Neuronetics Reports Preliminary Fourth Quarter and Fiscal Year 2023 Financial Results

MALVERN, Pa., Jan. 08, 2024 (GLOBE NEWSWIRE) -- 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.”