NeuroMetrix Reports Q1 2022 Financial Results
April 26 2022 - 7:00AM
NeuroMetrix, Inc. (Nasdaq: NURO) today reported financial and
business highlights for the quarter ended March 31, 2022. The
Company's mission is to reduce the impact of neurological disorders
and pain syndromes on individuals and on population health through
innovative non-invasive medical devices.
Highlights:
- Q1 2022 revenue of $2.3 million increased by 6.8% from $2.2
million in the prior year. DPNCheck® sales into Medicare Advantage
were the primary contributor to revenue and posted 15.6%
year-on-year growth. The gross margin rate was 77.9% in Q1 2022
versus 73.3% in Q1 2021.
- Operating expenses were $2.8 million versus $1.6 million in Q1
2021. Sales & marketing and general & administrative
spending increased to support the Company's growth initiatives.
Also, prior year R&D expenses benefited from the reversal of a
previously accrued technology fee of $450 thousand.
- Net loss for the quarter was $959 thousand or ($0.14) per
share
- The Company ended the quarter with cash and equivalents of
$23.8 million
- In January the Company’s Quell® technology received
Breakthrough Designation from the U.S. Food and Drug Administration
(FDA) for treatment of chronic chemotherapy induced peripheral
neuropathy (CIPN).
- The Company's value-based health care commercial team grew to 4
uniquely experienced sales, marketing and clinical leaders.
“Our value-based care commercial team is now fully trained and
focused on building our DPNCheck® Medicare Advantage business.
Although the sales cycle is long, they have had impressive success
engaging existing and prospective customers,” said Shai N. Gozani,
M.D., Ph.D., Chief Executive Officer of NeuroMetrix. “We are also
encouraged by progress in our Quell prescription neurotherapeutics
platform. We are interacting with the FDA on the fibromyalgia De
Novo request and monitoring randomized controlled trials evaluating
potential new indications including CIPN and post-acute sequalae of
COVID (long COVID).”
Financials:
Q1 2022 revenue of $2.30 million increased by $147 thousand or
6.82% over the prior year. Gross margin of $1.79 million improved
by $214 thousand or 13.6% over Q1 2021. Operating expenses of $2.76
million increased by $1.12 million from $1.64 million in Q1 2021.
Sales and marketing costs included $0.39 million in new spending
related to development of the value-based healthcare commercial
team. General and administrative costs reflected $150 thousand
primarily due to restoration of management compensation. R&D
expenses in 2021 benefited from reversal of a previously accrued
technology fee of $450 thousand. The net loss for Q1 2022 was $959
thousand or ($0.14) per share.
Company to Host Live Conference Call and
Webcast
NeuroMetrix will host a conference call at 8:00 a.m. Eastern
today, April 26, 2022. The call may be accessed in the United
States at 844-787-0799, international at 661-378-9630 using
confirmation code 5754338. 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 5754338. 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 symptomatic relief of lower
extremity chronic pain that is available over-the-counter. 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 EndedMarch 31, |
|
|
|
2022 |
|
|
2021 |
|
|
|
|
|
|
|
|
Revenues |
|
$ |
2,302,391 |
|
|
$ |
2,155,472 |
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
|
508,874 |
|
|
|
576,289 |
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
1,793,517 |
|
|
|
1,579,183 |
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
Research and development |
|
|
710,577 |
|
|
|
233,277 |
|
Sales and marketing |
|
|
858,839 |
|
|
|
393,825 |
|
General and administrative |
|
|
1,186,091 |
|
|
|
1,012,276 |
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
|
2,755,507 |
|
|
|
1,639,378 |
|
|
|
|
|
|
|
|
|
|
Loss from operations |
|
|
(961,990 |
) |
|
|
(60,195 |
) |
|
|
|
|
|
|
|
|
|
Other income |
|
|
3,428 |
|
|
|
412 |
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(958,562 |
) |
|
$ |
(59,783 |
) |
NeuroMetrix, Inc.Condensed Balance
Sheets(Unaudited) |
|
|
|
March 31,2022 |
|
|
December 31,2021 |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
23,769,380 |
|
|
$ |
22,572,104 |
|
Other current assets |
|
|
1,817,871 |
|
|
|
1,615,755 |
|
Noncurrent assets |
|
|
661,120 |
|
|
|
700,333 |
|
Total assets |
|
$ |
26,248,371 |
|
|
$ |
24,888,192 |
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
$ |
1,727,254 |
|
|
$ |
1,365,697 |
|
Lease obligation, net of
current portion |
|
|
283,209 |
|
|
|
306,709 |
|
Stockholders’ equity |
|
|
24,237,908 |
|
|
|
23,215,786 |
|
Total liabilities and stockholders’ equity |
|
$ |
26,248,371 |
|
|
$ |
24,888,192 |
|
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