$STIM
Neuronetics Inc

2021 Q4 Form 10-Q Financial Statement

#000155837021015312 Filed on November 09, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q4
Revenue $15.02M $13.80M $15.58M
YoY Change -3.58% 10.85% -10.24%
Cost Of Revenue $3.538M $3.144M $3.763M
YoY Change -5.98% 18.33% -10.81%
Gross Profit $11.48M $10.66M $11.82M
YoY Change -2.81% 8.82% -10.06%
Gross Profit Margin 76.45% 77.22% 75.85%
Selling, General & Admin $16.65M $16.26M $12.36M
YoY Change 34.66% 58.45% -21.89%
% of Gross Profit 144.98% 152.62% 104.64%
Research & Development $1.744M $1.575M $2.112M
YoY Change -17.42% -19.31% -50.28%
% of Gross Profit 15.19% 14.78% 17.87%
Depreciation & Amortization $292.0K $216.0K $200.0K
YoY Change 46.0% 2.86% -33.33%
% of Gross Profit 2.54% 2.03% 1.69%
Operating Expenses $18.39M $17.84M $14.48M
YoY Change 27.06% 46.03% -27.89%
Operating Profit -$6.909M -$7.182M -$2.660M
YoY Change 159.74% 196.29% -61.67%
Interest Expense -$1.064M $993.0K $1.011M
YoY Change -205.24% -0.9% 11.71%
% of Operating Profit
Other Income/Expense, Net $337.0K $24.00K $14.00K
YoY Change 2307.14% 200.0% -95.17%
Pretax Income -$7.636M -$8.151M -$3.660M
YoY Change 108.63% 138.33% -51.52%
Income Tax
% Of Pretax Income
Net Earnings -$7.636M -$8.151M -$3.657M
YoY Change 108.81% 138.47% -51.59%
Net Earnings / Revenue -50.83% -59.07% -23.47%
Basic Earnings Per Share -$0.31
Diluted Earnings Per Share -$289.5K -$0.28 -$192.4K
COMMON SHARES
Basic Shares Outstanding 26.37M 26.30M
Diluted Shares Outstanding 26.30M

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $94.14M $99.43M $49.00M
YoY Change 92.12% 96.12% -35.27%
Cash & Equivalents $94.14M $99.40M $48.96M
Short-Term Investments
Other Short-Term Assets $4.649M $4.767M $3.300M
YoY Change 40.88% 36.2% 32.0%
Inventory $6.563M $5.355M $3.720M
Prepaid Expenses $1.559M $1.313M $1.096M
Receivables $7.706M $7.749M $7.166M
Other Receivables $2.272M $2.142M $1.900M
Total Short-Term Assets $115.3M $119.4M $65.01M
YoY Change 77.4% 83.2% -26.5%
LONG-TERM ASSETS
Property, Plant & Equipment $1.220M $920.0K $730.0K
YoY Change 67.12% 16.9% -34.06%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.218M $2.150M $1.866M
YoY Change 18.86% -67.42% 42.99%
Total Long-Term Assets $25.89M $23.62M $13.65M
YoY Change 89.75% 80.31% 16.45%
TOTAL ASSETS
Total Short-Term Assets $115.3M $119.4M $65.01M
Total Long-Term Assets $25.89M $23.62M $13.65M
Total Assets $141.2M $143.1M $78.66M
YoY Change 79.54% 82.72% -21.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.299M $3.306M $3.749M
YoY Change 14.67% 37.75% -18.94%
Accrued Expenses $8.233M $6.913M $7.319M
YoY Change 12.49% 12.02% -18.96%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $35.10M
YoY Change 1.63%
Total Short-Term Liabilities $15.70M $47.81M $13.68M
YoY Change 14.77% 4.39% -50.59%
LONG-TERM LIABILITIES
Long-Term Debt $35.34M $0.00 $34.62M
YoY Change 2.07% 73.99%
Other Long-Term Liabilities $5.010M $4.183M $4.900M
YoY Change 2.24% -17.98% 4.26%
Total Long-Term Liabilities $35.34M $4.183M $34.62M
YoY Change 2.07% -17.98% 73.99%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.70M $47.81M $13.68M
Total Long-Term Liabilities $35.34M $4.183M $34.62M
Total Liabilities $56.05M $51.99M $53.16M
YoY Change 5.42% 2.15% 1.62%
SHAREHOLDERS EQUITY
Retained Earnings -$308.7M -$301.1M -$277.5M
YoY Change 11.24% 9.93% 10.98%
Common Stock $393.9M $392.2M $303.0M
YoY Change 29.99% 1.71%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $85.18M $91.08M $25.49M
YoY Change
Total Liabilities & Shareholders Equity $141.2M $143.1M $78.66M
YoY Change 79.54% 82.72% -21.47%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q4
OPERATING ACTIVITIES
Net Income -$7.636M -$8.151M -$3.657M
YoY Change 108.81% 138.47% -51.59%
Depreciation, Depletion And Amortization $292.0K $216.0K $200.0K
YoY Change 46.0% 2.86% -33.33%
Cash From Operating Activities -$4.524M -$8.519M -$1.700M
YoY Change 166.12% 139.3% -73.44%
INVESTING ACTIVITIES
Capital Expenditures -$801.0K -$444.0K -$110.0K
YoY Change 628.18% 217.14% -69.44%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$7.486M
YoY Change
Cash From Investing Activities -$801.0K -$7.930M -$110.0K
YoY Change 628.18% 5564.29% -69.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 32.00K 100.0K 60.00K
YoY Change -46.67% -75.61% -40.0%
NET CHANGE
Cash From Operating Activities -4.524M -8.519M -1.700M
Cash From Investing Activities -801.0K -7.930M -110.0K
Cash From Financing Activities 32.00K 100.0K 60.00K
Net Change In Cash -5.293M -16.35M -1.750M
YoY Change 202.46% 396.93% -73.72%
FREE CASH FLOW
Cash From Operating Activities -$4.524M -$8.519M -$1.700M
Capital Expenditures -$801.0K -$444.0K -$110.0K
Free Cash Flow -$3.723M -$8.075M -$1.590M
YoY Change 134.15% 136.11% -73.68%

