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NeuroMetrix revenues rise in Q1

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NeuroMetrix Quell Wearable Pain Relief
The Quell wearable pain relief device [Image courtesy of NeuroMetrix]
NeuroMetrix (Nasdaq:NURO) shares dipped today on first-quarter results that saw losses despite year-over-year revenue growth.

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.

“Our value-based care commercial team is now fully trained and focused on building our DPNCheck Medicare Advantage business. Although the sales cycle is long, they have had impressive success engaging existing and prospective customers,” NeuroMetrix CEO Dr. Shai N. Gozani said in the release. “We are also encouraged by progress in our Quell prescription neurotherapeutics platform. We are interacting with the FDA on the fibromyalgia de novo request and monitoring randomized controlled trials evaluating potential new indications including CIPN and post-acute sequalae of COVID (long COVID).”

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.

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