NeuroMetrix, Inc. (Nasdaq: NURO), a medical device company focused on the diagnosis and treatment of the neurological complications of diabetes, today reported business and financial highlights for the quarter ended March 31, 2012.
The Company reported progress in its emerging diabetes business as it continues to commercialize its initial product, NC-stat ® DPNCheck™, a fast, accurate, and quantitative test for the evaluation of systemic neuropathies, such as diabetic peripheral neuropathy (DPN). DPN affects over 50% of people with diabetes. It causes significant morbidity including pain, increased risk of falling, and is the primary trigger for diabetic foot ulcers which may require lower extremity amputations.
Among recent highlights cited were:
- NC-stat DPNCheck device orders in the first quarter of 2012 totaled 227, a significant increase from 131 device orders in the fourth quarter of 2011. Wal-Mart Canada Corp, a wholly owned subsidiary of Wal-Mart Stores placed an order for devices and biosensors sufficient to outfit 91 of its pharmacies which are staffed by pharmacists also trained as Certified Diabetes Educators. The order was shipped and on-site training was provided in early April. This transaction is the company’s first in the strategically important retail medicine market.
- Initial biosensor reorders were received from customer accounts who had initiated testing during the fourth quarter of 2011.
- Revenue from diabetes products increased to $137,000 from $85,000 in the fourth quarter of 2011.
- Substantial progress was made during the quarter in development of the SENSUS™ Pain Therapy Device, which is intended to be used in the symptomatic relief and management of chronic intractable pain, such as painful diabetic neuropathy, a disabling complication of DPN. These efforts culminated in a 510(k) filing with the Food and Drug Administration (FDA) on April 17, 2012.
“We have an ambitious business plan for 2012 and are off to an encouraging start,” said Shai N. Gozani M.D., Ph.D., President and Chief Executive Officer of NeuroMetrix. “The combination of our progress in the endocrinology and podiatry markets, the Wal-Mart Canada order, and filing of the SENSUS 510(k), demonstrates our ability to build a successful diabetes franchise focused on DPN.”