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NeuroMetrix (NURO) investor relations material
NeuroMetrix Q3 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2024 earnings summary5 Nov, 2024
Executive summary
Q3 2024 revenue declined 51% year-over-year to $0.6M, mainly due to lower DPNCheck sales from adverse Medicare Advantage reimbursement changes and international distributor inventory issues, with Quell sales providing a minor offset.
Net loss for Q3 2024 was $1.5M ($0.75/share), improved from $1.8M ($1.66/share) in Q3 2023, as operating expenses fell 25% year-over-year due to headcount reduction and cost-cutting measures.
Gross profit dropped 60% year-over-year, with gross margin contracting to 53.1% from 65.0%, reflecting lower DPNCheck sales and product mix.
The company is conducting a strategic review, including potential asset sales, mergers, or changes in marketing, with no set timetable for completion.
Company is actively reviewing strategic alternatives to enhance shareholder value.
Financial highlights
Q3 2024 revenue: $0.6M (down 51% year-over-year); nine months ended September 30, 2024: $2.5M (down 47%).
Q3 2024 gross profit: $0.3M (down 60% year-over-year); gross margin 53.1% vs. 65.0% prior year.
Q3 2024 operating expenses: $2.1M (down 25% year-over-year); nine months: $8.1M (down 3%).
Q3 2024 net loss: $1.5M; nine months: $6.0M (vs. $4.9M prior year).
Cash, cash equivalents, and marketable securities at September 30, 2024: $14.8M; working capital: $15.6M; no debt.
Outlook and guidance
Management expects current cash and securities to fund operations for at least the next twelve months.
DPNCheck Medicare Advantage sales are unlikely to recover near-term due to ongoing CMS reimbursement changes; international DPNCheck sales expected to resume in early 2025 as distributor inventory normalizes.
Quell Rx for fibromyalgia is in controlled launch; De Novo application for Quell-CIPN planned for late 2024 or early 2025.
Company continues to pursue opportunities in alternative markets for DPNCheck.
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Frequently asked questions
NeuroMetrix Inc. is a commercial-stage healthcare company that develops diagnostic and therapeutic neurostimulation devices. Its products target chronic pain conditions and neuropathies, incorporating digital health technologies for remote monitoring and personalized treatment. The company serves healthcare professionals and patients through direct and distributor-based sales. The company is headquartered in Woburn, Massachusetts, and its shares are listed on the NASDAQ.
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