07.22.15
Waltham, Mass.-based NeuroMetrix Inc. has reported results for Q2, which contained the successful launch of the company’s Quell wearable device for pain relief.
Highlights include:
Total revenues for the second quarter were $1.22 million versus $1.34 million for Q2 2014. Gross profit was 51.4 percent of total revenues, level with 51.2 percent in Q2 2014. Operating expenses were $4 million compared to $3.3 million in Q2 2014. Increased spending primarily reflects marketing costs in support of the Quell launch. The company recorded a non-cash credit of $2.14 million at June 30 for the revaluation at fair value of outstanding common stock warrants compared to a $0.48 million revaluation credit at June 30, 2014. Net loss was $1.2 million, or $0.48 per share. This compared to a net loss of $2.17 million for Q2 2014, or $0.85 per share. NeuroMetrix reported Q2 2015 net cash usage of $3.87 million and ended the period with cash and cash equivalents of $12.64 million.
Highlights include:
- The commercial launch of Quell in June 2015. Between the launch and quarter-end, approximately 2,600 Quell devices and nearly 1,000 electrode reorders were shipped to customers. Second quarter shipments fulfilled order backlog from the Indiegogo pre-order campaign in March/April, orders from stocking physicians, and orders placed through the Quell website.
- Cumulative device shipments of the company’s wearable technology, Quell plus Sensus, passed the 10,000 milestone during Q2. Approximately 650 Sensus devices plus 5,800 electrode packages were shipped in Q2.
- An underwritten public equity offering for $14.7 million was completed during May 2015. NeuroMetrix realized net proceeds of $10.1 million after a $3.2 million repurchase of preferred stock and after deducting underwriting discounts and commissions and offering expenses.
Total revenues for the second quarter were $1.22 million versus $1.34 million for Q2 2014. Gross profit was 51.4 percent of total revenues, level with 51.2 percent in Q2 2014. Operating expenses were $4 million compared to $3.3 million in Q2 2014. Increased spending primarily reflects marketing costs in support of the Quell launch. The company recorded a non-cash credit of $2.14 million at June 30 for the revaluation at fair value of outstanding common stock warrants compared to a $0.48 million revaluation credit at June 30, 2014. Net loss was $1.2 million, or $0.48 per share. This compared to a net loss of $2.17 million for Q2 2014, or $0.85 per share. NeuroMetrix reported Q2 2015 net cash usage of $3.87 million and ended the period with cash and cash equivalents of $12.64 million.