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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) announced the granting of inducement awards to five new non-executive employees, approved by its Compensation Committee under NASDAQ Listing Rule 5635(c)(4). The company awarded 38,252 Restricted Stock Units (RSUs), valued at the grant date fair value of its common stock, which will vest in three equal installments over three years. Neuronetics is recognized for its NeuroStar Advanced Therapy system, a leading non-invasive treatment for major depressive disorder, with over four million treatments delivered.
Neuronetics, Inc. (NASDAQ: STIM) reported its financial and operational results for Q4 and FY 2021, with Q4 revenue at $15.0 million, surpassing guidance. The company achieved a 12% annual revenue increase, totaling $55.3 million. U.S. treatment session revenue rose by 20% year-over-year, but U.S. NeuroStar Advanced Therapy System sales declined by 22%. Despite positive operational highlights like the MT Cap clearance, increased marketing effectiveness, and improved gross margins, the company faced a net loss of $31.2 million for 2021. For FY 2022, revenue is projected between $58.0 million and $62.0 million.
Neuronetics has announced a $14.5 million investment to enhance education for patients and physicians about NeuroStar® Advanced Therapy for treating major depressive disorder (MDD). Launched on March 3, 2022, the campaign, titled “Tap into a New Possibility,” aims to raise awareness of depression's impact and the treatment options available. The multi-channel strategy seeks to reach individuals struggling with MDD, highlighting the effectiveness of NeuroStar, which has delivered over 4.3 million treatments. This initiative underscores the company’s commitment to mental health.
Neuronetics, Inc. (NASDAQ: STIM) has announced plans to release its fourth quarter and fiscal year 2021 financial and operating results on March 8, 2022. The company aims to improve the quality of life for patients with neurohealth disorders through innovative medical technologies. A conference call is scheduled for the same day at 8:30 a.m. ET, which will be accessible via webcast. As a leader in transcranial magnetic stimulation (TMS) for depression, Neuronetics emphasizes its commitment to enhancing mental health treatments. Further details can be found on their investor relations site.
Neuronetics, Inc. (NASDAQ: STIM) announced an amendment to its term loan agreement with SLR Investment Corp. The adjustments allow for an extension of the interest-only period on the initial Term A Loan to 36 months, alongside a reduction of certain revenue covenants. As per the amendment, Neuronetics opted not to draw additional funds from the agreed tranches. The NeuroStar Advanced Therapy system remains a key asset, having delivered over four million treatments for major depressive disorder, reinforced by comprehensive clinical data.
Neuronetics, Inc. (NASDAQ: STIM) released preliminary unaudited revenue results for the fourth quarter and full year 2021. Fourth quarter revenue is projected between $14.5 to $15.0 million, exceeding prior guidance of $13.0 to $14.0 million. Full year revenue is expected to be $54.8 to $55.3 million, surpassing the earlier forecast of $53.3 to $54.3 million. CEO Keith J. Sullivan highlighted strong treatment volume growth, exclusive agreements with national accounts, and a positive outlook for 2022, emphasizing the company's commitment to expanding the adoption of NeuroStar Advanced Therapy.
Neuronetics, a leader in neurotechnology, announced its role as Platinum Sponsor at the 4th International Brain Stimulation Conference held from December 6-9 in Charleston, South Carolina. The company will showcase data from the world's largest depression outcomes registry, emphasizing its NeuroStar Advanced Therapy, a leading treatment using transcranial magnetic stimulation (TMS) for major depressive disorder. Industry experts will discuss TMS treatment outcomes, highlighting the significant impact of patient demographics and therapy parameters on results.
Neuronetics, a medical technology company specializing in neurohealth, announced participation in the Piper Sandler 33rd Annual Virtual Healthcare Conference. CEO Keith Sullivan and CFO Steve Furlong will engage in a fireside chat, focusing on their innovative treatment options. Neuronetics is known for its NeuroStar® Advanced Therapy, a leading FDA-cleared, non-invasive TMS treatment for depression, with over four million treatments delivered. The company aims to enhance patient quality of life through neuroscience advancements.
Neuronetics, a medical technology company, reported Q3 2021 revenue of $13.8 million, an 11% increase year-over-year. U.S. treatment session revenue rose 13% to $10.3 million. The company announced exclusive agreements with Zion Healing and Success TMS, the latter including a $10 million loan for expansion. Gross margin fell to 77.2% due to rising supply costs, while operating expenses increased by $5.6 million to $17.8 million. Net loss expanded to $(8.2) million from $(3.4) million in the prior year. The company maintains a cash reserve of $99.4 million.
Neuronetics has partnered with River Region Psychiatry Associates to supply its NeuroStar® Advanced Therapy for mental health, enhancing access to non-drug treatments for depression. The initial system deployment will be in Pelham/Helena, Alabama, with plans for broader distribution across RRPA's clinics. NeuroStar, a non-invasive treatment utilizing transcranial magnetic stimulation (TMS), has successfully delivered over 4 million treatments, showing an 83% response rate and a 62% remission rate. This collaboration aims to meet rising depression cases effectively.
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