MALVERN, PA — Neuronetics, Inc. (NASDAQ: STIM), 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 disorders, announced certain preliminary unaudited fourth quarter and full year 2020 revenue results.
Fourth Quarter 2020
- Fourth quarter 2020 preliminary unaudited revenue between $15.0 and $15.5 million compared to previously issued guidance of $13.0 and $13.5 million. This represents a sequential increase of between 21% and 25% compared to third quarter 2020.
Full Year 2020
- Full year 2020 preliminary unaudited revenue between $48.7 and $49.2 million.
“During the quarter, we continued to see increased demand for NeuroStar Advanced Therapy systems, and we saw a strong uptick in treatment session revenues as compared to the third quarter despite the continued uncertainty related to COVID-19 and the busy holiday season,” said Keith J. Sullivan, President and Chief Executive Officer of Neuronetics.
“One of my goals for 2020 was to build a strong foundation that will allow us to execute against our long-term strategy. As previously announced, we recently added twenty-two new field sales personnel who are now being trained with the expectation that they will be fully productive by the second quarter of 2021. We also received the results of our market research. The findings are being incorporated into our new marketing campaigns and support materials that are designed to increase awareness of NeuroStar Advanced Therapy for Mental Health as a non-drug treatment therapy for patients who suffer from depression. These new campaigns will be launched after our January National Sales Meeting.”
Total revenue for the fourth quarter of 2020 is expected to be in the range of approximately $15.0 to $15.5 million, representing a decrease of approximately 14% and 11%, respectively, when compared with $17.4 million for the fourth quarter of 2019 due to the impact of COVID-19.
Total revenue for the full year 2020 is expected to be in the range of approximately $48.7 to $49.2 million, representing a decrease of approximately 22% and 21%, respectively, when compared with $62.7 million for the full year 2019 due to the impact of COVID-19.
2021 Business Outlook
Looking ahead to full year 2021, the Company is expecting the recovery to continue and assuming the country doesn’t see a resurgence of COVID-19 that impacts our customers and patients, revenues should approach 2019 revenues.
Formal full year 2021 guidance will be provided when the Company reports fourth quarter and full year 2020 results.
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