Financial Data and Key Metrics Changes - The company reported Q3 revenue of $1.2 million, down 39% from $2 million in Q3 of the previous year [5] - The net loss was $1.8 million or a negative $0.21 per share compared to a net loss of $1.6 million or a negative $0.23 per share in Q3 of last year [8] - Gross profit for Q3 was $800,000, down from $1.3 million in Q3 last year, with a gross margin rate of 65%, consistent with the previous year [26] Business Line Data and Key Metrics Changes - DPNCheck business experienced a net revenue reduction of $512,000 or 35% in Q3 compared to the same quarter last year, with a cumulative revenue decline of $1.1 million or 23% year-to-date [6] - Quell fibromyalgia prescriptions increased to 752 in Q3 from 419 in Q2, with over 60% of prescriptions filled by patients [30] - Operating expenses totaled $2.7 million, down from $3 million last year [26] Market Data and Key Metrics Changes - The company has expanded its Quell direct sales presence in Texas, Florida, and California [24] - The cumulative number of month refills for Quell fibromyalgia almost doubled from 348 in Q2 to 663 in Q3 [14] Company Strategy and Development Direction - The growth strategy focuses on establishing and growing the Quell fibromyalgia indication, advancing the Quell Neurotherapeutics program, and revising the DPNCheck business strategy [28] - The company plans to finalize a new commercial strategy to address changes in the Medicare Advantage sector by the end of Q4 [18] Management's Comments on Operating Environment and Future Outlook - Management noted substantial uncertainty in the Medicare Advantage sector due to policy changes announced by CMS, which have impacted the DPNCheck business [17] - The company expects continued progress in Quell fibromyalgia leading to material revenue in 2024 [14] Other Important Information - The company holds $17.6 million in liquid assets, which are expected to support the next phase of Quell growth initiatives [27] - NeuroMetrix received a delisting notice from NASDAQ for noncompliance with minimum bid price rules, with a 180-day grace period to regain compliance [9] Q&A Session Summary Question: No questions were raised during the Q&A session - The operator indicated that there were no questions at this time and handed the conference back to Dr. Gozani for closing remarks [21]
NeuroMetrix(NURO) - 2023 Q3 - Earnings Call Transcript