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Neuronetics Reports Fourth Quarter and Full Year 2024 Financial and Operating Results
STIMNeuronetics(STIM) GlobeNewswire·2025-03-04 12:10

Core Insights - Neuronetics, Inc. reported a transformative year in 2024, focusing on expanding its Better Me Provider network and acquiring Greenbrook TMS, which has strengthened its position in the TMS treatment market [3][24] - The company aims for double-digit revenue growth and to achieve cash flow positivity by Q3 2025, leveraging its enhanced operational capabilities [3][26] Fourth Quarter 2024 Highlights - Total revenue for Q4 2024 was 22.5million,an1122.5 million, an 11% increase from 20.3 million in Q4 2023, with U.S. revenue up 9% and international revenue up 93% [6][7] - U.S. clinic revenue from Greenbrook TMS was 4.4millionforthequarter,contributingtotheoverallrevenuegrowth[9][10]−GrossmarginforQ42024was66.24.4 million for the quarter, contributing to the overall revenue growth [9][10] - Gross margin for Q4 2024 was 66.2%, down from 77.6% in Q4 2023, primarily due to the inclusion of Greenbrook's clinic business [10] Full Year 2024 Highlights - Full year revenue for 2024 was 74.9 million, a 5% increase from 71.3millionin2023,withU.S.revenuegrowingby571.3 million in 2023, with U.S. revenue growing by 5% and international revenue by 19% [16][18] - The company treated over 195,000 global patients with 7.1 million treatment sessions, indicating strong demand for its services [6][18] - Net loss for 2024 was (43.2) million, or (1.37)pershare,comparedtoanetlossof(1.37) per share, compared to a net loss of (30.2) million, or (1.05)persharein2023[20]StrategicDevelopments−NeuroneticsreceivedFDAclearanceforitsNeuroStarAdvancedTherapyasafirst−linetreatmentforadolescentsaged15−21withmajordepressivedisorder,expandingitsaddressablemarketbyapproximately35(1.05) per share in 2023 [20] Strategic Developments - Neuronetics received FDA clearance for its NeuroStar Advanced Therapy as a first-line treatment for adolescents aged 15-21 with major depressive disorder, expanding its addressable market by approximately 35% [25] - The acquisition of Greenbrook TMS was completed on December 9, 2024, enhancing Neuronetics' operational scale and market reach [24] - The company executed actions to realize over 21 million of the targeted 22millioninexpectedannualizedcostsynergiesfromtheGreenbrookacquisition[24]FinancialPosition−Cashandcashequivalentsdecreasedto22 million in expected annualized cost synergies from the Greenbrook acquisition [24] Financial Position - Cash and cash equivalents decreased to 18.5 million as of December 31, 2024, down from 59.7millionayearearlier[22]−Operatingexpensesforthefullyear2024were59.7 million a year earlier [22] - Operating expenses for the full year 2024 were 88.2 million, a 7% increase from 82.3millionin2023,largelyduetocostsassociatedwiththeGreenbrookacquisition[19]−AdjustedEBITDAfor2024was82.3 million in 2023, largely due to costs associated with the Greenbrook acquisition [19] - Adjusted EBITDA for 2024 was (21.4) million, compared to (21.0)millionin2023,reflectingongoingoperationalchallenges[21]BusinessOutlook−ForQ12025,Neuroneticsexpectstotalworldwiderevenuebetween(21.0) million in 2023, reflecting ongoing operational challenges [21] Business Outlook - For Q1 2025, Neuronetics expects total worldwide revenue between 28.0 million and 30.0million[27]−Forthefullyear2025,thecompanyanticipatestotalworldwiderevenuetobebetween30.0 million [27] - For the full year 2025, the company anticipates total worldwide revenue to be between 145.0 million and $155.0 million, with a projected gross margin of approximately 55% [27]