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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 that Health Care Service (HCSC) has expanded access to TMS (transcranial magnetic stimulation) for adolescents 15 and older with major depressive disorder (MDD). This policy update aligns with the recent FDA clearance of NeuroStar TMS Therapy as a first-line add-on treatment for this age group. HCSC, the largest customer-owned health insurer in the U.S., will now cover TMS for adolescents 15-17 as a first-line treatment, without requiring prior medication failure.
The policy update, effective 10/1/2024, affects over 15 million covered lives through BCBS Illinois, Montana, New Mexico, Oklahoma, and Texas. This expansion follows recent policy updates from other major insurers, reflecting growing recognition of the need for earlier access to mental health treatments like NeuroStar TMS for young people.
Neuronetics, Inc. (NASDAQ: STIM) announced expanded coverage for its NeuroStar TMS Therapy, a treatment for major depressive disorder (MDD). BlueCross BlueShield of North Carolina now covers adolescents 15 years and older, affecting over 2.2 million lives. Louisiana Medicaid has introduced its first TMS coverage policy for adults 18 and older, impacting more than 1.6 million lives.
These policy updates follow recent expansions by other major insurers like Aetna and California Medicaid. NeuroStar is the first and only FDA-cleared TMS treatment for adolescents. Neuronetics' dedicated health policy team works with providers and payors to advocate for increased access to TMS therapy, addressing the growing demand for mental health treatments amidst provider shortages.
Neuronetics (NASDAQ: STIM) has announced significant upgrades to its NeuroStar Advanced Therapy and TrakStar® patient data management software. The enhancements focus on improving patient communication, streamlining clinical data capture, and strengthening cybersecurity. Key upgrades include:
1. Enhanced Patient Communication: New CRM capabilities for automated SMS and email communication, secure insurance card uploads, and multi-site communication filtering.
2. Expanded TrakStar Survey Options: Access to a wider range of automated patient clinical surveys for better monitoring of patient well-being.
3. Advanced Clinical Data Capture: Synchronization of critical clinical information between NeuroStar devices and TrakStar system.
4. Improved Security: Proactive Operating System updates to ensure safe, secure, and encrypted patient data and digital communications.
These upgrades aim to empower providers with tools for more personalized, efficient, and secure treatment of neurohealth disorders.
Neuronetics, Inc. (NASDAQ: STIM) is marking significant progress in its fight against depression during Suicide Prevention Month. The company's NeuroStar Advanced Therapy has treated 88,533 patients in less than three years, potentially saving 1,771 lives. This achievement represents the halfway point in NeuroStar's five-year goal of treating 166,240 people and saving 3,325 lives.
The NeuroStar Voices Portal, launched last year, has become a important platform for individuals to share their experiences with depression and recovery through NeuroStar therapy. Patient testimonials highlight the transformative impact of the treatment, with many describing it as life-saving.
This milestone comes at a critical time, as suicide deaths in the US reached a record high in 2022, with nearly 50,000 lives lost. NeuroStar's progress underscores the vital role of innovative mental health treatments in addressing this urgent issue.
Neuronetics, Inc. (NASDAQ: STIM) celebrates the two-year anniversary of NeuroStar University (NSU), its innovative training facility for healthcare providers using NeuroStar TMS Therapy. The milestone event in Charlotte, North Carolina, will feature award-winning patient advocate Martha Rhodes, author of '3,000 Pulses Later'. NSU has trained over 678 NeuroStar providers, with attendees treating an average of 61% more patients compared to non-attendees.
The celebration includes a private book signing with Martha Rhodes and a fireside chat between Rhodes and Neuronetics CEO Keith Sullivan. NSU's impact on clinical training and patient care will be highlighted, showcasing its role in elevating standards for treating treatment-resistant depression.
Neuronetics (NASDAQ: STIM) and Greenbrook TMS (OTCMKTS: GBNHF) have announced a definitive agreement to merge in an all-stock transaction. The merger aims to create a vertically-integrated organization providing TMS therapy with significant scale. Key benefits include:
1. Increased brand awareness for NeuroStar TMS
2. More consistent delivery of best practices
3. Enhanced benefits for all NeuroStar customers
4. Increased revenue scale with expected mid-teens growth in FY 2025 and 2026
5. At least $15 million in annualized cost savings
6. Accelerated path to profitability, with Adjusted EBITDA and cash flow positivity expected in FY 2025
The combined company will operate as Neuronetics, Inc. and trade under STIM on NASDAQ. Neuronetics shareholders will own 57% and Greenbrook shareholders 43% of the combined company. The transaction is expected to close in Q4 2024, subject to shareholder and regulatory approvals.
Neuronetics Inc. (NASDAQ: STIM) reported Q2 2024 financial results, showing a 7% decrease in total revenue to $16.5 million compared to Q2 2023. Key highlights include:
- U.S. NeuroStar Advanced Therapy system revenue of $4 million (50 systems)
- U.S. treatment session revenue decreased by 5%
- Gross margin improved to 74%
- Net loss increased to $(9.8) million, or $(0.33) per share
The company announced a definitive agreement to merge with Greenbrook TMS, aiming to create a leading mental health care provider. Neuronetics also secured a $50 million initial tranche of a debt facility with Perceptive Advisors, reducing net debt by $10 million. Several major insurers expanded TMS coverage for adolescents with depression, following FDA clearance for NeuroStar therapy in this age group.
Neuronetics, Inc. (NASDAQ: STIM), a commercial stage medical technology company specializing in neurohealth disorders, has announced the granting of inducement awards to sixteen new non-executive employees. The awards consist of Restricted Stock Units (RSUs) representing a total of 55,200 shares of the Company's common stock.
These inducement awards were approved by Neuronetics' Compensation Committee in compliance with NASDAQ Listing Rule 5635(c)(4). The RSUs will vest in equal installments over four years, with vesting occurring on the first, second, third, and fourth anniversaries of the grant date. Vesting is contingent upon the recipient's continued employment with the Company. The RSUs are subject to the terms of the Neuronetics 2020 Inducement Plan.
Neuronetics (NASDAQ: STIM) is partnering with non-profit This Is My Brave for Teen Mental Health Month in August. The initiative aims to raise awareness and provide resources for teen mental health amidst rising concerns. Over 40% of high school students report feelings of sadness or hopelessness, and nearly 70% of adolescents felt a negative impact on their mental health due to the COVID-19 pandemic.
The partnership focuses on equipping teens and communities with information and skills to navigate mental health challenges. It also advocates for the official recognition of August as Teen Mental Health Month. NeuroStar TMS Therapy is now indicated for treating depression in adolescents aged 15 and older, demonstrating Neuronetics' commitment to teen mental health.
Statistics highlight the urgency: suicide is the third leading cause of death among high school-aged youths, and 50% of mental illnesses begin by age 14. The partnership aims to address these issues and improve adolescent mental health outcomes through innovative treatment and awareness.
Neuronetics (NASDAQ: STIM), a medical technology company specializing in neurohealth disorders, has announced its participation in the Canaccord Genuity 44th Annual Growth Conference. The company's management team is set to present on Wednesday, August 14, 2024, at 3:00pm Eastern Time.
This presentation marks an important opportunity for Neuronetics to showcase its progress and future plans to investors and industry professionals. The event will be accessible via a live audio webcast on the investor relations page of Neuronetics' website at ir.neuronetics.com, allowing interested parties to tune in remotely.
As a company focused on improving the quality of life for patients with neurohealth disorders, Neuronetics' participation in this conference could provide valuable insights into their latest developments and market strategies.
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