MALVERN, PA — Neuronetics, Inc. (NASDAQ: STIM), a pioneer in the treatment of psychiatric disorders, announced its financial and operating results for the third quarter of 2023 this week. The Malvern, Pennsylvania-based company reported a total revenue of $17.9 million for the quarter, marking an 8% increase over the same period in 2022.
The company’s U.S. treatment session revenue saw a record high, reaching $13.1 million. This solid performance reflects the positive impacts from the company’s focus on commercial and customer education, resulting in a significant year-over-year growth in local consumable customers.
During the third quarter, the company made significant strides operationally, shipping a total of 43 NeuroStar systems. Neuronetics also launched the “Better Me Guarantee” Provider pilot program and accessed $22.5 million from its existing debt facility.
On the marketing front, the company achieved a milestone with over 162,500 global patients treated with 5.9 million treatment sessions. This growing patient base is a testament to the effectiveness and acceptance of the company’s pioneering mental health treatments.
Keith J. Sullivan, President and Chief Executive Officer of Neuronetics, expressed his enthusiasm about the company’s performance and future prospects. “We are thrilled by the pilot launch of the Better Me Guarantee Provider program and its potential to deliver the highest standard of care to patients,” he said. “We remain extremely well-positioned to continue to drive the adoption of NeuroStar, allowing our customers to deliver a meaningful impact on the lives of their patients suffering from mental health disorders.”
Looking ahead, Neuronetics provided updated guidance figures for the full year 2023. The company now expects total revenue to be between $70.0 million and $72.0 million, slightly adjusting the lower end of its previous guidance range of $69.0 million to $73.0 million.
Total operating expenses for the full year are now expected to be between $82.0 million and $84.0 million, showing an improvement from the prior guidance of $82.0 million to $86.0 million. For the fourth quarter of 2023, the company expects total revenue to be between $19.0 million and $21.0 million.
These results underscore Neuronetics’ robust growth potential and its commitment to advancing mental health treatment. As the company continues to innovate and expand its reach, investors can expect to see a continuation of this positive momentum.
Additional details can be found on the Neuronetics website here.
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