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NeuroMetrix cuts sales force 40%

This article was originally published in The Gray Sheet

Executive Summary

NC-stat neuropathy diagnostic device maker eliminates 20 sales reps (40%), reducing its total to 34 reps, as part of a cost reduction program announced May 13. Company-wide, the reduction in force totals 15%. "Additional reductions in operating expenses will be implemented within sales, marketing and other functional areas," NeuroMetrix states. The Waltham, Mass.-based firm expects to fully implement the program by the end of June to save $5 million annually. On May 6, NeuroMetrix reported a 23% decline in first quarter sales compared with last year, at $9.1 million, due to reimbursement difficulties. In February, the American Medical Association CPT editorial panel failed to determine that existing Category I CPT codes were applicable to nerve conduction studies with NC-stat and instead proposed a new Category III CPT code that would "likely result in limited or no Medicare reimbursement," the company explained (1"The Gray Sheet" March 31, 2008, In Brief)
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