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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 BlueCross BlueShield of Mississippi will allow non-physician practitioners to prescribe Transcranial Magnetic Stimulation (TMS) for treating major depressive disorder (MDD). This policy change aims to enhance patient access to NeuroStar therapy, a non-invasive treatment effective for drug-resistant depression.
With over 855,716 covered lives in Mississippi, the policy lowers the medication trial requirement from four to two before TMS treatment. Neuronetics emphasizes the importance of mental health and has delivered over 5.3 million NeuroStar treatments, supporting its leadership in the TMS sector.
Neuronetics (NASDAQ: STIM) has announced its fifth FDA clearance in under two years, enhancing the NeuroStar system with improved Wi-Fi capabilities. This advancement allows providers greater flexibility in system placement and offers expanded connectivity options for TrakStar, facilitating better operational efficiency.
Dr. Kenneth Pages, a NeuroStar provider, expressed excitement over the new feature, stating it enables a focus on patient care while simplifying operations. The update is part of a broader initiative, which includes software releases for the TrakStar Patient Data Management System and a new educational campaign aimed at NeuroStar providers. The company continues to focus on improving neurohealth treatment options, underscoring its commitment to investing in technology that enhances patient and provider experiences.
Neuronetics, Inc. (NASDAQ: STIM) announced a new credit facility with SLR Capital Partners, allowing borrowings up to $60 million. This includes a Term A Loan of $35 million fully drawn prior to the amendment and additional loans totaling $25 million. The facility's maturity is set for March 29, 2028. The company aims for cash flow breakeven by 2024. Furthermore, Neuronetics provided Greenbrook TMS with a $6 million promissory note, part of a revised device supply agreement. The note bears interest of 7.65% and matures on March 31, 2027. Both agreements are intended to strengthen Neuronetics' balance sheet and support growth.
Neuronetics, Inc. (NASDAQ: STIM) has been awarded the Patient Impact Award for 2022 by Life Sciences Pennsylvania in recognition of its contributions to improving patient outcomes for mental health disorders.
President and CEO Keith J. Sullivan expressed pride in the company's role in providing non-invasive treatment solutions for individuals with depression. NeuroStar, Neuronetics' flagship product, is recognized as the leading FDA-cleared transcranial magnetic stimulation (TMS) treatment, having completed over 5.3 million treatment sessions across 147,000 patients.
Neuronetics (NASDAQ: STIM) reported its Q4 and full-year 2022 results, highlighting a 21% revenue increase in Q4, totaling $18.2 million, and an 18% annual increase to $65.2 million. U.S. treatment session revenue in Q4 reached a record $12.5 million. The company signed an expanded partnership with Greenbrook TMS, enhancing access to NeuroStar Advanced Therapy. Despite growth, the net loss for Q4 2022 was $(8.3) million and $(37.2) million for the full year, with increasing operating expenses driven by sales force expansion. Cash reserves decreased to $70.3 million by year-end.
Neuronetics announced that United HealthCare (UHC) has revised its transcranial magnetic stimulation (TMS) coverage criteria, significantly easing access for depression patients. The new guidelines reduce the number of prior medication failures required for TMS eligibility from four to two and eliminate the need for evidence-based psychotherapy trials. As UHC covers approximately 23.8 million lives, this change could greatly increase patient access to NeuroStar Advanced Therapy. The updates follow Neuronetics' recent positive developments in TMS coverage, including favorable changes in NGS Medicare policies.
Neuronetics, Inc. (NASDAQ: STIM) announced the granting of inducement awards to eight new non-executive employees, totaling 37,518 Restricted Stock Units (RSUs). These RSUs are part of Neuronetics' 2020 Inducement Plan and vest in three equal installments over three years, contingent on continued employment. This move is in accordance with NASDAQ regulations and aims to attract talent to support the company's mission in enhancing mental health care. Neuronetics focuses on developing non-invasive treatments for neurohealth disorders, notably through its NeuroStar® Advanced Therapy system, a leading solution for major depressive disorder.
Neuronetics (NASDAQ: STIM) has launched its first TrakStar® Patient Data Management System software update alongside an educational campaign titled Get There FASTER with TrakStar. This initiative is designed to help NeuroStar providers maximize the software’s features, enhancing patient access to treatment. The updates include a new electronic Benefits Investigation process, allowing practices to manage patient coverage and track individual outcomes more efficiently. With these enhancements, Neuronetics aims to improve healthcare delivery for patients with neurohealth disorders, reinforcing its commitment to transform lives through innovative technology.
MALVERN, Pa., Feb. 22, 2023 – Neuronetics, Inc. (NASDAQ: STIM) announced plans to release fourth quarter 2022 financial results before the market opens on March 7, 2023. A conference call will be held at 8:30 a.m. ET that same day to discuss the results. The call will be available via a live webcast and participants are encouraged to join 10 minutes early. Neuronetics focuses on non-invasive treatments for neurohealth disorders, including its FDA-cleared NeuroStar Advanced Therapy for major depressive disorder (MDD) and anxiety.
Neuronetics participated as a Silver Sponsor at the 5th International Brain Stimulation Conference in Lisbon (Feb 19-22, 2023), showcasing significant findings from the NeuroStar Outcomes Registry. Research presented by Dr. Harold Sackeim established a strong dose-response relationship between the number of transcranial magnetic stimulation (TMS) sessions and improved outcomes for patients with major depressive disorder (MDD). It was highlighted that completing the full course of treatment, potentially exceeding 36 sessions, is crucial for effective results. This research, based on over 7,000 patients, reinforces NeuroStar's leading position in mental health treatment.
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