$STIM
Neuronetics, Inc.

2022 Q3 Form 10-Q Financial Statement

#000155837022011660 Filed on August 02, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $16.50M $16.33M $14.18M
YoY Change 19.56% 14.97% 15.41%
Cost Of Revenue $3.570M $4.039M $3.485M
YoY Change 13.55% 46.87% 56.91%
Gross Profit $12.93M $12.29M $10.70M
YoY Change 21.33% 7.31% 6.25%
Gross Profit Margin 78.36% 75.26% 75.42%
Selling, General & Admin $18.03M $20.04M $19.03M
YoY Change 10.9% 27.46% 29.75%
% of Gross Profit 139.5% 163.07% 177.9%
Research & Development $2.348M $2.045M $1.803M
YoY Change 49.08% -10.85% -21.98%
% of Gross Profit 18.16% 16.64% 16.86%
Depreciation & Amortization $387.0K $338.0K $319.0K
YoY Change 79.17% 24.26% 13.52%
% of Gross Profit 2.99% 2.75% 2.98%
Operating Expenses $20.38M $22.09M $20.83M
YoY Change 14.27% 22.58% 22.71%
Operating Profit -$7.454M -$9.796M -$10.14M
YoY Change 3.79% 49.24% 46.69%
Interest Expense $1.061M $1.000M $978.0K
YoY Change 6.85% 2.35% -0.71%
% of Operating Profit
Other Income/Expense, Net $906.0K $374.0K $275.0K
YoY Change 3675.0% 2237.5% 2015.38%
Pretax Income -$7.609M -$10.42M -$10.84M
YoY Change -6.65% 38.5% 37.54%
Income Tax
% Of Pretax Income
Net Earnings -$7.609M -$10.42M -$10.84M
YoY Change -6.65% 38.5% 37.52%
Net Earnings / Revenue -46.12% -63.83% -76.43%
Basic Earnings Per Share -$0.28 -$0.39 -$0.41
Diluted Earnings Per Share -$0.28 -$0.39 -$0.41
COMMON SHARES
Basic Shares Outstanding 27.02M 26.79M 26.60M
Diluted Shares Outstanding 26.97M 26.79M 26.60M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $73.70M $70.93M $80.84M
YoY Change -25.88% -38.74% -33.36%
Cash & Equivalents $73.70M $70.90M $80.80M
Short-Term Investments
Other Short-Term Assets $4.908M $3.386M $4.249M
YoY Change 2.96% 27.01% 24.97%
Inventory $8.573M $7.185M $7.551M
Prepaid Expenses $1.871M $1.768M $1.660M
Receivables $11.96M $11.39M $8.251M
Other Receivables $1.954M $2.191M $2.226M
Total Short-Term Assets $101.1M $95.08M $103.1M
YoY Change -15.36% -29.5% -25.79%
LONG-TERM ASSETS
Property, Plant & Equipment $2.109M $2.067M $1.822M
YoY Change 129.24% 191.95% 110.39%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.555M $3.254M $2.839M
YoY Change 65.35% 64.68% 44.7%
Total Long-Term Assets $18.14M $27.87M $26.83M
YoY Change -23.21% 110.81% 100.81%
TOTAL ASSETS
Total Short-Term Assets $101.1M $95.08M $103.1M
Total Long-Term Assets $18.14M $27.87M $26.83M
Total Assets $119.2M $123.0M $129.9M
YoY Change -16.66% -16.98% -14.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.350M $2.350M $2.757M
YoY Change -28.92% -3.09% -14.93%
Accrued Expenses $11.49M $9.684M $7.785M
YoY Change 66.25% 46.64% 51.11%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $8.750M $4.375M $0.00
YoY Change -75.07%
Total Short-Term Liabilities $25.14M $18.94M $13.18M
YoY Change -47.41% 63.56% 20.87%
LONG-TERM LIABILITIES
Long-Term Debt $27.01M $31.21M $35.44M
YoY Change -10.69% 1.87%
Other Long-Term Liabilities $4.092M $4.384M $4.721M
YoY Change -2.18% -0.59% 2.63%
Total Long-Term Liabilities $27.01M $31.21M $35.44M
YoY Change 545.68% -10.69% 1.87%
TOTAL LIABILITIES
Total Short-Term Liabilities $25.14M $18.94M $13.18M
Total Long-Term Liabilities $27.01M $31.21M $35.44M
Total Liabilities $56.24M $54.53M $53.35M
YoY Change 8.18% 7.07% 5.98%
SHAREHOLDERS EQUITY
Retained Earnings -$337.6M -$330.0M -$319.6M
YoY Change 12.12% 12.67% 11.98%
Common Stock $400.6M $398.4M $396.2M
YoY Change 2.15% 2.13% 2.27%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $62.99M $68.42M $76.60M
YoY Change
Total Liabilities & Shareholders Equity $119.2M $123.0M $129.9M
YoY Change -16.66% -16.98% -14.68%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$7.609M -$10.42M -$10.84M
YoY Change -6.65% 38.5% 37.52%
Depreciation, Depletion And Amortization $387.0K $338.0K $319.0K
YoY Change 79.17% 24.26% 13.52%
Cash From Operating Activities -$6.507M -$8.950M -$12.20M
YoY Change -23.62% 55.11% 33.07%
INVESTING ACTIVITIES
Capital Expenditures -$726.0K -$966.0K -$1.074M
YoY Change 63.51% 125.7% 57.94%
Acquisitions
YoY Change
Other Investing Activities $10.00M
YoY Change -233.58%
Cash From Investing Activities $9.274M -$966.0K -$1.074M
YoY Change -216.95% 125.7% 59.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 10.00K -48.00K
YoY Change -100.0% -98.6% -100.06%
NET CHANGE
Cash From Operating Activities -6.507M -8.950M -12.20M
Cash From Investing Activities 9.274M -966.0K -1.074M
Cash From Financing Activities 0.000 10.00K -48.00K
Net Change In Cash 2.767M -9.906M -13.32M
YoY Change -116.92% 80.63% -118.42%
FREE CASH FLOW
Cash From Operating Activities -$6.507M -$8.950M -$12.20M
Capital Expenditures -$726.0K -$966.0K -$1.074M
Free Cash Flow -$5.781M -$7.984M -$11.13M
YoY Change -28.41% 49.46% 31.08%

