NeuroMetrix Reports Q3 2023 Business Highlights
26 Octobre 2023 - 1:00PM
NeuroMetrix, Inc. (Nasdaq: NURO) today reported business and
financial highlights for the quarter and nine month period ended
September 30, 2023. The Company's mission is to reduce the impact
of neurological disorders and pain syndromes through innovative
non-invasive medical devices.
"We continue to be encouraged by the market response to Quell®
Fibromyalgia during its strategic launch. We now have field sales
capabilities in the key markets of Texas, Florida and California,”
said Shai N. Gozani, M.D., Ph.D., Chief Executive Officer of
NeuroMetrix. “We intend to further expand our physician sales
capabilities to support Quell Fibromyalgia growth and to position
the launch of the next Quell disease indication, likely
chemotherapy induced peripheral neuropathy (CIPN).
Dr. Gozani continued, “The DPNCheck® product line is challenged
from a growth perspective. Instability in our primary market,
Medicare Advantage (MA), was created earlier this year when the
Centers for Medicare and Medicaid Services (CMS) implemented
significant changes to risk adjustment factors which upset the
financial models of many MA healthcare providers. Our DPNCheck
strategy is to support and maintain our existing MA accounts, while
advancing opportunities in our pipeline with large healthcare
providers focused more broadly on value-based care.”
Recent Business Highlights:
- The Quell Fibromyalgia business provided evidence of growth
with 125 unique prescribers during Q3. The cumulative number of
prescriptions written increased by 53% to 752 in Q3 from 490 in Q2.
Over 60% of prescriptions were filled by patients. The cumulative
number of month-refills increased by 91% to 663 in Q3 from 348 in
Q2.
- The Company announced a partnership with the National
Fibromyalgia Association to expand awareness of Quell Fibromyalgia
and other treatment options for individuals with the disease.
- A recent clinical trial conducted by the University of
Rochester School of Medicine and Dentistry indicated that Quell
improves the symptoms and quality of life for patients with
chemotherapy induced peripheral neuropathy (CIPN). The
Company plans a 510(k) filing with the FDA in late 2023 or early
2024. The use of Quell for moderate to severe CIPN received a FDA
breakthrough designation in January 2022.
- The Quell development pipeline includes several active clinical
trials, including for fibromyalgia-like long COVID, chronic
overlapping pain conditions (COPC) and peripheral edema. These
indications represent potential new or expanded labels for the
Quell prescription neurotherapeutics platform.
- On August 3, 2023 the Company received a NASDAQ delisting
notice for failure of its common stock to maintain a minimum bid
price of $1.00 per share. NASDAQ provided a 180 day period until
February 5, 2024 to regain compliance. A Special Meeting of
Stockholders on October 19, 2023 authorized the Board of Directors
to implement a reverse split of the Company’s common stock, in its
discretion, at a ratio of between 1:2 to 1:8, as a potential means
of increasing the share price.
- Dr. Gozani updated investors on business strategy at the
Emerging Growth Conferences in September and October.
Financial Results:
Financial results in Q3 2023 were consistent with Company
expectations and reflect the substantial changes to Medicare
Advantage risk-adjustment reimbursement implemented by CMS in Q1
2023. Revenue in Q3 2023 of $1.2 million was lower by $0.8 million
or 39% from Q3 2022 primarily due to reduced sales volume for
DPNCheck. The gross margin rate of 65% in Q3 2023 was flat with Q3
2022. Operating expenses of $2.7 million were $0.2 million lower
than Q3 2022. The Q3 2023 net loss was $1.8 million ($0.21 per
share) versus a net loss of $1.6 million ($0.23 per share) in Q3
2022.
Revenues in the nine months ended September 30, 2023 of $4.6
million were lower by $1.8 million or 29% from the corresponding
prior year period. Net loss of $4.9 million or ($0.61) per share in
2023 increased from $3.7 million or ($0.53) per share in 2022.
