NeuroMetrix, Inc. (NURO) saw its loss widen to $2.81 million, or $0.52 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $2.71 million, or $3.19 a share.
Revenue during the quarter surged 35.73 percent to $3.72 million from $2.74 million in the previous year period. Gross margin for the quarter expanded 388 basis points over the previous year period to 45.46 percent.
Operating loss for the quarter was $2.86 million, compared with an operating loss of $3.32 million in the previous year period.
"We are pleased with the progress we made in 2016. Both the Quell and DPNCheck businesses are growing and are well positioned to build on the momentum we established in Q4 2016," said Shai N. Gozani, M.D., Ph.D., president and chief executive officer of NeuroMetrix. "Our three core objectives for 2017 are to grow top line revenue while demonstrating operational leverage and reduced cash consumption, to continue our strong record of product and clinical innovation, and to develop new strategic partnerships that accelerate Quell market adoption. Most importantly, we will remain true to our focus on combining bioelectrical and digital medicine to help patients and physicians better treat conditions such as chronic pain and diabetes."
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