Latest news with #KeithSullivan
Business Upturn
14-05-2025
- Health
- Business Upturn
Neuronetics Launches First Inaugural National TMS Therapy Awareness Day During Mental Health Awareness Month
New national awareness day will foster greater understanding of transcranial magnetic stimulation (TMS) treatment The company will celebrate on social media, sharing patient and provider stories that highlight the impact NeuroStar has as a safe, effective, and non-drug treatment for depression MALVERN, Pa., May 14, 2025 (GLOBE NEWSWIRE) — Neuronetics, Inc. (NASDAQ: STIM), a vertically integrated, commercial stage, medical technology and healthcare company with a strategic vision of transforming the lives of patients whenever and wherever they need help, with the leading neurohealth therapies in the world, is proud to launch the first National TMS Therapy Awareness Day. The event will take place each year on May 14 during May's Mental Health Awareness Month. This day is dedicated to raising awareness of transcranial magnetic stimulation (TMS) as a proven, non-drug treatment option for individuals living with major depressive disorder (MDD), depression with anxiety, and OCD, especially those who have not found relief through antidepressants. 'National TMS Awareness Day is about giving hope to people who haven't found relief and being a driving force in the National Mental Health Awareness conversation,' said Keith Sullivan, President and Chief Executive Officer of Neuronetics. 'Far too many individuals feel stuck or discouraged after trying multiple antidepressants without receiving adequate relief from their symptoms. By launching this National Day, we want to raise awareness that non-medication approaches like NeuroStar TMS therapy exist—and they're helping real people reclaim their lives. Our goal is to make sure every patient, caregiver, and provider knows that effective, non-drug treatments are available and within reach.' Transcranial magnetic stimulation was first cleared by the FDA in 2008 for treatment-resistant depression in adults. Since then, it has become a widely adopted, evidence-backed modality for those who haven't responded to medication intervention. NeuroStar is the leading TMS therapy in the United States—and in 2024, NeuroStar also received FDA clearance for use in adolescents, expanding access to younger patients in need of non-drug treatment options. Over 300 million people have insurance plans that cover NeuroStar TMS therapy, including Medicare and Tricare. 'One of the reasons NeuroStar is the leading TMS therapy is the precision of our technology,' said Geoffrey Grammer, MD, Chief Medical Officer of Neuronetics. 'Our unique coil design is built to deliver focused magnetic pulses exactly where they're needed. Combined with our Contact Sensing feature, this ensures every session is both consistent and effective, helping patients get the most out of their treatment. We take pride in our scientific and engineering rigor, which continues to advance the field of TMS therapy and enhance the lives of our patients. On National TMS Therapy Awareness Day, we celebrate the real-world impact of NeuroStar TMS Therapy and the difference it makes.' Kristen Gingrich, a licensed clinical social worker, mother, and patient advocate, has documented her experience with NeuroStar TMS after struggling with depression since her teens—worsened by postpartum challenges. After trying talk therapy and multiple antidepressants without lasting relief, she turned to NeuroStar TMS and is now sharing her treatment journey during Mental Health Awareness Month. Kristen's story, which can be seen on both her account (@notyouraveragethrpst) and NeuroStar social media channels, helps shine a light about non-drug options and inspire others facing similar struggles to seek help. In addition to founding this awareness day, NeuroStar TMS continues its legacy as the leading TMS device company by presenting data at the 2025 American Psychiatric Association Annual Meeting (May 17-21). The poster 'The Profile of Symptom Change with Transcranial Magnetic Stimulation for Major Depressive Disorder' builds on prior research and evaluates TMS protocols and their treatment efficacy. To learn more about TMS Awareness Day and NeuroStar TMS therapy, visit About Neuronetics Neuronetics, Inc. believes that mental health is as important as physical health. As a global leader in neuroscience, Neuronetics is delivering more treatment options to patients and physicians by offering exceptional in-office treatments that produce extraordinary results. NeuroStar Advanced Therapy is a non-drug, noninvasive treatment that can improve the quality of life for people suffering from neurohealth conditions when traditional medication has not helped. In addition to selling the NeuroStar Advanced Therapy System and associated treatment sessions to customers, Neuronetics operates Greenbrook TMS Inc. (Greenbrook) treatment centers across the United States, offering NeuroStar Advanced Therapy for the treatment of MDD and other mental health disorders. NeuroStar Advanced Therapy is the leading TMS treatment for MDD in adults, with more than 7.4 million treatments delivered, and is backed by the largest clinical data set of any TMS treatment system for depression, including the world's largest depression outcomes registry. Greenbrook treatment centers also offer SPRAVATO® (esketamine) CIII Nasal Spray, a prescription medicine indicated for the treatment of treatment-resistant depression (TRD) in adults as monotherapy or in conjunction with an oral antidepressant. It is also indicated for depressive symptoms in adults with major depressive disorder (MDD) with acute suicidal ideation or behavior in conjunction with an oral antidepressant.1 Greenbrook has provided more than 1.8 million treatments to over 55,000 patients struggling with depression. The NeuroStar Advanced Therapy System is cleared by the U.S. Food and Drug Administration for adults with MDD, as an adjunct for adults with obsessive-compulsive disorder, to decrease anxiety symptoms in adult patients with MDD that may exhibit comorbid anxiety symptoms (anxious depression), and as a first line adjunct for the treatment of MDD in adolescent patients aged 15-21. For safety information and indications for use, visit Neuronetics Contact:Investors:Mike Vallie or Mark KlausnerICR Healthcare443-213-0499 [email protected]
Yahoo
05-03-2025
- Business
- Yahoo
Neuronetics Inc (STIM) Q4 2024 Earnings Call Highlights: Revenue Growth Amidst Rising Expenses ...
