Neuronetics Inc (STIM, Financial), a commercial stage medical technology company, announced its financial and operating results for the third quarter of 2023 on November 7, 2023. The company reported an 8% increase in total revenue, reaching $17.9 million compared to $16.5 million in the same quarter of the previous year. The growth was primarily driven by an increase in NeuroStar treatment session sales.
Financial Performance
Neuronetics Inc (STIM, Financial) reported a 6% increase in total U.S. revenue, primarily driven by an increase in NeuroStar treatment session sales. International revenue saw a significant increase of 165% over the third quarter of 2022, mainly due to an increase in NeuroStar Advanced Therapy system sales and treatment session revenue.
However, the company reported a net loss of $(9.4) million, or $(0.33) per share, for the third quarter of 2023, compared to a net loss of $(7.6) million, or $(0.28) per share, in the third quarter of 2022.
Balance Sheet and Cash Flow
As of September 30, 2023, the company had cash and cash equivalents of $35.8 million, compared to $70.3 million as of December 31, 2022. The company also drew down the remaining $22.5 million from its credit facility with SLR Investment Corp, bolstering its balance sheet and providing support for the ongoing execution of its strategic initiatives.
Operational Highlights
Neuronetics Inc (STIM, Financial) reported strong performance in the third quarter, reflecting the positive impacts from its focus on commercial and customer education. The company also launched the pilot of the Better Me Guarantee Provider program, aimed at delivering the highest standard of care to patients.
Business Outlook
For the full year 2023, the company now expects total revenue to be between $70.0 million and $72.0 million, compared to prior guidance of $69.0 million to $73.0 million. Total operating expenses are expected to be between $82.0 million and $84.0 million, an improvement from prior guidance of $82.0 million to $86.0 million.
Explore the complete 8-K earnings release (here) from Neuronetics Inc for further details.
