NeuroMetrix (Nasdaq:NURO) shares dipped today on first-quarter results that saw losses despite year-over-year revenue growth.
The Woburn, Massachusetts-based company posted losses of $958,562, or 14¢ per share, on sales of $2.3 million for the three months ended March 31, 2022, for a bottom-line slide deeper into the red on sales growth of 6.8%.
NeuroMetrix’s biggest step forward during the first quarter of 2022 came in January when its Quell technology received FDA breakthrough device designation for the treatment of chronic chemotherapy-induced peripheral neuropathy (CIPN).
The company said in a news release that it also grew its value-based healthcare commercial team to four experienced sales, marketing and clinical leaders.
NeuroMetrix did not offer financial guidance for the full year.
NURO shares were down 5.3% at $3.55 per share in early-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down 0.8%.