NeuroMetrix Reports Q3 2021 Financial Results
October 21 2021 - 7:00AM
NeuroMetrix, Inc. (Nasdaq: NURO) today reported financial and
business highlights for the quarter ended September 30, 2021. The
Company is a leader in proprietary non-invasive medical devices for
the diagnosis and treatment of pain and neurological disorders.
Highlights:
- Revenue of $2.1 million was up slightly from Q3 2020. Gross
margin on revenue was $1.4 million, a 70.0% gross margin rate. This
was a decrease of 3.6 percentage points from $1.5 million, a 73.6%
gross margin rate, in Q3 2020. The margin rate contraction
reflected cost increases for component parts.
- The DPNCheck® Medicare Advantage business continued to be the
primary contributor to revenue during the quarter. Subsequent to
the end of the quarter, Susan Bell, RN was appointed as SVP,
Population Health & Value Based Care and will lead the
Company's Medicare Advantage and value based health care
business.
- Operating expenses increased $0.4 million over Q3 2020
reflecting regulatory activities and personal costs.
- Net loss for the quarter was $0.7 million in comparison to a
net loss of $0.3 million in Q3 2020.
- In July the Company’s Quell® technology received Breakthrough
Device Designation from the U.S. Food and Drug Administration (FDA)
for the treatment of fibromyalgia symptoms in adults. Subsequent to
the end of the quarter, a De Novo request was filed. The Company
indicated that a successful and timely review process could result
in commercial launch of Quell® for fibromyalgia in the second half
of 2022.
- The Company joined the Center to Stream Healthcare in Place
(C2SHIP) as an industry partner. Quell was cited by C2SHIP as being
well suited to its mission for the in-place management of chronic
pain, remote monitoring, and personalization of pain
management.
- The Company utilized its at-the-market (ATM) facility to raise
$15.8 million in net proceeds from the sale of common stock. It
ended the quarter with $23.2 million cash on the balance
sheet.
"We continued to successfully execute on our core initiatives
this past quarter. We saw further adoption of DPNCheck testing
within Medicare Advantage plans and are pleased that Sue Bell has
joined the Company to lead and accelerate this effort," said Shai
N. Gozani, M.D., Ph.D., President and Chief Executive Officer of
NeuroMetrix. “Submission of the De Novo request was an important
milestone in our effort to make Quell technology available as a
prescription treatment for people living with fibromyalgia and we
look forward to working with the FDA during their review
process.”
Financials:
Q3 2021 revenue of $2.1 million exceeded revenue of Q3 2020 by
$28 thousand. The gross margin rate of 70.0% in Q3 2021 declined
from 73.6% in Q3 2020 due to cost increases to secure electronic
parts essential to the Company’s products. Operating expenses of
$2.1 million increased from $1.8 million in Q3 2020. The increase
was attributable to regulatory costs, higher R&D parts costs,
sales & marketing staffing, and non-cash stock compensation
expenses. The Q3 2021 net loss of $687 thousand, or $0.12 per
share, exceeded the net loss in Q3 2020 of $257 thousand, or $0.07
per share by $430 thousand.
Company to Host Live Conference Call and
Webcast
NeuroMetrix will host a conference call at 8:00 a.m. Eastern
today, October 21, 2021. The call may be accessed in the United
States at 844-787-0799, international at 661-378-9630 using
confirmation code 7683407. A replay will be available starting two
hours after the call at 855-859-2056 United States and 404-537-3406
international using confirmation code 7683407. It will remain
available for one week. The call will also be webcast and
accessible at www.NeuroMetrix.com under "Investor Relations".
About NeuroMetrix
NeuroMetrix is an innovation-driven company focused on the
development and global commercialization of non-invasive medical
devices for the diagnosis and treatment of pain and neurological
disorders. 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® is a
wearable neurostimulation device indicated for treatment of lower
extremity chronic pain. 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
Securities and Exchange Commission or otherwise made public. The
company is providing the information in this press release only as
of the date hereof, and expressly disclaims any intent or
obligation to update the information included in this press release
or revise any forward-looking statements.
Source: NeuroMetrix, Inc.
Thomas T. HigginsSVP and Chief Financial
Officer781-314-2761neurometrix.ir@neurometrix.com
NeuroMetrix,
Inc.Statements of
Operations(Unaudited)
|
Quarters Ended September 30, |
|
Nine Months Ended September 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
Revenues |
$ |
2,064,359 |
|
|
$ |
2,036,228 |
|
|
$ |
6,433,330 |
|
|
$ |
5,568,243 |
|
|
|
|
|
|
|
|
|
Cost of revenues |
619,833 |
|
|
537,614 |
|
|
1,754,343 |
|
|
1,652,890 |
|
|
|
|
|
|
|
|
|
Gross profit |
1,444,526 |
|
|
1,498,614 |
|
|
4,678,987 |
|
|
3,915,353 |
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
Research and development |
724,556 |
|
|
652,671 |
|
|
1,599,358 |
|
|
1,846,569 |
|
Sales and marketing |
442,230 |
|
|
340,927 |
|
|
1,105,548 |
|
|
1,144,389 |
|
General and administrative |
965,711 |
|
|
762,903 |
|
|
3,254,210 |
|
|
2,693,146 |
|
|
|
|
|
|
|
|
|
Total operating expenses |
2,132,497 |
|
|
1,756,501 |
|
|
5,959,116 |
|
|
5,684,104 |
|
|
|
|
|
|
|
|
|
Loss from operations |
(687,971 |
) |
|
(257,887 |
) |
|
(1,280,129 |
) |
|
(1,768,751 |
) |
|
|
|
|
|
|
|
|
Other income |
882 |
|
|
774 |
|
|
1,673 |
|
|
2,323 |
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(687,089 |
) |
|
$ |
(257,113 |
) |
|
$ |
(1,278,456 |
) |
|
$ |
(1,766,428 |
) |
NeuroMetrix, Inc.Condensed Balance
Sheets(Unaudited)
|
|
September 30,2021 |
|
|
December 31,2020 |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
23,213,537 |
|
|
$ |
5,226,213 |
|
Other current assets |
|
|
2,346,853 |
|
|
|
1,863,653 |
|
Noncurrent assets |
|
|
733,279 |
|
|
|
904,709 |
|
Total assets |
|
$ |
26,293,669 |
|
|
$ |
7,994,575 |
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
$ |
1,736,489 |
|
|
$ |
2,285,390 |
|
Lease Obligation, net of current portion |
|
|
329,169 |
|
|
|
461,410 |
|
Stockholders’ equity |
|
|
24,228,011 |
|
|
|
5,247,775 |
|
Total liabilities and stockholders’ equity |
|
$ |
26,293,669 |
|
|
$ |
7,994,575 |
|
NeuroMetrix (NASDAQ:NURO)
Historical Stock Chart
From Aug 2024 to Sep 2024
NeuroMetrix (NASDAQ:NURO)
Historical Stock Chart
From Sep 2023 to Sep 2024