MALVERN, Pa., Nov. 09, 2021 (GLOBE NEWSWIRE) -- 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 neurohealth disorders, today announced its financial and operating results for the third quarter of 2021.<\/p>\n
Third Quarter 2021 Highlights<\/p>\n
As previously announced, third quarter 2021 revenue of $13.8 million, an increase of 11% over third quarter 2020<\/p>\n
In September, entered into a five-year contract extension with Success TMS, in which the Company will be the exclusive supplier of TMS equipment to Success TMS<\/p>\n
Despite lower than anticipated revenue during the third quarter primarily due to COVID, we have continued to make solid progress on our strategic initiatives to drive future growth. Most notably, we signed two agreements with national accounts to exclusively use NeuroStar Advanced Therapy for Mental Health to treat MDD patients, said Keith J. Sullivan, President and Chief Executive Officer of Neuronetics. Looking ahead to the balance of the year, we will be focused on helping our existing customers treat more patients, the maturation of our sales force, implementing marketing campaigns, and continuing to progress our regulatory filings related to potential label expansions and additional indications. While the results of our strategic initiatives have taken longer than expected, we remain highly enthusiastic about the opportunity to expand upon our market leading position to bring the benefits of NeuroStar Advanced Therapy for Mental Health to as many patients as possible who are suffering from mental disorders.<\/p>\n
Story continues<\/p>\n
Third Quarter 2021 Financial and Operating Results for the Three Months Ended September 30, 2021<\/p>\n
Revenues by Geography<\/p>\n
Three Months Ended September 30, <\/p>\n
2021<\/p>\n
2020<\/p>\n
Amount<\/p>\n
Amount<\/p>\n
% Change<\/p>\n
(in thousands, except percentages)<\/p>\n
United States<\/p>\n
$<\/p>\n
13,280<\/p>\n
$<\/p>\n
12,029<\/p>\n
10<\/p>\n
%<\/p>\n
International<\/p>\n
519<\/p>\n
419<\/p>\n
24<\/p>\n
%<\/p>\n
Total revenues<\/p>\n
$<\/p>\n
13,799<\/p>\n
$<\/p>\n
12,448<\/p>\n
11<\/p>\n
%<\/p>\n
As previously announced, total revenue for the three months ended September 30, 2021 was $13.8 million, an increase of 11% compared to the three months ended September 30, 2020 revenue of $12.4 million. During the quarter, total U.S. revenue increased by 10% and international revenue increased by 24% over the prior year quarter. The U.S. revenue growth was driven by an increase in U.S. treatment session revenue and the international revenue growth was driven by an increase in international NeuroStar Advanced Therapy System sales.<\/p>\n
U.S. Revenues by Product Category<\/p>\n
Three Months Ended September 30, <\/p>\n
2021<\/p>\n
2020<\/p>\n
Amount<\/p>\n
Amount<\/p>\n
% Change<\/p>\n
(in thousands, except percentages)<\/p>\n
NeuroStar Advanced Therapy System<\/p>\n
$<\/p>\n
2,612<\/p>\n
$<\/p>\n
2,541<\/p>\n
3<\/p>\n
%<\/p>\n
Treatment sessions<\/p>\n
10,259<\/p>\n
$<\/p>\n
9,083<\/p>\n
13<\/p>\n
%<\/p>\n
Other<\/p>\n
409<\/p>\n
$<\/p>\n
405<\/p>\n
1<\/p>\n
%<\/p>\n
Total U.S. revenues<\/p>\n
$<\/p>\n
13,280<\/p>\n
$<\/p>\n
12,029<\/p>\n
10<\/p>\n
%<\/p>\n
U.S. NeuroStar Advanced Therapy System<\/p>\n
Revenues by Type<\/p>\n
Three Months Ended September 30, <\/p>\n
2021<\/p>\n
2020<\/p>\n
Amount<\/p>\n
Amount<\/p>\n
% Change<\/p>\n
(in thousands, except percentages)<\/p>\n
NeuroStar Capital<\/p>\n
$<\/p>\n
2,277<\/p>\n
$<\/p>\n
2,438<\/p>\n
(7<\/p>\n
)%<\/p>\n
Operating lease<\/p>\n
30<\/p>\n
$<\/p>\n
88<\/p>\n
(66<\/p>\n
)%<\/p>\n
Other<\/p>\n
305<\/p>\n
$<\/p>\n
15<\/p>\n
1,933<\/p>\n
%<\/p>\n
Total United States NeuroStar Advanced Therapy System revenues<\/p>\n
$<\/p>\n
2,612<\/p>\n
<\/p>\n
Read more from the original source: <\/p>\n
Neuronetics Reports Third Quarter 2021 Financial and Operating Results - Yahoo Finance<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" MALVERN, Pa., Nov. 09, 2021 (GLOBE NEWSWIRE) -- Neuronetics, Inc Continue reading