NeuroMetrix Reports Q1 2024 Business Highlights
15 Mai 2024 - 10:00PM
NeuroMetrix, Inc. (Nasdaq: NURO) today reported financial and
business highlights for the quarter ended March 31, 2024. The
Company's mission is to reduce the impact of neurological disorders
and pain syndromes through innovative non-invasive medical devices.
“We are focused on maximizing shareholder value,”
said Shai N. Gozani, M.D., Ph.D., Chief Executive Officer of
NeuroMetrix. “Shareholders have recently provided valuable insights
in addition to those of our financial advisor, Lucid Capital
Markets (formerly Ladenburg Thalmann & Co.). Our process to
evaluate strategic options has led to the expansion of our Board of
Directors, and a decision to curtail equity fundraising. In
addition, we decided to reduce operating expenses with a smaller
workforce.”
Dr. Gozani continued, "Quell® Fibromyalgia has
posted sequential revenue growth in each quarter since launch in
late 2022. We have two primary sales channels; commercial health
care providers which is cash pay and the Veterans Administration
(VA) which is reimbursed. Most of our sales in the current quarter
came from the commercial channel, as we just entered the VA in the
first quarter. Revenue in the current quarter also benefited from
higher electrode refill pricing.”
“Our DPNCheck® business continues to reflect
revenue erosion as the Medicare Advantage (MA) market enters the
second year of the Centers for Medicare and Medicaid Services (CMS)
three-year phase-out of compensation for patient screening for a
number of conditions, including peripheral neuropathy. The
environment is challenging; however, we continue to support our
existing accounts and explore value-based care opportunities
outside MA.”
Business Highlights:
- Quell Fibromyalgia operating metrics in Q1 2024 demonstrated
continuing growth. In the successive quarters of Q1 2024 versus Q4
2023, unique prescribers in our commercial channel were up to 221
(11% increase) and a total of 895 (54% increase) prescriptions were
written. A total of 454 (28% increase) devices were shipped between
the commercial and VA channels, The total number of electrode
refills increased to 666 months (26% increase).
- In March, the Company reported that over 2,000 patients with
fibromyalgia have been prescribed Quell Fibromyalgia since its
strategic commercial launch in December 2022.
- The Company noted the recent publication of a large study by
Professor Kamiya and his colleagues (Hayashi and colleagues)
demonstrating that DPNCheck combined with standard EKG or DPNCheck
alone accurately detects diabetic peripheral neuropathy. This study
adds to the already sizeable body of clinical validation for the
DPNCheck technology.
Financial Results:
Revenue in Q1 2024 of $1.1 million was lower by
$0.6 million or 37% from Q1, 2023 primarily due to reduced sales
volume for DPNCheck. The gross margin rate of 47% in Q1 2024
declined from 69% in Q1 2023 reflecting the reduction in
high-margin DPNCheck revenue, reduced absorption of indirect
manufacturing costs, and inventory reserve charges primarily for
excess parts. Operating expenses were $3.8 million in Q1 2024, an
increase of $0.9 million from the comparable period in 2023. This
increase included costs related to the reduction in employee
headcount of $0.6 million. In addition, professional services
costs, primarily related to the strategic review process, increased
by $0.3 million from Q1 2023. The Q1 2024 net loss was $3.0 million
($1.67 per share) versus a net loss of $1.6 million ($1.64 per
share) in Q1 2023.
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. Higgins SVP and Chief Financial Officer
neurometrix.ir@neurometrix.com
|
NeuroMetrix, Inc. Statements of
Operations (Unaudited) |
|
|
Quarters Ended March
31, |
|
2024 |
|
2023 |
|
|
|
|
|
|
Revenues |
$ |
1,093,556 |
|
|
$ |
1,724,771 |
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
576,539 |
|
|
|
526,372 |
|
|
|
|
|
|
|
|
|
Gross profit |
|
517,017 |
|
|
|
1,198,399 |
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
Research and development |
|
943,552 |
|
|
|
699,425 |
|
Sales and marketing |
|
1,061,729 |
|
|
|
815,872 |
|
General and administrative |
|
1,765,727 |
|
|
|
1,393,171 |
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
3,771,008 |
|
|
|
2,908,468 |
|
|
|
|
|
|
|
|
|
Loss from operations |
|
(3,253,991 |
) |
|
|
(1,710,069 |
) |
|
|
|
|
|
|
|
|
Other income |
|
224,417 |
|
|
|
135,895 |
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(3,029,574 |
) |
|
$ |
(1,574,174 |
) |
|
|
|
|
|
|
|
|
NeuroMetrix, Inc. Condensed Balance
Sheets (Unaudited) |
|
|
March 31,
2024 |
|
December 31, 2023 |
|
|
|
|
|
|
Cash, cash equivalents and securities |
$ |
17,599,110 |
|
|
$ |
17,997,151 |
|
Other current assets |
|
2,552,823 |
|
|
|
2,857,291 |
|
Noncurrent assets |
|
512,195 |
|
|
|
569,999 |
|
Total assets |
$ |
20,664,128 |
|
|
$ |
21,424,441 |
|
|
|
|
|
|
|
|
|
Current liabilities |
$ |
1,847,170 |
|
|
$ |
1,240,639 |
|
Lease obligation, net of current portion |
|
60,946 |
|
|
|
92,485 |
|
Stockholders’ equity |
|
18,756,012 |
|
|
|
20,091,317 |
|
Total liabilities and stockholders’ equity |
$ |
20,664,128 |
|
|
$ |
21,424,441 |
|
|
|
|
|
|
|
|
|
NeuroMetrix (NASDAQ:NURO)
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