Press Releases
The Company is working to develop a high growth, profitable diabetes franchise focused on diabetic peripheral neuropathy, or DPN, the most common complication of diabetes. DPN affects over 50% of people with diabetes and causes significant morbidity including pain, increased risk of falling in the elderly, and is the primary trigger for diabetic foot ulcers which may require lower extremity amputations. The Company’s emerging business currently has two products: a diagnostic test, NC-stat® DPNCheck™, which was launched into the market at the end of 2011, and the SENSUS™ pain management device which is in late stage product development. The Company also sells the ADVANCE™ general purpose nerve testing system.
Recent highlights include:
-
Regulatory
Progress . TheFDA cleared the Company’s 510(k) submission for the SENSUS pain management device inAugust 2012 . A second 510(k) submission inJune 2012 for the Company’s proprietary SENSUS electrode is underFDA review. FollowingFDA clearance for the electrode, the Company plans to launch SENSUS before the end of 2012. -
Managed Care Expansion.
The WellMed Medical Group of San Antonio, TX adopted NC-stat DPNCheck in the second quarter of 2012 to test itsMedicare Advantage patients. WellMed accelerated patient testing during the third quarter with continued product support from the Company. The Company has added other managed care accounts and initiated pilots with additionalMedicare Advantage provider networks. The managed care market sector represents the most compelling near term market opportunity for NC-stat DPNCheck. - Endocrinology/Podiatry Sales. The Company’s direct sales force recorded orders for 102 NC-stat DPNCheck devices during the third quarter which reflects a consistent quarterly pace since product launch.
- Installed Base Growth. The installed base of NC-stat DPNCheck devices reached 778 by the end of the third quarter. This places the Company on track toward achieving its goal of 1,000 devices by the end of 2012.
“NC-stat DPNCheck sales into managed care and the SENSUS launch continue
to command our attention,” said
The Company reported its financial results for the third quarter of
2012. Total revenues were
For the nine month period ended
Company to Host Live Conference Call and Webcast
About
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 relating to the adoption of
NC-stat DPNCheck, our ability to build a successful business focused on
diabetic peripheral neuropathy, and our hope of expanding our commercial
sales channel of our diabetic neuropathy products. 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, our estimates
of future performance, including the expected timing of the launch of
our SENSUS product; the timing, costs and other limitations involved in
obtaining regulatory clearance or approval for our SENSUS product; and
our ability to successfully develop, receive regulatory clearance or
approval, commercialize and achieve market acceptance for any of our
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 as well as other
documents that may be filed from time to time with the
| NeuroMetrix, Inc. | |||||||||||||||||||||
| Condensed Statements of Operations | |||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||
|
Quarter Ended |
Nine Months Ended |
||||||||||||||||||||
| 2012 | 2011 | 2012 | 2011 | ||||||||||||||||||
| Revenues | $ | 1,764,764 | $ | 2,560,226 | $ | 6,052,137 | $ | 8,036,912 | |||||||||||||
| Cost of revenues | 793,990 | 1,156,119 | 2,912,284 | 3,521,767 | |||||||||||||||||
| Gross margin | 970,774 | 1,404,107 | 3,139,853 | 4,515,145 | |||||||||||||||||
| Operating expenses: | |||||||||||||||||||||
| Research and development | 980,361 | 829,556 | 2,979,153 | 3,049,887 | |||||||||||||||||
| Sales and marketing | 1,457,079 | 1,810,653 | 4,586,822 | 5,164,782 | |||||||||||||||||
| General and administrative | 1,147,075 | 1,199,676 | 3,720,407 | 3,883,247 | |||||||||||||||||
| Total operating expenses | 3,584,515 | 3,839,885 | 11,286,382 | 12,097,916 | |||||||||||||||||
| Loss from operations | (2,613,741 | ) | (2,435,778 | ) | (8,146,529 | ) | (7,582,771 | ) | |||||||||||||
| Interest income | 3,487 | 4,936 | 11,812 | 17,954 | |||||||||||||||||
| Net loss | $ | (2,610,254 | ) | $ | (2,430,842 | ) | $ | (8,134,717 | ) | $ | (7,564,817 | ) | |||||||||
| Net loss per common share, basic and diluted | $ | (0.21 | ) | $ | (0.63 | ) | $ | (0.73 | ) | $ | (1.96 | ) | |||||||||
| Condensed Balance Sheets | ||||||||
| (Unaudited) | ||||||||
|
September 30, 2012 |
December 31, 2011 |
|||||||
| Cash and cash equivalents | $ | 10,925,643 | $ | 10,290,446 | ||||
| Other current assets | 1,945,546 | 3,204,860 | ||||||
| Noncurrent assets | 328,639 | 725,477 | ||||||
| Total assets | $ | 13,199,828 | $ | 14,220,783 | ||||
| Current liabilities | $ | 2,528,342 | $ | 3,012,916 | ||||
| Noncurrent liabilities | 84,841 | 119,346 | ||||||
| Stockholders’ equity | 10,586,645 | 11,088,521 | ||||||
| Total liabilities and stockholders’ equity | $ | 13,199,828 | $ | 14,220,783 | ||||
Source:
NeuroMetrix, Inc.
Thomas T. Higgins, 781-314-2761
SVP and
Chief Financial Officer
neurometrix.ir@neurometrix.com