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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) 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.
Neuronetics, a medical technology company listed on NASDAQ under the ticker STIM, has settled its litigation against BrainsWay concerning unfair competition allegations. The settlement mandates BrainsWay to cease using specific efficacy data related to the treatment of anxious depression with NeuroStar Advanced Therapy. CEO Keith J. Sullivan reaffirmed the company's commitment to defending its data and the efficacy of NeuroStar. This therapy is FDA-cleared for major depressive disorder and has delivered over 5 million treatments, backed by extensive clinical data.
Neuronetics, Inc. (NASDAQ: STIM) reported preliminary unaudited revenue results for Q4 and full year 2022. Q4 revenue is approximately $18.0 million, exceeding guidance of $16.0 to $17.0 million. NeuroStar Advanced Therapy revenue for Q4 is projected at $4.6 million, while U.S. Treatment Session revenue is about $12.4 million. Full year 2022 revenue is expected to be $65.0 million, surpassing guidance of $63.0 to $64.0 million. The company attributes growth to successful marketing and education efforts, aiming for continued momentum in 2023.
Neuronetics, Inc. announces the appointment of Joseph H. Capper to its Board of Directors, effective January 1, 2023. Capper, with nearly 30 years of experience in med-tech, previously led BioTelemetry, Inc. and CCS Medical Inc. His expertise is expected to enhance Neuronetics' strategic goals, especially in addressing the growing mental health crisis post-pandemic. Capper's addition aims to strengthen the company's commitment to transforming neurohealth therapies, including the NeuroStar Advanced Therapy, which has delivered over 5 million treatments.
Neuronetics, Inc. (NASDAQ: STIM) announced the grant of 32,258 Restricted Stock Units (RSUs) to Rusty Page, VP Operations, as an inducement for his new role. This award, valued based on the December 1, 2022, closing stock price, will vest over three years subject to continued service. Neuronetics focuses on improving mental health through its NeuroStar Advanced Therapy, which is FDA-cleared for major depressive disorder and other conditions. The company emphasizes its commitment to transforming lives through innovative treatments backed by extensive clinical data.
Neuronetics (NASDAQ: STIM) has been recognized as a 2022 bronze winner by the Merit Awards in the HealthTech Patient Care category for its NeuroStar Advanced Therapy. The award highlights the company's commitment to enhancing patient care for those suffering from neurohealth disorders. With over 5 million treatments delivered, NeuroStar stands out as a leader in transcranial magnetic stimulation (TMS) treatment for major depressive disorder (MDD) and other psychiatric conditions. This accolade underscores Neuronetics' ongoing collaboration with the FDA to expand treatment indications.
Neuronetics, a medical technology company listed on NASDAQ as STIM, announced the granting of 69,758 Restricted Stock Units (RSUs) to ten new non-executive employees as part of their inducement to join the company. The RSUs vest in three equal installments over three years, contingent on continued employment. This move follows NASDAQ Listing Rule 5635(c)(4) and aims to enhance talent retention and attract skilled professionals in their field. Neuronetics focuses on neurohealth technologies, notably the NeuroStar system for treating mental health disorders.
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