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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.
MALVERN, Pa., April 25, 2023 (GLOBE NEWSWIRE) -- Neuronetics, a medical technology company focused on neurohealth, announced it will release its first quarter 2023 financial and operating results before the market opens on May 9, 2023. A conference call is scheduled for the same day at 8:30 a.m. Eastern Time to discuss these results.
The call will be accessible via a live webcast and participants can register for phone access in advance. Neuronetics emphasizes the importance of mental health, offering its NeuroStar Advanced Therapy, a non-invasive treatment for major depressive disorder (MDD) and other conditions. NeuroStar has delivered over 5.3 million treatments and is backed by extensive clinical data, making it a leader in transcranial magnetic stimulation (TMS) therapies.
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.
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