Total Revenue: $22.5 million, an increase of 11% over the fourth quarter of 2023. NeuroStar System Revenue: $3.8 million with 46 systems shipped. U.S. Treatment Session Revenue: $12.9 million, a decrease of 14% year-over-year. U.S. Clinic Revenue: $4.4 million, representing Greenbrook's revenues post-acquisition. Gross Margin: 66.2%, down from 77.6% in the prior year quarter. Operating Expenses: $25.8 million, an increase of 28% compared to the fourth quarter of 2023. Net Loss: $12.1 million or $0.33 per share, compared to a net loss of $5.4 million or $0.19 per share in the prior year quarter. EBITDA: Negative $10.5 million, including $10.6 million in non-recurring expenses. Cash and Cash Equivalents: $18.5 million as of December 31, 2024. Debt Facility: Secured up to $90 million, with $60 million accessed by year-end. Capital Raise: $18.9 million in net proceeds from a public offering. Guidance - Q1 2025 Revenue: Expected to be $28 million to $30 million. Guidance - Full-Year 2025 Revenue: Expected to be $145 million to $155 million. Guidance - Full-Year 2025 Gross Margin: Approximately 55%. Guidance - Full-Year 2025 Operating Expenses: Expected to be $90 million to $98 million. Warning! GuruFocus has detected 8 Warning Signs with STIM. Release Date: March 04, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Neuronetics Inc (NASDAQ:STIM) reported a total revenue of $22.5 million for Q4 2024, marking an 11% increase over the same period in 2023. The acquisition of Greenbrook TMS has transformed Neuronetics into a vertically integrated mental health care provider, enhancing its market position. The Better Me Provider (BMP) program has been a success, with participating sites treating three times more patients per quarter than non-participating sites. Neuronetics received FDA clearance for the NeuroStar system to treat adolescent patients, expanding its addressable market. The company has captured over 90% of the identified $22 million in annualized cost synergies from the Greenbrook acquisition, surpassing initial targets. Gross margin decreased to 66.2% from 77.6% in the prior year quarter, primarily due to the inclusion of the Greenbrook Clinic business. Operating expenses increased by 28% to $25.8 million, largely due to professional fees and the inclusion of Greenbrook's expenses. Net loss for the fourth quarter was $12.1 million, compared to a net loss of $5.4 million in the prior year quarter. EBITDA was negative $10.5 million, with non-recurring expenses associated with the Greenbrook acquisition impacting results. Cash and cash equivalents decreased significantly to $18.5 million as of December 31, 2024, from $59.7 million the previous year. Q: How long will it take to implement the BMP and standardize operations at Greenbrook sites, and what impact has been observed so far? A: Keith Sullivan, President and CEO, stated that training for RAMs and technicians has been conducted, with ongoing virtual education for providers. Changes will continue throughout the year, with improvements in efficiencies being identified and implemented. Q: Can you provide details on the revenue guidance of $145 million to $155 million and the expected operating expenses? A: Steve Furlong, CFO, explained that $65 million to $70 million is expected from standalone Neuronetics, with $80 million to $85 million from Greenbrook TMS. The programs need to continue working, but no heroic efforts are required. Operating expenses are expected to be between $90 million and $98 million, with significant cost synergies already realized. Q: What opportunities exist to improve the margin profile of Greenbrook, and what is the expected impact on consolidated margins? A: Steve Furlong noted that Greenbrook's clinic margins are expected to improve to mid-30s from 27%-28% due to the elimination of underperforming clinics. Consolidated margins are projected at 55%, with ongoing efforts to improve both NeuroStar and clinic margins. Q: How is the SPRAVATO rollout progressing, and what are the capital requirements for this initiative? A: Steve Furlong mentioned that SPRAVATO is offered in 63 clinics, with 35 capable of buy and bill. The capital outlay is minimal, with infrastructure already in place. Inventory commitments could reach $5 million, but distribution partners offer 120-day terms to manage cash flow. Q: What is the current productivity level at Greenbrook sites, and what improvements are expected? A: Steve Furlong stated that Greenbrook is averaging four patients per day per system, with expectations to increase to five or six patients per day through training and education. This could add approximately $10 million in annualized revenue. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
