NURO shares were up 7.9% at $7.92 per share in mid-morning trading. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 0.2%.
The Woburn, Massachusetts-based company posted losses of -$687,089, or -12¢ per share, on sales of $2.1 million for the three months ended Sept. 30, 2021, for a bottom-line slide from losses of -$257,113 last year despite sales growth of 1.4%.
NeuroMetrix’s quarter was filled with ups and downs as the company’s stock shot up upon the news of FDA breakthrough device designation for its Quell non-invasive nerve stimulation device for pain relief, followed by the company’s reporting of its second-quarter financial results.
However, just one week later, NeuroMetrix’s stock took a dip after the publication of a study on Quell that observed no differences between active treatment with Quell and sham treatment at three months.
According to a news release, though, NeuroMetrix submitted for FDA de novo approval subsequent to the end of the quarter and the company believes that a successful review would could result in the commercial launch of Quell for treating fibromyalgia in the second half of 2022.
NeuroMetrix did not offer financial guidance for the remainder of 2021.