The Woburn, Mass.-based company posted losses of -$325,767 on sales of $1.8 million for the three months ended Dec. 31, 2020, for a 69.2% bottom-line gain on sales growth of 6%.
NeuroMetrix experienced headwinds from the COVID-19 pandemic and felt the effects of positioning its Quell Watch App for transcutaneous electrical nerve stimulation (TENS) for profitability, according to a news release.
“We are pleased that our prioritization of operating profitability has been effective in reducing our quarterly loss and cash consumption,” NeuroMetrix president & CEO Shai N. Gozani said in the release. “We are now positioned to resume a focus on growth, while continuing to improve the bottom line.
“To this end, we have a number of impactful product development efforts for both DPNCheck and Quell which we expect to launch this year.”
NeuroMetrix did not offer financial guidance for the first quarter of 2021 or for the full year, either.
NURO shares were down -14.8% at $3.75 per share in midday trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 1.6%.