NeuroMetrix Reports Q4 and Full Year 2020 Financial Results
WOBURN, Mass., January 28, 2021 (Globe NewsWire) -- NeuroMetrix, Inc. (Nasdaq: NURO) today reported financial and business highlights for the quarter and year ended December 31, 2020. The Company is focused on the development and global commercialization of non-invasive medical devices for the diagnosis and treatment of disorders involving the nervous system.
Q4 2020 Highlights:
•Revenue of $1.8 million was up 6% from $1.7 million in Q4 2019. The business continued to experience headwinds from the COVID-19 pandemic and the effects of positioning Quell for profitability. Gross margin on revenue was $1.3 million or 73.7%, up from 62.2% in Q4 2019.
•DPNCheck® Medicare Advantage sales continued to grow and partially offset slow international sales. Substantial progress was made towards a major upgrade to the product platform that is expected to launch in H2 2021.
•Quell® made a positive operating contribution reflecting more efficient and focused advertising. Important progress was made on developing new clinical indications for the Quell therapeutic platform.
•Net loss for the quarter was $0.3 million in comparison with a net loss of $1.1 million in the Q4 2019.
"We are pleased that our prioritization of operating profitability has been effective in reducing our quarterly loss and cash consumption. We are now positioned to resume a focus on growth, while continuing to improve the bottom line,” said Shai N. Gozani, M.D., Ph.D., President and Chief Executive Officer of NeuroMetrix. “To this end, we have a number of impactful product development efforts for both DPNCheck and Quell which we expect to launch this year.”
Q4 2020 revenues of $1.8 million grew 6% from Q4 2019. The gross margin rate expanded to 73.7%, a gain of 11.5 percentage points over the prior year quarter. Operating expenses of $1.7 million represented a drop of 39%, from $2.7 million in Q4 2019. The net loss of $0.3 million in Q4 2020 was an improvement of $700k from a loss of $1.1 million in the Q4 2019.
For the year ended December 31, 2020, total revenues of $7.4 million declined from $9.3 million in 2019. However, gross margin improved to $5.2 million at a margin rate of 71.2% versus $2.2 million and a rate of 24.2% in the prior year. The margin improvement partially reflected the 2019 business restructuring which included inventory charges contributing to the lower margins in that year. The restructuring positioned the Company with lower operating expenses in 2020 where costs dropped by 47% to $7.3 million versus $13.8 million in the prior year. Net loss in 2020 improved to $2.1 million compared a net loss of $3.8 million in 2019.
Company to Host Live Conference Call and Webcast
NeuroMetrix will host a conference call at 8:00 a.m. Eastern today, January 28, 2021. The call may be accessed in the United States at 844-787-0799, international at 661-378-9630 using confirmation code 8694435. A replay will be available starting two hours after the call at 855-859-2056 United States and 404-537-3406 international using
The following information was filed by Neurometrix, Inc. (NURO) on Thursday, January 28, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.