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 its financial and operating results for the
fourth quarter and full year of 2023.
Fourth Quarter 2023 Highlights
- Fourth quarter 2023 revenue of $20.3 million, a 12% increase as
compared to the fourth quarter 2022
- U.S. NeuroStar Advanced Therapy system revenue of $4.5 million,
in the quarter, the Company shipped 59 systems
- Achieved record U.S. treatment session revenue of $14.9 million
in the fourth quarter 2023
- Local consumable treatment session revenue increased by over
33% versus the fourth quarter 2022
- The Company generated positive cash flow of approximately $1.5
million in the fourth quarter 2023, ending 2023 with cash and cash
equivalents at approximately $60 million
Full Year 2023 Highlights
- Full year 2023 revenue of $71.3 million, a 9% increase as
compared to full year 2022
- Full year 2023 U.S. treatment session revenue of $50.9
million
Recent Operational and Marketing Highlights
- Launched first cohort within the “Better Me Guarantee Provider”
pilot program in January 2024
- Magellan, BlueCross BlueShield of Kansas City, Dean Health
Plan, and Lucet Health updated their healthcare policies, reducing
the number of antidepressant medication attempts from four down to
two prior to transcranial magnetic stimulation (TMS) treatment
eligibility
- Achieved milestone of over 169,000 global patients treated with
6.1 million treatment sessions
“We wrapped up an exciting 2023 with a strong fourth quarter. We
continued to see improving utilization trends coming as a direct
results of the many educational and training initiatives we have
instituted over the past 18 months. Importantly, the utilization
within our local consumable customers grew by over 20% in the
quarter, and we saw improving performance at Greenbrook sites,”
said Keith J. Sullivan, President and Chief Executive Officer of
Neuronetics. “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.”
Fourth Quarter 2023 Financial and Operating Results for
the Three Months Ended December 31, 2023
|
|
Revenues by Geography |
|
|
|
|
|
Three Months Ended December 31, |
|
|
|
|
|
2023 |
|
2022 |
|
|
|
|
|
Amount |
|
Amount |
|
% Change |
|
|
|
(in thousands, except percentages) |
|
U.S. |
|
$ |
19,872 |
|
|
$ |
17,513 |
|
|
13 |
|
% |
International |
|
|
442 |
|
|
|
685 |
|
|
(35 |
) |
% |
Total revenues |
|
$ |
20,314 |
|
|
$ |
18,198 |
|
|
12 |
|
% |
Total revenue for the three months ended December 31, 2023, was
$20.3 million, an increase of 12% compared to the revenue of $18.2
million in the fourth quarter of 2022. During the quarter, total
U.S. revenue increased by 13% and international revenue decreased
by 35% over the fourth quarter of 2022. The U.S. growth was
primarily driven by an increase in NeuroStar treatment session
sales.
|
|
U.S. Revenues by Product Category |
|
|
|
|
|
Three Months Ended December 31, |
|
|
|
|
|
2023 |
|
2022 |
|
|
|
|
|
Amount |
|
Amount |
|
% Change |
|
|
|
(in thousands, except percentages) |
|
NeuroStar Advanced Therapy System |
|
$ |
4,524 |
|
|
$ |
4,616 |
|
|
(2 |
) |
% |
Treatment sessions |
|
|
14,878 |
|
|
$ |
12,450 |
|
|
20 |
|
% |
Other |
|
|
470 |
|
|
$ |
447 |
|
|
5 |
|
% |
Total U.S. revenues |
|
$ |
19,872 |
|
|
$ |
17,513 |
|
|
13 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. NeuroStar Advanced Therapy System |
|
|
|
|
|
Revenues by Type |
|
|
|
|
|
Three Months Ended December 31, |
|
|
|
|
|
2023 |
|
2022 |
|
|
|
|
|
Amount |
|
Amount |
|
% Change |
|
|
|
(in thousands, except percentages) |
|
NeuroStar capital |
|
$ |
4,376 |
|
|
$ |
4,371 |
|
|
0 |
|
% |
Operating lease |
|
|
38 |
|
|
|
43 |
|
|
(12 |
) |
% |
Other |
|
|
110 |
|
|
|
202 |
|
|
(46 |
) |
% |
Total U.S. NeuroStar Advanced Therapy system revenues |
|
$ |
4,524 |
|
|
$ |
4,616 |
|
|
(2 |
) |
% |
U.S. NeuroStar Advanced Therapy system revenue for the three
months ended December 31, 2023, was $4.5 million. For the three
months ended December 31, 2023, and 2022, the Company shipped 59
and 58 systems, respectively.
