Neuronetics Reports Preliminary Fourth Quarter and Fiscal Year 2020 Financial Results
January 12 2021 - 4:05PM
Neuronetics, Inc. (NASDAQ: STIM), a commercial stage medical
technology company focused on designing, developing and marketing
products that improve the quality of life for patients who suffer
from psychiatric disorders, today, in advance of the ICR/Westwicke
Conference, announced certain preliminary unaudited fourth quarter
and full year 2020 revenue results.
Fourth Quarter 2020
- Fourth quarter 2020 preliminary unaudited revenue between $15.0
and $15.5 million compared to previously issued guidance of $13.0
and $13.5 million. This represents a sequential increase of between
21% and 25% compared to third quarter 2020.
Full Year 2020
- Full year 2020 preliminary unaudited revenue between $48.7 and
$49.2 million.
“During the quarter, we continued to see increased demand for
NeuroStar Advanced Therapy systems, and we saw a strong uptick in
treatment session revenues as compared to the third quarter despite
the continued uncertainty related to COVID-19 and the busy holiday
season,” said Keith J. Sullivan, President and Chief Executive
Officer of Neuronetics. “One of my goals for 2020 was to build a
strong foundation that will allow us to execute against our
long-term strategy. As previously announced, we recently added
twenty-two new field sales personnel who are now being trained with
the expectation that they will be fully productive by the second
quarter of 2021. We also received the results of our market
research. The findings are being incorporated into our new
marketing campaigns and support materials that are designed to
increase awareness of NeuroStar Advanced Therapy for Mental Health
as a non-drug treatment therapy for patients who suffer from
depression. These new campaigns will be launched after our January
National Sales Meeting.”
Total revenue for the fourth quarter of 2020 is expected to be
in the range of approximately $15.0 to $15.5 million, representing
a decrease of approximately 14% and 11%, respectively, when
compared with $17.4 million for the fourth quarter of 2019 due to
the impact of COVID-19.
Total revenue for the full year 2020 is expected to be in the
range of approximately $48.7 to $49.2 million, representing a
decrease of approximately 22% and 21%, respectively, when compared
with $62.7 million for the full year 2019 due to the impact of
COVID-19.
2021 Business OutlookLooking ahead to full year
2021, the Company is expecting the recovery to continue and
assuming the country doesn’t see a resurgence of COVID-19 that
impacts our customers and patients, revenues should approach 2019
revenues.
Formal full year 2021 guidance will be provided when the Company
reports fourth quarter and full year 2020 results.
Upcoming Investor Conference PresentationsThe
Company previously announced that Keith Sullivan, President and
Chief Executive Officer, and Steve Furlong, Chief Financial
Officer, will be participating in the 23rd Annual ICR/Westwicke
Conference, including a company presentation and a panel discussion
on Thursday, January 14, 2021. Webcasts of the presentation and
panel discussion will be available online at the investor relations
page of the Company’s website at ir.neuronetics.com.
About NeuroneticsNeuronetics, Inc. is a
commercial-stage medical technology company focused on designing,
developing, and marketing products that improve the quality of life
for patients who suffer from psychiatric disorders. Its commercial
product, the NeuroStar® Advanced Therapy System, is a non-invasive
and non-systemic office-based treatment that uses transcranial
magnetic stimulation, or TMS, to create a pulsed, MRI-strength
magnetic field that induces electrical currents designed to
stimulate specific areas of the brain associated with mood. The
system is cleared by the United States Food and Drug
Administration, or FDA, for the treatment of major depressive
disorder in adult patients who have failed to achieve satisfactory
improvement from prior antidepressant medication in the current
episode. NeuroStar is also available in other parts of the world,
including Japan, where it is listed under Japan’s national
health insurance. Additional information can be found
at www.neuronetics.com.
“Safe harbor” statement under the Private Securities
Litigation Reform Act of 1995:Statements in the press
release regarding Neuronetics, Inc. (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 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 COVID-19 on general
political and economic conditions, including as a result of efforts
by governmental authorities to mitigate COVID-19, such as travel
bans, shelter in place orders and third-party business closures and
the related impact on resource allocations, manufacturing and
supply chains and patient access to commercial products; the
Company’s ability to execute its business continuity, operational
and budget plans in light of the COVID-19 outbreak; the Company’s
ability to achieve or sustain profitable operations due to its
history of losses; the Company’s reliance on the sale and usage of
its NeuroStar Advanced Therapy System to generate revenues; the
scale and efficacy of the Company’s salesforce; 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 respect of
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; and
developments in regulation in the United States and other
applicable jurisdictions. For a discussion of these and other
related risks, please refer to the Company’s recent SEC filings
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:Mark R. KlausnerWestwicke
Partners443-213-0501ir@neuronetics.com
Media Contact:Chelsey MankoVault
Communications610-455-2778cmanko@vaultcommunications.com
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