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NeuroMetrix Reports Q4 and Full Year 2021 Financial Results

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WOBURN, Mass., Jan. 27, 2022 (GLOBE NEWSWIRE) -- 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).