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NURO - Neurometrix Inc.
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NeuroMetrix, Inc., a healthcare company, develops and markets products for the detection, diagnosis, and monitoring of peripheral nerve and spinal cord disorders. The company develops wearable neuro-stimulation therapeutic devices and point-of-care neuropathy diagnostic tests to address chronic health conditions, including chronic pain, sleep disorders, and diabetes. Its marketed products include Quell, a wearable device for relief of chronic intractable pain, such as nerve pain due to diabetes and lower back problems; DPNCheck, a test used to evaluate systemic neuropathies, such as diabetic peripheral neuropathy; ADVANCE system, a platform for the performance of traditional nerve conduction studies; and SENSUS, a pain therapy device based on transcutaneous electrical nerve stimulation for relief of chronic intractable pain. The company offers its products to consumers, retail merchandisers, direct response TV promoters, health care professionals, managed care organizations, endocrinologists, podiatrists, physicians, neurologists, and physical medicine and rehabilitation centers, as well as primary care, internal medicine, orthopedic, hand, and neurosurgeons. It operates in the United States, Europe, Japan, China, the Middle East, and Mexico. The company has a strategic collaboration with GlaxoSmithKline. NeuroMetrix, Inc. was founded in 1996 and is based in Woburn, Massachusetts.

Financials

Quarterly financials
(USD)Sep 2022Q/Q
Revenue2MM-8%
Gross Profit1.3MM-12%
Cost Of Revenue693.6K+1%
Operating Income-1.7MM+42%
Operating Expenses3MM+12%
Net Income-1.6MM+38%
R&D1.1MM+17%
G&A1.1MM-7%
Marketing810.2K+43%

Highlights of Management DIscussion and Risk Factors in 10-K/10-Q filling

Positive
1.
It contributes attractive gross margins and has posted average revenue growth exceeding 20% over the past five years through December 31, 2021.
2.
Our next generation DPNCheck technology, targeted for commercial launch in late 2022, will further enhance the user experience and improve our manufacturing efficiency.
3.
On-premises staffing in production and fulfillment has successfully met our business requirements.
4.
Its technological sophistication, combined with our extensive consumer experience and the compelling results of recent clinical studies provide the opportunity to leverage the technology platform into a portfolio of Quell-based prescription (Rx) wearable neurotherapeutics.
5.
The technology is well-suited to this task given its ease of use, rapid testing, quantitative results, and overall high sensitivity and specificity.
6.
It posted revenue growth of 7.6% in the nine months ended September 30, 2022, primarily attributable to increased biosensor shipments both domestic and international.
7.
We have been able to maintain our business operations during the past two years while prioritizing employee safety.
8.
We believe there is significant, accessible opportunity to expand DPNCheck usage.
9.
Quell revenue increased in the third quarter of 2022.
10.
Similarly, net loss per common share increased to $0.23 per common share in the third quarter of 2022 from $0.12 per common share in the third quarter of 2021.
11.
Recent DevelopmentsBreakthrough Device Designation for Quell fibromyalgia indication -
12.
Similarly, net loss per common share increased to ($0.53) per common share in the nine months ended September 30, 2022 from ($0.28) per common share in the nine months ended September 30, 2021.
13.
We maintain a debt-free, primarily common stock equity capital structure, and adequate funding resources to support operations and our growth initiatives.
14.
lossThe net loss in the third quarter of 2022 increased by $919 thousand from the third quarter of 2021.
Negative
1.
Also, our growth via new customer acquisition has been lower due to marketing challenges resulting from COVID-19 restrictions.
2.
It posted a revenue reduction of 6% in the third quarter of 2022, attributable to lower biosensor shipments.
3.
Our legacy ADVANCE revenues also declined due to continuing erosion of the customer base.
4.
Our legacy ADVANCE revenues also declined with the continuing erosion of the customer base.
5.
Gross ProfitGross profit for the third quarter of 2022 decreased by $170 thousand or 11.8% from the third quarter of 2021.
6.
COVID-19 - The COVID-19 pandemic adversely affected our business.
7.
Quell revenue declined in the nine months ended September 30, 2022 with lower advertising spending and an emphasis on product line profitability.
8.
The decrease reflected the decline in revenues exacerbated by increases in cost of goods sold to secure essential electronic components for the manufacture of our devices.
9.
Gross ProfitGross profit for the nine months ended September 30, 2022 decreased by $159 thousand or 3.4% from the nine months ended September 30, 2021.
10.
Gross profit as a percent of revenue decreased by 2.2 percentage points between the comparable periods primarily due to incremental costs to secure essential electronic components for the manufacture of our devices.
11.
It is difficult to quantify the disruption to our markets and customers; however, we believe the effects were more pronounced in the diagnostic testing markets for DPNCheck and ADVANCE, and less pronounced in the consumer retail markets for Quell.
12.
Also uncertain are the potential effects on our business of the economic impacts from the pandemic recovery including inflation, electronic parts and components availability, labor availability and costs, and other issues.  
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Related Topics

Medical Specialties-2.10%
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Stock news

