||$||24,888,192|
Source: NeuroMetrix, Inc.