U.S. treatment session revenue for the three months ended
December 31, 2023, was $14.9 million, an increase of 20% compared
to the revenue of $12.5 million in the fourth quarter of 2022. The
revenue growth was primarily driven by an increase in utilization,
in particular within our local consumable customer division.
In the fourth quarter of 2023, U.S. treatment session revenue
per active site was $13,238 compared to $11,500 in the fourth
quarter of 2022.
Gross margin for the fourth quarter of 2023 was 77.6%, an
increase of approximately 170 basis points from the fourth quarter
of 2022 gross margin of 75.9%.
Operating expenses during the fourth quarter of 2023 were $20.2
million, a decrease of $1.3 million, or 6.2%, compared to $21.5
million in the fourth quarter of 2022.
Net loss for the fourth quarter of 2023 was $(5.4) million, or
$(0.19) per share, as compared to the fourth quarter 2022 net loss
of $(8.3) million, or $(0.30) per share. Net loss per share was
based on 29,048,367 and 27,207,184 weighted-average common shares
outstanding for the fourth quarters of 2023 and 2022,
respectively.
EBITDA for the fourth quarter of 2023 was $(3.0) million as
compared to the fourth quarter of 2022 EBITDA of $(6.5) million.
See the accompanying financial table that reconciles EBITDA, which
is a non-GAAP financial measure, to net loss.
In the fourth quarter, the Company achieved a significant
milestone by generating positive cash flow for the first time in
company history. The Company generated $1.5 million in cash, which
was achieved earlier than previously expected as the company
continued to reap the benefits of strong revenue growth combined
with improving margins and expense management efforts.
Full year Financial and Operating Results
|
|
Revenues by Geography |
|
|
|
|
|
|
Year ended December 31, |
|
|
|
|
|
|
2023 |
|
2022 |
|
|
|
|
|
|
Amount |
|
Amount |
|
% Change |
|
|
|
|
(in thousands, except percentages) |
|
U.S. |
|
$ |
69,336 |
|
|
$ |
63,406 |
|
|
9 |
|
% |
International |
|
|
2,012 |
|
|
|
1,800 |
|
|
12 |
|
% |
Total revenues |
|
$ |
71,348 |
|
|
$ |
65,206 |
|
|
9 |
|
% |
Total revenue increased by $6.1 million or 9%, from $65.2
million of the year ended December 31, 2022 to $71.3 million for
the year ended December 31, 2023. For the period ended December 31,
2023, U.S.revenue increased by 9% and international revenue
increased by 12% over the comparative period year period. The U.S.
revenue growth was primarily due to an increase in U.S. treatment
session revenue and the international revenue growth was primarily
driven by an increase in treatment session revenue.
