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
second quarter of 2024.
Second Quarter 2024 Highlights
- Second quarter 2024 revenue of $16.5 million, a 7% decrease as
compared to the second quarter 2023
- U.S. NeuroStar Advanced Therapy system revenue of $4 million in
the quarter, representing 50 systems
- U.S. treatment session revenue decreased by 5% versus the
second quarter of 2023
Recent Operational and Marketing Highlights
- Announces signing of definitive agreement to acquire all the
outstanding shares of Greenbrook TMS, creating one of the nation’s
leading providers of mental health care
- Major insurers updated their healthcare policies to address TMS
therapy coverage for Adolescents
- Launched the “Better Me Provider” program Nationwide.
- Secured $50 million Initial Tranche of Debt Facility with
Perceptive Advisors, reducing net debt by $10 million
- Achieved milestone of over 182,000 global patients treated with
6.6 million treatment sessions
“Despite continued industry headwinds that impacted our
customers during the quarter, we’re pleased to see the continued
momentum within our business and the positive impacts our training
and education initiatives are having, in particular our Better Me
Provider program. We are also very excited about the strong early
trends we have seen since receiving FDA clearance for NeuroStar
therapy in adolescents, including multiple recent policy updates
which have expanded reimbursement coverage to this hugely important
and underserved patient population. These initiatives, along with
our secured debt facility of up to $90 million, strengthen our
ability to drive future growth and make progress towards
profitability,” said Keith J. Sullivan, President and CEO. “I am
especially enthusiastic about our announced agreement to merge with
Greenbrook TMS. This transaction brings together two of the leaders
in the mental health space in the U.S., which will allow us to
provide access to innovative care to patients suffering from mental
health conditions. Leveraging the significant scale and
capabilities of the two businesses, we can drive increased
awareness of NeuroStar, consistently deliver best practices,
facilitate improved reimbursement on a regional and national level,
and provide additional services and training opportunities to all
of our customers which can improve their business operations.”
Second Quarter 2024 Financial and Operating Results for
the Three Months Ended June 30, 2024
|
|
|
|
|
|
|
|
|
|
| |
Revenues by Geography |
|
|
|
| |
Three Months Ended June 30, |
|
|
|
| |
2024 |
|
2023 |
|
|
|
| |
Amount |
|
Amount |
|
% Change |
|
| |
(Unaudited;
in thousands, except percentages) |
|
U.S. |
$ |
16,130 |
|
$ |
17,289 |
|
(7) |
% |
| International |
|
320 |
|
|
321 |
|
(0) |
% |
|
Total revenues |
$ |
16,450 |
|
$ |
17,610 |
|
(7) |
% |
Total revenue for the three months ended June 30, 2024 was $16.5
million, a decrease of 7% compared to the revenue of $17.6 million
in the second quarter of 2023. During the quarter, total U.S.
revenue decreased by 7% and international revenue remained
materially consistent over the second quarter of 2023. The decrease
in U.S.revenue was primarily attributable to a decrease in U.S
Treatment sessions and U.S NeuroStar Advanced Therapy System sales
period over period.
|
|
|
|
|
|
|
|
|
|
| |
U.S. Revenues by Product Category |
|
|
|
| |
Three Months Ended June 30, |
|
|
|
| |
2024 |
|
2023 |
|
|
|
| |
Amount |
|
Amount |
|
% Change |
|
| |
(Unaudited;
in thousands, except percentages) |
| NeuroStar Advanced Therapy
System |
$ |
4,000 |
|
$ |
4,489 |
|
(11) |
% |
| Treatment sessions |
|
11,660 |
|
$ |
12,314 |
|
(5) |
% |
| Other |
|
470 |
|
$ |
486 |
|
(3) |
% |
|
Total U.S. revenues |
$ |
16,130 |
|
$ |
17,289 |
|
(7) |
% |
U.S. NeuroStar Advanced Therapy System revenue for the three
months ended June 30, 2024 was $4 million, a decrease of 11%
compared to $4.5 million in the second quarter of 2023. For the
three months ended June 30, 2024, and 2023, the Company shipped 49
and 54 systems, respectively.
