Business
Neuronetics Reports Record Second Quarter 2024 Financial and Operating Results
MALVERN, Pa., Aug. 12, 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., Aug. 12, 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 second quarter of 2024. Second Quarter 2024 Highlights Second quarter 2024 revenue of $16.5 million, a 7% decrease as compared to the second quarter 2023U.S. NeuroStar Advanced Therapy system revenue of $4 million in the quarter, representing 50 systemsU.S. treatment session revenue decreased by 5% versus the second quarter of 2023 Recent Operational and Marketing Highlights Announces signing of definitive agreement to acquire all the outstanding shares of Greenbrook TMS, creating one of the nation’s leading providers of mental health careMajor insurers updated their healthcare policies to address TMS therapy coverage for AdolescentsLaunched the “Better Me Provider” program Nationwide.Secured $50 million Initial Tranche of Debt Facility with Perceptive Advisors, reducing net debt by $10 millionAchieved milestone of over 182,000 global patients treated with 6.6 million treatment sessions “Despite continued industry headwinds that impacted our customers during the quarter, we’re pleased to see the continued momentum within our business and the positive impacts our training and education initiatives are having, in particular our Better Me Provider program. We are also very excited about the strong early trends we have seen since receiving FDA clearance for NeuroStar therapy in adolescents, including multiple recent policy updates which have expanded reimbursement coverage to this hugely important and underserved patient population. These initiatives, along with our secured debt facility of up to $90 million, strengthen our ability to drive future growth and make progress towards profitability,” said Keith J. Sullivan, President and CEO. “I am especially enthusiastic about our announced agreement to merge with Greenbrook TMS. This transaction brings together two of the leaders in the mental health space in the U.S., which will allow us to provide access to innovative care to patients suffering from mental health conditions. Leveraging the significant scale and capabilit...