NeuroMetrix, Inc. (NURO) saw its loss narrow to $3.23 million, or $0.91 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $4.10 million, or $1 a share.
Revenue during the quarter surged 89.26 percent to $4.31 million from $2.28 million in the previous year period. Gross margin for the quarter expanded 251 basis points over the previous year period to 37.35 percent.
Operating loss for the quarter was $3.31 million, compared with an operating loss of $4.20 million in the previous year period.
"Quell retail distribution supported by TV and social media advertising contributed to our strong commercial and financial results in Q1 2017," said Shai N. Gozani, M.D., Ph.D., President and Chief Executive Officer of NeuroMetrix. "We have also been pleased with the customer response to our second generation Quell device that was introduced at CES 2017 in January and has been shipping since February. As we look forward to the balance of 2017, we are focused on continuing to grow top line revenue while carefully managing expenses and cash consumption. We are particularly focused on improving Quell gross margin through optimization of the supply chain and development of a novel third generation device."
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