Company: Neuronetics, Inc.
Symbol: STIM
Description: They 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 psychiatric disorder
Trade Date: 6/28
Shares: 5 million
Price Range: $14.00-$16.00
Underwriter(s): Piper Jaffray, William Blair
Co-Manager(s): Canaccord Genuity, BTIG, JMP Securities
Terms Added: 6-15-18
Business: Their first commercial product, the NeuroStar Advanced Therapy System, is a non-invasive and non-systemic office-based treatment that uses transcranial magnetic stimulation, or 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, or FDA, to treat adult patients with major depressive disorder, or MDD, that have failed to achieve satisfactory improvement from prior antidepressant medication in the current episode.
Financials: For the year ended December 31, 2017, they generated revenues of $40.4 million, which represented an increase of 18% compared to the prior year. For the year ended December 31, 2017, U.S. revenues were $39.9 million, which represented an increase of 26% compared to the prior year. Revenues from treatment sessions represented 71% of their U.S. revenues for the year ended December 31, 2017 compared to 78% of their U.S. revenues for the prior year. For the three months ended March 31, 2018, they generated revenues of $10.2 million, which represented an increase of 35% compared to the same period in the prior year. For the three months ended March 31, 2018, their U.S. revenues were $10.0 million, which represented an increase of 35% compared to the same period in the prior year. They experienced net losses of $11.2 million and $16.1 million in 2016 and 2017, respectively and $4.5 million and $5.5 million in the first quarter of 2017 and 2018, respectively. Revenues from treatment sessions represented 72% of their U.S. revenues for the three months ended March 31, 2018, compared to 78% of their U.S. revenues for the same period in the prior year.
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