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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 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.
Neuronetics has announced that its NeuroStar Advanced Therapy Outcomes Registry, the largest registry for Major Depressive Disorder (MDD), has enrolled over 10,000 patients across 116 U.S. clinical sites. Results show that 73% of patients experienced significant improvement in depression symptoms, with 52% achieving remission. These findings support the efficacy of NeuroStar’s non-invasive TMS treatment, especially in the context of increasing depression rates. The registry data is paving the way for advancements in treatment protocols for MDD.
Neuronetics, Inc. (NASDAQ: STIM) reported preliminary unaudited revenue results for Q4 and full-year 2020. Q4 revenue is projected between $15.0 and $15.5 million, exceeding guidance of $13.0 to $13.5 million, marking a 21% to 25% increase from Q3 2020. Full-year revenue is expected between $48.7 and $49.2 million, down 22% compared to $62.7 million in 2019 due to COVID-19. The company anticipates revenue recovery in 2021, pending no further COVID-19 disruptions.
MALVERN, Pa., Jan. 07, 2021 - Neuronetics, trading under NASDAQ: STIM, announced its participation in the 23rd Annual ICR Westwicke Conference on January 14, 2021. CEO Keith Sullivan and CFO Steve Furlong will present at 12:15 PM, followed by a panel discussion titled 'Non-Drug Therapeutics: Devices Changing the Treatment Paradigm' at 1:45 PM. The event will feature a live audio webcast accessible on the company's investor relations page, with an archived replay available for 90 days.
Neuronetics focuses on improving patient lives through its NeuroStar® Advanced Therapy System, an FDA-cleared treatment for major depressive disorder.
Neuronetics, Inc. (NASDAQ: STIM) announced an expansion of its sales organization to enhance its commercial capabilities. This initiative includes adding 13 Business Development Managers and 9 NeuroStar Practice Consultants, increasing their respective totals to 22 and 27. The company also supplemented its sales management and clinical training teams. Additionally, on January 4, 2021, it granted 267,358 restricted stock units to 23 new employees under its 2020 Inducement Plan to foster long-term engagement.
Neuronetics, Inc. (NASDAQ: STIM) announced an amendment to its term loan agreement with Solar Capital Partners, enhancing financial flexibility for 2022. The amendment divides a $15 million second tranche loan into three $5 million tranches, contingent on achieving specific revenue targets. Following a $50 million credit facility agreement initiated in March 2020, Neuronetics drew $35 million from the initial tranche and restructured its borrowing options to adapt to challenges posed by COVID-19. This new arrangement is expected to support continued growth and product adoption.
Neuronetics, a medical technology company focused on psychiatric disorders, announced participation in the Piper Sandler 32nd Annual Virtual Healthcare Conference on December 2, 2020. CEO Keith Sullivan and CFO Steve Furlong will present, with a pre-recorded webcast available on their investor relations page. Neuronetics markets the NeuroStar® Advanced Therapy System, a non-invasive TMS treatment for major depressive disorder, FDA-cleared for patients not responding to antidepressants. The system is also available in Japan under national health insurance.
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