NeuroMetrix, Inc. (Nasdaq: NURO), a health care company transforming patient care through neurotechnology, today announced its third quarter financial results.
Total revenues for the quarter were $6.3 million, compared with $7.1 million for the third quarter of 2008. Revenues in the quarter were comprised of 11% medical equipment sales and 89% consumables sales in comparison with 6% and 94%, respectively, for the third quarter of 2008. Medical equipment sales consist of nerve conduction testing devices (ADVANCE™ and NC-stat®) and related modules, and service agreement revenues. Consumables sales include single use nerve-specific electrodes, EMG needles, and other accessories. Gross margin in the quarter was 71.1% of total revenues compared with 70.6% for the third quarter of 2008. Net loss for the quarter was $9.3 million ($0.57 per share) and included a charge of $7.4 million for the revaluation of warrants that were issued in the September financing to fair value as of September 30, 2009. In comparison, net loss for the third quarter of 2008 was $7.9 million ($0.57 per share) and included a $0.2 million investment impairment charge and a $5.5 million loss from discontinued operations.
For the nine months ended September 30, 2009 total revenues were $19.9 million compared with $23.9 million for the comparable period in 2008. Revenues for the nine months were comprised of 11% medical equipment sales and 89% consumables sales in comparison with 7% and 93%, respectively, for the nine months ended September 30, 2008. Gross margin for the nine months was 71.4% of total revenues compared with 72.0% for the nine month period in 2008. Net loss for the nine month period ended September 30, 2009 was $12.3 million ($0.84 per share) and included the charge of $7.4 million for the revaluation of warrants. In comparison, net loss for the comparable period in 2008 was $23.6 million ($1.72 per share) and included a $2.2 million investment impairment charge and a $7.0 million loss from discontinued operations.
Cash and investments totaled $32.0 million as of September 30, 2009.
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