$STIM
Neuronetics, Inc.

2022 Q1 Form 10-Q Financial Statement

#000155837022008584 Filed on May 12, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $14.18M $12.29M
YoY Change 15.41% 7.08%
Cost Of Revenue $3.485M $2.221M
YoY Change 56.91% -20.99%
Gross Profit $10.70M $10.07M
YoY Change 6.25% 16.18%
Gross Profit Margin 75.42% 81.93%
Selling, General & Admin $19.03M $14.67M
YoY Change 29.75% -8.4%
% of Gross Profit 177.9% 145.67%
Research & Development $1.803M $2.311M
YoY Change -21.98% -23.5%
% of Gross Profit 16.86% 22.96%
Depreciation & Amortization $319.0K $281.0K
YoY Change 13.52% -6.64%
% of Gross Profit 2.98% 2.79%
Operating Expenses $20.83M $16.98M
YoY Change 22.71% -10.8%
Operating Profit -$10.14M -$6.909M
YoY Change 46.69% -33.35%
Interest Expense $978.0K $985.0K
YoY Change -0.71% -35.33%
% of Operating Profit
Other Income/Expense, Net $275.0K $13.00K
YoY Change 2015.38% -93.5%
Pretax Income -$10.84M -$7.880M
YoY Change 37.54% -37.51%
Income Tax
% Of Pretax Income
Net Earnings -$10.84M -$7.881M
YoY Change 37.52% -37.52%
Net Earnings / Revenue -76.43% -64.14%
Basic Earnings Per Share -$0.41 -$0.31
Diluted Earnings Per Share -$0.41 -$0.31
COMMON SHARES
Basic Shares Outstanding 26.60M 25.15M
Diluted Shares Outstanding 26.60M 25.15M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $80.84M $121.3M
YoY Change -33.36% 90.72%
Cash & Equivalents $80.80M $121.3M
Short-Term Investments
Other Short-Term Assets $4.249M $3.400M
YoY Change 24.97% 36.0%
Inventory $7.551M $5.401M
Prepaid Expenses $1.660M $1.135M
Receivables $8.251M $6.964M
Other Receivables $2.226M $1.900M
Total Short-Term Assets $103.1M $138.9M
YoY Change -25.79% 81.87%
LONG-TERM ASSETS
Property, Plant & Equipment $1.822M $866.0K
YoY Change 110.39% -81.57%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.839M $1.962M
YoY Change 44.7% -64.33%
Total Long-Term Assets $26.83M $13.36M
YoY Change 100.81% 10.42%
TOTAL ASSETS
Total Short-Term Assets $103.1M $138.9M
Total Long-Term Assets $26.83M $13.36M
Total Assets $129.9M $152.3M
YoY Change -14.68% 72.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.757M $3.241M
YoY Change -14.93% -9.97%
Accrued Expenses $7.785M $5.152M
YoY Change 51.11% -15.54%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $13.18M $10.91M
YoY Change 20.87% -11.94%
LONG-TERM LIABILITIES
Long-Term Debt $35.44M $34.79M
YoY Change 1.87% 1.7%
Other Long-Term Liabilities $4.721M $4.600M
YoY Change 2.63% -13.21%
Total Long-Term Liabilities $35.44M $34.79M
YoY Change 1.87% 1.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.18M $10.91M
Total Long-Term Liabilities $35.44M $34.79M
Total Liabilities $53.35M $50.34M
YoY Change 5.98% 8.03%
SHAREHOLDERS EQUITY
Retained Earnings -$319.6M -$285.4M
YoY Change 11.98%
Common Stock $396.2M $387.4M
YoY Change 2.27%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $76.60M $102.0M
YoY Change
Total Liabilities & Shareholders Equity $129.9M $152.3M
YoY Change -14.68% 72.1%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$10.84M -$7.881M
YoY Change 37.52% -37.52%
Depreciation, Depletion And Amortization $319.0K $281.0K
YoY Change 13.52% -6.64%
Cash From Operating Activities -$12.20M -$9.168M
YoY Change 33.07% -32.84%
INVESTING ACTIVITIES
Capital Expenditures -$1.074M -$680.0K
YoY Change 57.94% 151.85%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.074M -$675.0K
YoY Change 59.11% 153.76%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $80.60M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -48.00K 82.16M
YoY Change -100.06% 4329.27%
NET CHANGE
Cash From Operating Activities -12.20M -9.168M
Cash From Investing Activities -1.074M -675.0K
Cash From Financing Activities -48.00K 82.16M
Net Change In Cash -13.32M 72.32M
YoY Change -118.42% -699.62%
FREE CASH FLOW
Cash From Operating Activities -$12.20M -$9.168M
Capital Expenditures -$1.074M -$680.0K
Free Cash Flow -$11.13M -$8.488M
YoY Change 31.08% -36.56%

