Q1 2024 Neuronetics Inc Earnings Call Transcript
Key Points
- Neuronetics Inc (STIM) reported a total revenue of $17.4 million, marking a 12% increase from the first quarter of 2023, driven by increased treatment session sales.
- U.S. treatment session revenue reached a record $13 million, a 22% increase year-over-year, fueled by a more than 32% increase in local consumable revenue.
- Neuronetics Inc (STIM) received FDA clearance for NeuroStar as a first-line adjunct treatment for adolescents aged 15 to 21 with major depressive disorder, expanding the total addressable market by approximately 35%.
- The company has successfully launched the Better May Guarantee Provider (BMGP) program, showing significant positive trends and improvements in patient follow-up and treatment initiation times.
- Neuronetics Inc (STIM) has formed a five-year exclusive partnership with Transformational Care Network, enhancing their commercial strategy and expanding access to NeuroStar therapy.
- Neuronetics Inc (STIM) shipped only 41 systems in the quarter, falling short of the planned 45 to 50 systems, partly due to customers facing challenges in securing credit for capital purchases.
- The cybersecurity incident at Change Healthcare negatively impacted the company's ability to collect payments and affected customer purchases, leading to delayed financial transactions.
- Despite the overall revenue growth, the company reported a net loss of $7.9 million for the quarter, although this was an improvement from the previous year's loss of $10.5 million.
- The ongoing issues with Change Healthcare have continued to affect the company's operations, including delays in patient eligibility verification and claims submissions by providers.
- There are concerns about the impact of the cybersecurity issues on future quarters, with anticipated modest impacts on revenue and cash collections as noted in the Q2 guidance.
Thank you for standing by, and welcome to the Neuronetics First Quarter 2024 conference call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session to ask the question. During the session, you'll need to press star one one on your telephone. You will then hear an automated message advising that your hand is raised. To withdraw your question, please press star one one. Again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Mark Klausner. Mark, go ahead.
Good morning, and thank you for joining us for the neuro NetIQ's First Quarter 2024 conference call. Joining me on today's call are n Neuronetics, President and Chief Executive Officer, Keith Sullivan, and Chief Financial Officer, Steve Furlong. Before we begin, I would like to caution listeners that certain information discussed by management. During this conference call, we'll include forward-looking
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