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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 (NASDAQ: STIM) announced its preliminary unaudited 2024 financial results and issued 2025 guidance. For 2024, the company reported fourth-quarter revenue of $22.1 million and full-year revenue of $74.5 million. The acquisition of Greenbrook TMS was completed on December 9, 2024, contributing to these figures. The pro forma revenue for Q4 2024 was $34.7 million, while for the full year, it was $129.8 million.
Neuronetics expects 2025 revenue to grow by 12%-19%, reaching between $145 million and $155 million. The company also anticipates achieving over $22 million in annualized cost synergies and aims to be cash flow positive by Q3 2025. Key highlights include the successful integration of Greenbrook TMS, the launch of the Better Me Provider program, and FDA clearance for NeuroStar Advanced Therapy as a first-line add-on treatment for adolescents with depression.
The Better Me Provider program, launched in July 2024, has shown significant improvements in patient care and accessibility. Additionally, the FDA clearance in March 2024 expanded the addressable market for Neuronetics' NeuroStar TMS Therapy by 35%, targeting adolescents aged 15-21 with major depressive disorder.
Neuronetics (NASDAQ: STIM) has announced the granting of inducement awards to a new employee, Bill Leonard, as approved by the Company's Board of Directors' Compensation Committee. The award consists of 50,000 Performance Restricted Stock Units (PRSUs) that will vest in equal installments on December 31, 2025, 2026, and 2027. The vesting is contingent upon certain employees maintaining their employment with either Neuronetics or Greenbrook TMS Inc. through December 31, 2025. These awards were granted under the Company's 2020 Inducement Incentive Plan and comply with NASDAQ Listing Rule 5635(c)(4).
Neuronetics (NASDAQ: STIM) has announced the granting of inducement awards to new employees, approved by the Company's Board Compensation Committee under NASDAQ Listing Rule 5635(c)(4). The awards include Performance Restricted Stock Units (PRSUs) and Restricted Stock Units (RSUs) subject to the 2020 Inducement Incentive Plan.
The PRSUs will vest based on achieving cash flow breakeven targets: 25% for Q2 2025, 50% for Q3 2025, and 25% for Q4 2025. Key recipients include Bill Leonard (100,000 PRSUs), Andy Crish, Geoff Grammer, and Peter Willett (60,000 PRSUs each). RSUs were granted to multiple employees with various vesting schedules over 3-4 years.
Neuronetics (NASDAQ: STIM) has successfully completed the acquisition of Greenbrook TMS through a court-approved arrangement. Under the transaction terms, each Greenbrook share was exchanged for 0.01021 Neuronetics shares. Prior to closing, Madryn Asset Management converted their outstanding credit agreement into Greenbrook shares, representing 95.3% of total shares.
The combined company will continue operating as Neuronetics, Inc., trading on NASDAQ under 'STIM'. Greenbrook shares will be delisted from OTCQB Market. The merger aims to expand patient access to mental health treatments by combining Neuronetics' technology platform with Greenbrook's treatment center network, focusing on revenue growth and cost synergies.
Neuronetics (NASDAQ: STIM), a medical technology company specializing in neurohealth disorder treatments, has announced its participation in the Piper Sandler 36th Annual Healthcare Conference. The management team will deliver a presentation on Wednesday, December 4, 2024, at 2:30pm Eastern Time. The presentation will be accessible via live audio webcast through the investor relations section of Neuronetics' website at ir.neuronetics.com.
Neuronetics (NASDAQ: STIM) reported Q3 2024 financial results with total revenue of $18.5 million, up 4% year-over-year. U.S. NeuroStar system revenue reached $4.1 million with 48 systems shipped. The company achieved a gross margin of 75.6%, up 980 basis points from Q3 2023. However, net loss widened to $(13.3) million. Stockholders approved the acquisition of Greenbrook TMS, expected to create a vertically integrated organization. The company expects Q4 2024 revenue between $19.0-$20.0 million and full-year revenue between $71.0-$72.0 million.
Neuronetics (NASDAQ: STIM) announced the granting of inducement awards consisting of Restricted Stock Units (RSUs) representing 13,500 shares of common stock to seven new non-executive employees. The RSUs, approved by the company's Compensation Committee under NASDAQ Listing Rule 5635(c)(4), will vest in equal installments over three years on each anniversary of the grant date, contingent on continued employment. These awards were granted as material inducements for employment and are subject to the Neuronetics 2020 Inducement Plan terms.
Neuronetics (NASDAQ: STIM) reported Q3 2024 revenue of $18.5 million, up 4% year-over-year. U.S. NeuroStar system revenue reached $4.1 million with 48 systems shipped. Treatment session revenue grew 2% compared to Q3 2023. The company reported a net loss of $(13.3) million or $(0.44) per share. Stockholders approved the acquisition of Greenbrook TMS on November 8, 2024. The company expects Q4 2024 revenue between $19.0-20.0 million and full-year 2024 revenue between $71.0-72.0 million. Gross margin improved to 75.6%, up 980 basis points from Q3 2023.
Neuronetics (NASDAQ: STIM), a medical technology company specializing in neurohealth disorders treatment solutions, has announced plans to release its third quarter 2024 financial and operating results before market open on Tuesday, November 12, 2024. The company will host a conference call at 8:30 a.m. Eastern Time on the same day to discuss the results. Investors can access the webcast in listen-only mode, with registration recommended 10 minutes before the event.
Neuronetics, Inc. (NASDAQ: STIM) announced its participation at the American Academy of Child and Adolescent Psychiatry (AACAP) conference in Seattle, WA, from October 14th-19th. The company will present data on the NeuroStar TMS System in an oral presentation at the 'Research Pipeline: New Findings on Therapeutics' session. This presentation will feature the largest study to date evaluating TMS efficacy in adolescents with depression.
Dr. Paul E. Croarkin will present the study, which demonstrates the benefits of TMS treatment for both depressive symptoms and anxiety in adolescents and young adults. The data shows a 78% response rate and 48% remission rate for this population. NeuroStar is the only TMS device FDA-cleared to treat adolescents aged 15 and older as a first-line adjunct treatment for major depressive disorder.
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