Neuronetics Reports Record Fourth Quarter and Record Full Year 2023 Financial and Operating Results
MALVERN, Pa., March 05, 2024 (GLOBE NEWSWIRE) -- 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
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- Q4 2023 Revenue: Neuronetics reported a revenue of $20.3 million, marking a 12% increase compared to the fourth quarter of 2022.
- U.S. NeuroStar Advanced Therapy System Sales: Generated $4.5 million in revenue, with 59 systems shipped during the quarter.
- U.S. Treatment Session Revenue: Reached $14.9 million in the fourth quarter of 2023.
- Growth in Local Consumable Revenue: Experienced a growth of over 33% compared to the fourth quarter of 2022.
- Positive Cash Flow: Produced approximately $1.5 million in cash flow in the fourth quarter, concluding the year with about $60 million in cash and equivalents.
- Full Year 2023 Revenue: Achieved $71.3 million in revenue, marking a 9% increase from 2022, with U.S. treatment session revenue at $50.9 million.
- Operational and Marketing Achievements: Launched the “Better Me Guarantee Provider” pilot program and secured significant healthcare policy updates to expand TMS treatment eligibility.
“We are very excited about 2024. Beyond the maturation of our existing commercial initiatives, 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 rigorous 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.”
Keith J. Sullivan, President and CEO of Neuronetics
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