NeuroMetrix (NURO) Reports Q3 Miss on Revenues

NeuroMetrix (NASDAQ: NURO) reported Q3 revenue for the quarter came in at $3.5 million versus the consensus estimate of $4 million.

Highlights:

• Revenue for Q3 2017 of $3.5 million was up 5% from $3.4 million in Q3 2016. Quell contributed $2.6 million in revenue and DPNCheck contributed $0.6 million in revenue.
• Quell Q3 2017 shipments totaled 15,627 devices and 28,702 electrode reorder packages with a total invoiced value of $3.63 million. This compared with 12,086 devices and 14,391 electrode reorder packages with a total invoiced value of $2.90 million in Q3 2016.
• Cumulative Quell device shipments crossed the 100,000 milestone.
• Quell intellectual property assets were expanded with the issuance of a U.S. utility patent for automatically modulating therapeutic neurostimulation based on the user\'s sleep characteristics. In addition, the patent includes claims related to providing device users with feedback about their sleep.
• DPNCheck Q3 2017 revenue of $0.6 million declined 18% from Q3 2016. Shipments included 39,950 biosensors versus 57,400 biosensors in Q3 2016.
• An agreement for a $7.0 million private equity offering ($3.5 million of which was funded in July with the balance planned for October) incorporated the retirement of 4.2 million or 86% of outstanding warrants.

For earnings history and earnings-related data on NeuroMetrix (NURO) click here.

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