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 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.