NeuroMetrix Reports Q2 2021 Financial Results

 NeuroMetrix, Inc. (Nasdaq: NURO) today reported financial and business highlights for the quarter ended June 30, 2021. The Company is a leader in proprietary non-invasive medical devices for the diagnosis and treatment of pain and neurological disorders.

Highlights:

• Revenue of $2.2 million improved 63% from $1.4 million in Q2 2020. The Q2 2020 results were adversely affected by a pandemic-related decline in customer orders. Gross margin on revenue was $1.7 million or 74.8%, an increase of 11.2 percentage points from the 63.6% gross margin rate in Q2 2020.
  
  

• Net loss for the quarter was $0.5 million in comparison to a net loss of $0.8 million in Q2 2020.
  
  

• The domestic Medicare Advantage business was the primary contributor to DPNCheck® revenue during the quarter.
  
  

• The Quell® direct to consumer business delivered positive operating margins.
  
  

• The Company continued development of its investigational device, based on Quell technology, for treating fibromyalgia symptoms and anticipates a regulatory filing later this year. Related to this program, results from a randomized, sham-controlled trial of Quell for treatment of fibromyalgia were presented at two pain medicine conferences.
  
  

• The Company utilized its at-the-market (ATM) facility to raise $3.8 million in net proceeds from the sale of common stock.
  
  

• Subsequent to the end of the quarter the Company reported that Quell had received Breakthrough Device Designation from the U.S. Food and Drug Administration (FDA) for treating the symptoms of fibromyalgia in adults.
  

"We continued to make progress in both the DPNCheck and Quell business lines. We believe we are laying the groundwork for steady top-line growth going forward,” said Shai N. Gozani, M.D., Ph.D., President and Chief Executive Officer of NeuroMetrix. “It was particularly rewarding to share the Quell fibromyalgia data with international pain medicine experts in June and to receive Breakthrough Device Designation from the FDA. We look forward to advancing this program towards a commercial launch in 2022.”

Company to Host Live Conference Call and Webcast

NeuroMetrix will host a conference call at 8:00 a.m. Eastern today, July 22, 2021. The call may be accessed in the United States at 844-787-0799, international at 661-378-9630 using confirmation code 4269315. 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 4269315. It will remain available for one week. The call will also be webcast and accessible at www.NeuroMetrix.com under "Investor Relations".

https://finance.yahoo.com/news/neurometrix-reports-q2-2021-financial-110000339.html