NeuroMetrix Reports Q3 2024 Business Highlights
NeuroMetrix (NURO) reported Q3 2024 financial results, showing mixed performance. Quell revenue increased 50% to $184,000, while DPNCheck revenue declined 58% to $404,000. Total Q3 revenue was $0.6 million, down 51% year-over-year. The company reported a net loss of $1.5 million ($0.75 per share). Operating expenses were reduced by $0.7 million (25%) through cost-cutting measures. Cash position stands at $14.8 million. The company continues its strategic review process while focusing on building Quell Fibromyalgia business through direct-to-physician marketing and VA facility sales.
NeuroMetrix (NURO) ha riportato i risultati finanziari del terzo trimestre 2024, mostrando una performance mista. I ricavi da Quell sono aumentati del 50% a $184.000, mentre i ricavi da DPNCheck sono diminuiti del 58% a $404.000. Il fatturato totale del terzo trimestre è stato di $0,6 milioni, in calo del 51% rispetto all'anno precedente. L'azienda ha registrato una perdita netta di $1,5 milioni ($0,75 per azione). Le spese operative sono state ridotte di $0,7 milioni (25%) grazie a misure di contenimento dei costi. La posizione di liquidità è di $14,8 milioni. L'azienda continua il suo processo di revisione strategica mentre si concentra sullo sviluppo del business di Quell per la fibromialgia attraverso il marketing diretto ai medici e le vendite presso le strutture VA.
NeuroMetrix (NURO) reportó resultados financieros del tercer trimestre de 2024, mostrando un desempeño mixto. Los ingresos de Quell aumentaron un 50% hasta $184,000, mientras que los ingresos de DPNCheck cayeron un 58% hasta $404,000. Los ingresos totales del tercer trimestre fueron de $0.6 millones, una disminución del 51% interanual. La compañía reportó una pérdida neta de $1.5 millones ($0.75 por acción). Los gastos operativos se redujeron en $0.7 millones (25%) mediante medidas de reducción de costos. La posición de efectivo es de $14.8 millones. La empresa continúa su proceso de revisión estratégica mientras se enfoca en construir el negocio de Quell para la fibromialgia a través del marketing directo a médicos y ventas en instalaciones de VA.
NeuroMetrix (NURO)는 2024년 3분기 재무 결과를 발표했으며, 결과가 혼재되어 있음을 보여줍니다. Quell 수익은 50% 증가하여 $184,000에 도달한 반면, DPNCheck 수익은 58% 감소하여 $404,000이 되었습니다. 3분기 총 수익은 $0.6 백만으로 전년 대비 51% 감소했습니다. 회사는 $1.5 백만의 순손실($0.75 주당)을 기록했습니다. 운영 비용은 비용 절감 조치를 통해 $0.7 백만(25%) 줄였습니다. 현금 보유액은 $14.8 백만입니다. 회사는 의사 직접 마케팅 및 VA 시설 판매를 통해 Quell 섬유근육통 비즈니스 구축에 집중하면서 전략적 검토 프로세스를 계속하고 있습니다.
NeuroMetrix (NURO) a publié ses résultats financiers pour le troisième trimestre 2024, montrant des performances mixtes. Les revenus de Quell ont augmenté de 50% pour atteindre 184 000 $, tandis que les revenus de DPNCheck ont chuté de 58% à 404 000 $. Les revenus totaux du troisième trimestre s'élevaient à 0,6 million de dollars, en baisse de 51% par rapport à l'année précédente. L'entreprise a enregistré une perte nette de 1,5 million de dollars (0,75 $ par action). Les dépenses d'exploitation ont été réduites de 0,7 million de dollars (25%) grâce à des mesures de réduction des coûts. La position de liquidité s'élève à 14,8 millions de dollars. L'entreprise poursuit son processus de révision stratégique tout en se concentrant sur le développement de l'activité Quell pour la fibromyalgie grâce à un marketing direct aux médecins et aux ventes aux établissements VA.
NeuroMetrix (NURO) hat die finanziellen Ergebnisse für das 3. Quartal 2024 veröffentlicht, die eine gemischte Leistung zeigen. Die Einnahmen aus Quell stiegen um 50% auf $184.000, während die Einnahmen aus DPNCheck um 58% auf $404.000 zurückgingen. Die Gesamteinnahmen im 3. Quartal betrugen $0,6 Millionen, ein Rückgang von 51% im Jahresvergleich. Das Unternehmen berichtete über einen Nettoverlust von $1,5 Millionen ($0,75 pro Aktie). Die Betriebskosten wurden um $0,7 Millionen (25%) durch Kostensenkungsmaßnahmen reduziert. Die liquide Mittel betragen $14,8 Millionen. Das Unternehmen führt weiterhin seinen strategischen Prüfungsprozess durch und konzentriert sich dabei auf den Aufbau des Quell-Geschäfts für Fibromyalgie durch Direktvertrieb an Ärzte und Verkäufe über VA-Einrichtungen.
