Neuronetics Reports Third Quarter 2021 Financial and Operating Results – Yahoo Finance

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

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

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.

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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

% Change

(in thousands, except percentages)

United States

$

13,280

$

12,029

10

%

International

519

419

24

%

Total revenues

$

13,799

$

12,448

11

%

As previously announced, total revenue for the three months ended September 30, 2021 was $13.8 million, an increase of 11% compared to the three months ended September 30, 2020 revenue of $12.4 million. During the quarter, total U.S. revenue increased by 10% and international revenue increased by 24% over the prior year quarter. The U.S. revenue growth was driven by an increase in U.S. treatment session revenue and the international revenue growth was driven by an increase in international NeuroStar Advanced Therapy System sales.

U.S. Revenues by Product Category

Three Months Ended September 30,

2021

2020

Amount

Amount

% Change

(in thousands, except percentages)

NeuroStar Advanced Therapy System

$

2,612

$

2,541

3

%

Treatment sessions

10,259

$

9,083

13

%

Other

409

$

405

1

%

Total U.S. revenues

$

13,280

$

12,029

10

%

U.S. NeuroStar Advanced Therapy System

Revenues by Type

Three Months Ended September 30,

2021

2020

Amount

Amount

% Change

(in thousands, except percentages)

NeuroStar Capital

$

2,277

$

2,438

(7

)%

Operating lease

30

$

88

(66

)%

Other

305

$

15

1,933

%

Total United States NeuroStar Advanced Therapy System revenues

$

2,612

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Neuronetics Reports Third Quarter 2021 Financial and Operating Results - Yahoo Finance