Facts In Submission

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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. Our NeuroStar Advanced Therapy system was also cleared in 2022 by the FDA to treat people suffering from obsessive-compulsive disorder. 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 June 30, 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, effectiveness of treatments, 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 June 30, 2022, the Company had cash and cash equivalents of $70.9 million and an accumulated deficit of $330.0 million. The Company incurred negative cash flows from operating activities of $21.1 million for the six months ended June 30, 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 initial public offering (“IPO”) of common stock, 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 June 30, 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_Rwiqrr39WkSDitq3cd68Gg;"><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 June 30, 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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<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 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’ 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 and six months ended June 30, 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>
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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 Number Of Operating Segments
NumberOfOperatingSegments
1

Files In Submission

Name View Source Status
0001558370-22-011660-index-headers.html Edgar Link pending
0001558370-22-011660-index.html Edgar Link pending
0001558370-22-011660.txt Edgar Link pending
0001558370-22-011660-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
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report.css Edgar Link pending
Show.js Edgar Link pending
stim-20220630.xsd Edgar Link pending
stim-20220630x10q.htm Edgar Link pending
stim-20220630x10q005.jpg Edgar Link pending
stim-20220630x10q_htm.xml Edgar Link completed
stim-20220630xex31d1.htm Edgar Link pending
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stim-20220630xex32d1.htm Edgar Link pending
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stim-20220630_cal.xml Edgar Link unprocessable
stim-20220630_def.xml Edgar Link unprocessable
stim-20220630_lab.xml Edgar Link unprocessable
stim-20220630_pre.xml Edgar Link unprocessable