The Company ended the period with $17.6 million in cash and
securities.
Company to Host Live Conference Call and
Webcast
NeuroMetrix will host a conference call at 8:00 a.m. Eastern
today, October 26, 2023. Participants who wish to access the call
live via telephone and be able to ask questions must register in
advance here. Upon registering, a dial-in and unique PIN will be
provided on screen and via email to join the call. An audio-only
webcast of the call may be accessed in the “Investors Relations”
section of the Company’s website at www.NeuroMetrix.com. A replay
of the call will be available for one year on the Company's website
under the "Investor Relations" tab.
About NeuroMetrix
NeuroMetrix is a commercial stage healthcare company that
develops and commercializes neurotechnology devices to address
unmet needs in the chronic pain and diabetes markets. The Company's
products are wearable or hand-held medical devices enabled by
proprietary consumables and software solutions that include mobile
apps, enterprise software and cloud-based systems. The Company has
two commercial brands. Quell® is a wearable neuromodulation
platform. DPNCheck® is a point-of-care screening test for
peripheral neuropathy. 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, 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
Officerneurometrix.ir@neurometrix.com
NeuroMetrix, Inc.Statements of
Operations(Unaudited) |
|
|
|
|
|
Quarters Ended September 30, |
|
Nine Months Ended September 30, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
Revenues |
$ |
1,203,164 |
|
|
$ |
1,968,003 |
|
|
$ |
4,583,679 |
|
|
$ |
6,408,695 |
|
|
|
|
|
|
|
|
|
Cost of revenues |
421,382 |
|
|
693,571 |
|
|
1,484,240 |
|
|
1,888,566 |
|
|
|
|
|
|
|
|
|
Gross profit |
781,782 |
|
|
1,274,432 |
|
|
3,099,439 |
|
|
4,520,129 |
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
Research and development |
592,654 |
|
|
1,074,954 |
|
|
2,045,588 |
|
|
2,701,330 |
|
Sales and marketing |
943,795 |
|
|
810,209 |
|
|
2,504,630 |
|
|
2,235,646 |
|
General and administrative |
1,206,231 |
|
|
1,102,260 |
|
|
3,843,643 |
|
|
3,468,452 |
|
|
|
|
|
|
|
|
|
Total operating expenses |
2,742,680 |
|
|
2,987,423 |
|
|
8,393,861 |
|
|
8,405,428 |
|
|
|
|
|
|
|
|
|
Loss from operations |
(1,960,898 |
) |
|
(1,712,991 |
) |
|
(5,294,422 |
) |
|
(3,885,299 |
) |
|
|
|
|
|
|
|
|
Other income |
192,161 |
|
|
106,737 |
|
|
414,482 |
|
|
160,560 |
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(1,768,737 |
) |
|
$ |
(1,606,254 |
) |
|
$ |
(4,879,940 |
) |
|
$ |
(3,724,739 |
) |
NeuroMetrix, Inc.Condensed Balance
Sheets(Unaudited) |
|
|
September 30,2023 |
|
|
December 31,2022 |
|
|
|
|
|
|
|
Cash, cash equivalents and securities |
$ |
17,637,675 |
|
|
$ |
21,199,727 |
|
Other current assets |
|
3,067,968 |
|
|
|
2,907,260 |
|
Noncurrent assets |
|
581,129 |
|
|
|
562,628 |
|
Total assets |
$ |
21,286,772 |
|
|
$ |
24,669,615 |
|
|
|
|
|
|
|
|
|
Current liabilities |
$ |
1,260,366 |
|
|
$ |
1,106,412 |
|
Lease Obligation, net of
current portion |
|
122,870 |
|
|
|
207,516 |
|
Stockholders’ equity |
|
19.903,536 |
|
|
|
23,355,687 |
|
Total liabilities and stockholders’ equity |
$ |
21,286,772 |
|
|
$ |
24,669,615 |
|
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