In a recent news release, NeuroMetrix, Inc. (NASDAQ: NURO), the company behind the innovative Quell® wearable pain relief system, announced that more than one million hours of therapy and health data have been uploaded to the Quell Health Cloud as of August 1, 2016. The total marks a major milestone in the market growth of the company’s drug-free wearable, which was originally launched in June 2015. When individuals wear Quell, data and objective feedback are collected in order to give them a better idea of their therapy utilization, sleep characteristics and activity levels. All of this data is also securely backed up on the Quell Health Cloud, offering NeuroMetrix additional insight into the efficacy of its FDA-cleared technology in helping customers manage their chronic pain.
“One million hours of therapy data uploaded to the Quell Health Cloud is an important milestone in our effort to develop Quell as a digital health intervention for chronic pain,” Dr. Shai N. Gozani, president and chief executive officer of NeuroMetrix, stated in the news release. “The Quell Health Cloud, already one of the largest chronic pain databases in the world, is growing rapidly as our customers create accounts to realize its value in helping them manage their chronic pain.”
Though NeuroMetrix is still in the early stages of processing the data retrieved from Quell users, the company provided a preliminary analysis of the information in last week’s news release. On average, Quell users employ the device to manage moderate to severe chronic pain for about six hours a day. Notably, approximately 38 percent of Quell therapy is delivered between the hours of 8 PM and 8 AM. NeuroMetrix attributes this trend to the low quality sleep that often goes hand-in-hand with chronic pain. The company added that 71 percent of Quell owners have used their device while sleeping in an effort to minimize the sleep challenges presented by chronic pain, which can include periodic leg movements that disrupt rest and increase risk for cardiovascular disease.
Last month, NeuroMetrix released its financial results for the fiscal quarter ended June 30, 2016, detailing the market performance of its Quell technology. Shipments related to the platform included 11,201 devices and 9,676 electrode reorder packages for a total invoiced value of $2.53 million. These results marked an increase of nearly 50 percent over the first quarter of 2016. Quell’s market penetration has been aided by a national TV promotion campaign, as well as expanded distribution. NeuroMetrix successfully secured initial orders for pilot programs at two major drug store chains in the second quarter, putting Quell in more than 1,500 retail locations nationwide. For prospective shareholders, these results continue to build on what has been an impressive year-to-date for NeuroMetrix, as alluded to by its CEO in a recent news release.
“We are pleased with our progress in Q2 2016,” he stated. “Our plans for penetration of the retail sector are on schedule and, largely due to increasing Quell shipments, total company revenue growth during the past four quarters has averaged 83% year-on-year. Our current marketing focus for Quell is on building widespread brand awareness through our TV and on-line promotion efforts, as well as developing retail channel experience.”
For more information, visit www.NeuroMetrix.com
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