Business
Neuronetics Reports Record Fourth Quarter and Record Full Year 2022 Financial and Operating Results
MALVERN, Pa., March 07, 2023 (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 07, 2023 (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 help with the best neurohealth therapies in the world, today announced its financial and operating results for the fourth quarter and full year of 2022. Fourth Quarter 2022 Highlights Fourth quarter 2022 revenue of $18.2 million, representing a 21% increase as compared to the fourth quarter 2021Achieved record U.S. treatment session revenue of $12.5 million in the fourth quarter 2022Increased NeuroStar System revenue 64% over the fourth quarter of 2021 Full Year 2022 Highlights Full year 2022 revenue of $65.2 million, representing an 18% increase as compared to full year 2021Full year 2022 U.S. treatment session revenue of $45.1 millionFull year 2022 U.S. NeuroStar Advanced Therapy revenue of $16.6 million Recent Operational Highlights Signed an exclusive and expanded commercial partnership with Greenbrook TMS which runs through 2028Positive TMS coverage policy which expands patient access to NeuroStar Advanced Therapy for Mental Health, allowing Nurse practitioners (NPs) to order and provide TMS treatment to their patients with MDDUnited Health Care and Optum indicated their benefits manager have expanded access to NeuroStar Advanced Therapy for Mental Health by reducing the number of prior failed medications from four to two. UHC policies cover 23.8 million livesAnnounced a peer-reviewed publication that shows NeuroStar TMS as an effective non-drug treatment for depression with comorbid anxiety Recent Commercial Highlights Achieved milestones of over 145,000 global patients treated with more than 5.3 million of our Treatment Sessions, another Company record During the fourth quarter, the Company shipped its 2,000th NeuroStar systemOver 75 accounts attended NeuroStar University in 2022 “Our strong performance in the fourth quarter reflects the positive impacts of our ongoing strategic initiatives such as the revamped sales force, innovative marketing programs, and continued physician and patient education. Performance was highlighted by record US Treatment Sessions revenue, while also achieving 64% year-over-year growth in US NeuroStar System revenue,” said Keith J. Sullivan, President and Chief Executive Off...