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 more than 10% at $3.35 apiece by afternoon trading today.
MassDevice‘s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down 2.3% as the overall U.S. stock market dropped on worries that Fed interest rate hikes will cause another recession.
