Revenue Performance - Quell revenue increased by 47% to $192,000 in Q2 2024 from $131,000 in Q2 2023, driven entirely by growth in the fibromyalgia indication[4] - A total of 540 Quell starter kits were sold in Q2 2024, representing a 165% increase from Q2 2023, while 3,682 1-month refills were ordered, reflecting a 13% growth[4] - DPNCheck revenue declined by 62% to $536,000 in Q2 2024, primarily due to changes in Medicare Advantage risk-adjustment compensation[5] - Total revenue in Q2 2024 was $0.8 million, a decrease of 54% from Q2 2023, attributed to the decline in the DPNCheck product line[8] - Revenues for H1 2024 totaled $1.9 million, down 45% from H1 2023, with a net loss of $4.5 million, or $2.37 per share[9] Profitability and Expenses - The gross margin rate in Q2 2024 was 64%, down from 68% in Q2 2023, due to an unfavorable shift in product mix and lower production volumes[8] - Operating expenses in Q2 2024 were $2.3 million, a decrease of $0.4 million from the same period in 2023, driven by reduced personnel costs[8] - The net loss for Q2 2024 was $1.5 million, or $0.74 per share, compared to a net loss of $1.5 million, or $1.56 per share, in Q2 2023[8] Future Plans and Approvals - The company plans to submit a De Novo application for a chemotherapy-induced peripheral neuropathy indication for Quell technology in Q4 2024, potentially enabling a commercial launch in Q4 2025[4] - The company received Health Canada approval to market DPNCheck 2.0, the latest generation of its point-of-care neurodiagnostic technology[6]
NeuroMetrix(NURO) - 2024 Q2 - Quarterly Results