Neuronetics Q2 Revenue Up, Net Loss Narrows

TL;DR

Neuronetics Q2 revenue up to $30.05M, net loss shrinks to $0.33M. Good signs!

AI Summary

Neuronetics, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported revenue of $30.05 million for the second quarter of 2024, an increase from $28.59 million in the same period of 2023. Net loss for the quarter was $0.33 million, an improvement from a net loss of $0.59 million in Q2 2023.

Why It Matters

The company's improved financial performance, with increased revenue and reduced net loss, suggests positive momentum in its business operations and market position.

Risk Assessment

Risk Level: medium — While the company shows improving financials, it still operates at a net loss, indicating ongoing financial challenges.

Key Numbers

• $30.05M — Q2 2024 Revenue (Represents an increase from the prior year's Q2 revenue.)
• $28.59M — Q2 2023 Revenue (Prior year comparable period revenue.)
• $0.33M — Q2 2024 Net Loss (Shows improvement compared to the prior year's Q2 net loss.)
• $0.59M — Q2 2023 Net Loss (Prior year comparable period net loss.)
• $29.76M — Q2 2024 Total Revenue (Total revenue for the second quarter of 2024.)

Key Players & Entities

• Neuronetics, Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of reporting period
• $30.05 million (dollar_amount) — Q2 2024 revenue
• $28.59 million (dollar_amount) — Q2 2023 revenue
• $0.33 million (dollar_amount) — Q2 2024 net loss
• $0.59 million (dollar_amount) — Q2 2023 net loss

FAQ

Key Financial Figures

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

Filing Documents

• stim-20240630x10q.htm (10-Q) — 1914KB
• stim-20240630xex31d1.htm (EX-31.1) — 14KB
• stim-20240630xex31d2.htm (EX-31.2) — 14KB
• stim-20240630xex32d1.htm (EX-32.1) — 7KB
• stim-20240630xex32d2.htm (EX-32.2) — 7KB
• 0001558370-24-011800.txt ( ) — 8587KB
• stim-20240630.xsd (EX-101.SCH) — 57KB
• stim-20240630_cal.xml (EX-101.CAL) — 56KB
• stim-20240630_def.xml (EX-101.DEF) — 219KB
• stim-20240630_lab.xml (EX-101.LAB) — 490KB
• stim-20240630_pre.xml (EX-101.PRE) — 363KB
• stim-20240630x10q_htm.xml (XML) — 1788KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements. 3 Balance Sheets as of June 30, 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. 23 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 34 Item 4.

Controls and Procedures

Controls and Procedures. 35

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1. Legal Proceedings. 36 Item 1A . Risk Factors . 36 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 36 Item 3. Defaults Upon Senior Securities. 36 Item 4. Mine Safety Disclosures. 36 Item 5. Other Information. 36 Item 6. Exhibits. 37

SIGNATURES

SIGNATURES 38 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) June 30, December 31, 2024 2023 Assets Current assets: Cash and cash equivalents $ 42,642 $ 59,677 Accounts receivable, net 17,143 15,782 Inventory 6,142 8,093 Current portion of net investments in sales-type leases 685 905 Current portion of prepaid commission expense 2,739 2,514 Current portion of notes receivable 2,363 2,056 Prepaid expenses and other current assets 3,792 4,766 Total current assets 75,506 93,793 Property and equipment, net 1,728 2,009 Operating lease right-of-use assets 2,480 2,773 Net investments in sales-type leases 268 661 Prepaid commission expense 8,626 8,370 Long-term notes receivable 3,152 3,795 Other assets 5,053 4,430 Total assets $ 96,813 $ 115,831 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 4,102 $ 4,752 Accrued expenses 9,236 12,595 Deferred revenue 1,452 1,620 Current portion of operating lease liabilities 856 845 Current portion of long-term debt, net 13,612 — Total current liabilities 29,258 19,812 Long-term debt, net 46,146 59,283 Deferred revenue 15 200 Operating lease liabilities 2,008 2,346 Total liabilities 77,427 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 June 30, 2024 and December 31, 2023 — — Common stock, $ 0.01 par value: 200,000 shares authorized; 30,136 and 29,092 shares issued and outstanding on June 30, 2024 and December 31, 2023, respectively 301 291 Additional paid-in capital 412,871 409,980 Accumulated deficit ( 393,786 ) ( 376,081 ) Total Stockholders' equity 19,386 34,190 Total liabilities and Stockholders' equity $ 96,813

View Full Filing

View this 10-Q filing on SEC EDGAR