|
|
U.S. Revenues by Product Category |
|
|
|
|
|
Year ended December 31, |
|
|
|
|
|
2023 |
|
2022 |
|
|
|
|
|
Amount |
|
Amount |
|
% Change |
|
|
|
(in thousands, except percentages) |
|
NeuroStar Advanced Therapy System |
|
$ |
16,460 |
|
|
$ |
16,575 |
|
|
(1 |
) |
% |
Treatment sessions |
|
|
50,896 |
|
|
|
45,077 |
|
|
13 |
|
% |
Other |
|
|
1,980 |
|
|
|
1,754 |
|
|
13 |
|
% |
Total U.S. revenues |
|
$ |
69,336 |
|
|
$ |
63,406 |
|
|
9 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. NeuroStar Advanced Therapy System |
|
|
|
|
|
Revenues by Type |
|
|
|
|
|
Year ended December 31, |
|
|
|
|
|
2023 |
|
2022 |
|
|
|
|
|
Amount |
|
Amount |
|
% Change |
|
|
|
(in thousands, except percentages) |
|
NeuroStar capital |
|
$ |
15,805 |
|
|
$ |
15,792 |
|
|
0 |
|
% |
Operating lease |
|
|
162 |
|
|
$ |
222 |
|
|
(27 |
) |
% |
Other |
|
|
493 |
|
|
$ |
561 |
|
|
(12 |
) |
% |
Total U.S. NeuroStar Advanced Therapy system revenues |
|
$ |
16,460 |
|
|
$ |
16,575 |
|
|
(1 |
) |
% |
U.S. NeuroStar Advanced Therapy system revenue decreased
marginally by $0.1 million or 1%, in the year ended December 31,
2023 compared to the year ended December 31, 2022. For the period
ended December 31, 2023 and 2022, the Company shipped 205 and 213
systems, respectively.
U.S. treatment session revenues increased by 13% from $45.1
million for the year eded December 31, 2022 to $50.9 million for
the year ended December 31, 2023. The revenue growth was primarily
driven by an increase in utilization, in particular within our
local consumable customer division.
Gross margin for the full year 2023 were 72.5%, a decrease of
approximately 380 basis points from the full year 2022 gross margin
of 76.3%. The decline in gross margin was driven by a $1.9 million
inventory impairment for specialized component parts secured for
discontinued NeuroStar Advanced Therapy Systems for which cost
exceeds net realizable value and one-time expenses relating to our
transition to a new contract manufacturer. Without these expenses,
gross margin would have been 76.2%.
Operating expenses during the full year 2023 was $82.3 million,
a decrease of $2.5 million, or 2.9% compared to $84.8 million in
the full year 2022. The decrease was primarily due to reduced
spending in marketing on a new brand development initiative
completed in 2022, and the discontinuation of a retention program
to sales personnel in 2022, resulting in a decrease in sales
personnel expense.
Net loss for the full year 2023 was $(30.2) million, or $(1.05)
per share, as compared to full year 2022 net loss of $(37.2)
million, or $(1.38) per share. Net loss per share was based on
28,657,819 and 26,900,239 weighted-average common shares
outstanding for the years ended 2023 and 2022, respectively. There
were 29,091,267 shares outstanding as of December 31, 2023.
EBITDA for the full year 2023 was $(22.8) million compared to
$(31.3) million for the full year 2022. The decrease in EBITDA is
primarily due to the decrease in net loss in the current period
compared to the comparative prior period. See the accompanying
financial table that reconciles EBITDA, which is a non-GAAP
financial measure, to net loss.
Cash and cash equivalent were $59.7 million as of December 31,
2023. This compares to cash and cash equivalents of $70.3 million
as of December 31, 2022.
Launched First Cohort of Customers within the Better Me
Guarantee Provider Pilot Program
Following its pilot launch during late 2023, the Company
launched its first official pilot cohort within the The Better Me
Guarantee Provider program (BMGP), which consisted of approximately
100 customer sites in January of 2024. The BMGP program creates a
nationwide network of accounts, that are committed to meeting
certain standards of patient care and responsiveness developed in
collaboration with medical experts. Regardless of practice size or
tenure, this program aims to address reported responsiveness issues
and lack of knowledge of transcranial magnetic stimulation (“TMS”)
therapy that have negatively impacted patient access to quality
care. Participating providers agree to attend NeuroStar University,
ensure that office phones are answered during business hours,
advise patients of the benefits of treating to the full course of
36 sessions when medically appropriate, assign medical personnel to
promptly respond to PHQ-10 assessments, and update websites and
social media platforms to include NeuroStar TMS therapy as a
treatment option. In 2024, Company plans to continue its measured
pilot roll-out, with new providers slated for inclusion in April
2024 as well as other dates during the year
Healthcare Policy Updates
Between November 2023 and February 2024, Magellan, BlueCross
BlueShield of Kansas City, Dean Health Plan, and Lucet Health have
updated their criteria to enhance patient access to NeuroStar.
