Q2 2024 Neuronetics Inc Earnings Call Transcript
Key Points
- Neuronetics Inc (STIM) reported a gross margin increase to 74%, up from 72.5% in the same quarter last year.
- The company recognized revenue on 50 NeuroStar systems, hitting the high end of their quarterly guidance.
- Neuronetics Inc (STIM) launched the Better Me program nationwide, showing significant improvements in patient follow-up rates and treatment accessibility.
- The company received FDA clearance for NeuroStar TMS therapy for adolescents, with over 425 adolescent patients treated since April.
- Neuronetics Inc (STIM) entered into a new debt facility of up to $90 million with Perceptive Advisors, providing additional financial flexibility.
- Total revenue for the quarter was $16.5 million, a decrease of 7% year over year.
- US treatment session revenue decreased by 5% year over year, impacted by delays in payments from Change Healthcare.
- Operating expenses increased by $600,000 or 3%, compared to the same quarter last year.
- Net loss for the quarter was $9.8 million, significantly higher than the $4.9 million net loss in the prior year quarter.
- EBITDA for the second quarter was negative $8.0 million, compared to negative $3.3 million in the same quarter last year.
Good day, and thank you for standing by. Welcome to the Neuronetics second-quarter 2024 financial and operating results conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to Mark Klausner. Please go ahead.
Good morning, and thank you for joining us for the Neuronetics second-quarter 2024 conference call. Joining me on today's call are Neuronetics' President and Chief Executive Officer, Keith Sullivan; and Chief Financial Officer, Steve Furlong. Today's call features a live webcast, which includes a slide presentation. There is a short delay between the audio over the phone and the slides being shown on the webcast. If you are listening over the phone, we would recommend downloading the slide presentation from our website and following along independently.
Before we begin, I would like to caution listeners that certain information discussed by management during this conference call will include
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