NeuroMetrix, Inc. (Nasdaq: NURO), today reported financial and business highlights for the quarter ended March 31, 2017.

The Company develops and markets novel therapies, based on bioelectrical and digital medicine, for chronic conditions. The Company's primary product is Quell ®, which is an over-the-counter wearable neurostimulation device for treating chronic pain that was launched in Q2 2015. The Company also has a diagnostic business based on its DPNCheck ® product, which is a point-of-care test that provides accurate and cost-effective screening, diagnosis and monitoring of peripheral neuropathies including diabetic peripheral neuropathy (DPN).

Q1 2017 Highlights:
  • Revenue for Q1 2017 of $4.3 million was up 89% from $2.3 million in Q1 2016. Quell contributed $3.1M revenue and DPNCheck contributed $0.8M revenue.
  • Quell Q1 2017 shipments totaled 18,697 devices and 25,437 electrode reorder packages with a total invoiced value of $4.11 million. This was an increase from 14,301 devices and 19,993 electrode reorder packages with a total invoiced value of $3.46 million in Q4 2016.
  • Quell retail availability expanded to nearly 3,000 stores. Quell is now available in selected stores of Target, CVS, Walgreens, Best Buy, Bed Bath & Beyond and Sam's Club.
  • Second generation Quell device was unveiled at CES 2017 and started shipping during the quarter.
  • DPNCheck Q1 2017 revenue of $0.8 million was a new quarterly high. Shipments included 50,850 biosensors, up 45% from 35,025 biosensors in Q1 2016.
  • The Company closed a private equity offering of $7 million.

"Quell retail distribution supported by TV and social media advertising contributed to our strong commercial and financial results in Q1 2017," said Shai N. Gozani, M.D., Ph.D., President and Chief Executive Officer of NeuroMetrix. "We have also been pleased with the customer response to our second generation Quell device that was introduced at CES 2017 in January and has been shipping since February. As we look forward to the balance of 2017, we are focused on continuing to grow top line revenue while carefully managing expenses and cash consumption. We are particularly focused on improving Quell gross margin through optimization of the supply chain and development of a novel third generation device."

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