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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), a leader in non-invasive medical technology for neurological disorders, has announced that CEO Keith Sullivan and CFO Steve Furlong will present at the William Blair 42nd Annual Growth Stock Conference on June 8, 2022, at 2:20 PM ET. The presentation will be accessible via a live audio webcast on the company's investor relations website, with a replay available for 90 days. Neuronetics is renowned for its NeuroStar® Advanced Therapy, a leading TMS treatment for depression, with over 4.3 million procedures performed to date.
Neuronetics, Inc. (NASDAQ: STIM) has published a new peer-reviewed paper in Brain Stimulation Journal, analyzing outcomes from the largest depression registry. The study evaluated 3,871 patients with Major Depressive Disorder (MDD) who underwent Transcranial Magnetic Stimulation (TMS) using High Frequency Left Unilateral (HF-LUL) or Sequential Bilateral (SBL) protocols. Findings revealed that both treatment approaches were effective, with no significant advantage for SBL over HF-LUL. Additionally, the study highlighted that treatment order in SBL affects outcomes.
Neuronetics, a medical technology company, reported strong Q1 2022 results with revenues of $14.2 million, exceeding guidance. This marks a 15% increase year-over-year, driven by a 108% increase in NeuroStar System revenue. Notable achievements include FDA clearance for treating Obsessive-Compulsive Disorder and long-term partnerships with Greenbrook TMS and Transformations Care Network.
Despite the growth, the company faced challenges, including a net loss of $10.8 million and a decrease in treatment session revenue by 2%. They expect full-year revenue between $58.0 million and $62.0 million.
Neuronetics, Inc. (NASDAQ: STIM) has announced an extended commercial partnership with Transformations Care Network, enhancing access to NeuroStar systems, which provide transcranial magnetic stimulation (TMS) for mental health treatment. The partnership aims to support the growing number of Americans facing mental health disorders, facilitating better patient access to care. Neuronetics, a leader in TMS technology, emphasizes its commitment to improving quality of life through non-invasive treatment options backed by extensive clinical research.
Neuronetics (NASDAQ: STIM) announced its participation as the only Platinum Sponsor at the Clinical TMS Society Annual Meeting in Chicago from May 12-14, 2022. The company will present new findings from the NeuroStar Outcomes Registry, the largest depression outcomes registry globally. Key discussions include the impact of transcranial magnetic stimulation (TMS) on reducing anxiety in patients with major depressive disorder. Additionally, NeuroStar has recently received FDA clearance for its TMS therapy as an adjunct treatment for Obsessive-Compulsive Disorder (OCD).
Neuronetics, Inc. (NASDAQ: STIM) has filed a federal lawsuit against Brainsway Ltd. for unfair competition, claiming the company misrepresented efficacy data regarding its NeuroStar Advanced Therapy for treating anxious depression. Neuronetics alleges that Brainsway manipulated data by comparing incomplete treatment results with aggregated full-course data from separate studies, misleading clinicians and patients. The lawsuit seeks monetary damages and injunctive relief. CEO Keith J. Sullivan emphasizes the company's commitment to defending its data integrity and improving mental health treatment standards.
Neuronetics, Inc. (NASDAQ: STIM) announced the granting of inducement awards to eight new employees, in accordance with NASDAQ Listing Rule 5635(c)(4). The awards consist of 152,939 Restricted Stock Units (RSUs), valued at the closing trading price on Nasdaq, vesting in three equal installments over three years. This move aims to enhance employee retention and incentivize new hires. Neuronetics is focused on improving mental health through innovative treatments, highlighted by its FDA-cleared NeuroStar Advanced Therapy system, which has delivered over four million treatments for depression.
Neuronetics, a leader in neurohealth technology, will release its first quarter 2022 financial results on May 12, 2022, before the market opens. A conference call to discuss these results is scheduled for the same day at 8:30 a.m. ET, accessible via a webcast on their investor relations site. Neuronetics offers the NeuroStar Advanced Therapy system, a leading treatment for major depressive disorder, with over four million treatments delivered. The system is FDA-cleared and backed by extensive clinical research.
Neuronetics (NASDAQ: STIM) and Greenbrook TMS Inc. have entered a five-year commercial agreement to enhance their collaboration in TMS therapy. This agreement allows Greenbrook to exclusively purchase TMS devices from Neuronetics, which will in turn provide marketing support and better pricing. Greenbrook operates 149 treatment centers and has delivered over 790,000 TMS treatments to patients with depression. The partnership aims to increase awareness of NeuroStar therapy and improve patient access, amid rising mental health concerns in America.
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