Press Releases
Q4 Highlights:
- Q4 2022 revenue was
$1.8 million , an increase of 1.5% from the fourth quarter of 2021. DPNCheck® sales, the Company’s largest revenue contributor, increased by 18.1%. This included growth of 20.6% in the domestic Medicare Advantage market and 8.6% in international sales. Medicare Advantage growth was primarily organic and attributable to established accounts of the Company. Over-the-counter sales of Quell® decreased consistent with the Company's shift to a prescription therapeutics business. The ADVANCE® business also decreased as it is only managed for cash flow.
- Gross profit in Q4 2022 was
$1.2 million , a decrease of 1.0% from the fourth quarter of 2021. The Q4 gross margin rate was 66.6% in comparison with 68.3% in the prior year. Higher raw material costs, particularly electronic components, adversely affected the gross margin rate.
- Operating expenses of
$2.1 million decreased from$2.2 million in Q4 2021. Reduced research and development costs were offset by higher personnel spending in both sales and marketing and in general and administrative.
- Net loss for the quarter improved to
$0.7 million or ($0.09 ) per share in comparison with a net loss of$1.0 million or ($0.15 ) per share in the prior year. The Company ended the quarter with cash and securities of$21.2 million .
- The Company introduced Quell Fibromyalgia at the
American College of Rheumatology Annual Meeting inNovember 2022 . This is the first and only medical device authorized by the FDA to help reduce the symptoms of fibromyalgia, a condition affecting about 10 million people in theU.S. A strategic launch was initiated in Q4 2022 with the first prescriptions filled in December.
- The Company initiated a full market launch of DPNCheck 2.0, its next generation point-of-care peripheral neuropathy test. This new device improves usability thereby facilitating broad market adoption.
"We accomplished two of our key 2022 goals with the fourth quarter launches of Quell Fibromyalgia and DPNCheck 2.0," said
Financials:
Q4 2022 revenue of
For the full year ended
Company to Host Live Conference Call and Webcast
About
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 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
Source:
SVP and Chief Financial Officer
781-314-2761
neurometrix.ir@neurometrix.com
Statements of Operations
(Unaudited)
| Quarter Ended |
Year Ended |
||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||
| Revenues | $ | 1,847,378 | $ | 1,820,163 | $ | 8,256,073 | $ | 8,253,493 | |||||||
| Cost of revenues | 617,267 | 577,490 | 2,505,833 | 2,331,833 | |||||||||||
| Gross profit | 1,230,111 | 1,242,673 | 5,750,240 | 5,921,660 | |||||||||||
| Operating expenses: | |||||||||||||||
| Research and development | 538,395 | 997,057 | 3,239,725 | 2,596,415 | |||||||||||
| Sales and marketing | 629,969 | 514,163 | 2,865,615 | 1,619,711 | |||||||||||
| General and administrative | 918,214 | 735,931 | 4,386,666 | 3,990,141 | |||||||||||
| Total operating expenses | 2,086,578 | 2,247,151 | 10,492,006 | 8,206,267 | |||||||||||
| Loss from operations | (856,467 | ) | (1,004,478 | ) | (4,741,766 | ) | (2,284,607 | ) | |||||||
| Other income | 164,597 | 1,477 | 325,157 | 3,105 | |||||||||||
| Net loss | $ | (691,870 | ) | $ | (1,003,001 | ) | $ | (4,416,609 | ) | $ | (2,281,457 | ) | |||
NeuroMetrix, Inc.
Condensed Balance Sheets
(Unaudited)
2022 |
2021 |
||||||
| Cash, cash equivalents and securities | $ | 21,199,727 | $ | 22,572,104 | |||
| Other current assets | 2,907,260 | 1,615,755 | |||||
| Noncurrent assets | 562,628 | 700,333 | |||||
| Total assets | $ | 24,669,615 | $ | 24,888,192 | |||
| Current liabilities | $ | 1,106,412 | $ | 1,365,697 | |||
| Lease obligation, net of current portion | 207,516 | 306,709 | |||||
| Stockholders’ equity | 23,355,687 | 23,215,786 | |||||
| Total liabilities and stockholders’ equity | $ | 24,669,615 | $ | 24,888,192 | |||
Source: NeuroMetrix, Inc.