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NeuroMetrix, Inc. (NURO)

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  • NeuroMetrix Reports Q3 2020 Financial Results
    GlobeNewswire

    NeuroMetrix Reports Q3 2020 Financial Results

    WOBURN, Mass., Oct. 22, 2020 (GLOBE NEWSWIRE) -- NeuroMetrix, Inc. (Nasdaq: NURO) today reported financial and business highlights for the quarter ended September 30, 2020. The Company is a leading developer of neurostimulation-based medical devices that are used to diagnose and treat chronic health conditions. Q3 2020 Highlights: * Revenue of $2.0 million was about level with $2.1 million in Q3 2019 reflecting an improving economic environment and broadening delivery of health care services. Gross margin on revenue was $1.5 million or 73.6%, up 17.4 percentage points from Q3 2019 gross margin of 56.2%. * DPNCheck® posted record quarterly sales in Q3 2020. The Medicare Advantage sector continued to be the main sales driver. The recently announced collaboration with Biomedix, Inc. contributed to DPNCheck sales. * The Journal of Diabetes Investigation published the results of a large study led by Dr. Hideki Kamiyo at the Aichi Medical University Hospital (Nagakute, Japan). The study demonstrated that DPNCheck® effectively determines the severity of diabetic peripheral neuropathy (DPN). * The Quell® Apple Watch® app was launched in September. This is the first smartwatch app for an over-the-counter pain relief device. It gives users the ability to control their Quell device and monitor pain relief from the wrist. * The first patients in an NIH-funded multi-site, randomized sham-controlled trial evaluating the efficacy of Quell in chemotherapy-induced peripheral neuropathy (CIPN) were enrolled. The study was designed and is being run by the University of Rochester School of Medicine and Dentistry. * A U.S. utility patent was issued covering Quell core technology that regulates electrical stimulation based on the user's body position. * A PAINWeek 2020 scientific presentation described a study of over 1,000 Quell users with chronic knee pain. The study demonstrated a clinically meaningful improvement in pain severity and functional impairment. “We are encouraged by the recovery of commercial activity in the third quarter, particularly regarding DPNCheck,” said Shai N. Gozani, M.D., Ph.D., President and Chief Executive Officer of NeuroMetrix. “Although business uncertainty remains, we are meeting our customers’ needs on a timely basis while strengthening our unique Quell technology, including its clinical foundation and intellectual property position. We remain on track to launch the next generation DPNCheck in 2021. Importantly, we are also making meaningful progress towards operating profitability.”Financials:In the third quarter of 2020, total revenues were $2.0 million, approximately flat with $2.1 million in the prior year period. Gross margin was $1.5 million versus $1.2 million in Q3 2019. The gross margin rate of 73.6% was an improvement of 17.4 percentage points from Q3 2019. Operating expenses were $1.8 million, a reduction of $0.8 million or 32.1%, from $2.6 million in Q3 2019. Net loss was $0.3 million compared to a net loss of $1.4 million in Q3 2019. Net cash usage from operations was $0.5 million compared with $1.7 million in Q3 2019. The Company ended the quarter with cash of $4.9 million.Company to Host Live Conference Call and Webcast NeuroMetrix will host a conference call at 8:00 a.m. Eastern today, October 22, 2020. The call may be accessed in the United States at 844-787-0799, international at 661-378-9630 using confirmation code 9786945. A replay will be available starting two hours after the call at 855-859-2056 United States and 404-537-3406 international using confirmation code 9786945. It will remain available for one week. The call will also be webcast and accessible at www.NeuroMetrix.com under “Investor Relations”.About NeuroMetrix NeuroMetrix is a leading developer and manufacturer of diagnostic and therapeutic neurostimulation-based medical devices that are used throughout the world. The Company has three FDA cleared commercial products. DPNCheck® is a point-of-care test that is used to evaluate peripheral neuropathies. ADVANCE™ is a point-of-care device that provides nerve conduction studies as an aid in diagnosing and evaluating patients suspected of having focal or systemic neuropathies. Quell® 2.0 is a wearable, mobile app enabled, neurostimulation device indicated for symptomatic relief and management of chronic pain and is available over-the-counter. The Company maintains an active, industry-leading R&D program. For more information, visit www.NeuroMetrix.com.Safe Harbor StatementThe 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, the effects of the COVID-19 pandemic on all aspects of the Company’s business, 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 781-314-2761 neurometrix.ir@neurometrix.com NeuroMetrix, Inc. Statements of Operations (Unaudited)  Quarters Ended September 30, Nine Months Ended September 30,   2020 2019 2020 2019           Revenues $2,036,228  $2,088,001  $5,568,243  $7,565,619  Cost of revenues 537,614  914,322  1,652,890  6,382,340  Gross profit 1,498,614  1,173,679  3,915,353  1,183,279  Operating expenses:         Research and development 652,671  475,137  1,846,569  2,365,139  Sales and marketing 340,927  647,719  1,144,389  4,046,956  General and administrative 762,903  1,462,887  2,693,146  4,646,932  Total operating expenses 1,756,501  2,585,743  5,684,104  11,059,027  Loss from operations (257,887) (1,412,064) (1,768,751) (9,875,748) Other income:         Collaboration income —  —  —  7,116,667  Other income 774  7,464  2,323  42,797  Total other income 774  7,464  2,323  7,159,464  Net loss $(257,113) $(1,404,600) $(1,766,428) $(2,716,284) NeuroMetrix, Inc. Condensed Balance Sheets (Unaudited)  September 30, 2020 December 31, 2019       Cash and cash equivalents $4,929,175  $3,126,206  Other current assets  2,360,965   2,304,608  Noncurrent assets  1,049,898   1,462,872  Total assets $8,340,038  $6,893,686            Current liabilities $2,386,363  $3,446,778  Lease Obligation, net of current portion  581,903   916,674  Stockholders’ equity  5,371,772   2,530,234  Total liabilities and stockholders’ equity $8,340,038  $6,893,686