U.S. treatment session revenue for the three months ended June
30, 2024 was $11.7 million, a decrease of 5% compared to $12.3
million in the second quarter of 2023. The decrease in revenue was
primarily attributable to a decrease in treatment session volume
over the prior year quarter. The decline was primarily a function
of our customers facing cash flow difficulties stemming from the
Change Health cyberattack.
In the second quarter of 2024, U.S. treatment session revenue
per active site was $10,000 compared to $11,392 in the second
quarter of 2023.
Gross margin for the second quarter of 2024 was 74%, an increase
of approximately 150 basis points from the second quarter of 2023
gross margin of 72.5%.
Operating expenses during the second quarter of 2024 were $20.7
million, an increase of $0.6 million, or 3%, compared to $20.1
million in the second quarter of 2023.
Net loss for the second quarter of 2024 was $(9.8) million, or
$(0.33) per share, as compared to $(4.9) million, or $(0.17) per
share, in the second quarter of 2023. Net loss per share was based
on 30,051,751 and 28,589,976 weighted average common shares
outstanding for the second quarters of 2024 and 2023,
respectively.
EBITDA for the second quarter of 2024 was $(8.0) million as
compared to the second quarter of 2023 EBITDA of $(3.3) million.
See the accompanying financial table that reconciles EBITDA, which
is a non-GAAP financial measure, to net loss.
Cash and cash equivalents were $42.6 million as of June 30,
2024. This compares to cash and cash equivalents of $59.7 million
as of December 31, 2023.
Definitive Agreement to Merge with Greenbrook
TMS
On August 12, 2024, the Company announced that is has entered
into a definitive arrangement agreement with Greenbrook TMS, in
which Neuronetics will acquire all of the outstanding common shares
of Greenbrook in an all-stock transaction.
The transaction creates a vertically-integrated organization
capable of providing access to mental health treatment with
significant scale in the U.S. The transaction offers multiple
strategic benefits for Neuronetics and its customers, including
increased brand awareness for NeuroStar, more consistent delivery
of best practices, and the ability to offer a variety of positive
benefits for all NeuroStar customers. Beyond the strategic
benefits, the transaction is expected to create compelling
financial benefits, including increased revenue scale and a strong
growth trajectory, material cost synergies, an accelerated path to
profitability, and a bolstered balance sheet.
For more details on the transaction, please refer to the press
release issued by Neuronetics on August 12, 2024.
Major Insurers Expand TMS Coverage for Adolescents with
Depression
The Company has announced a series of significant healthcare
policy updates from major insurers, expanding access to its
NeuroStar TMS therapy for adolescents with depression. Humana,
covering approximately 600,000 commercial lives, became the first
commercial payer to address TMS coverage for ages 15-17, effective
April 25, 2024. BlueCross BlueShield of Michigan, covering 4.9
million lives, and Cambia Health Solutions, impacting 2.5 million
lives across four states, broadened TMS access to include
individuals 15 years and older, effective September 1, 2024.
California's Medicaid program, Medi-Cal, added TMS coverage for
both adults and adolescents aged 15 and up, affecting 14.8 million
lives starting August 1, 2024. Aetna, one of the largest health
plans with over 19.4 million covered lives, also updated its policy
to include TMS treatment for adolescents 15 and older, effective
immediately. These policy changes follow the FDA's clearance of
NeuroStar TMS on March 25, 2024, as the first and only TMS
treatment approved as a first-line add-on for adolescents aged
15-21 with major depressive disorder.