These policy updates reduce the mandatory number of antidepressant
medication attempts from four to two prior to TMS eligibility.
Additionally, Dean Health Plan has eliminated the requirement for a
prior trial of psychotherapy. These modifications signify an
advancement in mental health coverage. By removing barriers and
facilitating earlier access to treatments such as NeuroStar.
Business Outlook
For the first quarter of 2024, the Company expects total
worldwide revenue between $16.7 million and $17.7 million.
For the full year 2024, the Company expects total worldwide
revenue to be between $78.0 million and $80.0 million.
For the full year 2024, the Company expects total operating
expenses to be between $80.0 million and $84.0 million.
Webcast and Conference Call Information
Neuronetics’ management team will host a conference call on
March 5, 2024, beginning at 8:30 a.m. Eastern Time.
The conference call will be broadcast live in listen-only mode
via webcast at
https://edge.media-server.com/mmc/p/7cha7jae. To
listen to the conference call on your telephone, participants may
register for the call here. While it is not
required, it is recommended you join 10 minutes prior to the event
start.
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 business outlook and current expectations for upcoming
quarters and fiscal year 2023, including with respect to revenue,
expenses, growth, 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: 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 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, INC.Statements of
Operations(In thousands, except per share
data) |
|
|
|
Three Months ended |
|
Year ended |
|
|
December 31, |
|
December 31, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Revenues |
|
$ |
20,314 |
|
|
$ |
18,198 |
|
|
$ |
71,348 |
|
|
$ |
65,206 |
|
Cost of revenues |
|
|
4,543 |
|
|
|
4,389 |
|
|
|
19,643 |
|
|
|
15,483 |
|
Gross Profit |
|
|
15,771 |
|
|
|
13,809 |
|
|
|
51,705 |
|
|
|
49,723 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing |
|
|
11,716 |
|
|
|
12,005 |
|
|
|
47,318 |
|
|
|
49,982 |
|
General and administrative |
|
|
6,276 |
|
|
|
6,391 |
|
|
|
25,426 |
|
|
|
25,516 |
|
Research and development |
|
|
2,206 |
|
|
|
3,139 |
|
|
|
9,515 |
|
|
|
9,336 |
|
Total operating expenses |
|
|
20,198 |
|
|
|
21,535 |
|
|
|
82,259 |
|
|
|
84,834 |
|
Loss from Operations |
|
|
(4,427 |
) |
|
|
(7,726 |
) |
|
|
(30,554 |
) |
|
|
(35,111 |
) |
Other (income) expense: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
1,843 |
|
|
|
1,212 |
|
|
|
5,424 |
|
|
|
4,251 |
|
Other income, net |
|
|
(893 |
) |
|
|
(649 |
) |
|
|
(5,789 |
) |
|
|
(2,203 |
) |
Net Loss |
|
$ |
(5,377 |
) |
|
$ |
(8,289 |
) |
|
$ |
(30,189 |
) |
|
$ |
(37,159 |
) |
Net loss per share of common
stock outstanding, basic and diluted |
|
$ |
(0.19 |
) |
|
$ |
(0.30 |
) |
|
$ |
(1.05 |
) |
|
$ |
(1.38 |
) |
Weighted-average common shares
outstanding, basic and diluted |
|
|
29,048 |
|
|
|
27,207 |
|
|
|
28,658 |
|
|
|
26,900 |
|
|
