Press Releases
The Company develops and markets novel therapies, based on neurostimulation and digital medicine, for chronic health conditions. The Company’s primary product is Quell®, which is an over-the-counter wearable neurostimulation device for treating chronic pain. The Company also has a diagnostic business based on its DPNCheck® product, which is a point-of-care test that provides accurate and cost-effective screening, diagnosis and monitoring of diabetic peripheral neuropathy (DPN).
Highlights:
- Q4 2017 revenue of
$4.9 million grew 33% from$3.7 million in Q4 2016. Quell contributed$3.7 million and DPNCheck added$0.8 million revenue. - Full year 2017 revenue of
$17.1 million grew 42% from$12.0 million in 2016. Quell contributed$12.4 million and DPNCheck contributed$3.1 million revenue. - Fourth quarter Quell shipments totaled 26,496 devices and 36,556 electrode reorder packages. This compared with 14,301 devices and 19,993 electrode reorder packages in Q4 2016.
- Quell intellectual property assets were expanded in the fourth quarter with the issuance of a U.S. utility patent for novel technology that enhances Quell usability for those with an active lifestyle.
- In early Q1 2018 the Company reported a strategic collaboration with
GlaxoSmithKline (NYSE:GSK) under whichGSK Consumer Healthcare acquired Quell market rights outside the US whileNeuroMetrix retained ownership for the US market. The companies will co-fund Quell technology development.GSK Consumer Healthcare paid$5 million for the Quell assets related to markets outside the US and will pay up to$21.5 million upon the achievement of certain development and commercialization milestones.
"Our revenue growth in Q4 and full year 2017 reflects strong Quell unit volume growth throughout the periods. It continues the upward trend of the past two and a half years since Quell launch in Q2 2015," said Shai N. Gozani, M.D., Ph.D., President and Chief Executive Officer of NeuroMetrix. "We are pleased to begin our partnership with
Financial Highlights:
The Company reported its financial highlights results for Q4 2017. Total revenues were
For the years ended
Company to Host Live Conference Call and Webcast
About
NeuroMetrix is a commercial stage, innovation driven healthcare company combining neurostimulation and digital medicine to address chronic health conditions including chronic pain, sleep disorders, and diabetes. The company's lead product is Quell, an over-the-counter wearable therapeutic device for chronic pain. The company also markets DPNCheck®, a rapid point-of-care test for diabetic neuropathy, which is the most common long-term complication of Type 2 diabetes. For more information, please 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, 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
Source:
SVP and Chief Financial Officer
781-314-2761
neurometrix.ir@neurometrix.com
| NeuroMetrix, Inc. Statements of Operations (Unaudited) |
|||||||||||||||
| Quarters Ended December 31, |
Years Ended December 31, |
||||||||||||||
| 2017 | 2016 | 2017 | 2016 | ||||||||||||
| Revenues | $ | 4,929,475 | $ | 3,715,432 | $ | 17,092,336 | $ | 12,027,528 | |||||||
| Cost of revenues | 2,857,537 | 2,026,299 | 10,235,538 | 7,113,005 | |||||||||||
| Gross profit | 2,071,938 | 1,689,133 | 6,856,798 | 4,914,523 | |||||||||||
| Operating expenses: | |||||||||||||||
| Research and development | 876,191 | 907,062 | 3,497,636 | 4,394,353 | |||||||||||
| Sales and marketing | 2,315,366 | 2,655,976 | 10,751,863 | 10,855,445 | |||||||||||
| General and administrative | 1,764,322 | 990,209 | 5,689,917 | 4,872,670 | |||||||||||
| Total operating expenses | 4,955,879 | 4,553,247 | 19,939,416 | 20,122,468 | |||||||||||
| Loss from operations | (2,883,941 | ) | (2,864,114 | ) | (13,082,618 | ) | (15,207,945 | ) | |||||||
| Interest income | 3,867 | 2,102 | 14,885 | 19,132 | |||||||||||
| Change in fair value of warrant liability | — | 47,789 | 208,480 | 275,662 | |||||||||||
| Net loss | $ | (2,880,074 | ) | $ | (2,814,223 | ) | $ | (12,859,253 | ) | $ | (14,913,151 | ) | |||
| NeuroMetrix, Inc. Condensed Balance Sheets (Unaudited) |
||||||||
| December 31, | ||||||||
| 2017 | 2016 | |||||||
| Cash and cash equivalents | $ | 4,043,681 | $ | 3,949,135 | ||||
| Other current assets | 5,059,693 | 3,637,788 | ||||||
| Noncurrent assets | 495,850 | 696,968 | ||||||
| Total assets | $ | 9,599,224 | $ | 8,283,891 | ||||
| Current liabilities | $ | 4,581,835 | $ | 3,318,486 | ||||
| Common stock warrants | — | 4,641 | ||||||
| Stockholders’ equity | 5,017,389 | 4,960,764 | ||||||
| Total liabilities and stockholders’ equity | $ | 9,599,224 | $ | 8,283,891 | ||||
Source: NeuroMetrix, Inc.