Business
Neuronetics Reports Fourth Quarter and Full Year 2019 Financial and Operating Results
MALVERN, Pa., March 03, 2020 (GLOBE NEWSWIRE) -- Neuronetics, Inc. (NASDAQ: STIM), a commercial stage medical technology company focused on designing,
About this update from Neuronetics, Inc.
[{"type":"text","content":"MALVERN, Pa., March 03, 2020 (GLOBE NEWSWIRE) -- Neuronetics, Inc. (NASDAQ: STIM), a commercial stage medical technology company focused on designing, developing and marketing products that improve the quality of life for patients who suffer from psychiatric disorders, today announced its financial and operating results for the fourth quarter and full year of 2019.\n Fourth Quarter 2019 Highlights Fourth quarter 2019 revenue of $17.4 million, an increase of 11% over the fourth quarter of 2018Fourth quarter 2019 U.S. treatment session revenue of $11.2 million, an increase of 13% over the fourth quarter of 2018Fourth quarter 2019 U.S. NeuroStar® Advanced Therapy revenue of $5.4 million, an increase of 14% over the fourth quarter of 2018Active installed base was 1,085, as of December 31, 2019, an increase of 20% over the prior year period Full Year 2019 Highlights Full year 2019 revenue of $62.7 million, an increase of 19% over the prior yearFull year 2019 U.S. treatment session revenue of $41.1 million, an increase of 17% over the prior yearFull year 2019 U.S. NeuroStar Advanced Therapy revenue of $18.0 million, an increase of 23% over the prior year Recent Operational Highlights Received FDA’s Breakthrough Device Designation for NeuroStar Advanced Therapy treatment for bipolar disorderDebt refinancing addresses near term maturities and extends the Company’s interest-only period for at least an additional 24 monthsNew loan agreement allows for a further 12-month extension of the interest-only period and an additional $15.0 million in financing subject to the achievement of certain milestones Fourth Quarter 2019 Financial and Operating Results “Our performance in the fourth quarter was in line with our expectations, and we were very pleased to see the continued rapid expansion of our active installed base, which we have sustainably grown by approximately 20% year over year over the last seven quarters,” said Chris Thatcher, President and Chief Executive Officer of Neuronetics. “The trend of increased penetration into ‘TMS only providers’ continued during the quarter, which we view as a positive as these are businesses that treat high volumes of patients across multiple treatment locations and have consistently selected NeuroStar Advanced Therapy as their TMS solution of choice for the treatment of Major Depressive Disorder.” ` Reve...