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<p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 10pt 0pt;">1.     DESCRIPTION OF BUSINESS</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt 0pt 10pt 0pt;">Neuronetics, Inc., or the Company, is 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. The Company’s 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 was cleared in 2008 by the United States Food and Drug Administration, or the FDA, to treat adult patients with major depressive disorder, or MDD, who have failed to achieve satisfactory improvement from prior antidepressant medication in the current episode. NeuroStar Advanced Therapy is also available in other parts of the world, including Japan, where it is listed under Japan’s national health insurance. The Company intends to continue to pursue development of its NeuroStar Advanced Therapy System for additional indications.</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 10pt 0pt;">COVID-19</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt 0pt 10pt 0pt;">The Company is continuing to monitor the impact of the COVID-19 pandemic on all aspects of its business and geographies, including how it will continue to impact the Company’s customers, supply chain, employees and other business partners. While the Company has experienced significant disruptions in March 2020 through the end of September 30, 2021 from the COVID-19 pandemic, it is unable to predict the full impact that the pandemic may have on its financial condition, results of operations and cash flows due to numerous uncertainties. These uncertainties include the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact and the direct and indirect economic effects of the pandemic and containment measures, among others. The pandemic has significantly adversely impacted global economic activity and has contributed to significant volatility and negative pressure in financial markets, and may contribute to periods of economic uncertainty in the future.</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt 0pt 10pt 0pt;">The Company applied for and received a $6.4 million loan in April 2020 under the Paycheck Protection Program (the “PPP”) established by the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) on March 27, 2020. Due to questions concerning the eligibility of public companies similarly situated to the Company, on May 7, 2020, the Company repaid the loan in full, including interest accrued to date.</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 10pt 0pt;">Liquidity</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt;">As of September 30, 2021, the Company had cash and cash equivalents of $99.4 million and an accumulated deficit of $301.1 million. The Company incurred negative cash flows from operating activities of $23.5 million for the nine months ended September 30, 2021 and $28.4 million for the year ended December 31, 2020. The Company has incurred operating losses since its inception, and management anticipates that its operating losses will continue in the near term as the Company continues to invest in sales, marketing and product development activities. The Company’s primary sources of capital to date have been proceeds from its IPO, private placements of its convertible preferred securities, borrowings under its credit facilities, proceeds from its secondary public offering of common stock, revenues from sales of its products and other public offerings of the Company’s common stock. As of September 30, 2021, the Company had $35.0 million of borrowings outstanding under its credit facility, which has a final maturity in <span style="-sec-ix-hidden:Hidden_-J1CE2Ag5kaGlzdcuXA61w;"><span style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">February 2025</span></span>. As discussed in Note 13, the outstanding balance under the credit facility is classified as a current liability as of September 30, 2021. Management believes that the Company’s cash and cash equivalents as of September 30, 2021, and anticipated revenues from sales of its products are sufficient to fund the Company’s operations for at least the next 12 months from the issuance of these financial statements.</p>
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<p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 10pt 0pt;">2.     BASIS OF PRESENTATION</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt;">The accompanying financial statements have been prepared in accordance with United States generally accepted accounting principles, or GAAP. Any reference in these notes to applicable guidance is meant to </p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt 0pt 10pt 0pt;">refer to GAAP as found in the Accounting Standards Codification, or ASC, and Accounting Standards Updates, or ASUs, promulgated by the Financial Accounting Standards Board, or FASB.