NeuroStar Launches Nationwide Better Me Provider
Program, Enhancing Patient Care and Accessibility
In July, the Company announced the national launch of its Better
Me Provider (BMP) program, setting new industry standards for
patient care and responsiveness in mental health treatment. The
program, developed in collaboration with TMS medical experts, has
shown strong results during its pilot phase. Participating
practices demonstrated up to 6.4 times faster 24-hour follow-ups
and a fivefold reduction in time from initial patient interest to
motor threshold determination. Advanced clinical training through
NeuroStar University enabled participants to treat 58% more
patients on average. With 300 active sites and over 125 more
committed to joining, the BMP program represents a major step in
Neuronetics' strategy to improve accessibility of NeuroStar TMS
Therapy for millions suffering from MDD, OCD, and anxious
depression. This initiative underscores the company's commitment to
innovation and patient-centric care in the mental health
sector.
New Debt Facility of up to $90 million with Perceptive
Advisors
In late July, Neuronetics entered into a debt facility of up to
$90 million with Perceptive Advisors LLC. The agreement provided an
initial tranche of $50 million at closing, with two additional
tranches of $15 million and $25 million available under specified
conditions. This new facility allowed Neuronetics to pay off, in
full, the Company’s SLR Capital Partners term loan, reducing the
Company’s net debt and providing additional financial flexibility.
The 5-year term loan's interest rate is based on SOFR plus an
applicable margin. This funding will support Neuronetics' ongoing
investments in commercial initiatives, clinical indication
expansion, and efforts to drive adoption of its NeuroStar Advanced
Therapy for Mental Health.
Business Outlook
For the third quarter of 2024, the Company expects total
worldwide revenue between $18.5 million and $19.5 million.
For the full year 2024, the Company expects total worldwide
revenue to be between $78.0 million and $80.0 million.
For the full year 2024, the Company expects total operating
expenses to be between $78.0 million and $80.0 million.
Webcast and Conference Call Information
Neuronetics’ management team will host a conference call on
August 12, 2024, beginning at 8:30 a.m. Eastern Time.
The conference call will be broadcast live in listen-only mode
via webcast at
https://edge.media-server.com/mmc/p/xsxbsaxh. To
listen to the conference call on your telephone, you may register
for the call here. While it is not required, it is
recommended you join 10 minutes prior to the event start.
About Neuronetics
Neuronetics, Inc. believes that mental health is as important as
physical health. As a global leader in neuroscience, Neuronetics is
redefining patient and physician expectations with its NeuroStar
Advanced Therapy for Mental Health. NeuroStar is a non-drug,
noninvasive treatment that can improve the quality of life for
people suffering from neurohealth conditions when traditional
medication hasn’t helped. The NeuroStar Advanced Therapy System is
cleared by the FDA for adults with MDD, as an adjunct for adults
with obsessive-compulsive disorder, and to decrease anxiety
symptoms in adult patients with MDD that may exhibit comorbid
anxiety symptoms (anxious depression), and as a first line adjunct
for the treatment of MDD in adolescent patients aged 15-21.
NeuroStar Advanced Therapy is the leading TMS treatment for MDD in
adults with more than 6.6 million treatments delivered. NeuroStar
is backed by the largest clinical data set of any TMS treatment
system for depression, including the world’s largest depression
outcomes registry. Neuronetics is committed to transforming lives
by offering an exceptional treatment that produces extraordinary
results. For safety information and indications for use, visit
NeuroStar.com.
“Safe harbor” statement under the Private Securities
Litigation Reform Act of 1995:
This document includes “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933, as amended
(the “Securities Act”), Section 21E of the Securities Exchange Act
of 1934, as amended, which are intended to be covered by the safe
harbors created by those laws and other applicable laws and
“forward-looking information” within the meaning of applicable
Canadian securities laws. Statements in the press release 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 include those relating to the
proposed combination of Greenbrook and Neuronetics, potential
benefits of the transaction and the timing thereof. These
statements are subject to significant risks and uncertainties and
actual results could differ materially from those projected.
Investors are cautioned not to place undue reliance on the
forward-looking statements contained in this document.
