NeuroMetrix Reports Q4 and Full Year 2021 Financial Results
January 27 2022 - 7:00AM
NeuroMetrix, Inc. (Nasdaq: NURO) today reported financial and
business highlights for the quarter and full year ended December
31, 2021. 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:
- Q4 revenue of $1.8 million was up slightly from Q4 2020. Full
year revenue of $8.3 million increased by 11.9% from the prior
year. DPNCheck® sales into Medicare Advantage was the primary
contributor to revenue. On a full year basis, it posted revenue
growth of 26.0%
- Q4 gross margin on revenue was $1.2 million compared to $1.3
million in Q4 2020. The gross margin rate of 68.3% was down from
73.7% in the prior year quarter. Incremental spending to secure
critical electronic parts with limited supply adversely affected
the Q4 gross margin rate by six percentage points. For the full
year 2021, gross margin of $5.9 million or 71.7% improved from $5.2
million or 71.2% in 2020.
- Operating expenses were $2.2 million versus $1.7 million in Q4
2020. The increase was primarily in R&D spending to support the
Company's evolving portfolio of disease-specific prescription
indications for its Quell technology, and outside marketing
services also related to this program.
- In January the Company’s Quell® technology received
Breakthrough Designation from the U.S. Food and Drug Administration
(FDA) for treatment of chronic chemotherapy induced peripheral
neuropathy (CIPN).
- Also in January, the Company's value-based health care
commercial team expanded with the addition of Brandi
Damkier as Vice President, Clinical Partnerships. This group
is responsible for building the Company's DPNCheck business within
Medicare Advantage.
"We accomplished a great deal in 2021 and are now positioned to
focus on our growth strategy," said Shai N. Gozani, M.D., Ph.D.,
Chief Executive Officer of NeuroMetrix. “Our three key initiatives
for the current year are to grow the DPNCheck Medicare Advantage
business, launch the Quell fibromyalgia indication and to advance
additional Quell prescription indications such as for
CIPN.”
Financials:
Q4 2021 revenue of $1.8 million exceeded Q4 2020 by $10
thousand. The gross margin rate of 68.3% in Q4 2021 declined from
73.7% in Q4 2020 due to cost increases for electronic parts.
Operating expenses of $2.2 million increased from $1.7 million in
Q4 2020. The increase was primarily attributable to regulatory and
development spending and to personnel-related costs. The Q4 2021
net loss of $1.0 million ($0.15 per share) exceeded by $677
thousand the net loss in Q4 2020 of $326 thousand ($0.09 per
share).
For the full year ended December 31, 2021, total revenues of
$8.3 million increased from $7.4 million in 2020. Gross margin
improved to $5.9 million at a rate of 71.7% versus $5.2 million a
rate of 71.2% in the prior year. Operating expenses of $8.2 million
versus $7.3 million in the prior year primarily reflect increased
R&D and sales & marketing spending to support the Company's
emerging growth initiatives. Net loss of $2.3 million ($0.45 per
share) in 2021 increased by $189 thousand from a net loss of $2.1
million ($0.69 per share) in 2020.
Company to Host Live Conference Call and
Webcast
NeuroMetrix will host a conference call at 8:00 a.m. Eastern
today, January 27, 2022. The call may be accessed in the United
States at 844-787-0799, international at 661-378-9630 using
confirmation code 4266103. 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 4266103. 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 an innovation-driven company focused on the
development and global commercialization of non-invasive medical
devices for the diagnosis and treatment of pain and neurological
disorders. The Company has three commercial products.
DPNCheck® is a diagnostic device that provides rapid, point-of-care
detection of peripheral neuropathies. ADVANCE® is a diagnostic
device that provides automated, in-office nerve conduction studies
for the evaluation of focal neuropathies. Quell® is a
wearable neurostimulation device indicated for symptomatic relief
of lower extremity chronic pain that is available
over-the-counter. 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, 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. HigginsSVP and Chief Financial
Officer781-314-2761neurometrix.ir@neurometrix.com
NeuroMetrix,
Inc.Statements of
Operations(Unaudited)
|
Quarters Ended December 31, |
|
Year Ended December 31, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
Revenues |
$ |
1,820,163 |
|
|
$ |
1,809,732 |
|
|
$ |
8,253,493 |
|
|
$ |
7,377,975 |
|
|
|
|
|
|
|
|
|
Cost of revenues |
577,490 |
|
|
475,527 |
|
|
2,331,833 |
|
|
2,128,417 |
|
|
|
|
|
|
|
|
|
Gross profit |
1,242,673 |
|
|
1,334,205 |
|
|
5,921,660 |
|
|
5,249,558 |
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
Research and development |
997,057 |
|
|
544,747 |
|
|
2,596,415 |
|
|
2,391,316 |
|
Sales and marketing |
514,163 |
|
|
292,417 |
|
|
1,619,711 |
|
|
1,436,806 |
|
General and administrative |
735,931 |
|
|
823,194 |
|
|
3,990,141 |
|
|
3,516,340 |
|
|
|
|
|
|
|
|
|
Total operating expenses |
2,247,151 |
|
|
1,660,358 |
|
|
8,206,267 |
|
|
7,344,462 |
|
|
|
|
|
|
|
|
|
Loss from operations |
(1,004,478 |
) |
|
(326,153 |
) |
|
(2,284,607 |
) |
|
(2,094,904 |
) |
|
|
|
|
|
|
|
|
Other income |
1,477 |
|
|
386 |
|
|
3,105 |
|
|
2,709 |
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(1,003,001 |
) |
|
$ |
(325,767 |
) |
|
$ |
(2,281,457 |
) |
|
$ |
(2,092,195 |
) |
NeuroMetrix, Inc.Condensed Balance
Sheets(Unaudited)
|
|
December 31,2021 |
|
|
December 31,2020 |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
22,572,104 |
|
|
$ |
5,226,213 |
|
Other current assets |
|
|
1,615,755 |
|
|
|
1,863,653 |
|
Noncurrent assets |
|
|
700,333 |
|
|
|
904,709 |
|
Total assets |
|
$ |
24,888,192 |
|
|
$ |
7,994,575 |
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
$ |
1,365,697 |
|
|
$ |
2,285,390 |
|
Lease Obligation, net of
current portion |
|
|
306,709 |
|
|
|
461,410 |
|
Stockholders’ equity |
|
|
23,215,786 |
|
|
|
5,247,775 |
|
Total liabilities and stockholders’ equity |
|
$ |
24,888,192 |
|
|
$ |
7,994,575 |
|
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