Neuronetics, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Neuronetics, Inc. filed its Q1 2024 10-Q, reporting a slight year-over-year revenue decrease and detailing equity incentive plans and asset breakdowns.</b>

AI Summary

Neuronetics, Inc. (STIM) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Neuronetics, Inc. reported revenue of $29.092 million for the quarter ended March 31, 2024. This represents a decrease from the $29.975 million reported for the same period in the prior year. The filing details various equity incentive plans, including the 2018 Equity Incentive Plan and the 2020 Inducement Incentive Plan. Information on restricted stock units (RSUs) and performance-based RSUs is provided as of March 31, 2024. The company's assets include office equipment, manufacturing facilities, and machinery and equipment as of March 31, 2024.

Why It Matters

For investors and stakeholders tracking Neuronetics, Inc., this filing contains several important signals. The revenue decline in Q1 2024 compared to Q1 2023 suggests potential headwinds or a slowdown in sales for Neuronetics' products. The detailed disclosure of equity incentive plans and RSUs provides insight into the company's compensation strategies and potential future share dilution.

Risk Assessment

Risk Level: medium — Neuronetics, Inc. shows moderate risk based on this filing. The company reported a year-over-year revenue decrease for the first quarter of 2024, indicating potential challenges in sales performance.

Analyst Insight

Monitor future earnings reports for signs of revenue recovery or continued decline, and analyze the impact of equity awards on share count.

Financial Highlights

revenue

29092000

revenue Growth

-3

Key Numbers

• 29092000 — Revenue Q1 2024 (Revenue from contract with customer excluding assessed tax)
• 29975000 — Revenue Q1 2023 (Revenue from contract with customer excluding assessed tax)

Key Players & Entities

• Neuronetics, Inc. (company) — Filer name
• STIM (company) — Ticker symbol
• 2024-03-31 (date) — Reporting period end date
• $29.092 million (dollar_amount) — Revenue for the quarter ended March 31, 2024
• $29.975 million (dollar_amount) — Revenue for the comparable prior year period
• 2018 Equity Incentive Plan (company) — Equity plan mentioned
• 2020 Inducement Incentive Plan (company) — Equity plan mentioned
• Malvern, PA (location) — Company business address

FAQ

Industry Context

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

Regulatory Implications

The company is subject to standard SEC reporting requirements for publicly traded companies, including the filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Analyze the detailed breakdown of revenue segments if available in the full filing.
2. Review the notes to the financial statements for any significant accounting policies or disclosures.
3. Track the company's cash flow and debt levels in subsequent filings to assess financial health.

Key Dates

• 2024-03-31: Quarterly Period End — Reporting period for the 10-Q filing
• 2024-05-07: Filing Date — Date the 10-Q was officially submitted to the SEC

Year-Over-Year Comparison

Revenue for the first quarter of 2024 decreased by approximately 3% compared to the same period in 2023.

Key Financial Figures

• $0.01 — nge on which registered Common Stock ($0.01 par value) STIM The Nasdaq Global M

Filing Documents

• stim-20240331x10q.htm (10-Q) — 1468KB
• stim-20240331xex31d1.htm (EX-31.1) — 14KB
• stim-20240331xex31d2.htm (EX-31.2) — 14KB
• stim-20240331xex32d1.htm (EX-32.1) — 7KB
• stim-20240331xex32d2.htm (EX-32.2) — 7KB
• stim-20240331x10q005.jpg (GRAPHIC) — 1KB
• 0001558370-24-007073.txt (&nbsp;) — 7226KB
• stim-20240331.xsd (EX-101.SCH) — 53KB
• stim-20240331_cal.xml (EX-101.CAL) — 54KB
• stim-20240331_def.xml (EX-101.DEF) — 198KB
• stim-20240331_lab.xml (EX-101.LAB) — 460KB
• stim-20240331_pre.xml (EX-101.PRE) — 334KB
• stim-20240331x10q_htm.xml (XML) — 1397KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements. 3 Balance Sheets as of March 31, 2024 and December 31, 2023 3 4 5 6 Notes to Interim Financial Statements 7 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations. 21 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 30 Item 4.

Controls and Procedures

Controls and Procedures. 30

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1. Legal Proceedings. 31 Item 1A . Risk Factors . 31 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 31 Item 3. Defaults Upon Senior Securities. 31 Item 4. Mine Safety Disclosures. 31 Item 5. Other Information. 31 Item 6. Exhibits. 32

SIGNATURES

SIGNATURES 33 2 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. NEURONETICS, INC. Balance Sheets (Unaudited; In thousands, except per share data) March 31, December 31, 2024 2023 Assets Current assets: Cash and cash equivalents $ 47,730 $ 59,677 Accounts receivable, net 17,504 15,782 Inventory 6,694 8,093 Current portion of net investments in sales-type leases 816 905 Current portion of prepaid commission expense 2,630 2,514 Current portion of notes receivable 2,121 2,056 Prepaid expenses and other current assets 4,370 4,766 Total current assets 81,865 93,793 Property and equipment, net 1,847 2,009 Operating lease right-of-use assets 2,628 2,773 Net investments in sales-type leases 517 661 Prepaid commission expense 8,408 8,370 Long-term notes receivable 3,663 3,795 Other assets 4,883 4,430 Total assets $ 103,811 $ 115,831 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 2,979 $ 4,752 Accrued expenses 9,045 12,595 Deferred revenue 1,623 1,620 Current portion of operating lease liabilities 851 845 Total current liabilities 14,498 19,812 Long-term debt, net 59,444 59,283 Deferred revenue 35 200 Operating lease liabilities 2,179 2,346 Total liabilities 76,156 81,641 Commitments and contingencies (Note 18) — — Stockholders' equity: Preferred stock, $ 0.01 par value: 10,000 shares authorized; no shares issued or outstanding on March 31, 2024 and December 31, 2023 — — Common stock, $ 0.01 par value: 200,000 shares authorized; 29,975 and 29,092 shares issued and outstanding on March 31, 2024 and December 31, 2023, respectively 300 291 Additional paid-in capital 411,309 409,980 Accumulated deficit ( 383,954 ) ( 376,081 ) Total Stockholders' equity 27,655 34,190 Total liabilities and Stockholders' equity $ 103,811 $ 115,831 The accompanying notes are an int

View Full Filing

View this 10-Q filing on SEC EDGAR