These risks and uncertainties include, without limitation, risks
and uncertainties related to: our ability to achieve or sustain
profitable operations due to our history of losses; our reliance on
the sale and usage of our NeuroStar Advanced Therapy System to
generate revenues; the scale and efficacy of our salesforce;
availability of coverage and reimbursement from third-party payors
for treatments using our products; physician and patient demand for
treatments using our products; developments in respect of competing
technologies and therapies for the indications that our products
treat; product defects; our revenue has been concentrated among a
small number of customers; our ability to obtain and maintain
intellectual property protection for our technology; developments
in clinical trials or regulatory review of the NeuroStar Advanced
Therapy System for additional indications; developments in
regulation in the U.S. and other applicable jurisdictions; the
terms of our credit facility; our ability to successfully roll-out
our Better Me Guarantee Provider Program on the planned timeline;
our self-sustainability and existing cash balances; and our ability
to achieve cash flow break-even in the fourth quarter of 2024 and
on a full-year basis in 2025.
Without limiting the foregoing, these risks and uncertainties
also include, without limitation, risks and uncertainties related
to: the parties’ ability to meet expectations regarding the timing
and completion of the transaction; the occurrence of any event,
change or other circumstance that would give rise to the
termination of the Arrangement Agreement; the fact that
Greenbrook’s and Neuronetics’ respective stockholders may not
approve the transaction; the fact that certain terminations of the
Arrangement Agreement require Greenbrook or Neuronetics to pay a
termination fee; the failure to satisfy each of the conditions to
the consummation of the transaction; the disruption of management’s
attention from ongoing business operations due to the transaction;
the effect of the announcement of the transaction on the
Greenbrook’s and Neuronetics’ relationships with their respective
customers, as well as its operating results and business generally;
the outcome of any legal proceedings related to the transaction;
retention of employees of Greenbrook following the announcement of
the transaction; the fact that Greenbrook’s and Neuronetics’ stock
price may decline significantly if the transaction is not
completed; and other factors described under the heading “Risk
Factors” in the Company’s Annual Report on Form 10-K for the fiscal
year ended December 31, 2023, and its Quarterly Report on Form 10-Q
for the quarter ended March 31, 2024, as each may be updated or
supplemented by subsequent reports that the Company has filed or
files with the SEC.
These forward-looking statements are based on expectations and
assumptions as of the date of this press release. Except as
required by law, Neuronetics and Greenbrook undertake 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 their expectations.
Important Additional Information and Where to Find
It
In connection with the transaction, Neuronetics and Greenbrook
will be filing preliminary and definitive joint proxy statements
and other relevant documents relating to the proposed transaction
with the Securities and Exchange Commission (the “SEC”) and on
SEDAR+, as applicable. This communication is not a substitute for
the joint proxy statement or any other document that Neuronetics or
Greenbrook may file with the SEC or on SEDAR+ or send to their
stockholders in connection with the transaction. The description of
the Definitive Agreement and voting agreements above do not purport
to be complete and are qualified in its entirety by reference to
such agreement as filed pursuant to the joint proxy statement
and/or any other filing with the SEC and on SEDAR+. Before making
any voting decision, Neuronetics’ and Greenbrook’s stockholders are
urged to read all relevant documents filed with the SEC and on
SEDAR+, including the joint proxy statement, when they become
available because they will contain important information about the
transaction. Investors and security holders will be able to obtain
the joint proxy statement and other documents filed by Neuronetics
or Greenbrook with the SEC (when available) free of charge at the
SEC’s website, www.sec.gov or on SEDAR+, at www.sedarplus.ca, as
applicable, or from Neuronetics or Greenbrook at the investor
relations page of their respective websites,
https://ir.neuronetics.com/ and
greenbrooktms.com/investor-relations. These documents are not
currently available.
No Offer or Solicitation
This communication is for information purposes only and is not
intended to and does not constitute, or form part of, an offer,
invitation or the solicitation of an offer or invitation to
purchase, otherwise acquire, subscribe for, sell or otherwise
dispose of any securities, or the solicitation of any vote or
approval in any jurisdiction, pursuant to the proposed transaction
or otherwise, nor shall there be any sale, issuance or transfer of
securities in any jurisdiction in contravention of applicable
law.
