Business
Neuronetics Reports Third Quarter 2020 Financial and Operating Results
MALVERN, Pa., Nov. 02, 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., Nov. 02, 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 third quarter of 2020.\n Third Quarter 2020 Summary Third quarter 2020 revenue was $12.4 million, compared to third quarter 2019 revenue of $16.0 million primarily due to the impact of the COVID-19 pandemicThird quarter 2020 revenue increased 28% over the second quarter 2020Third quarter 2020 operating expenses declined by 33%, or $5.9 million as compared to the third quarter of 2019 primarily as a result of cost reduction initiativesInstalled base was 1,143 systems, as of September 30, 2020, an increase of 11% over prior year periodCash and cash equivalents were $50.7 million as of September 30, 2020 “We are very pleased with our performance during the third quarter. We saw a strong sequential rebound in the business, increasing total quarterly revenue 28% over the second quarter, and we made steady progress operationally with the restructuring of our commercial organization as well as the analysis of vast clinical datasets contained within our TrakStar system,” said Keith J. Sullivan, President and Chief Executive Officer of Neuronetics. “Looking ahead, we will continue refining our long-term commercial strategy and strengthen our foundation during the fourth quarter to execute on that strategy in 2021. We have done a great job building momentum in key areas of the business, including reimbursement, clinical data development, customer segmentation, and the development of a new indication strategy, which should complement the work we are doing with our commercial strategy to drive strong future performance.” Third Quarter 2020 Financial and Operating Results Revenues by Geography Three Months ended September 30, 2020 2019 Amount Amount % Change (in thousands, except percentages) United States $12,029 $15,294 -21%International 419 706 -41%Total revenues $12,448 $16,000 -22% Total revenue for the third quarter of 2020 was $12.4 million, a decrease of 22% versus third quarter 2019 revenue of $16.0 million primarily as a result of the COVID-19 pandemic and the resulting governmental actions to limit the sprea...