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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 announces FDA clearance for TouchStar, a new three-minute intermittent theta burst (iTBS) treatment protocol for Major Depressive Disorder using the NeuroStar® Advanced Therapy System. This innovative protocol, combined with patented Contact Sensing technology, enables clinicians to deliver personalized treatment while ensuring dosage accuracy. TouchStar is set to enhance patient access to effective depression treatments. It adds to the existing NeuroStar treatment options, allowing for significantly shorter sessions. This advancement aims to address rising depression rates and improve patient outcomes.
Neuronetics, Inc. (NASDAQ: STIM) announced its management team will present at the Canaccord Genuity Virtual MedTech & Diagnostics Forum on November 19, 2020, at 12:30 PM ET. A live audio webcast will be accessible on the company's investor relations page, with a replay available for 90 days. Neuronetics focuses on improving quality of life for psychiatric disorder patients through its NeuroStar® Advanced Therapy System, an FDA-cleared, non-invasive treatment for major depressive disorder. The system is also recognized under Japan's national health insurance.
Neuronetics, Inc. (NASDAQ: STIM) reported Q3 2020 revenues of $12.4 million, a 22% decline from $16.0 million in Q3 2019 due to COVID-19 impacts. However, revenue increased by 28% compared to Q2 2020. Operating expenses decreased by 33% to $12.2 million year-over-year. The installed base grew by 11% to 1,143 systems. The net loss for Q3 was $(3.4) million, an improvement from $(6.9) million in Q3 2019. The company projects Q4 2020 revenue between $13.0 and $13.5 million, and full-year revenue of $46.7 to $47.2 million.
MALVERN, Pa., Oct. 19, 2020 (GLOBE NEWSWIRE) -- Neuronetics (NASDAQ: STIM) announced the upcoming release of its third quarter 2020 financial and operating results on November 2, 2020, after market close. A conference call to discuss these results will be held at 4:30 p.m. ET the same day, available via webcast on the company’s investor relations website. Participants can join by phone using specific dial-in numbers. Neuronetics focuses on developing products that enhance the quality of life for patients with psychiatric disorders, including the FDA-cleared NeuroStar® Advanced Therapy System for major depressive disorder.
Neuronetics (NASDAQ: STIM) announced the publication of clinical data from its NeuroStar Outcomes Registry in the Journal of Affective Disorders, suggesting that NeuroStar Advanced Therapy may be considered a first-line treatment for Major Depressive Disorder (MDD). The registry, launched in 2016, includes data from over 5,000 patients and indicates robust antidepressant effects. Key findings show high response (58%) and remission (37%) rates, along with favorable outcomes in females. The research underscores NeuroStar's efficacy and safety in treating treatment-resistant depression during the COVID-19 pandemic.
Neuronetics (NASDAQ: STIM) announced the appointment of Sara Grubbs as Vice President of Sales, effective immediately, bringing 15 years of medical device experience. Grubbs aims to enhance NeuroStar Advanced Therapy's market presence, particularly for treating Major Depressive Disorder. The company also revealed the departure of Dan Guthrie, the Chief Commercial Officer, by year's end. A restricted stock grant of 75,000 shares was approved for Grubbs, contingent on her employment. This change comes as Neuronetics seeks growth opportunities in the psychiatric treatment market.
Neuronetics, a commercial-stage medical technology company, is promoting its NeuroStar Advanced Therapy for depression during National Depression Awareness Month. Over 300 practices nationwide are offering free consultations to educate patients about non-drug treatment options. Depression affects over 16.1 million adults in the U.S., with many not finding relief from traditional medications. The COVID-19 pandemic has increased depression rates, amplifying the need for alternative treatments like NeuroStar, which uses magnetic pulses to aid patients.
Neuronetics is set to share key clinical data on its NeuroStar® Advanced Therapy during the Clinical TMS Society's virtual events. The data includes a pilot study on bipolar depression and findings from the largest patient registry for Major Depressive Disorder (MDD) treatment. Upcoming sessions include a product theater webinar on September 29, where results from a prospective trial on bipolar depression will be discussed. Neuronetics continues to innovate in depression treatment, emphasizing TMS's efficacy as a non-drug option.
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