</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 10pt 0pt;">Interim Financial Statements</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt 0pt 10pt 0pt;">The accompanying unaudited interim financial statements have been prepared from the books and records of the Company in accordance with GAAP for interim financial information and Rule 10-01 of Regulation S-X promulgated by the United States Securities and Exchange Commission, or SEC, which permit reduced disclosures for interim periods. All adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the accompanying balance sheets and statements of operations and stockholders’ deficit and cash flows have been made. Although these interim financial statements do not include all of the information and footnotes required for complete annual financial statements, management believes the disclosures are adequate to make the information presented not misleading. Unaudited interim results of operations and cash flows for the three and nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected for the full year. Unaudited interim financial statements and footnotes should be read in conjunction with the audited financial statements and footnotes included in the Company’s Form 10-K filed with the SEC on March 2, 2021, wherein a more complete discussion of significant accounting policies and certain other information can be found.</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 10pt 0pt;">Use of Estimates</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt;">The preparation of financial statements in accordance with GAAP and the rules and regulations of the SEC requires the use of estimates and assumptions, based on judgments considered reasonable, which affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and assumptions on historical experience, known trends and events and various other factors that management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Although management believes its estimates and assumptions are reasonable when made, they are based upon information available at the time they are made. Management evaluates the estimates and assumptions on an ongoing basis and, if necessary, makes adjustments. Due to the risks and uncertainties involved in the Company’s business and evolving market conditions, including those related to the COVID-19 pandemic, and given the subjective element of the estimates and assumptions made, actual results may differ materially from estimated results.</p>
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<p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 10pt 0pt;">Use of Estimates</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt;">The preparation of financial statements in accordance with GAAP and the rules and regulations of the SEC requires the use of estimates and assumptions, based on judgments considered reasonable, which affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and assumptions on historical experience, known trends and events and various other factors that management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Although management believes its estimates and assumptions are reasonable when made, they are based upon information available at the time they are made. Management evaluates the estimates and assumptions on an ongoing basis and, if necessary, makes adjustments. Due to the risks and uncertainties involved in the Company’s business and evolving market conditions, including those related to the COVID-19 pandemic, and given the subjective element of the estimates and assumptions made, actual results may differ materially from estimated results.</p>
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us-gaap Interest Expense Debt
InterestExpenseDebt
2500000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
500000
us-gaap Interest Expense Borrowings
InterestExpenseBorrowings
3500000
us-gaap Interest Expense Debt
InterestExpenseDebt
3100000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
400000
CY2021Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
5566000
CY2021Q1 us-gaap Share Price
SharePrice
15.50
CY2021Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
80600000
CY2021Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
26335000
CY2020Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
19114000
CY2021Q3 stim Common Stock Shares Issued And Reserved For Future Issuance
CommonStockSharesIssuedAndReservedForFutureIssuance
32919000
CY2020Q4 stim Common Stock Shares Issued And Reserved For Future Issuance
CommonStockSharesIssuedAndReservedForFutureIssuance
25582000
CY2021Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
75000
CY2020Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
105000
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1961000
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1046000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6166000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2888000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
8100000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1

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