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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 retirement of Gregory Harper, VP of R&D and Clinical, effective March 31, 2021. Harper, who joined the company in 2016, will assist in the transition as a consultant until June 30, 2021. CEO Keith J. Sullivan praised Harper's contributions and expressed confidence in the team under Cory Anderson, the new VP of Clinical Affairs. Neuronetics focuses on innovative treatments for psychiatric disorders, with its NeuroStar® Advanced Therapy System being FDA-cleared for major depressive disorder in patients unresponsive to previous antidepressants.
Neuronetics (NASDAQ: STIM) announced significant upgrades to its TrakStar Cloud system, aimed at enhancing clinician productivity and patient management. The HIPAA-compliant platform improvements include advanced Outcomes Reporting, comprehensive Medication Assignments, on-demand Training Videos, a Patient Leads Tracker, and new Patient Rating Scales. These updates are designed to streamline administrative tasks for practices treating patients with Major Depressive Disorder (MDD). The enhancements are immediately available to all U.S.-based TrakStar customers.
Neuronetics (NASDAQ: STIM) announced the appointment of Cory Anderson as Vice President of Clinical Affairs and Medical Operations, effective March 1, 2021. Anderson has over 15 years of medical technology experience and will focus on advancing the NeuroStar® Advanced Therapy System for mental health. The company also approved 62,706 restricted stock units (RSUs) under its 2020 Inducement Incentive Plan for 12 new employees. NeuroStar provides a non-invasive treatment for major depressive disorder, cleared by the FDA for patients not responding to previous medications.
Neuronetics, Inc. (NASDAQ: STIM) announced its financial results for Q4 and full year 2020, reporting revenues of $15.6 million for Q4, down 10% year-over-year, primarily due to COVID-19. Annual revenue also declined 21% to $49.2 million. Despite a challenging year, fourth quarter revenue increased 25% from Q3. The company raised approximately $80.6 million through a stock offering and amended its credit facility. The gross margin for Q4 was stable at 75.8%. Looking ahead, Neuronetics anticipates 2021 revenue between $58 million and $62 million.
Neuronetics announced the publication of clinical data from the NeuroStar Outcomes Registry in Brain Stimulation, confirming that the Dash protocol (19-minute sessions) is as effective as the standard 38.5-minute TMS protocol for treating depression. Based on data from 5,010 patients, response rates reached 72%, and remission rates were 53%. This shorter treatment may enhance patient access and clinic throughput, facilitating better care for those not responding to medications.
Neuronetics, Inc. (NASDAQ: STIM) announced plans to release its Q4 and FY 2020 financial results on March 2, 2021, ahead of market open. The company will provide guidance for Q1 and full year 2021 during this update.
A conference call to discuss the results will take place at 8:30 a.m. ET on the same day. Neuronetics specializes in medical technology aimed at enhancing the quality of life for patients with psychiatric disorders, with its flagship product, NeuroStar Advanced Therapy System, using TMS to treat major depressive disorder.
Neuronetics, Inc. (NASDAQ: STIM) announced key promotions within its executive team to enhance strategic growth. Effective immediately, Steve Furlong becomes Senior VP, CFO and Treasurer; Greg Harper is now VP of Research & Development and Clinical; and Kara Thornton takes the role of VP of Human Resources. CEO Keith Sullivan emphasizes their leadership will support the company’s mission and momentum in revolutionizing treatments for psychiatric disorders. Neuronetics focuses on its NeuroStar Advanced Therapy System, FDA-cleared for treating Major Depressive Disorder in adults.
MALVERN, Pa., Feb. 10, 2021 (GLOBE NEWSWIRE) -- Neuronetics, a commercial-stage medical technology company, announced that CEO Keith Sullivan and CFO Steve Furlong will participate in a virtual fireside chat at the BTIG Virtual MedTech Conference on February 17, 2021, at 4:30 PM ET. A live audio webcast will be available on the company's investor relations page, with a replay accessible for 90 days. Neuronetics focuses on products that enhance the quality of life for patients with psychiatric disorders, including the NeuroStar® Advanced Therapy System for treating major depressive disorder.
Neuronetics, Inc. (NASDAQ: STIM) has priced an underwritten public offering of 4,840,000 shares at $15.50 each, aiming to raise approximately $75 million. Underwriters are granted a 30-day option for an additional 726,000 shares. The offering proceeds will fund general corporate purposes, including working capital and research. This offering is pursuant to a shelf registration statement filed with the SEC. The expected closing date is February 2, 2021, pending customary conditions.
Neuronetics (NASDAQ: STIM) announced an underwritten public offering of its common stock, allowing underwriters a 30-day option to purchase an additional 15% of shares. The offering's size and terms are subject to market conditions. Proceeds will be utilized for general corporate purposes, including working capital, research, and marketing. The offering follows a shelf registration statement effective since August 2019. Piper Sandler & Co. and William Blair & Company are the joint book-running managers.
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