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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, Inc. (NASDAQ: STIM) has appointed Keith J. Sullivan as President and CEO, effective immediately, marking a significant leadership change. Sullivan brings over 30 years of experience in the medical device industry, having previously served in executive roles at ZELTIQ Aesthetics and other notable companies. The Board believes his background in commercializing medical products aligns well with Neuronetics' mission to enhance patient care in psychiatric disorders. The transition comes as the company aims to optimize its strategy and drive innovation amid increasing mental health challenges exacerbated by the COVID-19 pandemic.
Neuronetics (NASDAQ: STIM) has appointed Keith J. Sullivan as President and CEO, effective immediately. Sullivan brings over 30 years of experience in the medical device industry, having previously held leadership roles at ZELTIQ Aesthetics and others. The Board is confident in his ability to drive innovation and market growth. Sullivan emphasized the importance of mental health, especially during the COVID-19 pandemic, and aims to enhance the company's go-to-market strategy. The transition follows a successful interim leadership period, with gratitude expressed to the outgoing executive team.
Neuronetics (NASDAQ: STIM) has appointed Bruce J. Shook to its Board of Directors and Audit Committee, effective immediately, filling the vacancy left by Dr. Cheryl Blanchard. As a co-founder of Neuronetics, Shook brings over 30 years of experience in the medical device industry, particularly in the field of transcranial magnetic stimulation. Chairman Brian Farley expressed confidence in Shook's ability to enhance the company's mission to improve psychiatric care with its NeuroStar Advanced Therapy System.
MALVERN, Pa., June 4, 2020 - Neuronetics, a medical technology company focused on psychiatric disorders, will present at the William Blair 40th Annual Growth Stock Conference on June 11, 2020, at 11:40 a.m. ET. The presentation will be accessible via a live audio webcast on their investor relations page. Neuronetics’ flagship product, the NeuroStar® Advanced Therapy System, uses transcranial magnetic stimulation to treat major depressive disorder in adult patients. The webcast will be archived for 90 days following the event.
Neuronetics, Inc. (Nasdaq: STIM) announced that its 2020 Annual Meeting of Stockholders will be conducted entirely via live webcast on May 26, 2020, at 9:00 am ET, due to the COVID-19 pandemic. Stockholders of record as of April 3, 2020, can participate by logging into the designated website with their control number. Proxy materials distributed earlier will remain valid for voting. The company is committed to ensuring the health and safety of its employees and stakeholders during these challenging times.
Neuronetics, a medical technology company, reported Q1 2020 revenues of $11.5 million, down 10% from $12.7 million in Q1 2019, primarily due to COVID-19 impacts. The U.S. revenue fell 11%, while international revenue increased 64%. The company's active installed base grew 20% year-over-year to 1,119 units. Operating expenses are expected to be reduced to $58-$60 million for 2020 from the previous $76-$78 million guidance following a restructuring. Net loss widened to $12.6 million, or $0.68 per share, compared to a loss of $7.5 million in Q1 2019.