NeuroMetrix, Inc. (NURO) is up 31.49% in the after-market trading session at the price of $13.11 despite any recent news.
Peer-Reviewed Publication of Wearable Neurostimulation Technology
On 26th July 2021, NURO published a publication in the Journal of Pain Research. The title was “Effects of Wearable Transcutaneous Electrical Nerve Stimulation on Fibromyalgia: A Randomized Controlled Trial.” The online version of a paper is available on the journal website. The article describes an intention-to-treat analysis of a double-blind, randomized, and sham-controlled trial. It compared 3-months of at-home therapies with a standard or low dose Quell device in 119 subjects with fibromyalgia.
NURO Published Second Quarter 2021 Financial Results
On 22nd July 2021, NURO announced financial and business highlights for the quarter ended 30th June 2021. NeuroMetrix is an innovation-driven company. The main focus of NURO is on the development and global commercialization of non-invasive medical devices. These devices diagnose and treat the pain related to neurological disorders.
NURO reported revenue of $2.2 million, a 63% gain from $1.4 million in the second quarter of 2020. The second quarter 2020 results were negatively affected due to a pandemic-related decline in customer orders. The gross margin on revenue was $1.7 million or 74.8% this quarter of 2021. It is an increase of 11.2% from the 63.6% gross margin rate in the same period of 2020. Net loss for the second quarter of 2021 was $0.5 million. A net loss of $0.8 million had reported in the same quarter last year. Operating expenses during Q2 of 2021 were $2.2 million. It represents an increase of 27% from $1.7 million in the same quarter of 2020. The second quarter of 2021 reported a net loss of $532 thousand or $0.13 per share. The net loss was $852 thousand or $0.28 per share in the second quarter of 2020.
CEO of NURO, Shai N. Gozani, remarked that they advanced to progress in the DPNCheck and Quell business lines. They believe that they are setting the groundwork for constant top-line growth. Sharing Quell fibromyalgia data with international pain medicine experts and receiving Breakthrough Device Designation from the FDA was very rewarding. They are looking forward to advancing this program towards a commercial launch in 2022, he added.
Received FDA Breakthrough Device Designation
On 20th July 2021, NURO published that its Quell® device had acquired Breakthrough Designation from the U.S. Food and Drug Administration to treat fibromyalgia in adults. Fibromyalgia is a common form of chronic pain. The main symptoms include fatigue, sleeplessness, cognitive and mood disorders. Fibromyalgia affects near 5 to 15 million people in the United States. It is mostly diagnosed between the ages of 30 and 50. The causes of fibromyalgia remain unclear. However, scientific researches point to abnormalities in the way the brain processes normal sensations and pain.
