Neuronetics Reports Significant Growth in 2023, Expands Neurohealth Therapy Access; Shares Rise 23%
Neuronetics, Inc. (NASDAQ: STIM), a leading medical technology company specializing in neurohealth therapies, announced significant financial and operational achievements for the fourth quarter and the entire year of 2023. The company has seen substantial growth and strategic progress, reflecting its dedication to improving patient lives with advanced neurohealth therapies.
Key Highlights Include:
- Q4 2023: Neuronetics reported a revenue of $20.3 million, a 12% increase compared to the fourth quarter of 2022.
- S. NeuroStar Advanced Therapy System Sales: Generated $4.5 million in revenue, with 59 systems shipped during the quarter.
- S. Treatment Session Revenue: Reached $14.9 million in the fourth quarter of 2023.
- Growth in Local Consumable Revenue: Experienced a growth of over 33% compared to the fourth quarter of 2022.
- Positive Cash Flow: Produced approximately $1.5 million in cash flow in the fourth quarter, concluding the year with about $60 million in cash and equivalents.
- Full Year 2023 Revenue: Achieved $71.3 million in revenue, marking a 9% increase from 2022, with U.S. treatment session revenue at $50.9 million.
- Operational and Marketing Achievements: Initiated the “Better Me Guarantee Provider” pilot program and secured significant healthcare policy updates to expand TMS treatment eligibility.
Keith J. Sullivan, President and CEO of Neuronetics, commented “We are very excited about 2024. Beyond the maturation of our existing commercial intiatives, we officially launched our first Better Me Guarantee Provider pilot cohort in late January. With 100 customer sites included in this cohort, we have over 160 sites who are on track to be eligible to participate in the next phases of the program in April 2024. We believe the rigiourous set of standards that BMGP participants agree to will help these sites identify more patients in need, who can ultimately benefit from treatment using NeuroStar.”
Neuronetics, Inc. is Wednesday’s intraday leader in the PRISM Emerging MedDevices Index.
