Press Releases
The Company develops and markets novel therapies, based on neurostimulation and digital medicine, for chronic health conditions. The Company has two primary products. Quell® is an over-the-counter wearable neurostimulation device for treating chronic pain. DPNCheck® is a point-of-care test that provides accurate and cost-effective screening, diagnosis and monitoring of diabetic peripheral neuropathy (DPN).
GSK Update
In Q1 2018 the Company and
The first collaboration milestone was achieved during Q2 2018 and triggered a
“We are working closely with GSK on Quell product development,” said
Q2 2018 Highlights:
- Total revenue of
$3.8 million decreased 13% from$4.3 million in Q2 2017- Quell revenue of
$2.1 million was down 32% from$3.0 million Q2 2017. The drop was anticipated and correlates with a 37% deferral in ad spending to support the next generation Quell launch later in the year. - DPNCheck revenue of
$1.3 million was up 58% from Q2 2017. This was a new quarterly high and reflected strength in both domestic and international markets.
- Quell revenue of
- Gross margin of 48.0% was up 9.2 percentage points from 38.8% in Q2 2017
- Operating expenses of
$5.0 million were unchanged from Q2 2017 - Net collaboration income of
$3.7 million was recorded - Net income of
$0.6 million compared with a net loss of$3.2 million in Q2 2017 - Cash at
June 30, 2018 totaled$7.1 million
Company to Host Live Conference Call and Webcast
About
NeuroMetrix is a commercial stage, innovation driven healthcare company combining neurostimulation and digital medicine to address chronic health conditions including chronic pain, sleep disorders, and diabetes. The Company has two primary products. Quell is an over-the-counter wearable therapeutic device for chronic pain. DPNCheck is a rapid point-of-care test for diabetic neuropathy which is the most common long-term complication of Type 2 diabetes. For more information, please 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, 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
Source:
SVP and Chief Financial Officer
781-314-2761
neurometrix.ir@neurometrix.com
Statements of Operations
(Unaudited)
| Quarters Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2018 | 2017 | 2018 | 2017 | ||||||||||||
| Revenues | $ | 3,751,568 | $ | 4,310,059 | $ | 8,694,558 | $ | 8,616,181 | |||||||
| Cost of revenues | 1,950,304 | 2,639,402 | 4,905,564 | 5,337,004 | |||||||||||
| Gross profit | 1,801,264 | 1,670,657 | 3,788,994 | 3,279,177 | |||||||||||
| Operating expenses: | |||||||||||||||
| Research and development | 1,616,863 | 877,584 | 2,896,427 | 1,780,868 | |||||||||||
| Sales and marketing | 2,200,852 | 2,919,281 | 4,705,593 | 5,516,993 | |||||||||||
| General and administrative | 1,170,634 | 1,245,347 | 2,974,777 | 2,667,129 | |||||||||||
| Total operating expenses | 4,988,349 | 5,042,212 | 10,576,797 | 9,964,990 | |||||||||||
| Loss from operations | (3,187,085 | ) | (3,371,555 | ) | (6,787,803 | ) | (6,685,813 | ) | |||||||
| Other income: | |||||||||||||||
| Collaboration income | 3,749,999 | — | 8,505,704 | — | |||||||||||
| Other income | 11,014 | 133,759 | 22,279 | 215,617 | |||||||||||
| Total other income | 3,761,013 | 133,759 | 8,527,983 | 215,617 | |||||||||||
| Net income (loss) | $ | 573,928 | $ | (3,237,796 | ) | $ | 1,740,180 | $ | (6,470,196 | ) | |||||
NeuroMetrix, Inc.
Condensed Balance Sheets
(Unaudited)
| June 30, 2018 |
December 31, 2017 |
|||||||
| Cash and cash equivalents | $ | 7,108,915 | $ | 4,043,681 | ||||
| Other current assets | 4,230,509 | 5,059,693 | ||||||
| Noncurrent assets | 468,796 | 495,850 | ||||||
| Total assets | $ | 11,808,220 | $ | 9,599,224 | ||||
| Current liabilities | $ | 4,086,613 | $ | 4,581,835 | ||||
| Stockholders’ equity | 7,721,607 | 5,017,389 | ||||||
| Total liabilities and stockholders’ equity | $ | 11,808,220 | $ | 9,599,224 | ||||
Source: NeuroMetrix, Inc.