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Neuronetics, Inc. reports company developments for a commercial-stage medical technology and healthcare business centered on neurohealth therapies. Its recurring updates cover the NeuroStar Advanced Therapy System, a transcranial magnetic stimulation platform cleared by the U.S. Food and Drug Administration for adults with major depressive disorder, adjunctive use in obsessive-compulsive disorder, anxious depression symptoms in adults with MDD, and first-line adjunctive treatment of MDD in adolescent patients aged 15-21.
News about STIM also covers operating results, U.S. and international system revenue, clinic services added through the completed Greenbrook acquisition, SPRAVATO-related clinic activity, executive and board changes, inducement equity awards, shareholder engagement, and cost-structure actions.
Neuronetics, a medical technology company, reported Q3 2021 revenue of $13.8 million, an 11% increase year-over-year. U.S. treatment session revenue rose 13% to $10.3 million. The company announced exclusive agreements with Zion Healing and Success TMS, the latter including a $10 million loan for expansion. Gross margin fell to 77.2% due to rising supply costs, while operating expenses increased by $5.6 million to $17.8 million. Net loss expanded to $(8.2) million from $(3.4) million in the prior year. The company maintains a cash reserve of $99.4 million.
Neuronetics has partnered with River Region Psychiatry Associates to supply its NeuroStar® Advanced Therapy for mental health, enhancing access to non-drug treatments for depression. The initial system deployment will be in Pelham/Helena, Alabama, with plans for broader distribution across RRPA's clinics. NeuroStar, a non-invasive treatment utilizing transcranial magnetic stimulation (TMS), has successfully delivered over 4 million treatments, showing an 83% response rate and a 62% remission rate. This collaboration aims to meet rising depression cases effectively.
MALVERN, Pa., Oct. 26, 2021 (GLOBE NEWSWIRE) -- Neuronetics, a medical technology company, will release its third quarter financial results on November 9, 2021, before market open. A conference call to discuss these results is scheduled for 8:30 a.m. ET that day, available via webcast on ir.neuronetics.com. Participants can dial in using (877) 472-8990 for U.S. callers or +1 (629) 228-0778 for international callers, referencing code 3891687. The call will be recorded and available for replay for 60 days. Neuronetics focuses on products that enhance the quality of life for neurohealth patients.
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Neuronetics, Inc. (NASDAQ: STIM) announced preliminary third-quarter revenue of approximately $13.8 million, falling short of previous guidance of $15.0 million to $16.0 million. The company now expects full-year revenue between $53.3 million and $54.3 million. The lower revenue was attributed to a new sales team's delayed productivity due to extended sales cycles linked to the ongoing Covid-19 situation. Despite this, the company is making progress on strategic initiatives, including a successful NeuroStar Summit and ongoing discussions with the FDA for potential label expansion.
Neuronetics (NASDAQ: STIM) reported preliminary revenues for Q3 2021, expecting approximately $13.8 million, lower than previously estimated guidance of $15.0 million to $16.0 million. Full-year revenue is forecasted to be between $53.3 million and $54.3 million. CEO Keith J. Sullivan attributed the shortfall to the new sales team's productivity challenges amid extended sales cycles influenced by the Covid-19 pandemic. Despite this, the company made progress on strategic initiatives, including successful marketing campaigns and productive discussions with the FDA regarding potential label expansions.
Neuronetics, Inc. (NASDAQ: STIM) has entered an exclusive five-year commercial agreement with Success TMS, which will utilize Neuronetics’ NeuroStar Advanced Therapy exclusively to treat patients with treatment-resistant major depressive disorder (MDD). Additionally, Neuronetics has made a strategic investment of $10 million to support Success TMS's growth. Success TMS aims to triple its size in the next two years, having provided over 250,000 treatments across 30 sites in six states. This partnership emphasizes the commitment to improving patient access to non-drug therapies for neurohealth disorders.
Neuronetics, a medical technology company focused on neurohealth, has announced new partnerships with mental health advocates for National Depression Education and Awareness Month. The company’s NeuroStar® Therapy leads the non-invasive treatment for depression. The campaign, featuring Dr. Melissa Shepard, aims to educate patients and physicians on this breakthrough technology. Additionally, NeuroStar is sponsoring key events to raise awareness and promote mental health research. With over four million treatments delivered, NeuroStar remains committed to transforming lives through effective non-drug therapies.
Neuronetics (NASDAQ: STIM) has partnered with Zion Healing to become the exclusive supplier of TMS equipment for Zion's mental health clinics. This agreement aims to enhance patient access to NeuroStar® Advanced Therapy, a non-invasive treatment for depression. Robert Beatty, CEO of Zion Healing, emphasized the urgent need for mental health services, while Neuronetics' President, Keith J. Sullivan, highlighted the partnership's potential to expand treatment availability. NeuroStar has delivered over 4 million treatments, demonstrating its efficacy in adult patients with major depressive disorder.
Neuronetics, Inc. (NASDAQ: STIM) announced the launch of an enhanced website aimed at improving the user experience for patients seeking information on advanced depression treatments. Market research reveals that 67% of Major Depressive Disorder patients are dissatisfied with current treatments. The new site provides essential resources, including a physician locator tool and success stories, to empower patients and healthcare providers. With rising depression rates post-COVID-19, this initiative underscores Neuronetics' commitment to addressing unmet mental health needs.