NURO - NeuroMetrix stock dips as Q2 net loss widens revenue falls Y/Y

NeuroMetrix ( NASDAQ: NURO ) stock fell ~4% on July 21 after the company reported a decline in Q2 revenue and a widened net loss.

YTD, the stock has shed over -28% . See chart here .

Revenues fell -3.4% Y/Y to to $2.13M Y/Y. The company said its Quell over-the-counter business declined by 50% due to a planned decrease in promotion spending as it expects to transition to the new prescription indication, fibromyalgia, in Q4 this year.

In May, the FDA approved the Quell neuromodulation device for reducing symptoms of fibromyalgia in adults with high pain sensitivity. Quell was the first non-pharmacological therapy approved by the agency for the condition.

"The recent completion of the regulatory process allows us to initiate the Quell Fibromyalgia commercial program with a limited launch planned for Q4 2022. This will be the first prescription product in our emerging Quell portfolio for specific disease indications," said NeuroMetrix CEO Shai Gozani.

Q2 domestic sales, mainly into Medicare Advantage accounts, of DPNCheck — a nerve conduction test for peripheral neuropathies — were the largest component of revenue with 20.3% Y/Y growth, the company said in its July 21 earnings release.

Q2 net loss widened to -$1.16M, compared to -$0.53M, in the prior year period.

Gross profit declined to $1.45M, compared to ~$1.66M in Q2 2021.

Research and development expenses increased to $0.92M, compared to $0.64M in the same period a year ago.

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