NeuroMetrix Reports Preliminary 2017 Financial Highlights
January 08 2018 - 07:00AM
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, 781-314-2761SVP and Chief
Financial Officerneurometrix.ir@neurometrix.com
Source: NeuroMetrix, Inc.
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