    03/21/2023NURO
    NeuroMetrix to Exhibit Quell® Fibromyalgia and Present New Clinical Data at the American Academy of Pain Medicine 2023 Annual Meeting

    WOBURN, Mass., March 21, 2023 (GLOBE NEWSWIRE) -- NeuroMetrix, Inc. (Nasdaq: NURO) will exhibit Quell Fibromyalgia at the American Academy of Pain Medicine 39th Annual Meeting on March 23 - 26 in Ft. Lauderdale, FL. In addition, two scientific posters reporting new data on the use of Quell in patients with fibromyalgia will be presented. Fibromyalgia is a chronic condition characterized by generalized pain, fatigue, poor sleep, memory and concentration impairments, mood disorders and other disab

    02/25/2023NURO
    NeuroMetrix Full Year 2022 Earnings: US$0.62 loss per share (vs US$0.45 loss in FY 2021)

    NeuroMetrix ( NASDAQ:NURO ) Full Year 2022 Results Key Financial Results Revenue: US$8.26m (flat on FY 2021). Net loss...

    02/23/2023NURO
    NeuroMetrix Reports Q4 and Full Year 2022 Financial Results

    WOBURN, Mass., Feb. 23, 2023 (GLOBE NEWSWIRE) -- NeuroMetrix, Inc. (Nasdaq: NURO) today reported financial and business highlights for the quarter and full year ended December 31, 2022. The Company's mission is to reduce the impact of neurological disorders and pain syndromes on individuals and on population health through innovative non-invasive medical devices. Q4 Highlights: Q4 2022 revenue was $1.8 million, an increase of 1.5% from the fourth quarter of 2021. DPNCheck® sales, the Company’s l

    02/16/2023NURO
    NeuroMetrix, Inc. Announces Date for Fourth Quarter and Full Year 2022 Financial Results Conference Call

    WOBURN, Mass., Feb. 16, 2023 (GLOBE NEWSWIRE) -- NeuroMetrix, Inc. (Nasdaq: NURO) announced today that it plans to issue its 2022 fourth quarter and year end financial results before the opening of the market on February 23, 2023. The Company will host a conference call at 8:00 a.m., Eastern Time on February 23, 2023 to discuss its financial results as well as business developments affecting the Company. For participants who wish to access the Earnings Call live via telephone and be able to ask

    01/23/2023NURO
    NeuroMetrix® Announces Launch of DPNCheck® 2.0, its Fast, Accurate, Quantitative Screening Test for Peripheral Neuropathy

    Point-of-care technology helps healthcare providers rapidly identify at-risk patients DPNCheck 2.0 by NeuroMetrix This rapid point-of-care screening test provides accurate and quantitative readings to aid in the early detection and staging of Peripheral Neuropathy WOBURN, Mass., Jan. 23, 2023 (GLOBE NEWSWIRE) -- NeuroMetrix, Inc. (Nasdaq: NURO) today announced the commercial availability of DPNCheck 2.0, the Company's latest point-of-care device that leverages gold-standard nerve conduction tech

    11/8/2022NURO
    NeuroMetrix to Introduce Quell® Fibromyalgia at the American College of Rheumatology 2022 Annual Meeting

    WOBURN, Mass., Nov. 08, 2022 (GLOBE NEWSWIRE) -- NeuroMetrix, Inc. (Nasdaq: NURO) will introduce Quell Fibromyalgia at the American College of Rheumatology Annual Meeting, ACR Convergence 2022, on November 12 – 14 in Philadelphia, Pennsylvania. Quell Fibromyalgia is a wearable neuromodulation technology that is the first and only FDA authorized medical device to help reduce the symptoms of fibromyalgia. Conference attendees are encouraged to visit the Company’s booth #1745 for a demonstration an

    11/3/2022NURO
    NeuroMetrix Announces Strategic Launch of Quell Fibromyalgia

    WOBURN, Mass., Nov. 03, 2022 (GLOBE NEWSWIRE) -- NeuroMetrix, Inc. (Nasdaq: NURO) today announced the strategic launch of its Quell® Fibromyalgia device through the Pathfinder Program. Quell Fibromyalgia is the first and only medical device authorized by the U.S. Food and Drug Administration (FDA) to help reduce the symptoms of fibromyalgia. The Pathfinder Program is designed to validate and further refine the commercial process for Quell Fibromyalgia in anticipation of a full commercial launch

    10/20/2022NURO
    NeuroMetrix Reports Q3 2022 Financial Results

    WOBURN, Mass., Oct. 20, 2022 (GLOBE NEWSWIRE) -- NeuroMetrix, Inc. (Nasdaq: NURO) today reported financial and business highlights for the quarter and nine-month period ended September 30, 2022. The Company's mission is to reduce the impact of neurological disorders and pain syndromes on individuals and on population health through innovative non-invasive medical devices. Highlights: Total Q3 2022 revenue of $2.0 million was 4.7% lower than $2.1 million reported in Q3 2021. DPNCheck® sales, the

    10/20/2022NURO
    NeuroMetrix, Inc. (NURO) Q3 2022 Earnings Call Transcript

    10/20/2022NURO
    NeuroMetrix reports Q3 results

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