Participants in the Solicitation
Neuronetics, Greenbrook and their respective directors and
executive officers may be deemed participants in the solicitation
of proxies from Neuronetics’ stockholders in connection with the
transaction. Neuronetics’ stockholders and other interested persons
may obtain, without charge, more detailed information (i) regarding
the directors and officers of Neuronetics in Neuronetics’ Annual
Report on Form 10-K filed with the SEC on March 7, 2024, its proxy
statement relating to its 2024 Annual Meeting of Stockholders filed
with the SEC on April 11, 2024 and other relevant materials filed
with the SEC when they become available; and (ii) regarding
Greenbrook’s directors and officers in Greenbrook’s Annual Report
on Form 10-K filed with the SEC and on SEDAR+ on April 25, 2024 and
other relevant materials filed with the SEC and on SEDAR+, as
applicable, when they become available. Information regarding the
persons who may, under SEC rules, be deemed participants in the
solicitation of proxies to Neuronetics’ stockholders in connection
with the transaction will be set forth in the joint proxy statement
for the transaction when available. Additional information
regarding the interests of participants in the solicitation of
proxies in connection with the transaction will be included in the
joint proxy statement that Neuronetics and Greenbrook intend to
file with the SEC and on SEDAR+, as applicable.
Investor Contact:
Mike Vallie or Mark KlausnerWestwicke
Partners443-213-0499ir@neuronetics.com
Media Contact:
EvolveMKD646-517-4220NeuroStar@evolvemkd.com
| |
|
NEURONETICS, INC.Statements of
Operations(Unaudited; In thousands, except per
share data) |
| |
| |
Three Months ended |
|
Six months ended |
| |
June 30, |
|
June 30, |
| |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Revenues |
$ |
16,450 |
|
|
$ |
17,610 |
|
|
$ |
33,867 |
|
|
$ |
33,150 |
|
| Cost of revenues |
|
4,271 |
|
|
|
4,836 |
|
|
|
8,600 |
|
|
|
8,980 |
|
|
Gross profit |
|
12,179 |
|
|
|
12,774 |
|
|
|
25,267 |
|
|
|
24,170 |
|
| Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing |
|
12,303 |
|
|
|
11,559 |
|
|
|
23,943 |
|
|
|
23,461 |
|
|
General and administrative |
|
6,148 |
|
|
|
6,200 |
|
|
|
12,105 |
|
|
|
12,812 |
|
|
Research and development |
|
2,235 |
|
|
|
2,364 |
|
|
|
4,585 |
|
|
|
5,154 |
|
|
Total operating expenses |
|
20,686 |
|
|
|
20,123 |
|
|
|
40,633 |
|
|
|
41,427 |
|
|
Loss from operations |
|
(8,507 |
) |
|
|
(7,349 |
) |
|
|
(15,366 |
) |
|
|
(17,257 |
) |
| Other (income) expense: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
1,978 |
|
|
|
1,144 |
|
|
|
3,804 |
|
|
|
2,396 |
|
|
Other income, net |
|
(653 |
) |
|
|
(3,592 |
) |
|
|
(1,465 |
) |
|
|
(4,232 |
) |
|
Net loss |
$ |
(9,832 |
) |
|
$ |
(4,901 |
) |
|
$ |
(17,705 |
) |
|
$ |
(15,421 |
) |
| Net loss per share of common
stock outstanding, basic and diluted |
$ |
(0.33 |
) |
|
$ |
(0.17 |
) |
|
$ |
(0.59 |
) |
|
$ |
(0.54 |
) |
| Weighted average common shares
outstanding, basic and diluted |
