NeuroMetrix Reports Q2 2022 Financial Results
21 Luglio 2022 - 1:00PM
NeuroMetrix, Inc. (Nasdaq: NURO) today reported financial and
business highlights for the quarter and six months period ended
June 30, 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:
- Overall Q2 2022 revenue of $2.1 million decreased by 3.4% from
$2.2 million in the prior year. DPNCheck® domestic sales, primarily
into Medicare Advantage accounts, were the largest component of
revenue and posted another strong quarter with 20.3% year-on-year
growth. The Company’s Quell over-the-counter business declined by
50% due to a planned decrease in promotion spending in anticipation
of transitioning to the new prescription fibromyalgia indication in
Q4 of this year.
- Q2 2022 gross profit of $1.5 million versus $1.7M in Q2 2021
reflected a margin rate of 67.9% versus 74.8% in the prior year.
Supply chain issues resulted in broker payments in Q2 2022 to
secure critical parts. Excluding these payments, the Q2 2022 margin
rate was 75.5%, up slightly from 2021.
- Operating expenses were $2.7 million versus $2.2 million in Q2
2021 reflecting product development initiatives for DPNCheck and
Quell, as well as fielding an expanded DPNCheck commercial
team.
- Net loss for the quarter was $1.2 million or ($0.17) per share.
The Company ended the quarter with cash and investment grade
securities of $23 million.
- In May the Company’s Quell technology received FDA De Novo
authorization as the first non-pharmacological treatment for
fibromyalgia, a chronic pain syndrome estimated to affect two to
five percent of the U.S. adult population (five to fifteen million
people).
- Bradley M. Fluegel was appointed to the Company’s Board of
Directors in June. Mr. Fluegel has extensive commercial and
strategic advisory experience in healthcare and medical
technology.
"We have achieved several important milestones in positioning
NeuroMetrix for future growth," said Shai N. Gozani, M.D., Ph.D.,
Chief Executive Officer of NeuroMetrix. “We now have an experienced
commercial team focused on the growing Medicare Advantage market
for DPNCheck. Our Quell technology, a 2021 recipient of an FDA
Breakthrough Designation for treatment of fibromyalgia symptoms,
has now been granted FDA marketing authorization under a De Novo
designation. The recent completion of the regulatory process allows
us to initiate the Quell Fibromyalgia commercial program with a
limited launch planned for Q4 2022. This will be the first
prescription product in our emerging Quell portfolio for specific
disease indications. In addition, Brad Fluegel joins our Board at
an opportune time. We look forward to leveraging his expertise in
steering our growth initiatives.”
Financials:
Q2 2022 revenue of $2.1 million decreased by $75 thousand or
3.4% from the prior year. Gross margin of $1.5 million contracted
by $203 thousand or 12.3% from Q2 2021. Operating expenses of $2.7
million increased by $475 thousand from $2.2 million in Q1 2021.
R&D spending of $0.9 million included $285 thousand in outside
engineering consulting services. Sales and marketing costs of $567
thousand included $259 thousand in new personnel spending. The net
loss for Q2 2022 was $1.2 million or ($0.17) per share in
comparison with a net loss of $532 thousand or ($0.13) per share in
Q2 2021.
Revenues in H1 2022 increased by $72 thousand or 1.6% and gross
profit increased by $11 thousand or 0.3% in contrast with the
comparable prior year period. Operating expenses increased by $1.6
million from H1 2021 which benefitted from a non-cash credit of
$450 thousand related to technology costs. Net loss in H1 2022 was
$2.1 million or ($0.30) per share versus a net loss of $591
thousand of (0.15) per share in H1 2021.
Company to Host Live Conference Call and
Webcast
NeuroMetrix will host a conference call at 8:00 a.m. Eastern
today, July 21, 2022. An audio-only webcast of the call may be
accessed in the “Investors Relations” section of the Company’s
website at www.NeuroMetrix.com. Participants who wish to access the
call live via telephone to ask questions must register in advance
here. Upon registering, a dial-in and unique PIN will be provided
on screen and via email to join the call. A replay of the call will
be available for one year on the Company's website under the
"Investor Relations" tab.
About NeuroMetrix
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® is a wearable neuromodulation technology
indicated for treatment of fibromyalgia symptoms and chronic lower
extremity 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 June 30, |
|
Six Months Ended June 30, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
|
|
|
|
|
|
Revenues |
$ |
2,138,301 |
|
|
$ |
2,213,499 |
|
|
$ |
4,440,692 |
|
|
$ |
4,368,971 |
|
Cost of revenues |
686,121 |
|
|
558,221 |
|
|
1,194,995 |
|
|
1,134,510 |
|
Gross profit |
1,452,180 |
|
|
1,655,278 |
|
|
3,245,697 |
|
|
3,234,461 |
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
Research and development |
915,799 |
|
|
641,525 |
|
|
1,626,376 |
|
|
874,802 |
|
Sales and marketing |
566,598 |
|
|
269,493 |
|
|
1,425,437 |
|
|
663,318 |
|
General and administrative |
1,180,101 |
|
|
1,276,223 |
|
|
2,366,192 |
|
|
2,288,499 |
|
Total operating expenses |
2,662,498 |
|
|
2,187,241 |
|
|
5,418,005 |
|
|
3,826,619 |
|
Loss from operations |
(1,210,318 |
) |
|
(531,963 |
) |
|
(2,172,308 |
) |
|
(592,158 |
) |
Other income |
50,395 |
|
|
379 |
|
|
53,823 |
|
|
791 |
|
Net loss |
$ |
(1,159,923 |
) |
|
$ |
(531,584 |
) |
|
$ |
(2,118,4855 |
) |
|
$ |
(591,367 |
) |
NeuroMetrix, Inc. |
Condensed Balance Sheets |
(Unaudited) |
|
|
June 30, 2022 |
|
December 31, 2021 |
|
|
|
|
Cash, cash equivalents and securities |
$ |
22,968,146 |
|
$ |
22,572,104 |
Other current assets |
|
1,658,804 |
|
|
1,615,755 |
Noncurrent assets |
|
630,103 |
|
|
700,333 |
Total assets |
$ |
25,257,053 |
|
$ |
24,888,192 |
|
|
|
|
|
|
Current liabilities |
$ |
1,587,570 |
|
$ |
1,365,697 |
Lease obligation, net of
current portion |
|
258,912 |
|
|
306,709 |
Stockholders’ equity |
|
23,410,571 |
|
|
23,215,786 |
Total liabilities and stockholders’ equity |
$ |
25,257,053 |
|
$ |
24,888,192 |
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