Core Insights - NeuroMetrix, Inc. reported a net loss per share of 75 cents for Q3 2024, an improvement from a net loss of $1.66 in the same quarter last year [1] - Total revenues for the quarter were $0.6 million, down approximately 51% from $1.2 million in Q3 2023, primarily due to decreased sales of the DPNCheck product [1][2] Revenue Breakdown - Revenue from the Quell product line grew 50% year over year, reaching $0.2 million compared to $0.1 million in Q3 2023, driven by enhanced marketing efforts and partnerships [4] - DPNCheck reported revenue of $0.4 million, a significant 58% decline from Q3 2023, attributed to reduced demand in the Medicare Advantage market due to CMS policy changes [5] Gross Profit and Operating Expenses - Gross profit for Q3 2024 was $0.3 million, down from $0.8 million in the prior-year period, influenced by lower sales volume and an unfavorable product mix [6] - Operating expenses decreased by 25% to $2.1 million from $2.7 million in Q3 2023, reflecting cost-saving measures including workforce reductions [7] Net Income - The net loss for Q3 2024 was $1.5 million, an improvement from the net loss of $1.8 million in the same quarter last year, indicating effective cost management despite revenue decline [7] Balance Sheet Update - As of September 30, 2024, NeuroMetrix held $14.8 million in cash and equivalents, down from $18 million at the end of 2023, with total assets declining to $17.2 million [8] - Stockholders' equity decreased from $20.1 million at the end of 2023 to $16 million as of September 30, 2024 [8] Other Developments - The company is exploring strategic alternatives to maximize shareholder value and has phased out its ADVANCE product line to focus on core products, Quell and DPNCheck [9]
NeuroMetrix Q3 Loss Narrows Y/Y, Quell Sales Drives Growth