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Neuronetics, Inc. (NASDAQ: STIM) is a pioneering medical technology company renowned for its NeuroStar Advanced Therapy System, which uses transcranial magnetic stimulation (TMS) to treat psychiatric and neurological disorders. Headquartered in Malvern, PA, Neuronetics has established itself as a leading force in the non-invasive treatment of major depressive disorder (MDD), particularly for patients who have not found relief from standard antidepressant medications.
The company's flagship product, the NeuroStar Advanced Therapy System, is FDA-cleared for the treatment of MDD in adults and approved for additional indications, including obsessive-compulsive disorder (OCD) and anxious depression in patients exhibiting comorbid anxiety symptoms. Notably, NeuroStar recently received FDA clearance to treat adolescents aged 15-21, making it the first TMS therapy to be approved for this age group. This expanded clearance has significantly increased Neuronetics' market potential, addressing an underserved segment of the population.
Neuronetics continues to make strides in both product development and market reach. The recent advancements in their TrakStar® Patient Data Management System have enhanced the way healthcare providers manage and document patient treatment, improving workflow and patient outcomes. Furthermore, the company has forged strategic partnerships, such as the five-year exclusive agreement with Transformations Care Network, facilitating greater access to NeuroStar TMS across multiple states.
The company's commitment to enhancing mental health treatment accessibility is evident through its proactive health policy advocacy. Neuronetics is the only TMS company with a dedicated health policy team, actively working with providers and payors to update coverage criteria. This effort has yielded favorable changes in insurance coverage, making TMS therapy more accessible to those in need.
Financially, Neuronetics has shown promising growth. In the fourth quarter of 2023, the company reported a 12% increase in total revenue, driven primarily by an uptick in NeuroStar treatment session sales. The gross margin improved to 77.6%, bolstered by strong revenue growth and efficient expense management. The company's strategic initiatives, including the Better Me Guarantee Provider Program, aim to further enhance patient care and treatment accessibility. With a robust pipeline of projects and ongoing financial improvements, Neuronetics is well-positioned for sustained growth and innovation in the mental health sector.
Neuronetics, Inc. (NASDAQ: STIM) reported a 20% increase in Q3 2022 revenue, totaling $16.5 million, compared to $13.8 million in Q3 2021. The U.S. treatment session revenue reached a record $11.9 million, with a 51% rise in NeuroStar System revenue. The company raised its full-year revenue guidance to $63-64 million. Positive regulatory updates include FDA clearance for the D-Tect™ MT Accessory, and multiple TMS coverage policies improving patient access. However, operating expenses increased by 14.6% to $20.4 million, with a net loss of $(7.6) million, slightly better than the previous year.
Neuronetics, Inc. (NASDAQ: STIM) has been awarded the 2022 bronze medal in the HealthTech category by the Merit Awards for its NeuroStar Advanced Therapy, a notable innovation in mental health treatment.
NeuroStar offers a non-drug solution for psychiatric disorders, particularly depression. Over 4.8 million treatments have been delivered, supported by extensive clinical data. CEO Keith J. Sullivan emphasized the company's commitment to improving patient lives and continuing innovation in neurohealth.
MALVERN, Pa., Oct. 25, 2022 (GLOBE NEWSWIRE) -- Neuronetics, Inc. (NASDAQ: STIM) plans to release its Q3 2022 financial results on November 8, 2022, prior to market open. A conference call will follow at 8:30 a.m. ET to discuss the results, with a live webcast available. Neuronetics focuses on improving mental health through its NeuroStar Advanced Therapy, a non-invasive treatment for mood disorders like major depressive disorder (MDD) and obsessive-compulsive disorder (OCD). NeuroStar has delivered over 4.8 million treatments and is backed by extensive clinical data.
Neuronetics (NASDAQ: STIM) has announced updates to its TrakStar platform to improve the patient management experience for NeuroStar providers. These enhancements streamline patient identification and re-treatment processes, supporting clinicians in managing treatment for drug-resistant depression. The upgrades include a simplified interface, automated patient candidate generation through the PHQ-10 tool, and improved benefits investigation integration. This marks the third enhancement of the TrakStar platform in 2022, reflecting Neuronetics’ ongoing commitment to innovation and support for mental health treatment.
Neuronetics announced the grand opening of NeuroStar University in Charlotte, North Carolina, the first training center in the TMS industry aimed at enhancing best practices for mental health treatment.
This facility will provide comprehensive education to help practices deliver optimal outcomes with NeuroStar Advanced Therapy. The curriculum includes Learn, Connect, and Grow components to enhance treatment quality for patients with drug-resistant depression.
Currently, NeuroStar University offers free two-day classes for existing practices.
Neuronetics, Inc. (NASDAQ: STIM) has granted inducement awards to 12 new non-executive employees, complying with NASDAQ Listing Rule 5635(c)(4). A total of 55,680 Restricted Stock Units (RSUs) were awarded, with vesting occurring in three equal installments over three years, contingent on continued service. The RSUs are part of the Neuronetics 2020 Inducement Plan. As a leader in neuroscience and TMS treatment, Neuronetics aims to enhance life quality for those with neurohealth disorders, including major depressive disorder.
Neuronetics (NASDAQ: STIM) reported Q2 2022 revenue of $16.3 million, exceeding guidance of $15.0 million to $16.0 million. This marks a 15% increase from Q2 2021, driven by a 70% rise in NeuroStar System sales, achieving a record 59 systems sold. Operationally, the company secured FDA clearance for treating OCD and anxious depression, and forged a long-term partnership with Alleviant Health Centers. However, net loss rose to $10.4 million, and international revenues fell by 50%. For 2022, revenue guidance is set between $60.0 million and $62.0 million.
MALVERN, Pa., July 28, 2022 - Neuronetics (NASDAQ: STIM), a medical technology company, will present at the Canaccord Genuity 42nd Annual Growth Conference on August 11, 2022, at 11:30 am ET. CEO Keith Sullivan and CFO Steve Furlong will lead the presentation, which will be available via a live audio webcast on the company's investor relations page. Neuronetics, known for its NeuroStar® Advanced Therapy system, specializes in treatments for neurological disorders and aims to enhance life quality for patients with mental health conditions through innovative, FDA-cleared solutions.
Neuronetics (NASDAQ: STIM) announced a partnership with Alleviant Health Centers to expand access to its NeuroStar Advanced Therapy for mental health. This agreement makes Neuronetics the exclusive supplier of transcranial magnetic stimulation (TMS) equipment to Alleviant, with six NeuroStar systems to be delivered in 2022. NeuroStar, a proven non-drug treatment for major depressive disorder (MDD), has delivered over 4.5 million treatments with an 83% response rate. Alleviant aims to enhance patient care by upgrading its TMS devices, highlighting the synergy in improving mental health treatment.
MALVERN, Pa., July 19, 2022 (GLOBE NEWSWIRE) -- Neuronetics, focused on neurohealth disorders, will release its second quarter 2022 financial results before market open on August 2, 2022. A conference call to discuss the results will take place at 8:30 a.m. Eastern Time, accessible via webcast. Neuronetics is a leader in TMS therapy, with over 4.3 million treatments delivered for major depressive disorder. Their NeuroStar® system is FDA-cleared and emphasizes the importance of mental health, aiming to improve patients' quality of life.
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