|
30,052 |
|
|
|
28,590 |
|
|
|
29,762 |
|
|
|
28,316 |
|
| |
|
NEURONETICS, INC.Balance
Sheets(Unaudited; In thousands, except per share
data) |
| |
|
|
|
|
|
| |
June 30, |
|
December 31, |
| |
2024 |
|
2023 |
| Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
$ |
42,642 |
|
|
$ |
59,677 |
|
|
Accounts receivable, net |
|
17,143 |
|
|
|
15,782 |
|
|
Inventory |
|
6,142 |
|
|
|
8,093 |
|
|
Current portion of net investments in sales-type leases |
|
685 |
|
|
|
905 |
|
|
Current portion of prepaid commission expense |
|
2,739 |
|
|
|
2,514 |
|
|
Current portion of note receivables |
|
2,363 |
|
|
|
2,056 |
|
|
Prepaid expenses and other current assets |
|
3,792 |
|
|
|
4,766 |
|
|
Total current assets |
|
75,506 |
|
|
|
93,793 |
|
| Property and equipment,
net |
|
1,728 |
|
|
|
2,009 |
|
| Operating lease right-of-use
assets |
|
2,480 |
|
|
|
2,773 |
|
| Net investments in sales-type
leases |
|
268 |
|
|
|
661 |
|
| Prepaid commission
expense |
|
8,626 |
|
|
|
8,370 |
|
| Long-term notes
receivable |
|
3,152 |
|
|
|
3,795 |
|
| Other assets |
|
5,053 |
|
|
|
4,430 |
|
|
Total assets |
$ |
96,813 |
|
|
$ |
115,831 |
|
| Liabilities and
Stockholders’ Equity |
|
|
|
|
|
| Current liabilities: |
|
|
|
|
|
|
Accounts payable |
$ |
4,102 |
|
|
$ |
4,752 |
|
|
Accrued expenses |
|
9,236 |
|
|
|
12,595 |
|
|
Deferred revenue |
|
1,452 |
|
|
|
1,620 |
|
|
Current portion of operating lease liabilities |
|
856 |
|
|
|
845 |
|
|
Current portion of long-term debt, net |
|
13,612 |
|
|
|
— |
|
|
Total current liabilities |
|
29,258 |
|
|
|
19,812 |
|
| Long-term debt, net |
|
46,146 |
|
|
|
59,283 |
|
| Deferred revenue |
|
15 |
|
|
|
200 |
|
| Operating lease
liabilities |
|
2,008 |
|
|
|
2,346 |
|
|
Total liabilities |
|
77,427 |
|
|
|
81,641 |
|
|
Commitments and contingencies (Note 18) |
|
— |
|
|
|
— |
|
| Stockholders’ equity: |
|
|
|
|
|
|
Preferred stock, $0.01 par value: 10,000 shares authorized; no
shares issued or outstanding on June 30, 2024 and
December 31, 2023 |
|
— |
|
|
|
— |
|
|
Common stock, $0.01 par value: 200,000 shares authorized; 30,136
and 29,092 shares issued and outstanding on June 30, 2024 and
December 31, 2023, respectively |
|
301 |
|
|
|
291 |
|
|
Additional paid-in capital |
|
412,871 |
|
|
|
409,980 |
|
|
Accumulated deficit |
|
(393,786 |
) |
|
|
(376,081 |
) |
|
Total Stockholders’ equity |
|
19,386 |
|
|
|
34,190 |
|
|
Total liabilities and Stockholders’ equity |
$ |
96,813 |
|
|
$ |
115,831 |
|
| |
|
NEURONETICS, INC.Statements of Cash
Flows(Unaudited; In thousands) |
| |
|
|
|
|
|
| |
Six months ended June 30, |
| |
2024 |
|
2023 |
| Cash flows from Operating
activities: |
|
|
|
|
|
|
Net loss |
$ |
(17,705 |
) |
|
$ |
(15,421 |
) |
|
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
1,115 |
|
|
|
1,004 |
|
|
Allowance for credit losses |
|
1,238 |
|
|
|
(266 |
) |
|
Inventory impairment |
|
94 |
|
|
|
— |
|
|
Share-based compensation |
|
2,901 |
|
|
|
3,838 |
|
|
Non-cash interest expense |
|
474 |
|
|
|
322 |
|
|
Changes in certain assets and liabilities: |
