Press Releases
The Company reported product launch results for NC-stat®
DPNCheck™, its initial diabetes product which is a fast, accurate, and
quantitative test for the evaluation of systemic neuropathies such as
diabetic peripheral neuropathy (DPN). DPN affects over 50% of people
with diabetes and causes significant morbidity including pain, increased
risk of falling, and is the primary trigger for diabetic foot ulcers
which may require lower extremity amputations. The fourth quarter of
2011 was the first full quarter of product sales following commercial
launch in late
The Company announced the next product from its R&D pipeline: SENSUS™, a
therapeutic device to address chronic intractable pain, such as that
caused by DPN. Painful diabetic neuropathy (PDN) affects over 10% of
people with diabetes and is characterized by burning or stabbing pain
that can be debilitating, prevent sleep, and cause depression and
anxiety. SENSUS is a wearable, non-invasive nerve stimulator designed
for symptomatic pain relief in the feet and lower legs. It is regulated
by the
In
“We are pleased with the initial market response to NC-stat DPNCheck,”
said
The Company reported its financial results for the fourth quarter of
2011. The Company’s legacy neurodiagnostic business accounts for most of
its current revenues and is managed to optimize cash flow. Total
revenues were
For the full year 2011, the Company reported revenues of
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 intentions and timing of commercializing SENSUS,
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 final
prospectus filed with the
| NeuroMetrix, Inc. | |||||||||||||||||||
| Condensed Statements of Operations | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
|
Quarter Ended |
Year Ended |
||||||||||||||||||
| 2011 | 2010 | 2011 | 2010 | ||||||||||||||||
| Revenues | $ | 2,359,863 | $ | 3,066,466 | $ | 10,396,775 | $ | 13,899,670 | |||||||||||
| Cost of revenues | 1,200,302 | 3,001,031 | 4,722,069 | 7,050,209 | |||||||||||||||
| Gross margin | 1,159,561 | 65,435 | 5,674,706 | 6,849,461 | |||||||||||||||
| Operating expenses: | |||||||||||||||||||
| Research and development | 827,639 | 1,047,182 | 3,877,526 | 5,855,353 | |||||||||||||||
| Sales and marketing | 1,523,809 | 2,152,541 | 6,688,591 | 11,072,172 | |||||||||||||||
| General and administrative | 1,228,369 | 1,326,499 | 5,111,616 | 7,231,875 | |||||||||||||||
| Total operating expenses | 3,579,817 | 4,526,222 | 15,677,733 | 24,159,400 | |||||||||||||||
| Loss from operations | (2,420,256 | ) | (4,460,787 | ) | (10,003,027 | ) | (17,309,939 | ) | |||||||||||
| Interest and other income | 3,968 | 252,920 | 21,922 | 298,301 | |||||||||||||||
| Net loss before taxes | (2,416,288 | ) | (4,207,867 | ) | (9,981,105 | ) | (17,011,638 | ) | |||||||||||
| Income tax benefit | — | — | — | 120,490 | |||||||||||||||
| Net loss | $ | (2,416,288 | ) | $ | (4,207,867 | ) | $ | (9,981,105 | ) | $ | (16,891,148 | ) | |||||||
| Net loss per common share data, basic and diluted | $ | (0.63 | ) | $ | (1.09 | ) | $ | (2.59 | ) | $ | (4.40 | ) | |||||||
Note: per share amounts have been adjusted to reflect the Company’s 1:6
reverse stock-split which occurred on
| Condensed Balance Sheets | ||||||||||
| (Unaudited) | ||||||||||
|
December 31, |
December 31, |
|||||||||
| Cash and cash equivalents | $ | 10,290,446 | $ | 16,986,809 | ||||||
| Other current assets | 3,204,860 | 4,690,384 | ||||||||
| Noncurrent assets | 725,477 | 1,389,236 | ||||||||
| Total assets | $ | 14,220,783 | $ | 23,066,429 | ||||||
| Current liabilities | $ | 3,012,916 | $ | 2,657,411 | ||||||
| Noncurrent liabilities | 119,346 | 210,046 | ||||||||
| Stockholders’ equity | 11,088,521 | 20,198,972 | ||||||||
| Total liabilities and stockholders’ equity | $ | 14,220,783 | $ | 23,066,429 | ||||||
Source:
NeuroMetrix, Inc.
Thomas T. Higgins, 781-314-2761
Chief
Financial Officer
neurometrix.ir@neurometrix.com