Neuronetics, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Neuronetics, Inc. filed its 2023 10-K, detailing financial performance and operational aspects for the fiscal year ending December 31, 2023.</b>

AI Summary

Neuronetics, Inc. (STIM) filed a Annual Report (10-K) with the SEC on March 8, 2024. Neuronetics, Inc. reported total revenue of $27.268 million for the fiscal year ended December 31, 2023. The company's revenue for the fiscal year ended December 31, 2022, was $29.092 million. Neuronetics, Inc. is incorporated in Delaware and headquartered in Malvern, PA. The company's SIC code is 3841 for Surgical & Medical Instruments & Apparatus. The filing covers the fiscal year ending December 31, 2023.

Why It Matters

For investors and stakeholders tracking Neuronetics, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Neuronetics' financial health and business operations for the past fiscal year, which is crucial for investors to assess performance and future outlook. Understanding the revenue trends and financial disclosures in this report is essential for stakeholders to make informed investment decisions regarding Neuronetics, Inc.

Risk Assessment

Risk Level: — Neuronetics, Inc. shows moderate risk based on this filing. The company experienced a revenue decrease from $29.092 million in 2022 to $27.268 million in 2023, indicating potential market challenges or operational impacts that warrant close monitoring.

Analyst Insight

Investors should analyze the reasons for the revenue decline in 2023 and evaluate management's strategies to address these challenges and drive future growth.

Financial Highlights

revenue

27268000

revenue Growth

-6.27%

Revenue Breakdown

Key Numbers

• 27268000 — Revenue (Fiscal year ended December 31, 2023)
• 29092000 — Revenue (Fiscal year ended December 31, 2022)
• 20231231 — Fiscal Year End (Report period)
• 20240308 — Filing Date (Date of submission)

Key Players & Entities

• Neuronetics, Inc. (company) — Filer name
• Malvern, PA (location) — Business address city and state
• 3841 (other) — Standard Industrial Classification code
• DE (location) — State of incorporation

FAQ

Industry Context

Neuronetics, Inc. operates in the medical device industry, specifically focusing on neurostimulation technologies for treating medical conditions.

Regulatory Implications

The company is subject to regulatory oversight by bodies such as the FDA for its medical devices, requiring adherence to stringent manufacturing and safety standards.

What Investors Should Do

1. Review the detailed financial statements and management's discussion and analysis in the 10-K to understand the drivers of the revenue decrease.
2. Investigate the risk factors section for potential headwinds and the company's mitigation strategies.
3. Analyze any disclosures regarding product development, market expansion, or strategic partnerships that could impact future revenue.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-08: Filing Date — Date Neuronetics, Inc. submitted its 10-K filing.

Year-Over-Year Comparison

The reported revenue for the fiscal year 2023 ($27.268 million) shows a decrease compared to the revenue reported for the fiscal year 2022 ($29.092 million).

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share STIM The Nasdaq Stock Mar
• $71.3 million — mber 31, 2023. We generated revenues of $71.3 million for the year ended December 31, 2023.
• $326.2 b — nomic burden of MDD was estimated to be $326.2 billion, an increase of 37.9% relative to
• $8.9 billion — s in the United States is approximately $8.9 billion. Initial treatment options for MDD oft
• $8,500 — sychiatrists can generate approximately $8,500 of average revenue per patient for a st
• $30.2 million — of $71.3 million and had a net loss of $30.2 million. Our revenues increased 9% during the y
• $69.3 m — cember 31, 2023, our U.S. revenues were $69.3 million, compared to $63.4 million for th
• $63.4 million — evenues were $69.3 million, compared to $63.4 million for the year ended December 31, 2022, w

