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NeuroMetrix Inc., a medical device firm that serves the neurology community, reported that revenue fell 17 percent to $6.8 million in the second quarter on slumping health care spending.
The company recorded $8.1 million in revenue in the year-earlier period.
Most of the company’s revenue, some 90 percent, came from sales of consumable medical products, while another 10 percent came from medical equipment sales.
The company’s net loss for the second quarter was approximately $1.8 million, compared with a net loss of approximately $4.9 million for 2008’s corresponding period. The company narrowed its loss by cutting both administrative and sales and marketing costs.
Shai Gozani, NeuroMetrix’s CEO, said in a prepared statement, “We believe that the decrease in our revenues from the prior year period is due to the overall reduction in health care capital purchasing.”
Gozani said other factors that weighed on its financials included uncertainty about payer reimbursement for one of its products and a 40 percent reduction in the company’s direct sales force.
Neurometrix had cash and cash equivalents of $5.5 million as of June 30.
Neurometrix (Nasdaq: NURO) stock closed at $1.91 a share Tuesday.
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