Neurometrix Archives - Page 2 of 2 - Medical Design Sourcing

NeuroMetrix’s Q2 earnings report sends its stock to new heights

The Quell wearable pain relief device [Image courtesy of NeuroMetrix]NeuroMetrix (NSDQ:NURO) shares saw a huge boost this afternoon on strong second-quarter revenues and an increased bottom line.

NURO shares were up 19.1% at $24.77 per share in mid-afternoon trading. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 0.4%.

The Woburn, Mass.-based company posted losses of -$531,584 on sales of $2.2 million for the three months ended June 30, 2021, for a 37.6% bottom-line gain on sales growth of 62.8%.

NeuroMetrix’s Quell non-invasive nerve stimulation device for pain relief, which earlier this week earned FDA breakthrough device designation — leading to the company’s stock skyrocketing — delivered positive operating margins during the quarter.

“We continued to make progress in both the DPNCheck and Quell business lines. We believe we are laying the groundwork fo…

NeuroMetrix stock skyrockets on news of FDA breakthrough device designation

The Quell wearable pain relief device [Image courtesy of NeuroMetrix]NeuroMetrix (NSDQ:NURO) today announced that its Quell device has received FDA breakthrough designation for treating fibromyalgia symptoms in adults.

The news saw NURO shares nearly triple in value to $9.72 apiece near the close of trading. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was up 1.5%.

Fibromyalgia involves the widespread perception of pain and affects roughly 4 million Americans, according to the CDC. NeuroMetrix officials think their company’s Quell non-invasive nerve stimulation device could prove a useful alternative to the drugs FDA has approved to treat the condition.

The breakthrough designation means priority review and interactive communication with FDA over NeuroMetrix’s application for Quell. The designation could also facilitate Medicare reimbursement after authorization.

“The b…

NeuroMetrix reports mixed results in fibromyalgia trial

NeuroMetrix (NSDQ:NURO) announced a mixed bag of top-line results from its trial of Quell in patients with fibromyalgia.

Woburn, Mass.-based NeuroMetrix’s double-blind, randomized, sham-controlled trial evaluated the treatment of fibromyalgia with Quell, an over-the-counter novel transcutaneous electrical nerve stimulator (TENS) indicated for symptomatic relief and management of chronic lower extremity pain.

Quell, a wearable device that can be used during the day while active and at night while sleeping, offers personalized and manageable therapy through its mobile app and provides health tracking metrics relevant to chronic pain sufferers, according to a news release.

The trial, conducted at the Center for Pain Management at Brigham & Women’s Hospital in Boston, enrolled 119 subjects with fibromyalgia, randomizing the subjects to a standard (active) or modified (sham) Quell device for three months of at-home use. Subjects registered an …

NeuroMetrix slides on Q4 losses

NeuroMetrix (NSDQ:NURO) shares dipped today on fourth-quarter results that showcased losses despite an improved bottom line.

The Woburn, Mass.-based company posted losses of -$325,767 on sales of $1.8 million for the three months ended Dec. 31, 2020, for a 69.2% bottom-line gain on sales growth of 6%.

NeuroMetrix experienced headwinds from the COVID-19 pandemic and felt the effects of positioning its Quell Watch App for transcutaneous electrical nerve stimulation (TENS) for profitability, according to a news release.

“We are pleased that our prioritization of operating profitability has been effective in reducing our quarterly loss and cash consumption,” NeuroMetrix president & CEO Shai N. Gozani said in the release. “We are now positioned to resume a focus on growth, while continuing to improve the bottom line. “To this end, we have a number of impactful product development efforts for both DPNCheck and Quell which we expect to…

FTC to refund Neurometrix consumers $3.9M in false ad case

NeuroMetrix’s Quell 2.0 [Image courtesy of NeuroMetrix]

The Federal Trade Commission announced that it is refunding NeuroMetrix (NSDQ:NURO) consumers nearly $3.9 million after false advertising.

NeuroMetrix marketed its Quell transcutaneous electrical nerve stimulation device as a clinically proven and FDA-cleared treatment for widespread chronic pain relief when placed below the knee, according to the FTC, which said that the company lacks scientific evidence to support the pain relief and clinical proof claims.

Waltham, Mass.-based NeuroMetrix and its CEO Shai Gozani agreed to pay $4 million to the FTC under an order settling the charges, supplying the money for refunds and agreeing to stop making the allegedly deceptive claims.

NeuroMetrix has been marketing the device since 2015 and last year turned to artificial intelligence to better tailor Quell treatments.

With the settlement f…

MedTech 100 roundup: Industry remains on the rise

The medtech industry continues to climb back up in the markets, following a landmark week with another move up toward its pre-COVID-19-pandemic highs.

MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — sat at 89.29 points at the end of last week (July 24). That total represents just a -3.3% dip from the Feb. 19 high point of 92.32, marking the smallest margin of decline over the past five months.

On July 22, the index reached 90.11 points, marking its highest point since that pre-pandemic high and the first and only time it has eclipsed 90 points since that day in February.

Medtech stocks saw a 0.44% increase from the 88.9-point total at the same time a week prior (July 17), highlighting a slight improvement after last week saw the industry inch back toward that pre-pandemic high.

Meanwhile, the S&P 500 Index saw a -0.3% decline from July 17 to July 24, and the Dow Jones Index fared slightl…

NeuroMetrix improves bottom line despite nearly halved Q2 sales

NeuroMetrix (NSDQ:NURO) shares dipped today after posting second-quarter results that reflected the effects of the COVID-19 pandemic.

The Woburn, Mass.-based pain-treating transcutaneous electrical nerve stimulation (TENS) device developer posted losses of -$851,944 on sales of $$1.4 million for the three months ended June 30, 2020, for a 74.7% bottom-line gain on a sales decline of 42.2%.

Much like the first quarter when NeuroMetrix posted similar losses, the company attributed some of the second-quarter struggles to the adverse effects of the COVID-19 pandemic on its business.

“Early signs of commercial recovery became evident during June in the Medicare advantage sector of our DPNCheck business,” NeuroMetrix president & CEO Dr. Shai Gozani said in a news release. “The timing and pace of the ultimate recovery remains an uncertainty. We’ve taken this opportunity to strengthen our balance sheet and to broaden our business reach through the rece…