Facts In Submission

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CY2022Q1 us-gaap Nature Of Operations
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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 neurohealth 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 experienced significant disruptions in March 2020 through the end of March 31, 2022 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 ongoing pandemic, the actions taken to contain the pandemic or mitigate its impact and the direct and indirect economic effects of the pandemic, vaccination rates 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;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 March 31, 2022, the Company had cash and cash equivalents of $80.8 million and an accumulated deficit of $319.6 million. The Company incurred negative cash flows from operating activities of $12.2 million for the three months ended March 31, 2022 and $28.0 million for the year ended December 31, 2021. 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 facility, proceeds from its secondary public offering of common stock and revenues from sales of its products. As of March 31, 2022, 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_dHVdRYfDpES9KrdaY2KLjQ;"><span style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;">February 2025</span></span>. Management believes that the Company’s cash and cash equivalents as of March 31, 2022, 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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CashAndCashEquivalentsAtCarryingValue
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RetainedEarningsAccumulatedDeficit
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NetCashProvidedByUsedInOperatingActivities
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NetCashProvidedByUsedInOperatingActivities
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CY2022Q1 us-gaap Basis Of Accounting
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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 0pt 10pt 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 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;">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 </p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt 0pt 10pt 0pt;">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’ equity 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 months ended March 31, 2022 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 8, 2022, 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>
CY2022Q1 us-gaap Use Of Estimates
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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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AccountsReceivableGrossCurrent
10054000
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AccountsReceivableGrossCurrent
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AllowanceForDoubtfulAccountsReceivableCurrent
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AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2537000
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PropertyPlantAndEquipmentNet
1822000
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PropertyPlantAndEquipmentNet
1220000
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DepreciationAndAmortization
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CY2022Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
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The Company does not currently have any finance leases or executed leases that have not yet commenced.
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OperatingLeaseExpense
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886000
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921000
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LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
999000
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LesseeOperatingLeaseLiabilityPaymentsDue
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LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1012000
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OperatingLeaseLiability
4124000
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48000
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SalesTypeLeaseSellingProfitLoss
133000
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SalesTypeLeaseLeaseIncome
48000
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SalesTypeLeaseLeaseIncome
133000
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SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedTwoYears
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CY2022Q1 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Three Years
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedThreeYears
46000
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SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceived
3505000
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SalesTypeLeaseLeaseReceivable
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CY2022Q1 us-gaap Sales Type Lease Unguaranteed Residual Asset
SalesTypeLeaseUnguaranteedResidualAsset
0
CY2022Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
50000.00
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OperatingLeaseLeaseIncome
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AmortizationPeriodOfDeferredSalesCommissions
P7Y
CY2022Q1 us-gaap Amortization Of Deferred Sales Commissions
AmortizationOfDeferredSalesCommissions
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AmortizationOfDeferredSalesCommissions
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4112000
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AccruedEmployeeBenefitsCurrent
5090000
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717000
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AccruedProfessionalFeesCurrent
537000
CY2022Q1 stim Accrued Research And Development Expense Current
AccruedResearchAndDevelopmentExpenseCurrent
400000
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AccruedResearchAndDevelopmentExpenseCurrent
388000
CY2022Q1 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
544000
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AccruedMarketingCostsCurrent
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664000
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CY2022Q1 stim Common Stock Shares Issued And Reserved For Future Issuance
CommonStockSharesIssuedAndReservedForFutureIssuance
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4000.000
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NumberOfOperatingSegments
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