  • GlobeNewswire

    NeuroMetrix, Inc. Announces Date for Third Quarter 2020 Financial Results Conference Call

    WOBURN, Mass., Oct. 15, 2020 (GLOBE NEWSWIRE) -- NeuroMetrix, Inc. (Nasdaq:NURO) announced today that it plans to issue its 2020 third quarter financial results before the opening of the market on October 22, 2020. The Company will host a conference call at 8:00 a.m., Eastern Time on October 22, 2020 to discuss its financial results as well as business developments affecting the Company. The conference call may be accessed in the United States by dialing 844-787-0799 and using the confirmation code 9786945. Internationally, the conference call may be accessed by dialing 661-378-9630 and using the same confirmation code. The earnings press release and accompanying condensed financial statements will be accessible from the Company's website at www.NeuroMetrix.com under the "Investor Relations" tab.A replay of the conference call will be available starting two hours after the call by dialing 855-859-2056, domestically and 404-537-3406, internationally. The confirmation code to access the replay is 9786945. The replay will be available for one week after the conference call.About NeuroMetrixNeuroMetrix is a leading developer and manufacturer of diagnostic and therapeutic neurostimulation-based medical devices that are used throughout the world. The Company has three FDA cleared commercial products. DPNCheck® is a point-of-care test that is used to evaluate peripheral neuropathies. ADVANCE™ is a point-of-care device that provides nerve conduction studies as an aid in diagnosing and evaluating patients suspected of having focal or systemic neuropathies. Quell® is a wearable, mobile app enabled, neurostimulation device indicated for symptomatic relief and management of chronic pain and is available over-the-counter. The Company maintains an active, industry-leading R&D program. For more information, visit NeuroMetrix.com.NeuroMetrix, Inc. Thomas T. Higgins, 781-314-2761 SVP and Chief Financial Officer neurometrix.ir@neurometrix.comSource: NeuroMetrix, Inc.

  • NeuroMetrix Launches Quell® App for Apple Watch®, the First Smartwatch App for an Over-the-Counter Pain Relief Device
    GlobeNewswire

    NeuroMetrix Launches Quell® App for Apple Watch®, the First Smartwatch App for an Over-the-Counter Pain Relief Device

    Quell® Watch App The Quell Watch app gives a Quell user the ability to control and monitor their pain relief from their Apple Watch®WOBURN, Mass., Sept. 22, 2020 (GLOBE NEWSWIRE) -- NeuroMetrix, Inc. (Nasdaq: NURO) today reported the launch of the Quell Watch App, now available for download from the Apple App store. Quell is a wearable, transcutaneous electrical nerve stimulation (TENS) device for knee, foot and leg pain that is available over-the-counter. It can be used during the day while active and at night while sleeping. Users can personalize and manage therapy discreetly via the mobile app for iPhone and Android smartphones. Quell is also a pain management solution with pain, sleep, activity and gait tracking. The Quell Health Cloud® provides customized feedback and powers one of the largest chronic pain outcomes databases. To learn more visit www.QuellRelief.com.Like Quell, a smartwatch is always on the body. This enables a high level of integration and novel pain relief functionality. It is for this reason that NeuroMetrix developed the Quell Watch app, the first and only TENS smartwatch app. The Quell Watch app was designed to leverage the unique features of the Apple Watch.The Quell Watch app is standalone, so it functions independently of the iPhone. It gives a Quell user the ability to control the device and monitor pain relief from the wrist; a level of convenience never before achieved with a TENS device. The user simply taps the Quell complication to open the app. The user can then easily start or stop therapy, increase or decrease intensity, view their therapy schedule, and get Quell status information. The battery level can be checked by just glancing at the complication.A particularly valuable feature of the Quell Watch app is notifications. The app is in regular, behind the scenes, communication with Quell. This enables alerts such as when the Quell battery is low or if therapy unexpectedly halted. These notifications help ensure that the user does not miss out on pain relief. The notifications are configurable so the Quell Watch app experience can be personalized."The promise of wearable technology is to enhance wellness and help manage disease by empowering people to monitor and improve their own health. Quell is the clear innovation leader in wearable pain relief," said Shai N. Gozani, M.D., Ph.D., President and CEO of NeuroMetrix. "The natural evolution of wearable technology is to move beyond each device operating in isolation, to a situation where devices interact to maximize health outcomes. The initial release of the Quell Watch app provides a unique and differentiated experience for Quell users managing their chronic pain. It is an exciting and important beginning for smartwatch innovation from NeuroMetrix."About NeuroMetrixNeuroMetrix is a leading developer and manufacturer of diagnostic and therapeutic neurostimulation-based medical devices that are used throughout the world. The Company has three FDA cleared commercial products. DPNCheck® is a point-of-care test that is used to evaluate peripheral neuropathies. ADVANCE™ is a point-of-care device that provides nerve conduction studies as an aid in diagnosing and evaluating patients suspected of having focal or systemic neuropathies. Quell® is a wearable, mobile app enabled, neurostimulation device indicated for symptomatic relief and management of chronic pain and is available over-the-counter. The Company maintains an active, industry-leading R&D program. For more information, visit NeuroMetrix.com.NeuroMetrix, Inc. Thomas T. Higgins, 781-314-2761 SVP and Chief Financial Officer neurometrix.ir@neurometrix.comSource: NeuroMetrix, Inc.A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/98b63a9d-7a78-45e9-8852-350357f41c75