NeuroMetrix, Inc. (NURO), a healthcare company, has increased by 14.73% in aftermarket trading sessions. As a result, NURO stock is changing hands at $9.89 at the time of this writing. On Wednesday, NURO stock closed the day at $8.62 after declining 8.10% in the regular trading session. The reason for the decline seems to be the NeuroMetrix submission to FDA De Novo request.
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NURO submitted De Novo request
On Wednesday, NURO announced the submission of a De Novo request to the US FDA for Quell as a prescription treatment for the symptoms of fibromyalgia in adults. The company said that it received the FDA breakthrough designation for this indication during July. Fibromyalgia is a chronic pain condition. It is accompanied by sleep, fatigue, cognitive disturbance as well as capriciousness in the mood. It affects some 2 to 6 percent of the US population. The cause of the disease is unclear, but the scientific community points toward the abnormalities that take place with the brain. The data submitted by NeuroMetrix in the support of De Novo request included the results from a sham-controlled trial. A total of 119 subjects with fibromyalgia were enrolled and randomly used a standard or modified quell device for three months of home use. 57% of the ones on active treatment exhibited meaningful improvement in their health-related quality of life.
NURO Q2 2021 financial results
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On 22nd July, NURO reported the quarterly results for the second quarter of the fiscal year 2021, which ended 30th June 2021. According to the details, the company generated a revenue of $2.21 million during the quarter, while during the equivalent period of 2020, the revenue stood at $1.35 million. The gross profit for the period remained at 41.65 million, while during the equivalent period of 2020. it remained at $0/49 million. The total operating expenses for the period remained at $2.18 million, while for an equivalent period of 2020, these were $1.71 million. The company suffered a loss of $0.3 million from the operations, while during the equivalent period of 2020, the loss from operations remained at $0.85 million. The net loss for the three months remained at $0/53 million, while for an equivalent period of 2020, it was $0.85 million. The company had cash and cash equivalents of $8.36 million on 30th June. The total assets stood at $10.76 million.
What’s ahead for NURO?
During the last quarter, NURO stock has surged by 155%, mainly on the back of solid agreements and strong quarterly results. Analysts believe that NURO stock would not lose its momentum going forward in the future.