- Operating expenses reduced by $0.7M (25%) through cost-cutting initiatives
- Quell revenue increased 50% YoY to $184,000
- Strong cash position of $14.8M as of September 30, 2024
- Total revenue declined 51% YoY to $0.6M in Q3 2024
- DPNCheck revenue dropped 58% to $404,000
- Net loss of $1.5M in Q3 2024
- Gross profit decreased due to lower DPNCheck revenue and unfavorable product mix
Insights
The Q3 results paint a concerning picture with
The company's cost-cutting measures, including workforce reduction and ATM program termination, have reduced operating expenses by
Company Continues to Pursue Review of Strategic Alternatives
WOBURN, Mass., Nov. 05, 2024 (GLOBE NEWSWIRE) -- NeuroMetrix, Inc. (Nasdaq: NURO) today reported financial and business highlights for the quarter and nine months ended September 30, 2024. The Company develops proprietary non-invasive medical devices for the diagnosis and treatment of pain and neurological disorders. NeuroMetrix, Inc. is actively pursuing its previously announced review of strategic options to enhance shareholder value.
Over the past several quarters, the Company has strengthened its Board of Directors, terminated common stock sales under its ATM program, implemented a reduction-in-force, and phased-out its legacy ADVANCE® business. As a result, operating expenses and cash usage have been lowered by over
Q3 Business Highlights:
- Quell revenue increased by
50% to$184,000 in Q3 2024 from$123,000 in Q3 2023. Quell revenue includes Quell Fibromyalgia (prescription) and Quell Relief (OTC). - DPNCheck® revenue of
$404,000 in Q3 2024 declined by$568,000 or58% from Q3 2023. The primary DPNCheck market, Medicare Advantage (MA), is in the final year of the CMS phase-out of risk-adjustment compensation for many types of patient screening, including peripheral neuropathy. Potential opportunities in alternative markets are being pursued.
Q3 Financial Results:
Revenue in Q3 2024 of
Revenue of
As of September 30, 2024, cash, cash equivalents and securities totaled
The Company believes it is in the best interests of shareholders that the strategic review process continues. There can be no assurance that this process will result in the Company pursuing or consummating any particular transaction or other strategic outcome. The Company has not set a timetable for completion of this evaluation process and may not disclose further developments unless disclosure is appropriate or necessary.
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 September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenues | $ | 587,314 | $ | 1,203,164 | $ | 2,450,018 | $ | 4,583,679 | |||||||
| Cost of revenues | 275,357 | 421,382 | 1,129,125 | 1,484,240 | |||||||||||
| Gross profit | 311,957 | 781,782 | 1,320,893 | 3,099,439 | |||||||||||
| Operating expenses: | |||||||||||||||
| Research and development | 299,739 | 592,654 | 1,510,223 | 2,045,588 | |||||||||||
| Sales and marketing | 441,171 | 943,795 | 1,937,914 | 2,504,630 | |||||||||||
| General and administrative | 1,313,095 | 1,206,231 | 4,697,450 | 3,843,643 | |||||||||||
| Total operating expenses | 2,054,005 | 2,742,680 | 8,145,587 | 8,393,861 | |||||||||||
| Loss from operations | (1,742,048 | ) | (1,960,898 | ) | (6,824,694 | ) | (5,294,422 | ) | |||||||
| Other income | 233,822 | 192,161 | 798,962 | 414,482 | |||||||||||
| Net loss | $ | (1,508,226 | ) | $ | (1,768,737 | ) | $ | (6,025,732 | ) | $ | (4,879,940 | ) | |||
| NeuroMetrix, Inc. Condensed Balance Sheets (Unaudited) | ||||||||
| September 30, 2024 | December 31, 2023 | |||||||
| Cash, cash equivalents and securities | $ | 14,834,600 | $ | 17,997,151 | ||||
| Other current assets | 1,961,090 | 2,857,291 | ||||||
| Noncurrent assets | 393,330 | 569,999 | ||||||
| Total assets | $ | 17,189,020 | $ | 21,424,441 | ||||
| Current liabilities | $ | 1,209,871 | $ | 1,240,639 | ||||
| Lease obligation, net of current portion | - | 92,485 | ||||||
| Stockholders’ equity | 15,979,149 | 20,091,317 | ||||||
| Total liabilities and stockholders’ equity | $ | 17,189,020 | $ | 21,424,441 | ||||
FAQ
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