Welcome to our dedicated page for Neuronetics news (Ticker: STIM), a resource for investors and traders seeking the latest updates and insights on Neuronetics stock.
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, Inc. (NASDAQ: STIM) reported Q3 2020 revenues of $12.4 million, a 22% decline from $16.0 million in Q3 2019 due to COVID-19 impacts. However, revenue increased by 28% compared to Q2 2020. Operating expenses decreased by 33% to $12.2 million year-over-year. The installed base grew by 11% to 1,143 systems. The net loss for Q3 was $(3.4) million, an improvement from $(6.9) million in Q3 2019. The company projects Q4 2020 revenue between $13.0 and $13.5 million, and full-year revenue of $46.7 to $47.2 million.
MALVERN, Pa., Oct. 19, 2020 (GLOBE NEWSWIRE) -- Neuronetics (NASDAQ: STIM) announced the upcoming release of its third quarter 2020 financial and operating results on November 2, 2020, after market close. A conference call to discuss these results will be held at 4:30 p.m. ET the same day, available via webcast on the company’s investor relations website. Participants can join by phone using specific dial-in numbers. Neuronetics focuses on developing products that enhance the quality of life for patients with psychiatric disorders, including the FDA-cleared NeuroStar® Advanced Therapy System for major depressive disorder.
Neuronetics (NASDAQ: STIM) announced the publication of clinical data from its NeuroStar Outcomes Registry in the Journal of Affective Disorders, suggesting that NeuroStar Advanced Therapy may be considered a first-line treatment for Major Depressive Disorder (MDD). The registry, launched in 2016, includes data from over 5,000 patients and indicates robust antidepressant effects. Key findings show high response (58%) and remission (37%) rates, along with favorable outcomes in females. The research underscores NeuroStar's efficacy and safety in treating treatment-resistant depression during the COVID-19 pandemic.
Neuronetics (NASDAQ: STIM) announced the appointment of Sara Grubbs as Vice President of Sales, effective immediately, bringing 15 years of medical device experience. Grubbs aims to enhance NeuroStar Advanced Therapy's market presence, particularly for treating Major Depressive Disorder. The company also revealed the departure of Dan Guthrie, the Chief Commercial Officer, by year's end. A restricted stock grant of 75,000 shares was approved for Grubbs, contingent on her employment. This change comes as Neuronetics seeks growth opportunities in the psychiatric treatment market.
Neuronetics, a commercial-stage medical technology company, is promoting its NeuroStar Advanced Therapy for depression during National Depression Awareness Month. Over 300 practices nationwide are offering free consultations to educate patients about non-drug treatment options. Depression affects over 16.1 million adults in the U.S., with many not finding relief from traditional medications. The COVID-19 pandemic has increased depression rates, amplifying the need for alternative treatments like NeuroStar, which uses magnetic pulses to aid patients.
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Neuronetics is set to share key clinical data on its NeuroStar® Advanced Therapy during the Clinical TMS Society's virtual events. The data includes a pilot study on bipolar depression and findings from the largest patient registry for Major Depressive Disorder (MDD) treatment. Upcoming sessions include a product theater webinar on September 29, where results from a prospective trial on bipolar depression will be discussed. Neuronetics continues to innovate in depression treatment, emphasizing TMS's efficacy as a non-drug option.
Neuronetics, Inc. (NASDAQ: STIM) reported Q2 2020 revenues of $9.7 million, a 41% decrease from $16.6 million in Q2 2019, primarily due to COVID-19 impacts. Operating expenses fell 25% to $14.3 million. As of June 30, 2020, cash and cash equivalents totaled $54 million. The installed base grew 15% to 1,122 systems. The company received favorable reimbursement changes from major payers, potentially enhancing access to its NeuroStar therapy. Despite negative trends, management remains optimistic about recovery in the latter half of the year.
Neuronetics, Inc. (NASDAQ: STIM) announced the hiring of Keith J. Sullivan as President and CEO on July 14, 2020. In connection with this appointment, the Board of Directors approved significant long-term equity incentives for Sullivan. These include 500,000 restricted stock units (25% vesting annually), 500,000 performance restricted stock units (vesting based on stock price appreciation), and 1,000,000 non-qualified stock options with an exercise price of $1.98. This decision aligns with Nasdaq Listing Rule 5635(c)(4) and reflects the company's commitment to incentivize leadership.