The Woburn, Massachusetts–based neurostimulation technology developer posted losses of $1 million, or 15¢ per share, on sales of $1.8 million for the three months ended Dec. 31, 2021, for a bottom-line dip deeper into the red on sales growth of 0.6%.
NeuroMetrix develops the Quell system, which it designed as a wearable, non-invasive neuromodulation technology enabled by a proprietary microchip. The device automatically adjusts stimulation through position and motion sensing while supporting Bluetooth low energy (BLE) to communicate with smartphone and smartwatch apps to control and personalize the treatment.
“We accomplished a great deal in 2021 and are now positioned to focus on our growth strategy,” NeuroMetrix CEO Dr. Shai N. Gozani said in a news release. “Our three key initiatives for the current year are to grow the DPNCheck Medicare Advantage business, launch the Quell fibromyalgia indication and to advance additional Quell prescription indications such as for CIPN.”
NeuroMetrix did not provide financial guidance for 2022.
NURO shares were up more than 1% at $4.14 apiece in morning trading. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was up slightly.
