NeuroMetrix Reports Q1 2021 Financial Results
22 Aprile 2021 - 01:00PM
NeuroMetrix, Inc. (Nasdaq: NURO) today reported financial and
business highlights for the quarter ended March 31, 2021. The
Company is a leader in proprietary non-invasive medical devices for
the diagnosis and treatment of pain and neurological disorders.
Q1 2021 Highlights:
- Revenue of $2.2 million improved 19% sequentially from $1.8
million in Q4 2020. Q1 2021 revenue was approximately level with Q1
2020. Gross margin on revenue was $1.6 million or 73.3%, an
improvement of 190 basis points over 71.4% in Q1 2020.
- Net loss for the quarter was $60 thousand in comparison to a
net loss of $657 thousand in Q1 2020.
- DPNCheck® posted sequential and year-on-year revenue growth.
The domestic Medicare Advantage business was the primary
contributor to DPNCheck revenue during the quarter.
- The Company's new DPNCheck enterprise reporting software was
launched during the quarter and is now being deployed to Medicare
Advantage customers.
- The Quell® direct to consumer business delivered positive
operating margins.
- The Company continued development of its investigational
device, based on Quell technology, for treating fibromyalgia
symptoms and anticipates a regulatory filing in early 2022.
- Two U.S. utility patents issued during the quarter, as the
Company continued to build its intellectual property
portfolio.
"This past quarter demonstrated our continued progress towards
profitability and reduced cash usage,” said Shai N. Gozani, M.D.,
Ph.D., President and Chief Executive Officer of NeuroMetrix.
“Although we still have work to do on this front, we are now
increasingly focusing on driving short and long term revenue
growth. We have a number of impactful product development efforts
in both the DPNCheck and Quell business lines. We may start seeing
the benefits of these initiatives late this year.”
Financials:
Q1 2021 revenue of $2.2 million was level with Q1 2020 and
contributed a gross margin rate of 73.3%. This was up by 190 basis
points over the prior year quarter. Operating expenses of $1.6
million represented a decline of 26% from $2.2 million in Q1 2020.
Non-cash adjustments to accrued technology fees and idle facility
costs accounted for a net reduction of $263 thousand within
operating expenses. The Q1 2021 net loss of $60 thousand, or $0.02
per share, compares favorably with the net loss of $657 thousand,
or $0.45 per share, in Q1 2020.
Company to Host Live Conference Call and
Webcast
NeuroMetrix will host a conference call at 8:00 a.m. Eastern
today, April 22, 2021. The call may be accessed in the United
States at 844-787-0799, international at 661-378-9630 using
confirmation code 9554608. 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 9554608. 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
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NeuroMetrix, Inc.Statements of
Operations(Unaudited) |
|
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|
|
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Quarters EndedMarch 31, |
|
|
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2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
Revenues |
|
$ |
2,155,472 |
|
|
$ |
2,172,036 |
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
|
576,289 |
|
|
|
620,190 |
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
1,579,183 |
|
|
|
1,551,846 |
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
Research and development |
|
|
233,277 |
|
|
|
533,620 |
|
Sales and marketing |
|
|
393,825 |
|
|
|
424,349 |
|
General and administrative |
|
|
1,012,276 |
|
|
|
1,251,746 |
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
|
1,639,378 |
|
|
|
2,209,715 |
|
|
|
|
|
|
|
|
|
|
Loss from operations |
|
|
(60,195 |
) |
|
|
(657,869 |
) |
|
|
|
|
|
|
|
|
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Other income |
|
|
412 |
|
|
|
498 |
|
|
|
|
|
|
|
|
|
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Net loss |
|
$ |
(59,783 |
) |
|
$ |
(657,371 |
) |
NeuroMetrix, Inc.Condensed Balance
Sheets(Unaudited) |
|
|
|
March 31,2021 |
|
|
December 31,2020 |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
5,145,167 |
|
|
$ |
5,226,213 |
|
Other current assets |
|
|
1,820,236 |
|
|
|
1,863,653 |
|
Noncurrent assets |
|
|
755,469 |
|
|
|
904,709 |
|
Total assets |
|
$ |
7,720,872 |
|
|
$ |
7,994,575 |
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
$ |
2,087,993 |
|
|
$ |
2,285,390 |
|
Lease obligation, net of
current portion |
|
|
371,827 |
|
|
|
461,410 |
|
Stockholders’ equity |
|
|
5,261,052 |
|
|
|
5,247,775 |
|
Total liabilities and stockholders’ equity |
|
$ |
7,720,872 |
|
|
$ |
7,994,575 |
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