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) announced that Aetna has expanded its TMS (transcranial magnetic stimulation) coverage to include adolescents aged 15 and older with major depressive disorder (MDD). This update follows the recent FDA clearance of NeuroStar TMS as the first and only TMS treatment cleared as a first-line add-on for adolescents aged 15-21. Aetna, covering over 19.4 million lives through commercial policies, has made this policy update effective immediately.
The coverage criteria specify that TMS treatment must be administered by an FDA-cleared device in accordance with FDA labeled indications. This policy update aligns with recent momentum from both commercial and government payers to expand adolescent coverage for TMS Therapy, including updates from Medi-Cal and Humana.
Neuronetics announced that California Medicaid (Medi-Cal) has added coverage for its NeuroStar TMS therapy for adolescents and adults aged 15 and older suffering from major depressive disorder (MDD).
This follows FDA clearance for NeuroStar TMS as a first-line add-on treatment for adolescents (15-21). The new policy, impacting 14.8 million people, takes effect on August 1, 2024.
In addition to Medi-Cal, Neuronetics recently secured TMS policy updates from BlueCross BlueShield of Michigan, Cambia Health, and Humana. NeuroStar TMS is the first and only FDA-cleared TMS therapy for adolescents, with a dedicated health policy team advocating for coverage expansions.
Neuronetics, a medical technology company, announced expanded TMS (transcranial magnetic stimulation) access for adolescents aged 15 and older. BlueCross BlueShield (BCBS) of Michigan and Cambia Health Solutions updated their policies following NeuroStar TMS's FDA clearance as a first-line add-on treatment for major depressive disorder (MDD) in adolescents. BCBS Michigan covers 4.9 million lives, while Cambia Health Solutions, through its subsidiaries, covers 2.5 million lives in several states. These policy updates will be effective September 1, 2024. Neuronetics is the first TMS company with FDA clearance for adolescent treatment and a dedicated health policy team.
Neuronetics (NASDAQ: STIM) has launched the Better Me Provider (BMP) program nationwide, setting new standards for patient care in the mental health industry. The program, developed with TMS medical experts, aims to improve treatment accessibility for conditions like MDD, OCD, and anxious depression. During its pilot phase, BMP improved response times by 6.4x and enabled providers to treat 58% more patients. It also sped up patient engagement, achieving 3.6x more motor threshold determinations. Currently, 300 sites are active, with 125 more preparing to join.
Neuronetics announced its participation in the 12th Annual Clinical TMS Society (CTMSS) Meeting in London from June 13-15, 2024. They will present six posters and one oral presentation showcasing data from the NeuroStar TMS System. Highlights include early prediction of nonresponse in major depressive disorder, the impact of treatment timing, efficacy of accelerated TMS protocols, effectiveness in adolescents, and symptom sensitivity to TMS treatment. NeuroStar will also exhibit at booth #303, aiming to establish itself as the leading provider of TMS devices.
Neuronetics (NASDAQ: STIM) announced that its management team will present at the William Blair 44th Annual Growth Stock Conference on June 6, 2024, at 10:00am Central Time. The presentation will be accessible via a live audio webcast on their investor relations webpage. Neuronetics, a medical technology company, focuses on developing and marketing products to improve the lives of patients with neurohealth disorders.
Neuronetics (NASDAQ: STIM) announced that Humana is the first commercial payer to update its policy following the recent FDA clearance for NeuroStar TMS therapy for adolescents aged 15-21 with major depressive disorder (MDD). This policy change, effective April 25, 2024, comes just one month after the FDA's March 25, 2024 clearance. Humana's TMS coverage, previously to individuals 18 and older, now includes those aged 15-17, subject to medical director review. Humana covers around 600,000 commercial lives in the U.S. This significant advancement highlights the urgent mental health needs of the adolescent population and reinforces Neuronetics' strategic focus on advocating for health policy updates.
Neuronetics reported record first-quarter 2024 financial and operating results with revenue of $17.4 million, a 12% increase year-over-year. The U.S. treatment session revenue increased by 22%, and NeuroStar Advanced Therapy system revenue was $3.3 million. The company achieved a major milestone with FDA clearance for NeuroStar as a first-line adjunct treatment for adolescent major depressive disorder. Operating expenses decreased, resulting in a net loss of $(7.9) million for the quarter.
Neuronetics, Inc. granted inducement awards of Restricted Stock Units to thirteen new non-executive employees totaling 55,650 shares of common stock. The awards were approved under NASDAQ Listing Rule 5635(c)(4) as incentives for their employment. The RSU grants vest over four years subject to continued service, following the terms of the Neuronetics 2020 Inducement Plan.
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