|
|
|
|
|
|
Accounts receivable, net |
|
(3,204 |
) |
|
|
(5,456 |
) |
|
Inventory |
|
1,844 |
|
|
|
(7 |
) |
|
Net investment in sales-type leases |
|
614 |
|
|
|
828 |
|
|
Prepaid commission expense |
|
(482 |
) |
|
|
(620 |
) |
|
Prepaid expenses and other assets |
|
683 |
|
|
|
(2,762 |
) |
|
Accounts payable |
|
(844 |
) |
|
|
1,577 |
|
|
Accrued expenses |
|
(3,359 |
) |
|
|
(6,462 |
) |
|
Deferred revenue |
|
(353 |
) |
|
|
(622 |
) |
|
Net Cash used in Operating activities |
|
(16,984 |
) |
|
|
(24,047 |
) |
|
|
|
|
|
|
|
| Cash flows from Investing
activities: |
|
|
|
|
|
|
Purchases of property and equipment and capitalized software |
|
(991 |
) |
|
|
(938 |
) |
|
Repayment of notes receivable |
|
940 |
|
|
|
113 |
|
|
Net Cash used in Investing activities |
|
(51 |
) |
|
|
(825 |
) |
|
|
|
|
|
|
|
| Cash flows from Financing
activities: |
|
|
|
|
|
|
Payments of debt issuance costs |
|
— |
|
|
|
(863 |
) |
|
Proceeds from issuance of long-term debt |
|
— |
|
|
|
2,500 |
|
|
Repayment of long-term debt |
|
— |
|
|
|
(1,200 |
) |
|
Net Cash provided by Financing activities |
|
— |
|
|
|
437 |
|
|
Net decrease in Cash and Cash equivalents |
|
(17,035 |
) |
|
|
(24,435 |
) |
|
Cash and Cash equivalents, Beginning of Period |
|
59,677 |
|
|
|
70,340 |
|
|
Cash and Cash equivalents, End of Period |
$ |
42,642 |
|
|
$ |
45,905 |
|
Non-GAAP Financial Measures (Unaudited)
EBITDA is not a measure of financial performance under generally
accepted accounting principles in the U.S. (“GAAP”),
and should not be construed as a substitute for, or superior to,
GAAP net loss. However, management uses both the GAAP and non-GAAP
financial measures internally to evaluate and manage the Company’s
operations and to better understand its business. Further,
management believes that the addition of the non-GAAP financial
measure provides meaningful supplementary information to, and
facilitates analysis by, investors in evaluating the Company’s
financial performance, results of operations and trends. The
Company’s calculation of EBITDA may not be comparable to similarly
designated measures reported by other companies, because companies
and investors may differ as to what type of events warrant
adjustment.
The following table reconciles reported net loss to EBITDA:
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months ended |
|
Six months ended |
| |
June 30, |
|
June 30, |
| |
2024 |
|
2023 |
|
2024 |
|
2023 |
| |
(in thousands) |
|
(in thousands) |
|
Net loss |
$ |
(9,832 |
) |
|
$ |
(4,901 |
) |
|
$ |
(17,705 |
) |
|
$ |
(15,421 |
) |
| Interest expense, net |
|
1,325 |
|
|
|
1,144 |
|
|
|
2,339 |
|
|
|
2,396 |
|
| Income taxes |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Depreciation and
amortization |
|
555 |
|
|
|
488 |
|
|
|
1,115 |
|
|
|
1,004 |
|
| EBITDA |
$ |
(7,952 |
) |
|
$ |
(3,269 |
) |
|
$ |
(14,251 |
) |
|
$ |
(12,021 |
) |
Grafico Azioni Neuronetics (NASDAQ:STIM)
Storico
Da Nov 2024 a Dic 2024
Grafico Azioni Neuronetics (NASDAQ:STIM)
Storico
Da Dic 2023 a Dic 2024