NEURONETICS, INC.Balance
Sheets(In thousands, except per share
data) |
|
|
|
December 31, |
|
December 31, |
|
|
2023 |
|
|
2022 |
|
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
59,677 |
|
|
$ |
70,340 |
|
Accounts receivable, net |
|
|
15,782 |
|
|
|
13,591 |
|
Inventory |
|
|
8,093 |
|
|
|
8,899 |
|
Current portion of net investments in sales-type leases |
|
|
905 |
|
|
|
1,538 |
|
Current portion of prepaid commission expense |
|
|
2,514 |
|
|
|
1,997 |
|
Current portion of note receivables |
|
|
2,056 |
|
|
|
230 |
|
Prepaid expenses and other current assets |
|
|
4,766 |
|
|
|
2,174 |
|
Total current assets |
|
|
93,793 |
|
|
|
98,769 |
|
Property and equipment,
net |
|
|
2,009 |
|
|
|
1,991 |
|
Operating lease right-of-use
assets |
|
|
2,773 |
|
|
|
3,327 |
|
Net investments in sales-type
leases |
|
|
661 |
|
|
|
1,222 |
|
Prepaid commission
expense |
|
|
8,370 |
|
|
|
7,568 |
|
Long-term notes
receivable |
|
|
3,795 |
|
|
|
362 |
|
Other assets |
|
|
4,430 |
|
|
|
3,645 |
|
Total assets |
|
$ |
115,831 |
|
|
$ |
116,884 |
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
4,752 |
|
|
$ |
2,433 |
|
Accrued expenses |
|
|
12,595 |
|
|
|
14,837 |
|
Deferred revenue |
|
|
1,620 |
|
|
|
1,980 |
|
Current portion of operating lease liabilities |
|
|
845 |
|
|
|
824 |
|
Current portion of long-term debt, net |
|
|
— |
|
|
|
13,125 |
|
Total current liabilities |
|
|
19,812 |
|
|
|
33,199 |
|
Long-term debt, net |
|
|
59,283 |
|
|
|
22,829 |
|
Deferred revenue |
|
|
200 |
|
|
|
829 |
|
Operating lease
liabilities |
|
|
2,346 |
|
|
|
2,967 |
|
Total liabilities |
|
|
81,641 |
|
|
|
59,824 |
|
Commitments and contingencies (Note 17) |
|
|
— |
|
|
|
— |
|
Stockholders’ equity: |
|
|
|
|
|
|
Preferred stock, $0.01 par value: 10,000 shares authorized; no
shares issued or outstanding on December 31, 2023 and
December 31, 2022 |
|
|
— |
|
|
|
— |
|
Common stock, $0.01 par value: 200,000 shares authorized; 29,092
and 27,268 shares issued and outstanding on December 31, 2023
and December 31, 2022, respectively |
|
|
291 |
|
|
|
273 |
|
Additional paid-in capital |
|
|
409,980 |
|
|
|
402,679 |
|
Accumulated deficit |
|
|
(376,081 |
) |
|
|
(345,892 |
) |
Total Stockholders’ equity |
|
|
34,190 |
|
|
|
57,060 |
|
Total liabilities and Stockholders’ equity |
|
$ |
115,831 |
|
|
$ |
116,884 |
|
|
NEURONETICS, INC.Statements of Cash
Flows(In thousands) |
|
|
|
Year ended December 31, |
|
|
2023 |
|
|
2022 |
|
Cash flows from Operating
activities: |
|
|
|
|
|
|
Net loss |
|
$ |
(30,189 |
) |
|
$ |
(37,159 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
2,006 |
|
|
|
1,648 |
|
Allowance for credit losses |
|
|
390 |
|
|
|
341 |
|
Inventory impairment |
|
|
1,905 |
|
|
|
— |
|
Share-based compensation |
|
|
7,319 |
|
|
|
8,746 |
|
Non-cash interest expense |
|
|
634 |
|
|
|
709 |
|
Cost of rental units purchased by customers |
|
|
— |
|
|
|
92 |
|
Changes in certain assets and liabilities: |
|
|
|
|
|
|
Accounts receivable, net |
|
|
(8,831 |
) |
|
|
(6,658 |
) |
Inventory |
|
|
(1,098 |
