Business
Neuronetics Reports Record Fourth Quarter and Record Full Year 2023 Financial and Operating Results
MALVERN, Pa., March 05, 2024 (GLOBE NEWSWIRE) -- Neuronetics, Inc. (NASDAQ: STIM) (the “Company” or “Neuronetics”) a commercial stage medical technology
About this update from Neuronetics, Inc.
[{"type":"text","content":"MALVERN, Pa., March 05, 2024 (GLOBE NEWSWIRE) -- Neuronetics, Inc. (NASDAQ: STIM) (the “Company” or “Neuronetics”) 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 2023. Fourth Quarter 2023 Highlights Fourth quarter 2023 revenue of $20.3 million, a 12% increase as compared to the fourth quarter 2022U.S. NeuroStar Advanced Therapy system revenue of $4.5 million, in the quarter, the Company shipped 59 systemsAchieved record U.S. treatment session revenue of $14.9 million in the fourth quarter 2023Local consumable treatment session revenue increased by over 33% versus the fourth quarter 2022The Company generated positive cash flow of approximately $1.5 million in the fourth quarter 2023, ending 2023 with cash and cash equivalents at approximately $60 million Full Year 2023 Highlights Full year 2023 revenue of $71.3 million, a 9% increase as compared to full year 2022Full year 2023 U.S. treatment session revenue of $50.9 million Recent Operational and Marketing Highlights Launched first cohort within the “Better Me Guarantee Provider” pilot program in January 2024Magellan, BlueCross BlueShield of Kansas City, Dean Health Plan, and Lucet Health updated their healthcare policies, reducing the number of antidepressant medication attempts from four down to two prior to transcranial magnetic stimulation (TMS) treatment eligibilityAchieved milestone of over 169,000 global patients treated with 6.1 million treatment sessions “We wrapped up an exciting 2023 with a strong fourth quarter. We continued to see improving utilization trends coming as a direct results of the many educational and training initiatives we have instituted over the past 18 months. Importantly, the utilization within our local consumable customers grew by over 20% in the quarter, and we saw improving performance at Greenbrook sites,” said Keith J. Sullivan, President and Chief Executive Officer of Neuronetics. “We are very excited about 2024. Beyond the maturation of our existing commercial intiatives, we officially launched our first Better Me Guarantee Provider pilot cohort in late January. With 100 customer sites included in this co...