Filing Documents

• stim-20231231x10k.htm (10-K) — 2437KB
• stim-20231231xex10d9.htm (EX-10.9) — 643KB
• stim-20231231xex10d22.htm (EX-10.22) — 86KB
• stim-20231231xex10d26.htm (EX-10.26) — 124KB
• stim-20231231xex10d28.htm (EX-10.28) — 35KB
• stim-20231231xex10d27.htm (EX-10.27) — 92KB
• stim-20231231xex23d1.htm (EX-23.1) — 2KB
• stim-20231231xex31d1.htm (EX-31.1) — 12KB
• stim-20231231xex31d2.htm (EX-31.2) — 12KB
• stim-20231231xex32d1.htm (EX-32.1) — 9KB
• stim-20231231xex97d1.htm (EX-97.1) — 32KB
• stim-20231231x10k006.jpg (GRAPHIC) — 1KB
• stim-20231231xex10d28001.jpg (GRAPHIC) — 2KB
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• stim-20231231xex97d1001.jpg (GRAPHIC) — 2KB
• stim-20231231xex97d1003.jpg (GRAPHIC) — 2KB
• 0001558370-24-002772.txt (&nbsp;) — 12150KB
• stim-20231231.xsd (EX-101.SCH) — 72KB
• stim-20231231_cal.xml (EX-101.CAL) — 62KB
• stim-20231231_def.xml (EX-101.DEF) — 247KB
• stim-20231231_lab.xml (EX-101.LAB) — 623KB
• stim-20231231_pre.xml (EX-101.PRE) — 453KB
• stim-20231231x10k_htm.xml (XML) — 2223KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations . 67 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 77 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data. 78 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. 78 Item 9A.

Controls and Procedures

Controls and Procedures. 78 Item 9B. Other Information. 80 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 80 PART III Item 10. Directors, Executive Officers and Corporate Governance. 80 Item 11.

Executive Compensation

Executive Compensation. 80 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 80 Item 13. Certain Relationships and Related Transactions, and Director Independence. 80 Item 14. Principal Accounting Fees and Services. 80 PART IV Item 15. Exhibits, Financial Statement Schedules. 80 Item 16. Form 10-K Summary 84 EXHIBIT INDEX 81

SIGNATURES

SIGNATURES i Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical facts contained herein, including statements regarding our future results of operations and financial position, business strategy, current and prospective products, product approvals, research and development costs, current and prospective collaborations, timing and likelihood of success, plans and objectives of management for future operations and future results of current and anticipated products, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "will," "would," "should," "expect," "plan," "design," "anticipate," "could," "intend," "target," "project," "contemplate," "believe," "estimate," "predict," "potential" "outlook" or "continue" or the negative of these terms or other similar expressions. The forward-looking statements in this Annual Report on Form 10-K are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. These forward-looking statements speak only as of the date of this Annual Report on Form 10-K and are subject to a number of risks, uncertainties and assumptions described under the sections entitled "Risk Factors" and "M

Business

Item 1. Business. Overview We are a commercial stage medical technology company focused on designing, developing and marketing products that improve the quality of life for patients who suffer from neurohealth disorders. Our first commercial product, the NeuroStar Advanced Therapy System, is a non-invasive and non-systemic office-based treatment that uses transcranial magnetic stimulation ("TMS") to create a pulsed, MRI-strength magnetic field that induces electrical currents designed to stimulate specific areas of the brain associated with mood. The system is cleared by the United States Food and Drug Administration (the "FDA") to treat adult patients with major depressive disorder ("MDD") who have failed to achieve satisfactory improvement from at least one prior antidepressant medication in the current MDD episode. It is also cleared by the FDA as an adjunct for adults with obsessive-compulsive disorder ("OCD"), and to decrease anxiety symptoms in adult patients with MDD that may exhibit comorbid anxiety symptoms (anxious depression). NeuroStar Advanced Therapy System is safe, clinically effective, reproducible and precise and we believe is supported by the largest clinical data set of any competing TMS system. We believe we are the market leader in TMS therapy based on the estimated 169,068 global patients treated with over 6.1 million of our treatment sessions through December 31, 2023. We generated revenues of $71.3 million for the year ended December 31, 2023. MDD is a mood disorder characterized by the presence of one or both of two major diagnostic criteria: a depressed mood or loss of interest in pleasure that continues for at least two weeks. The presence of at least one of these diagnostic symptoms must be accompanied by several of the following additional symptoms: sleep disturbance, changes in appetite, sexual dysfunction, anxiety, fatigue, difficulty concentrating and suicidal thinking. MDD is a recurrent disease and follows a fluctuating course ov

View Full Filing

View this 10-K filing on SEC EDGAR