) |
|
|
(2,587 |
) |
Net investment in sales-type leases |
|
|
1,193 |
|
|
|
1,114 |
|
Prepaid commission expense |
|
|
(1,319 |
) |
|
|
(1,243 |
) |
Prepaid expenses and other assets |
|
|
(2,845 |
) |
|
|
786 |
|
Accounts payable |
|
|
2,029 |
|
|
|
(1,968 |
) |
Accrued expenses |
|
|
(2,243 |
) |
|
|
6,604 |
|
Deferred revenue |
|
|
(989 |
) |
|
|
(1,164 |
) |
Net Cash Used in Operating Activities |
|
|
(32,038 |
) |
|
|
(30,739 |
) |
|
|
|
|
|
|
|
Cash Flows from Investing
Activities: |
|
|
|
|
|
|
Purchases of property and equipment and capitalized software |
|
|
(2,369 |
) |
|
|
(3,269 |
) |
Repayment of notes receivable |
|
|
1,047 |
|
|
|
10,000 |
|
Net Cash (Used in) Provided by Investing
Activities |
|
|
(1,322 |
) |
|
|
6,731 |
|
|
|
|
|
|
|
|
Cash Flows from Financing
Activities: |
|
|
|
|
|
|
Payments of debt issuance costs |
|
|
(1,104 |
) |
|
|
(91 |
) |
Proceeds from issuance of long-term debt |
|
|
25,000 |
|
|
|
— |
|
Repayment of long-term debt |
|
|
(1,200 |
) |
|
|
— |
|
Proceeds from exercises of stock options |
|
|
1 |
|
|
|
298 |
|
Net Cash Provided by (Used in) Financing
Activities |
|
|
22,697 |
|
|
|
207 |
|
Net Decrease in Cash and Cash Equivalents |
|
|
(10,663 |
) |
|
|
(23,801 |
) |
Cash and Cash Equivalents, Beginning of Period |
|
|
70,340 |
|
|
|
94,141 |
|
Cash and Cash Equivalents, End of Period |
|
$ |
59,677 |
|
|
$ |
70,340 |
|
Non-GAAP Financial Measures (Unaudited)
EBITDA is not a measure of financial performance under generally
accepted accounting principles in the U.S. (“GAAP”),
and should not be construed as a substitute for, or superior to,
GAAP net loss. However, management uses both the GAAP and non-GAAP
financial measures internally to evaluate and manage the Company’s
operations and to better understand its business. Further,
management believes the addition of the non-GAAP financial measure
provides meaningful supplementary information to, and facilitates
analysis by, investors in evaluating the Company’s financial
performance, results of operations and trends. The Company’s
calculation of EBITDA may not be comparable to similarly designated
measures reported by other companies, because companies and
investors may differ as to what type of events warrant
adjustment.
The following table reconciles reported net loss to EBITDA:
|
|
Three Months ended |
|
Year ended |
|
|
December 31, |
|
December 31, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
(in thousands) |
|
(in thousands) |
Net loss |
|
$ |
(5,377 |
) |
|
$ |
(8,289 |
) |
|
$ |
(30,189 |
) |
|
$ |
(37,159 |
) |
Interest expense |
|
|
1,843 |
|
|
|
1,212 |
|
|
|
5,424 |
|
|
|
4,251 |
|
Income taxes |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Depreciation and
amortization |
|
|
503 |
|
|
|
604 |
|
|
|
2,006 |
|
|
|
1,648 |
|
EBITDA |
|
$ |
(3,031 |
) |
|
$ |
(6,473 |
) |
|
$ |
(22,759 |
) |
|
$ |
(31,260 |
) |
Neuronetics (NASDAQ:STIM)
Gráfica de Acción Histórica
De Ago 2024 a Sep 2024
Neuronetics (NASDAQ:STIM)
Gráfica de Acción Histórica
De Sep 2023 a Sep 2024