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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.
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Neuronetics (NASDAQ: STIM) reported its Q1 2021 results with revenues of $12.3 million, up 7% from Q1 2020. U.S. treatment session revenue rose 18% to $9.6 million, while international revenue skyrocketed 63%. However, the sales of the NeuroStar system decreased by 32% year-over-year. The gross margin improved to 81.9%, and operating expenses decreased to $17 million. The company ended Q1 with $121.3 million in cash, up significantly from last year. The full-year guidance has been adjusted, expecting worldwide revenue between $59 million and $63 million.
Neuronetics, a medical technology company, announced its participation in the American Psychiatric Association’s Annual Meeting, held virtually from May 1-3, 2021. The company will present real-world clinical data on its NeuroStar Advanced Therapy for treating Major Depressive Disorder (MDD). Key presentations will cover outcomes from over 5,000 patients and the effectiveness of transcranial magnetic stimulation (TMS) in patients with MDD and comorbidities. Neuronetics continues to lead in depression treatment, having delivered 3.5 million treatments across more than 900 locations in the U.S.
MALVERN, Pa., April 20, 2021 – Neuronetics, a commercial-stage medical technology company, announced plans to release its first quarter financial results before market open on May 4, 2021. A conference call to discuss the results will be held at 8:30 a.m. Eastern Time the same day. The call will be available via webcast on the company's investor relations website. Neuronetics specializes in products for psychiatric disorders, notably the NeuroStar® Advanced Therapy System, cleared by the FDA for treating major depressive disorder.
Neuronetics, Inc. (NASDAQ: STIM) announced the retirement of Brian Farley as Chairman of the Board after 11 years, effective May 27, 2021. Robert Cascella, appointed to the Board on April 1, 2021, will succeed him. Farley has been instrumental in commercializing the NeuroStar Advanced Therapy for mental health. CEO Keith Sullivan expressed gratitude for Farley’s contributions and optimism for Cascella’s leadership. The Board will comprise seven members post-transition.
Neuronetics, Inc. (NASDAQ: STIM) announced the appointment of Robert A. Cascella to its Board of Directors, expanding the board to eight members. Cascella brings over 30 years of healthcare leadership experience, including roles at Royal Philips and Hologic. His expertise is expected to guide Neuronetics in enhancing its market position, particularly with the NeuroStar Advanced Therapy for Mental Health. This therapy offers a non-invasive treatment for major depressive disorder, approved by the FDA for patients who haven't responded to other medications.
Neuronetics, Inc. (NASDAQ: STIM) announced the retirement of Gregory Harper, VP of R&D and Clinical, effective March 31, 2021. Harper, who joined the company in 2016, will assist in the transition as a consultant until June 30, 2021. CEO Keith J. Sullivan praised Harper's contributions and expressed confidence in the team under Cory Anderson, the new VP of Clinical Affairs. Neuronetics focuses on innovative treatments for psychiatric disorders, with its NeuroStar® Advanced Therapy System being FDA-cleared for major depressive disorder in patients unresponsive to previous antidepressants.
Neuronetics (NASDAQ: STIM) announced significant upgrades to its TrakStar Cloud system, aimed at enhancing clinician productivity and patient management. The HIPAA-compliant platform improvements include advanced Outcomes Reporting, comprehensive Medication Assignments, on-demand Training Videos, a Patient Leads Tracker, and new Patient Rating Scales. These updates are designed to streamline administrative tasks for practices treating patients with Major Depressive Disorder (MDD). The enhancements are immediately available to all U.S.-based TrakStar customers.
Neuronetics (NASDAQ: STIM) announced the appointment of Cory Anderson as Vice President of Clinical Affairs and Medical Operations, effective March 1, 2021. Anderson has over 15 years of medical technology experience and will focus on advancing the NeuroStar® Advanced Therapy System for mental health. The company also approved 62,706 restricted stock units (RSUs) under its 2020 Inducement Incentive Plan for 12 new employees. NeuroStar provides a non-invasive treatment for major depressive disorder, cleared by the FDA for patients not responding to previous medications.
Neuronetics, Inc. (NASDAQ: STIM) announced its financial results for Q4 and full year 2020, reporting revenues of $15.6 million for Q4, down 10% year-over-year, primarily due to COVID-19. Annual revenue also declined 21% to $49.2 million. Despite a challenging year, fourth quarter revenue increased 25% from Q3. The company raised approximately $80.6 million through a stock offering and amended its credit facility. The gross margin for Q4 was stable at 75.8%. Looking ahead, Neuronetics anticipates 2021 revenue between $58 million and $62 million.