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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, a leader in transcranial magnetic stimulation, will showcase real-world clinical data on NeuroStar Advanced Therapy for Mental Health at the Clinical TMS Society Annual Meeting in West Palm Beach, Florida, from June 10-12, 2021. Highlights include presentations on clinical outcomes from the NeuroStar Outcomes Registry, covering efficacy comparisons and treatment protocols. Neuronetics, as a Platinum Sponsor, aims to enhance awareness of TMS's benefits for major depressive disorder. With over 4 million treatment sessions delivered, the company continues to influence mental health treatment.
Neuronetics, a medical technology company listed on NASDAQ under the symbol STIM, will present at The JMP Securities Life Sciences Conference on June 17, 2021, at 10:00 AM ET. CEO Keith Sullivan and CFO Steve Furlong will lead the discussion. A live audio webcast will be available on the company's investor relations page, with an archive accessible for 90 days post-event. Neuronetics focuses on developing products like the NeuroStar® Advanced Therapy System, a TMS treatment approved by the FDA for major depressive disorder.
Neuronetics has appointed Todd Cushman as Vice President of Business Development, effective immediately. This strategic move aims to enhance the company's international strategy and commercial operations, particularly for its NeuroStar Advanced Therapy for treating Major Depressive Disorder. Cushman brings over 35 years of experience, having previously held leadership roles at Bioness, Medtronic, and Acumed. His expertise is expected to drive market innovation in mental health treatment.
Neuronetics, a medical technology company, announced participation at the William Blair 41st Annual Growth Stock Conference on June 3, 2021, at 9:40 AM ET. CEO Keith Sullivan and CFO Steve Furlong will present details about the company’s innovative products designed to enhance the lives of patients with psychiatric disorders. A live audio webcast will be available on the company’s investor relations page, with a replay accessible for 90 days. Neuronetics is known for its NeuroStar® Advanced Therapy System, FDA-cleared for treating major depressive disorder.
Neuronetics (NASDAQ: STIM) reported its Q1 2021 results with revenues of $12.3 million, up 7% from Q1 2020. U.S. treatment session revenue rose 18% to $9.6 million, while international revenue skyrocketed 63%. However, the sales of the NeuroStar system decreased by 32% year-over-year. The gross margin improved to 81.9%, and operating expenses decreased to $17 million. The company ended Q1 with $121.3 million in cash, up significantly from last year. The full-year guidance has been adjusted, expecting worldwide revenue between $59 million and $63 million.
Neuronetics, a medical technology company, announced its participation in the American Psychiatric Association’s Annual Meeting, held virtually from May 1-3, 2021. The company will present real-world clinical data on its NeuroStar Advanced Therapy for treating Major Depressive Disorder (MDD). Key presentations will cover outcomes from over 5,000 patients and the effectiveness of transcranial magnetic stimulation (TMS) in patients with MDD and comorbidities. Neuronetics continues to lead in depression treatment, having delivered 3.5 million treatments across more than 900 locations in the U.S.
MALVERN, Pa., April 20, 2021 – Neuronetics, a commercial-stage medical technology company, announced plans to release its first quarter financial results before market open on May 4, 2021. A conference call to discuss the results will be held at 8:30 a.m. Eastern Time the same day. The call will be available via webcast on the company's investor relations website. Neuronetics specializes in products for psychiatric disorders, notably the NeuroStar® Advanced Therapy System, cleared by the FDA for treating major depressive disorder.
Neuronetics, Inc. (NASDAQ: STIM) announced the retirement of Brian Farley as Chairman of the Board after 11 years, effective May 27, 2021. Robert Cascella, appointed to the Board on April 1, 2021, will succeed him. Farley has been instrumental in commercializing the NeuroStar Advanced Therapy for mental health. CEO Keith Sullivan expressed gratitude for Farley’s contributions and optimism for Cascella’s leadership. The Board will comprise seven members post-transition.
Neuronetics, Inc. (NASDAQ: STIM) announced the appointment of Robert A. Cascella to its Board of Directors, expanding the board to eight members. Cascella brings over 30 years of healthcare leadership experience, including roles at Royal Philips and Hologic. His expertise is expected to guide Neuronetics in enhancing its market position, particularly with the NeuroStar Advanced Therapy for Mental Health. This therapy offers a non-invasive treatment for major depressive disorder, approved by the FDA for patients who haven't responded to other medications.
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