UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
__________________________________
Date of Report (Date of earliest event reported): January 8, 2018
NEUROMETRIX, INC. | ||
(Exact name of registrant as specified in charter)
Delaware | 001-33351 | 04-3308180 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
1000 Winter Street, Waltham, Massachusetts | 2,451 |
(Address of principal executive offices) | (Zip Code) |
(781) 890-9989
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |
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Item 2.02 | Results of Operations and Financial Condition. |
On January 8, 2018 NeuroMetrix, Inc. issued a press release reporting selected preliminary financial information for the fiscal year ended December 31, 2017. The full text of the press release is furnished as Exhibit 99.1 hereto and incorporated herein by reference.
In accordance with General Instruction B.2. of Form 8-K, the information in Item 2.02 of this Current Report on Form 8-K, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01 | Financial Statements and Exhibits. |
(d) | Exhibits. |
Exhibit No. | Description | |
99.1 | Press Release of NeuroMetrix, Inc. dated January 8, 2018. | |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
NEUROMETRIX, INC. | |||
Date: January 8, 2018 | /s/ | THOMAS T. HIGGINS | |
Thomas T. Higgins | |||
Senior Vice President, Chief Financial Officer | |||
and Treasurer | |||
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EXHIBIT INDEX
Exhibit No. | Description | |
Press Release of NeuroMetrix, Inc. dated January 8, 2018. | ||
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EXHIBIT 99.1
NeuroMetrix Reports Preliminary 2017 Financial Highlights
WALTHAM, Mass., Jan. 8, 2018 (Globe Newswire) -- NeuroMetrix, Inc. (Nasdaq: NURO) today reported preliminary financial highlights for the fourth quarter and for the full year 2017.
GAAP revenue for the fourth quarter of 2017 is estimated at approximately $4.9 million in comparison with $3.7 million in Q4 2016. During the fourth quarter of 2017 the Company shipped approximately 26,500 Quell® devices and 36,600 electrode packages in comparison with 14,300 devices and 20,000 electrode packages in Q4 2016.
For the full year 2017, revenue is estimated at approximately $17.1 million in comparison with $12.0 million in 2016. Approximately 80,900 Quell devices were shipped in 2017 versus 45,700 devices in 2016. Also, approximately 121,400 electrode packages were shipped in 2017 versus 52,700 electrode packages in 2016. The Company reported approximately $4.0 million in cash and cash equivalents at the end of 2017.
“Early results indicate an over 40% revenue increase from 2016 reflecting strong Quell unit volume growth in the fourth quarter and for the full year 2017. This continues the upward trend we’ve reported since the product was launched in Q2 2015,” said Shai N. Gozani, M.D., Ph.D. President and CEO of NeuroMetrix, Inc.
Note Regarding Forward-Looking Statements
This press release contains estimates underlying the Q4 and full year 2017 financial results and other forward-looking statements. Actual results may differ from those indicated as a result of finalization of fourth quarter and full year financial statements as well as other risks and uncertainties, including those described from time to time in reports filed by NeuroMetrix with the Securities and Exchange Commission. NeuroMetrix undertakes no obligation to update information contained in this release. For further information regarding risks and uncertainties associated with the Company's business, please refer to the Company's filings with the Securities and Exchange Commission.
About Quell
Quell is an advanced, wearable technology for treating chronic pain. It can be worn during the day while active and at night while sleeping. Quell is drug-free and has been cleared by the FDA for treatment of chronic pain without a prescription. Quell users can personalize and manage therapy discreetly via the Quell app. Quell also offers health tracking relevant to chronic pain sufferers including pain, sleep, activity, and gait. Quell users can synchronize their data with the Quell Health Cloud, which provides customized
feedback and powers one of the world’s largest chronic pain databases. Quell is available online and through select retailers. Visit QuellRelief.com for more information.
About NeuroMetrix
NeuroMetrix is an innovation driven healthcare company combining neurostimulation and digital health to address chronic health conditions including chronic pain, diabetes, and sleep disorders. 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 NeuroMetrix.com.
NeuroMetrix, Inc.
Thomas T. Higgins, 781-314-2761
SVP and Chief Financial Officer
neurometrix.ir@neurometrix.com
Source: NeuroMetrix, Inc.