NeuroMetrix Inc. (NASDAQ: NURO) stock gained by 18.89% at last close while the NURO stock price losses by -4.12% in the pre-market trading session. NeuroMetrix is a technology-driven business that develops and markets non-invasive medical devices for the management and therapy of pain and neurological diseases throughout the world.
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Financial Results
NeuroMetrix announced its second-quarter 2021 financial results. Given below is the summary:
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- Revenue increased by 63% to $2.2 million in Q2 2020 from $1.4 million. Pandemic-related drop-in client orders harmed NURO’s Q2 2020 performance. The gross margin on sales was $1.7 million, or 74.8 percent, up 11.2 percentage points from the gross margin rate of 63.6 percent in Q2 2020.
- In contrast to a total loss of $0.8 million in Q2 2020, the net loss for the quarter was $0.5 million.
- During the quarter, DPNCheck’s revenue was primarily driven by the domestic Medicare Advantage market.
- Quell’s direct-to-consumer division has favorable operating margins.
- NURO has begun to flourish its Quell-based experimental device for treating fibromyalgia symptoms and expects to file a regulatory application later this year. The findings of a randomized, sham-controlled study of Quell for the treatment of fibromyalgia were reported at two pain medicine conferences as part of that plan.
- NURO raised $3.8 million in net proceeds from the sale of common shares through its at-the-market (ATM) facility.
- After the quarter ended, NURO announced that Quell has obtained Breakthrough Device Designation from the US Food and Drug Administration for treating fibromyalgia symptoms in adults.
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Shai N. Gozani, President and CEO of NeuroMetrix commented,
In both the DPNCheck and Quell business lines, they made steady progress. NURO believes that they are establishing the foundation for long-term top-line development. In June, it was very satisfying to present the Quell fibromyalgia findings to international pain medicine specialists and to earn FDA Breakthrough Device Designation. They’re excited to see this initiative progress toward a commercial launch in 2022.
