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Neuronetics Reports Third Quarter 2022 Financial and Operating Results
MALVERN, Pa., Nov. 08, 2022 (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., Nov. 08, 2022 (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 third quarter of 2022. Third Quarter 2022 Highlights Third quarter 2022 revenue of $16.5 million, represents a 20% increase as compared to the third quarter 2021Achieved record quarterly U.S. treatment session revenue of $11.9 million in the third quarter 2022, compared to $10.3 million in third quarter 2021Reached an all time U.S. treatment session utilization record in the third quarterIncreased NeuroStar System revenue 51% over the third quarter of 2021Raising revenue guidance for full year 2022 to be between $63.0 million and $64.0 million Recent Operational Highlights Received FDA 510(k) clearance for D-Tect™ MT AccessoryPositive TMS coverage policies published or proposed which expand patient access to NeuroStar Advanced Therapy system for both MDD and OCD Recent Marketing Highlights Grand opening of NeuroStar University (NSU) in Charlotte, North CarolinaTap Into a New Possibility for Depression campaign drove over 30 million impressions, up 150% compared to campaigns run during third quarter of 2021Achieved milestones of over 141,070 global patients treated with more than 5.0 million of our Treatment Sessions, a Company record “Our strong performance in the third 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 and utilization, while also achieving 51% year-over-year growth in US NeuroStar System revenue,” said Keith J. Sullivan, President and Chief Executive Officer of Neuronetics. “We will continue to concentrate on execution for the remainder of the year in order to fuel growth and put ourselves in a position to achieve cash flow breakeven in 2024.” Third Quarter 2022 Financial and Operating Results for the Three Months Ended September 30, 2022 Revenues by Geography Three Months Ended September 30, 2022 2021 Amount Amount % Change (in thousands, except percentages) United States $16,244...