Full Press Release Details
Medical Technologies Announces Restatement of Financial Results for Quarter Ending March 31, 2026
Ongoing Business Not Affected, Company Reaffirms
Product Revenue Guidance of at Least $10.5 Million for Fiscal Year 2026
Customer Order Modification at Quarter-End Resulted
in Revenue Overstatement of Approximately $0.5 Million and Net Loss Understatement of Approximately $0.3 Million; No Prior Periods Impacted
EDEN PRAIRIE, Minn. - May 22, 2026
- NeuroOne Medical Technologies Corporation (Nasdaq: NMTC), a medical technology company dedicated to transforming the surgical
diagnosis and treatment of neurological disorders, today announced that it plans to amend and restate its financial statements included
in its Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, filed on May 12, 2026 (the "Form 10-Q").
During a post-release review process, on May 18,
2026, management identified an error in revenue recognition that was attributed to a customer order modification on product shipment at
the end of the quarter. The restatement does not affect the Company's product revenue guidance for fiscal year 2026, its cash position
as of March 31, 2026, or continued business activities or growth plans.
"This one-time correction does not change
our revenue projections for the year," said Dave Rosa, CEO of NeuroOne. "Our operations remain strong, our growth strategy
is unchanged, and we continue to anticipate product revenue for fiscal 2026 of at least $10.5 million."
The restatement corrects a one-time revenue overstatement
of approximately $0.5 million against initially reported revenue of $2.4 million for the quarter. This adjustment was driven by a customer
modification to certain purchase orders and related shipping documents at the end of the quarter, which inadvertently resulted in the
overstatement of related revenue entries. As a result, gross profit was overstated by approximately $0.3 million and operating loss
and net loss were understated by approximately $0.3 million for the three months ended March 31, 2026. No prior periods were impacted.
The Company has initiated and will continue to implement measures designed to improve its internal controls over financial reporting.
On May 21, 2026, the Audit Committee of the Board
of Directors, after discussion with management, determined that the Company would restate its unaudited condensed financial statements
included in the Form 10-Q, and amend its related disclosures making reference to those results. As a result, the Company's Form
10-Q, and other documents referencing those results should no longer be relied upon. The Company intends to file an amendment to the Form
10-Q in the next few weeks.
The estimates provided in this release reflect
preliminary information based on facts available to the Company's management as of the date of this release and is subject to potential
further changes upon completion of the Company's financial review and restatement procedures.
NeuroOne Medical Technologies Corporation is a
medical technology company focused on improving surgical care options and outcomes for patients suffering from neurological disorders.
NeuroOne markets a minimally invasive and high-definition/high-precision electrode technology platform with four FDA-cleared product families:
Evo Cortical Electrodes, Evo sEEG Electrodes, OneRF Ablation System (for brain), and OneRF Trigeminal Nerve Ablation
System. These solutions offer the potential to reduce the number of hospitalizations and surgical procedures, lower costs, and improve
patient outcomes by offering diagnostic and therapeutic functions. The Company is engaged in research and development for drug delivery,
basivertebral nerve ablation and spinal cord stimulation programs. For more information, visit nmtc1.com.
Forward-Looking Statements
This press release may include forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. Except for statements of historical fact, any information contained in this press release may be a forward looking
statement that reflects NeuroOne's current views about future events and are subject to known and unknown risks, uncertainties and other
factors that may cause our actual results, levels of activity, performance or achievements to be materially different from the information
expressed or implied by these forward-looking statements. In some cases, you can identify forward looking statements by the words or phrases
"may," "might," "will," "could," "would," "should," "expect," "intend,"
"plan," "forecasts," "objective," "anticipate," "believe," "estimate," "predict,"
"project," "potential," "target," "seek," "contemplate," "continue, "focused
on," "committed to" and "ongoing," or the negative of these terms, or other comparable terminology intended to
identify statements about the future. Forward looking statements may include statements regarding the Company's future financial results,
including its 2026 revenue guidance, the Company's growth strategies and pipeline, the Company's intention to amend and restate the financial
statements in the Form 10-Q, and the expected timing of filing the amendment to the Form 10-Q. Although NeuroOne believes that we have
a reasonable basis for each forward-looking statement, we caution you that these statements are based on a combination of facts and factors
currently known by us and our expectations of the future, about which we cannot be certain. Our actual future results may be materially
different from what we expect due to factors largely outside our control, including risks related to whether the Company will continue
to maintain compliance with all Nasdaq continued listing requirements, risks that our strategic partnerships may not facilitate the commercialization
or market acceptance of our technology whether due to supply chain disruptions, labor shortages or otherwise risks that our technology
will not perform as expected based on results of our pre-clinical and clinical trials risks related to uncertainties associated with the
Company's capital requirements to achieve its business objectives and ability to raise additional funds: the risk that we may not be able
to secure or retain coverage or adequate reimbursement for our technology uncertainties inherent in the development process of our technology
risks related to changes in regulatory requirements or decisions of regulatory authorities that we may not have accurately estimated the
size and growth potential of the markets for our technology risks related to clinical trial patient enrollment and the results of clinical
trials that we may be unable to protect our intellectual property rights and other risks, uncertainties and assumptions, including those
described under the heading "Risk Factors" in our filings with the Securities and Exchange Commission. These forward looking
statements speak only as of the date of this press release and NeuroOne undertakes no obligation to revise or update any forward looking
statements for any reason, even if new information becomes available in the future.
MZ Group MZ North America