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NeuroMetrix Releases Second Quarter 2014 Financial Results [Health & Beauty Close - Up](Health & Beauty Close - Up Via Acquire Media NewsEdge) NeuroMetrix reported business highlights for the quarter ended June 30. According to its release on July 24, the Company noted its recent highlights: -Substantial progress was made in development of the Company's consumer-oriented chronic pain treatment product. Most importantly, FDA clearance was received for over-the-counter sales of the device. -SENSUS device sales increased to 1,707 devices in Q2 2014 from 208 devices in Q2 2013 and 1,448 devices in Q1 2014. -DPNCheck received regulatory approval in Japan. Omron Healthcare, with active NeuroMetrix support, initiated DPNCheck marketing at the Japan Diabetes Society annual meeting in May. -A regulatory application for DPNCheck was submitted in China. -DPNCheck sales increased to 24,325 tests in Q2 2014 from 8,100 tests in Q2 2013 and 18,025 tests in Q1 2014. -Worldwide revenue from SENSUS and DPNCheck increased to $0.62 million in Q2 2014 from $0.16 million reported in Q2 2013, nearly a four-fold, year-over-year increase. -The Company's legacy ADVANCE business, which is managed for cash flow, continued to generate contributory funding with an estimated $0.37 million in gross profit in Q2 2014. -An $8.0 million equity offering was closed during the quarter. "FDA clearance for over-the-counter sales of our wearable technology for treating chronic pain was a significant milestone in a busy, productive quarter," said Shai N. Gozani, M.D., Ph.D., President and Chief Executive Officer of NeuroMetrix. "The positive reaction we've seen to SENSUS, and recent market research, indicates a substantial consumer market for a differentiated over-the-counter product. This is an opportunity we intend to exploit and are devoting substantial resources toward a commercial launch in 2015." The Company reported its financial results for Q2 2014. Total revenues were $1.34 million, up 16 percent from $1.16 million for Q2 2013. Gross profit was 51.2 percent of total revenues compared to 56.8 percent in Q2 2013. Operating expenses were $3.3 million compared to $2.8 million in Q2 2013. The Company recorded a non- cash credit of $0.5 million at June 30, for the revaluation at fair value of outstanding common stock warrants compared to $1.2 million revaluation credit at June 30, 2013. Net loss was $2.2 million, or $0.85 per share. This compared to a net loss of $1.3 million for Q2 2013, or $0.92 per share. NeuroMetrix reported net cash usage of $2.0 million and ended the period with cash resources of $13.7 million. For the six month period ended June 30, the Company reported revenues of $2.7 million and a net loss of $3.4 million, or $1.06 per share. In the comparable six month period ended June 30, 2013, the Company recorded revenues of $2.6 million and a net loss of $3.6 million, or $1.97 per share. More information and complete details: www.NeuroMetrix.com ((Comments on this story may be sent to [email protected])) (c) 2014 ProQuest Information and Learning Company; All Rights Reserved. |