NeuroMetrix Reports Q2 2021 Financial Results
22 Luglio 2021 - 1:00PM
NeuroMetrix, Inc. (Nasdaq: NURO) today reported financial and
business highlights for the quarter ended June 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 $2.2 million improved 63% from $1.4 million in Q2
2020. The Q2 2020 results were adversely affected by a
pandemic-related decline in customer orders. Gross margin on
revenue was $1.7 million or 74.8%, an increase of 11.2 percentage
points from the 63.6% gross margin rate in Q2 2020.
- Net loss for the quarter was $0.5 million in comparison to a
net loss of $0.8 million in Q2 2020.
- The domestic Medicare Advantage business was the primary
contributor to DPNCheck® revenue during the quarter.
- 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 later this year.
Related to this program, results from a randomized, sham-controlled
trial of Quell for treatment of fibromyalgia were presented at two
pain medicine conferences.
- The Company utilized its at-the-market (ATM) facility to raise
$3.8 million in net proceeds from the sale of common stock.
- Subsequent to the end of the quarter the Company reported that
Quell had received Breakthrough Device Designation from the U.S.
Food and Drug Administration (FDA) for treating the symptoms of
fibromyalgia in adults.
"We continued to make progress in both the DPNCheck and Quell
business lines. We believe we are laying the groundwork for
steady top-line growth going forward,” said Shai N. Gozani, M.D.,
Ph.D., President and Chief Executive Officer of NeuroMetrix. “It
was particularly rewarding to share the Quell fibromyalgia data
with international pain medicine experts in June and to receive
Breakthrough Device Designation from the FDA. We look forward to
advancing this program towards a commercial launch in
2022.”
Financials:
Q2 2021 revenue of $2.2 million increased from $1.4 million in
Q2 2020 and contributed a gross margin rate of 74.8% versus 63.6%
over the prior year quarter. Operating expenses of $2.2 million
increased by 27% from $1.7 million in Q2 2020. Non-cash stock
compensation expense accounted for $251 thousand of the operating
expense increase. The Q2 2021 net loss of $532 thousand, or $0.13
per share, compares favorably with the net loss of $852 thousand,
or $0.28 per share, in Q2 2020.
Company to Host Live Conference Call and
Webcast
NeuroMetrix will host a conference call at 8:00 a.m. Eastern
today, July 22, 2021. The call may be accessed in the United States
at 844-787-0799, international at 661-378-9630 using confirmation
code 4269315. 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 4269315. 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 Ended June 30, |
|
Six Months Ended June 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
Revenues |
$ |
2,213,499 |
|
|
$ |
1,359,979 |
|
|
$ |
4,368,971 |
|
|
$ |
3,532,015 |
|
|
|
|
|
|
|
|
|
Cost of revenues |
558,221 |
|
|
495,086 |
|
|
1,134,510 |
|
|
1,115,276 |
|
|
|
|
|
|
|
|
|
Gross profit |
1,655,278 |
|
|
864,893 |
|
|
3,234,461 |
|
|
2,416,739 |
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
Research and development |
641,525 |
|
|
660,278 |
|
|
874,802 |
|
|
1,193,898 |
|
Sales and marketing |
269,493 |
|
|
379,113 |
|
|
663,318 |
|
|
803,462 |
|
General and administrative |
1,276,223 |
|
|
678,497 |
|
|
2,288,499 |
|
|
1,930,243 |
|
|
|
|
|
|
|
|
|
Total operating expenses |
2,187,241 |
|
|
1,717,888 |
|
|
3,826,619 |
|
|
3,927,603 |
|
|
|
|
|
|
|
|
|
Loss from operations |
(531,963 |
) |
|
(852,995 |
) |
|
(592,158 |
) |
|
(1,510,864 |
) |
|
|
|
|
|
|
|
|
Other income |
379 |
|
|
1,051 |
|
|
791 |
|
|
1,549 |
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(531,584 |
) |
|
$ |
(851,944 |
) |
|
$ |
(591,367 |
) |
|
$ |
(1,509,315 |
) |
NeuroMetrix, Inc.Condensed Balance
Sheets(Unaudited)
|
|
June 30,2021 |
|
|
December 31,2020 |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
8,364,197 |
|
|
$ |
5,226,213 |
|
Other current assets |
|
|
1,667,025 |
|
|
|
1,863,653 |
|
Noncurrent assets |
|
|
737,671 |
|
|
|
904,709 |
|
Total assets |
|
$ |
10,768,893 |
|
|
$ |
7,994,575 |
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
$ |
1,582,869 |
|
|
$ |
2,285,390 |
|
Lease Obligation, net of
current portion |
|
|
350,895 |
|
|
|
461,410 |
|
Stockholders’ equity |
|
|
8,835,129 |
|
|
|
5,247,775 |
|
Total liabilities and stockholders’ equity |
|
$ |
10,768,893 |
|
|
$ |
7,994,575 |
|
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