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With the update to its DPNCheck peripheral neuropathy screening device completed, NeuroMetrix is now able to reap the benefits of last year’s investment. According to a Monday public statement, the manufacturer has started sending out devices with DPNCheck 2.0 installed. To detect peripheral neuropathy – a common ailment caused by nerve damage and manifesting itself in symptoms like weakness, stiffness, discomfort, and a pins-and-needles sensation – the DPNCheck system relies on a portable device outfitted with biosensors.
In order for the device to function properly, it must first measure the nerve conduction velocity and reaction intensity in the sural nerve of the lower leg. Both of these variables have been recognized as reliable indicators of the disorder. The point-of-care test can be finished in a little under a minute, and the findings can be generated in just 15 seconds.
When compared to the original DPNCheck, which only had a small LCD screen to display results, the updated 2.0 model has a considerably larger touchscreen display that can assist physicians through the test and show real-time results in greater detail.
“For more than a decade, our first-generation DPNCheck device has been used and trusted by thousands of providers to assess over 2 million patients,” stated NeuroMetrix CEO Shai Gozani, Ph.D. “We are excited to launch our newest version to even better address the needs of our clinical partners. We’ve opened the door to more widespread screening with a user-friendly design that makes it faster and easier for care organizations to roll out and train their point-of-care staff and deploy testing.”
Long before any other product or service, DPNCheck was NeuroMetrix’s primary cash cow. On the most recent earnings call in October, spanning the third quarter of 2022, CFO Thomas Higgins stated that approximately three-quarters of NeuroMetrix’s $2 million quarterly revenues came from DPNCheck sales.
Furthermore, the device manufacturer reported increased spending in both the second and third quarters of the previous year to help finance “product development initiatives” for DPNCheck. In addition, during the year, NeuroMetrix expanded its DPNCheck commercial staff with a focus on attracting more Medicare Advantage customers.
In the third quarter of 2022, DPNCheck revenues dropped by around 6% as a result of a dip in orders from NeuroMetrix’s biggest client. However, Gozani predicted that the device portfolio’s continued expansions will begin to generate considerable sales in 2023.
With the release of DPNCheck 2.0, NeuroMetrix announced this week that new functionality would soon be added to the platform. Released later this year, DPNCheck Cloud will provide healthcare providers with cloud-based technology that can gather screening data from large populations and engage with their customers’ electronic health record systems.
NeuroMetrix is also the manufacturer of the Quell system, which was the first non-pharmaceutical solution that the FDA approved last year to effectively treat the persistent pain that comes with fibromyalgia. The sensory nerves in the leg will be stimulated by the neuromodulation device in an effort to set off the body’s natural pain-relieving reaction.
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