Business
Neuronetics Reports Third Quarter 2021 Financial and Operating Results
MALVERN, Pa., Nov. 09, 2021 (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. 09, 2021 (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 neurohealth disorders, today announced its financial and operating results for the third quarter of 2021. Third Quarter 2021 Highlights As previously announced, third quarter 2021 revenue of $13.8 million, an increase of 11% over third quarter 2020 Entered into an agreement with Zion Healing, in which the Company will be the exclusive supplier of TMS equipment to Zion Healing and its franchisees In September, entered into a five-year contract extension with Success TMS, in which the Company will be the exclusive supplier of TMS equipment to Success TMS Provided a $10 million strategic loan to Success TMS to support Success TMS’ expansion efforts Hosted 2nd NeuroStar Summit in September with over 50 prospective practices attending Independent data published demonstrating patients have a significantly lower seizure risk with NeuroStar® Advanced Therapy for Mental Health than with other TMS treatments “Despite lower than anticipated revenue during the third quarter primarily due to COVID, we have continued to make solid progress on our strategic initiatives to drive future growth. Most notably, we signed two agreements with national accounts to exclusively use NeuroStar Advanced Therapy for Mental Health to treat MDD patients,” said Keith J. Sullivan, President and Chief Executive Officer of Neuronetics. “Looking ahead to the balance of the year, we will be focused on helping our existing customers treat more patients, the maturation of our sales force, implementing marketing campaigns, and continuing to progress our regulatory filings related to potential label expansions and additional indications. While the results of our strategic initiatives have taken longer than expected, we remain highly enthusiastic about the opportunity to expand upon our market leading position to bring the benefits of NeuroStar Advanced Therapy for Mental Health to as many patients as possible who are suffering from mental disorders.” Third Quarter 2021 Financial and Operating Results for the Three Months Ended September 30, 2021 Revenues by Geography Three Months Ended September 30, 2021 2020 Amount Amount % Ch...