NeuroMetrix Inc. (NURO, Financial) filed Quarterly Report for the period ended 2010-03-31.
Neurometrix Inc. has a market cap of $33.2 million; its shares were traded at around $1.44 with and P/S ratio of 1.2. NURO is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Consumables revenues, consisting of single use nerve specific electrodes, which are used with our NC-stat System and our ADVANCE System, and EMG needles, which are used with our ADVANCE System, were $3.1 million and $6.1 million for the quarters ended March 31, 2010 and 2009, respectively, a decrease of $3.0 million, or 48.9%. Three primary factors contributed to the decline
Research and development expenses for the quarters ended March 31, 2010 and 2009 were $1.7 million and $1.3 million, respectively. The comparative results included an $188,000 increase in personnel related costs, a $163,000 license maintenance fee in the first quarter of 2010, and a $126,000 increase in consulting and outside services, partially offset by an $84,000 decrease in stock-based compensation. The main focus of our research and development efforts thus far in 2010 have been on two devices: Vantage and ASCEND. Vantage is designed to facilitate nerve conduction studies by primary care physicians and other non-specialists. It will be compatible with our current pre-configured electrodes and will include additional productivity enhancing features. ASCEND is a new device that is under development and is designed to precisely deliver pharmacologic agents such as anesthetics and corticosteroids in close proximity to nerves for regional anesthesia, pain control, and the treatment of focal neuropathies such as CTS.
Sales and marketing expenses increased $750,700 to $3.3 million for the quarter ended March 31, 2010 from $2.5 million for the quarter ended March 31, 2009. The increase included $604,000 for sales staffing and related costs, and $135,000 for recruiting costs.
General and administrative expenses decreased $197,500 to $2.1 million for the quarter ended March 31, 2010 from $2.3 million for the quarter ended March 31, 2009. This decrease reflected $184,000 in reduced legal fees and a decrease in bad debt expense of $171,000, partially offset by increases of $119,000 in taxes, licenses, and fees, and $70,000 in accounting and audit fees.
Our investing activities provided $2.4 million in the quarter ended March 31, 2010. This source of cash resulted primarily from $2.5 million provided by the maturities of investments. For the quarter ended March 31, 2009, our investing activities used $3.0 million. This use of cash included $2.5 million to purchase investments, $350,000 to acquire intellectual property assets, and $108,000 paid to acquire fixed assets.
Read the The complete Report
Neurometrix Inc. has a market cap of $33.2 million; its shares were traded at around $1.44 with and P/S ratio of 1.2. NURO is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Medical equipment revenues, consisting of sales of the NC-stat and ADVANCE devices, related modules, and revenues from extended service agreements, were $580,200 and $699,000 for the quarters ended March 31, 2010 and 2009, respectively, a decrease of $118,800, or 17.0%. This decrease reflects lower average selling price, or ASP, on system shipments in the first quarter of 2010 compared to the first quarter of 2009. We shipped 74 NC-stat and ADVANCE devices, net, to new customers during the first quarter of 2010 at an ASP of $2,800. This was in comparison with 73 devices, net, shipped to new customers at an ASP of $4,400 in the first quarter of 2009.Consumables revenues, consisting of single use nerve specific electrodes, which are used with our NC-stat System and our ADVANCE System, and EMG needles, which are used with our ADVANCE System, were $3.1 million and $6.1 million for the quarters ended March 31, 2010 and 2009, respectively, a decrease of $3.0 million, or 48.9%. Three primary factors contributed to the decline
Research and development expenses for the quarters ended March 31, 2010 and 2009 were $1.7 million and $1.3 million, respectively. The comparative results included an $188,000 increase in personnel related costs, a $163,000 license maintenance fee in the first quarter of 2010, and a $126,000 increase in consulting and outside services, partially offset by an $84,000 decrease in stock-based compensation. The main focus of our research and development efforts thus far in 2010 have been on two devices: Vantage and ASCEND. Vantage is designed to facilitate nerve conduction studies by primary care physicians and other non-specialists. It will be compatible with our current pre-configured electrodes and will include additional productivity enhancing features. ASCEND is a new device that is under development and is designed to precisely deliver pharmacologic agents such as anesthetics and corticosteroids in close proximity to nerves for regional anesthesia, pain control, and the treatment of focal neuropathies such as CTS.
Sales and marketing expenses increased $750,700 to $3.3 million for the quarter ended March 31, 2010 from $2.5 million for the quarter ended March 31, 2009. The increase included $604,000 for sales staffing and related costs, and $135,000 for recruiting costs.
General and administrative expenses decreased $197,500 to $2.1 million for the quarter ended March 31, 2010 from $2.3 million for the quarter ended March 31, 2009. This decrease reflected $184,000 in reduced legal fees and a decrease in bad debt expense of $171,000, partially offset by increases of $119,000 in taxes, licenses, and fees, and $70,000 in accounting and audit fees.
Our investing activities provided $2.4 million in the quarter ended March 31, 2010. This source of cash resulted primarily from $2.5 million provided by the maturities of investments. For the quarter ended March 31, 2009, our investing activities used $3.0 million. This use of cash included $2.5 million to purchase investments, $350,000 to acquire intellectual property assets, and $108,000 paid to acquire fixed assets.
Read the The complete Report
