Business
Neuronetics Reports Fourth Quarter and Full Year 2021 Financial and Operating Results
MALVERN, Pa., March 08, 2022 (GLOBE NEWSWIRE) -- Neuronetics, Inc. (NASDAQ: STIM), a commercial stage medical technology company with a strategic vision of
About this update from Neuronetics, Inc.
[{"type":"text","content":"MALVERN, Pa., March 08, 2022 (GLOBE NEWSWIRE) -- Neuronetics, Inc. (NASDAQ: STIM), a commercial stage medical technology company with a strategic vision of transforming the lives of patients whenever and wherever they need it with the best neurohealth therapies in the world, today announced its financial and operating results for the fourth quarter and full year of 2021. Fourth Quarter 2021 Highlights Exceeded guidance - Fourth quarter 2021 revenue of $15.0 million, exceeded previously issued guidance of $13.0 to $14.0 millionIncreased revenue - Fourth quarter 2021 revenue increased 9% sequentially as compared to third quarter 2021Achieved record-breaking quarterly treatment session revenue - Fourth quarter 2021 U.S. treatment session revenue of $11.2 million, compared to $11.0 million in fourth quarter 2020 Full Year 2021 Highlights Exceeded guidance - Full year 2021 revenue of $55.3 million, exceeded previously issued guidance of $53.3 to $54.3 millionFull year 2021 U.S. treatment session revenue of $41.9 millionFull year 2021 U.S. NeuroStar Advanced Therapy revenue of $9.8 million Recent Operational Highlights Attained 510(k) clearance of innovative MT Cap technology for NeuroStar, designed to make the motor threshold determination process simpler and more efficient for clinicians and patientsLaunched software innovation with FastMT™ and SoftStart™ to enhance NeuroStar Advanced Therapy SystemExpanded HCP education and adoption with 3rd and 4th NeuroStar Summits in November, 2021 and March 2022, respectively, with approximately 170 prospective customers attending Amended existing credit facility with SLR Investment Corp, modifying the Company’s ability to extend the interest only period and resetting certain revenue covenants Recent Marketing Highlights Increased key performance metrics with patients taking action to request a physician consultation through the Neurostar.com Physician Locator up, +67% increase vs. 2020Demonstrated category leadership with the highest Share of Voice up from 60% to 71% from 2020 to 2021 Strengthened co-op program, Precision Pulse, launched in April 2021, showed steady increases quarter upon quarter in number of participants and dollars spent as customers took advantage of 50% co-op reimbursement at varying levels Initiated partnership with social media influencer and KOL, Dr. Melissa Shepard, to...