Press Releases
Revenue Growth, Record Diabetes Product Revenue, New Product Unveiling
The Company operates in two primary markets - wearable therapeutic
technology and point-of-care tests. It recently unveiled the Quell™
wearable pain relief device, which utilizes proprietary non-invasive
neurostimulation technology to provide relief from chronic pain,
particularly nerve pain such as due to diabetes and lower back problems.
The 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 was unveiled at the 2015 International Consumer Electronics Show
to a positive response. PCWorld reported, "More that 100 million
Americans suffer from chronic pain, and now there's finally a
consumer-grade wearable that's designed to provide some relief." CRN
included Quell as one of "25 Hot Products at CES" and it was one of
four finalists chosen by Engadget for "Best of CES" in the health &
fitness category.
NeuroMetrix plans commercial shipments starting in Q2 of this year. - Cumulative SENSUS shipments now exceed 7,000 devices. In Q4 1,655 devices were shipped versus 358 devices in Q4 2013. Electrode sales provide encouraging evidence of continued device usage and validation of therapeutic benefit for patients. During Q4 2014, 6,243 electrodes were shipped, up 33% from the preceding quarter.
-
DPNCheck biosensor shipments in Q4 were 31,375, down 12% from Q3 2014
and 15% from Q4 2013. The Company believes this dip was due to advance
stocking by its larger
Medicare Advantage accounts in anticipation of strong patient testing prior to year-end. DPNCheck biosensors shipped internationally grew by 62% over the preceding quarter and 70% over the year-ago quarter. -
Diabetes product revenue (DPNCheck and SENSUS) increased to
$0.82 million from$0.56 million in Q4 2013, a 46% year-over-year increase. -
The ADVANCE business, managed for cash flow, generated an estimated
$0.3 million in gross profit in Q4 2014.
"Throughout the company we are intensively focused on the second quarter
Quell launch target," said
The Company reported its financial results for Q4 2014. Total revenues
were
For the year 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 relating to the adoption of
SENSUS and DPNCheck, and ability to build a successful business focused
on diabetic neuropathy. 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 |
Year Ended |
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| 2014 | 2013 | 2014 | 2013 | |||||||||||||||||
| Revenues | $ | 1,409,629 | $ | 1,402,152 | $ | 5,512,764 | $ | 5,278,806 | ||||||||||||
| Cost of revenues | 659,159 | 544,830 | 2,568,602 | 2,194,259 | ||||||||||||||||
| Gross profit | 750,470 | 857,322 | 2,944,162 | 3,084,547 | ||||||||||||||||
| Operating expenses: | ||||||||||||||||||||
| Research and development | 802,076 | 710,629 | 4,075,976 | 3,438,218 | ||||||||||||||||
| Sales and marketing | 1,234,447 | 538,557 | 2,913,112 | 2,779,695 | ||||||||||||||||
| General and administrative | 1,120,076 | 985,424 | 4,725,123 | 4,225,474 | ||||||||||||||||
| Total operating expenses | 3,156,599 | 2,234,610 | 11,714,211 | 10,443,387 | ||||||||||||||||
| Loss from operations | (2,406,129 | ) | (1,377,288 | ) | (8,770,049 | ) | (7,358,840 | ) | ||||||||||||
| Interest income | 1,245 | 1,095 | 4,606 | 5666 | ||||||||||||||||
| Warrants offering costs | — | — | (50,874 | ) | (376,306 | ) | ||||||||||||||
| Change in fair value of warrant liability | (504,316 | ) | (2,327,435 | ) | 1,050,095 | (289,657 | ) | |||||||||||||
| Net loss | $ | (2,909,200 | ) | $ | (3,703,628 | ) | $ | (7,766,222 | ) | $ | (8,019,137 | ) | ||||||||
| Net loss per common share applicable to common stockholders, basic and diluted | $ | (0.36 | ) | $ | (0.87 | ) | $ | (1.54 | ) | $ | (3.07 | ) | ||||||||
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Condensed Balance Sheets
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2014 |
2013 |
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| Cash and cash equivalents | $ | 9,221,985 | $ | 9,195,753 | ||||
| Other current assets | 1,868,140 | 1,370,774 | ||||||
| Noncurrent assets | 312,105 | 230,236 | ||||||
| Total assets | $ | 11,402,230 | $ | 10,796,763 | ||||
| Current liabilities | $ | 2,698,148 | $ | 1,647,908 | ||||
| Noncurrent liabilities: | ||||||||
| Common stock warrants | 5,307,332 | 1,938,603 | ||||||
| Other | 9,635 | 15,277 | ||||||
| Stockholders' equity | 3,387,115 | 7,194,975 | ||||||
| Total liabilities and stockholders' equity | $ | 11,402,230 | $ | 10,796,763 | ||||
SVP and
Chief Financial Officer
neurometrix.ir@neurometrix.com
Source:
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