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Overview
Neuronetics Inc. (NASDAQ: STIM) is a commercial stage medical technology company that focuses on designing, developing and marketing innovative, noninvasive treatments for mental health and neurohealth disorders. At the heart of its portfolio is the NeuroStar Advanced Therapy System, a revolutionary transcranial magnetic stimulation (TMS) platform that utilizes MRI-strength magnetic field pulses to stimulate targeted regions in the brain. This technology is engineered to serve patients with major depressive disorder (MDD) and other psychiatric conditions, particularly for those who have not experienced satisfactory results with traditional pharmaceutical treatments.
Core Technology and Treatment Modality
Neuronetics has established its reputation by pioneering non-drug, noninvasive therapeutic solutions that redefine patient care in the mental health space. The NeuroStar Advanced Therapy System, cleared by the FDA, is designed to generate pulsed magnetic fields to induce controlled electrical currents in focus areas of the brain. This precise approach not only offers an alternative to systemic medications but also addresses the limitations of conventional treatment methods. The company’s emphasis on robust clinical data and the world’s largest depression outcomes registry reinforces its position as an authority in TMS therapy.
Business Model and Operational Focus
The primary revenue streams for Neuronetics are derived from sales of its NeuroStar system and the associated treatment sessions delivered in a clinical setting. Additionally, the company supports a network of treatment centers that provide these services, thereby integrating technology with operational excellence in patient care. By providing comprehensive clinical training and standardizing best practices through initiatives like its Better Me Provider program, Neuronetics ensures consistent treatment quality. Its business strategy is underpinned by a commitment to continuously engage with payors, healthcare providers and policy makers to expand access to TMS therapy.
Market Position and Competitive Differentiation
Neuronetics occupies a distinct niche in the growing field of neurostimulation devices. Its status as the first company to obtain FDA clearance for a noninvasive TMS device specifically indicated for patients who have not benefited from previous antidepressant medications sets it apart in a competitive market. The company’s dedication to research-driven innovation, combined with its extensive clinical adoption, reinforces its credibility among medical professionals and investors alike. Furthermore, recent strategic mergers have enhanced its operational scale, creating a vertically integrated organization that fosters consistent delivery of standardized best practices across treatment sites.
Clinical Impact and Research Excellence
At the core of Neuronetics’ approach is a commitment to improving patient outcomes. Its NeuroStar Advanced Therapy System has been validated by a significant clinical data set, establishing strong response and remission rates among patients with MDD. The system is also cleared for use in adolescent populations, addressing the critical need for early intervention in mental health care. Neuronetics continues to invest in research and development to assess the full spectrum of benefits associated with TMS therapy, thereby deepening the clinical understanding of treatment efficacy and safety.
Industry Expertise and Authoritativeness
With a dedicated team specialized in health policy advocacy and clinical education, Neuronetics bridges the gap between innovative technology and evidence-based mental health care. The firm’s ability to collaborate with both commercial and government payors to expand insurance coverage for TMS treatments showcases its expertise and strategic foresight. Its work is consistently informed by high-quality clinical research and real-world evidence, making it a trusted source of innovative mental health solutions.
Summary
In summary, Neuronetics stands out in the medical device industry by combining cutting-edge TMS technology with a patient-centric approach to mental health care. Its NeuroStar Advanced Therapy System offers a noninvasive, clinical alternative for those with depression and anxiety, backed by extensive clinical validation. Through its integrated network of treatment centers, robust clinical data and strategic collaborations, Neuronetics reinforces its authority in the neurostimulation space and continues to shape the landscape of mental health treatment.
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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