Neuronetics Reports Preliminary Fourth Quarter and Fiscal Year 2023 Financial Results
08 1월 2024 - 10:30PM
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 certain preliminary unaudited fourth quarter
and full year 2023 results.
Fourth Quarter 2023
Preliminary unaudited total revenue is expected to be over $20
million as compared to previously stated guidance of $19.0 to $21.0
million.
Preliminary unaudited U.S. NeuroStar Advanced Therapy System
revenue is expected to be approximately $4.5 million. In the
quarter, the Company shipped 59 systems.
Preliminary unaudited U.S. Treatment Session revenue is expected
to be over $14.5 million a Company record, and an increase of
approximately 20% over the fourth quarter of 2022.
Local consumable revenue increased by over 33% over the fourth
quarter 2022.
The Company generated positive cash flow of over $1 million in
the fourth quarter 2023, ending 2023 with cash and cash equivalents
at approximately $59 million.
Full Year 2023
Preliminary unaudited total revenue is expected to be over $71
million as compared to previously stated guidance of $70.0 to $72.0
million.
“2023 was an exciting year at Neuronetics. The momentum we built
throughout the year resulted in a record fourth quarter. From a
commercial perspective, we are seeing sustained improvement in
utilization trends across key customer segments. Our local
consumable customers grew utilization by over 20% and Greenbrook
has continued to drive increasing usage of NeuroStar,” said Keith
J. Sullivan, President and Chief Executive Officer of Neuronetics.
“Importantly, our growth, in combination with increased operating
leverage and our prudent expense management generated positive cash
flow of over $1 million in the fourth quarter, a significant
milestone for the company,” added Mr. Sullivan.
Mr. Sullivan concluded, “As we look to 2024, we are very
enthusiastic about our opportunity to continue to expand the
widespread use of NeuroStar. We are particularly excited about the
launch of the next phase of our Better Me Guarantee Provider pilot
program in January of 2024. We have approximately 100 customer
sites who will be included in the next cohort which begins on
January 22, and over 275 sites who are on track to be eligible to
participate in the next phase of the pilot program later in 2024.
Practices accepted into the BMGP pilot agree, and are required, to
meet specific standards of patient care and responsiveness, which
we believe will help identify patients in need who would benefit
from NeuroStar.”
About Neuronetics
Neuronetics, Inc. believes that mental health is as important as
physical health. As a global leader in neuroscience, Neuronetics is
redefining patient and physician expectations with its NeuroStar
Advanced Therapy for Mental Health. NeuroStar is a non-drug,
noninvasive treatment that can improve the quality of life for
people suffering from neurohealth conditions when traditional
medication hasn’t helped. NeuroStar is FDA-cleared for adults with
major depressive disorder (“MDD”), as an adjunct for adults with
obsessive-compulsive disorder, and to decrease anxiety symptoms in
adult patients with MDD that may exhibit comorbid anxiety symptoms
(anxious depression). NeuroStar Advanced Therapy is the leading TMS
treatment for MDD in adults with over 5.9 million treatments
delivered. NeuroStar is backed by the largest clinical data set of
any TMS treatment system for depression, including the world’s
largest depression outcomes registry. Neuronetics is committed to
transforming lives by offering an exceptional treatment that
produces extraordinary results. For safety information and
indications for use, visit NeuroStar.com.
“Safe harbor” statement under the Private Securities
Litigation Reform Act of 1995:
Statements in the press release regarding the Company that are
not historical facts constitute “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements may be identified by terms
such as “outlook,” “potential,” “believe,” “expect,” “plan,”
“anticipate,” “predict,” “may,” “will,” “could,” “would” and
“should” as well as the negative of these terms and similar
expressions. These statements include those relating to the
Company’s unaudited financial and operating results for the fourth
quarter and full year 2023, including with respect to revenue,
expenses, growth, system placements, utilization, cash balance and
any statements of assumptions underlying any of the foregoing
items. These statements are subject to significant risks and
uncertainties and actual results could differ materially from those
projected. The Company cautions investors not to place undue
reliance on the forward-looking statements contained in this
release. These risks and uncertainties include, without limitation,
risks and uncertainties related to: application of the Company’s
revenue recognition policies, the impact of public health crises on
the Company’s operations, manufacturing and supply chain
interruptions or delays; the Company’s ability to execute its
business strategy; the Company’s ability to achieve or sustain
profitable operations due to its history of losses; the Company’s
reliance on the sale and use of its NeuroStar Advanced Therapy
system to generate revenues; the scale and efficacy of the
Company’s salesforce; the Company’s ability to retain talent;
availability of coverage and reimbursement from third-party payors
for treatments using the Company’s products; physician and patient
demand for treatments using the Company’s products; developments in
competing technologies and therapies for the indications that the
Company’s products treat; product defects; the Company’s ability to
obtain and maintain intellectual property protection for its
technology; developments in clinical trials or regulatory review of
NeuroStar Advanced Therapy system for additional indications;
developments in regulation in the U.S. and other applicable
jurisdictions; our ability to successfully roll-out our Better Me
Guarantee Provider Program on the planned timeline; our
self-sustainability and existing cash balances; and our ability to
achieve cash flow break-even in the fourth quarter of 2024 and on a
full-year basis in 2025. For a discussion of these and other
related risks, please refer to the Company’s recent filings with
the U.S. Securities and Exchange Commission (the “SEC”), which are
available on the SEC’s website at www.sec.gov. These
forward-looking statements are based on the Company’s expectations
and assumptions as of the date of this press release. Except as
required by law, the Company undertakes no duty or obligation to
update any forward-looking statements contained in this press
release as a result of new information, future events, or changes
in the Company’s expectations.
Investor Contact:
Mike Vallie or Mark KlausnerWestwicke
Partners443-213-0499ir@neuronetics.com
Media Contact:
EvolveMKD646-517-4220NeuroStar@evolvemkd.com
Neuronetics (NASDAQ:STIM)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
Neuronetics (NASDAQ:STIM)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024