Neuronetics(STIM) - 2025 Q1 - Quarterly Results

Financial Performance - In 2024, Neuronetics reported an annual revenue of $129 million, with 213,500 unique patients treated and 7.62 million treatments administered[14]. - Q4 2024 revenue reached $22.5M, with full year revenue at $74.9M, reflecting a significant growth trajectory[63]. - Q1 2025 revenue was $32.0M, an 84% increase compared to Q1 2024[70]. - FY 2025 revenue guidance is set between $149M to $155M, indicating a year-over-year growth of 15% to 19%[66]. - Neuronetics' adjusted net pro forma revenue for Q4 2024 was $33.9M, with a consolidated adjusted net pro forma revenue of $129.4M for the full year[63]. - Total U.S. Revenues for 2023 reached $69,336, reflecting a 5% increase year-over-year[89]. - Total Revenues for 2023 amounted to $71,348, with a year-over-year growth of 9%[89]. - Total Revenues for 2024 are forecasted to be $129,430, reflecting an 81% increase compared to 2023[91]. Growth Strategy - The company aims for mid-teens revenue growth and expects to achieve cash flow breakeven in Q3 2025[20]. - The company has realized significant cost reductions, enabling immediate operating leverage and transforming its financial profile[20]. - The company achieved annualized expected cost savings of $22.6M through various initiatives, with $16.2M expected from Greenbrook reductions[61]. - The company aims to be cash flow positive starting in Q3 2025[66]. - Neuronetics is focused on standardizing operational excellence across its network to improve treatment revenue and patient care[55]. Treatment and Clinical Outcomes - Neuronetics has over 375 operating treatment clinics across 15 states, with a total of 55,700 patients treated and 1.8 million treatments administered through Greenbrook[17]. - The NeuroStar system has been utilized in over 202,000 patients, with 7.4 million treatment sessions performed, making it the market leader in Transcranial Magnetic Stimulation (TMS)[31]. - Neuronetics' clinical results show an 83% improvement in depression symptoms for patients with Major Depressive Disorder (MDD) after treatment[34]. - The Better Me Provider Program (BMP) has shown a 2.2x faster conversion from patient interest to treatment compared to non-BMP practices[42]. Product Development and Market Expansion - The company has a robust R&D pipeline, including a third-generation system and the largest clinical dataset in the world to drive new indications[33]. - Neuronetics is the first to market with an FDA-cleared TMS treatment for adolescent depression, expanding its addressable market significantly[37]. - The SPRAVATO® program, approved by the FDA, is expected to expand to nearly 85 treatment centers by the end of fiscal 2025, enhancing the company's treatment offerings[53]. - The company is expanding referral networks for over 375 BMP clinics to enhance patient flow[57]. Revenue Trends and Projections - Total U.S. NeuroStar Advanced Therapy System Revenues for 2023 were $16,460, a decrease of 7% year-over-year[89]. - Total U.S. Treatment Sessions Revenues for 2023 were $50,895, remaining flat year-over-year with a 0% change[89]. - Total International Revenues for 2023 were $2,012, showing a 12% increase year-over-year[89]. - For Q1 2024, Total U.S. NeuroStar Advanced Therapy System Revenues are projected to be $3,310, a 14% decline compared to Q1 2023[91]. - Total U.S. Revenues for Q1 2024 are expected to be $29,143, indicating a significant 95% increase year-over-year[91]. - Total NeuroStar Systems in 2023 were 204, representing a 4% decrease year-over-year[89]. - Total NeuroStar Systems for Q1 2024 are anticipated to be 40, a 32% decrease year-over-year[91].