Welcome to our dedicated page for Neuronetics news (Ticker: STIM), a resource for investors and traders seeking the latest updates and insights on Neuronetics stock.
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 (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.
Neuronetics, Inc. (NASDAQ: STIM) announces the promotion of Sara Grubbs to Senior Vice President and Chief Revenue Officer. This move is aimed at aligning revenue-generating functions across the company. Since joining in 2020, Grubbs has notably transformed the sales organization and enhanced education initiatives, boosting sales productivity. Under her guidance, the NeuroStar Advanced Therapy footprint expanded with 250 new accounts and 440 NeuroStar systems added. The company has also entered significant partnerships, including an exclusive agreement with Greenbrook TMS, the largest TMS provider in the U.S. Grubbs aims to strengthen organizational frameworks to maximize revenue.
Neuronetics, Inc. (STIM) announced a significant update to healthcare policy from National Government Services (NGS) that expands access to its NeuroStar TMS therapy for major depressive disorder (MDD). Effective April 1, 2023, non-physician practitioners (NPPs) will be able to prescribe and administer TMS, reducing the medication failure requirement from four to two prior treatments. This change aims to improve patient care amid a nationwide mental health crisis, allowing more individuals affected by MDD to receive non-drug treatment.
Neuronetics remains committed to advocating for health policy changes, enhancing patient access to potentially life-saving therapies.
Neuronetics has announced an expanded partnership with Greenbrook TMS through 2028, making Neuronetics the exclusive supplier of TMS equipment for Greenbrook. The agreement focuses on replacing existing TMS devices with Neuronetics’ NeuroStar systems and includes co-branding, co-marketing, and joint product development initiatives. This collaboration aims to enhance patient awareness and access to care for treating mental health disorders.
Neuronetics is a leader in TMS therapy, with over 4.3 million treatments delivered to patients with major depressive disorder (MDD). The partnership is seen as a significant step to advance TMS as a treatment option.
MALVERN, Pa., Jan. 18, 2023 – Neuronetics, Inc. (NASDAQ: STIM) has announced the granting of inducement awards to three new non-executive employees as part of their hiring process. These awards, totaling 11,344 Restricted Stock Units (RSUs), have a fair value based on the closing stock price on the Nasdaq Global Select Market. The RSUs will vest in equal installments over three years, contingent on continued employment. Neuronetics, recognized as a leader in neuroscience, aims to enhance mental health treatment with its NeuroStar® Advanced Therapy system, which is FDA-cleared for major depressive disorder and other conditions.
FAQ
What is the current stock price of Neuronetics (STIM)?
What is the market cap of Neuronetics (STIM)?
What does Neuronetics, Inc. specialize in?
What is the NeuroStar Advanced Therapy System?
Is NeuroStar therapy FDA-approved?
How does NeuroStar therapy work?
What recent advancements has Neuronetics made?
How is Neuronetics improving access to mental health treatments?
What is the Better Me Guarantee Provider Program?
How has Neuronetics performed financially?
What is the company's approach to mental health?
How can I contact Neuronetics for support?
