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 recently reported collaborations with Biomedix and Yabao. Both hold the potential to materially impact future DPNCheck revenue growth.”
NeuroMetrix did not offer financial guidance for 2020, but noted that it ended the quarter with $5.4 million in cash on hand, having ended the first quarter with $2.8 million in cash.
NURO shares were down -1.96% at $2 per share in midday trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 0.8%.