NeuroMetrix (NSDQ:NURO) shares fell today on first-quarter losses that reflected the impact of COVID-19 on its business.
The Woburn, Mass.-based pain-treating transcutaneous electrical nerve stimulation (TENS) device developer posted losses of -$657,371 on sales of $2.2 million for the three months ended March 31, 2020, seeing its bottom line slide into the red from profits of more than $2 million in the same quarter last year after a sales decline of 30.4%.
NeuroMetrix cited COVID-19 for having an adverse impact on its revenues following a drop-off in business activity during the month of March because of the pandemic.
NURO shares were down -5.2% at $2.90 per share in mid-afternoon trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 1.2%.