$STIM
Neuronetics Inc

2023 Q1 Form 10-K Financial Statement

#000155837023003044 Filed on March 07, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $15.54M $18.20M $65.21M
YoY Change 9.58% 21.14% 17.89%
Cost Of Revenue $4.144M $4.390M $15.48M
YoY Change 18.91% 24.08% 32.87%
Gross Profit $11.40M $13.81M $49.72M
YoY Change 6.54% 20.24% 13.89%
Gross Profit Margin 73.33% 75.88% 76.26%
Selling, General & Admin $18.51M $18.40M $75.50M
YoY Change -2.71% 10.49% 19.27%
% of Gross Profit 162.45% 133.23% 151.84%
Research & Development $2.790M $3.139M $9.336M
YoY Change 54.74% 79.99% 17.83%
% of Gross Profit 24.48% 22.73% 18.78%
Depreciation & Amortization $516.0K $604.0K $1.648M
YoY Change 61.76% 106.85% 55.47%
% of Gross Profit 4.53% 4.37% 3.31%
Operating Expenses $21.30M $21.54M $84.83M
YoY Change 2.27% 17.08% 19.11%
Operating Profit -$9.907M -$7.727M -$35.11M
YoY Change -2.25% 11.84% 27.38%
Interest Expense $1.253M -$1.212M $4.251M
YoY Change 28.12% 13.91% 5.77%
% of Operating Profit
Other Income/Expense, Net $640.0K $649.0K $2.203M
YoY Change 132.73% 92.58% 464.87%
Pretax Income -$10.52M -$8.290M -$37.16M
YoY Change -2.93% 8.56% 19.13%
Income Tax
% Of Pretax Income
Net Earnings -$10.52M -$8.290M -$37.20M
YoY Change -2.93% 8.56% 19.23%
Net Earnings / Revenue -67.7% -45.55% -57.05%
Basic Earnings Per Share -$0.38 -$1.38
Diluted Earnings Per Share -$0.38 -$0.30 -$1.38
COMMON SHARES
Basic Shares Outstanding 28.36M 27.22M 26.90M
Diluted Shares Outstanding 28.03M 26.90M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $55.44M $70.34M $70.34M
YoY Change -31.41% -25.28% -25.28%
Cash & Equivalents $55.40M $70.30M $70.34M
Short-Term Investments
Other Short-Term Assets $4.315M $4.171M $4.171M
YoY Change 1.55% -10.28% -10.28%
Inventory $9.142M $8.899M $8.899M
Prepaid Expenses $2.097M $1.997M
Receivables $9.452M $13.59M $13.59M
Other Receivables $2.755M $1.768M $1.768M
Total Short-Term Assets $81.11M $98.77M $98.77M
YoY Change -21.34% -14.36% -14.36%
LONG-TERM ASSETS
Property, Plant & Equipment $1.990M $1.991M $5.318M
YoY Change 9.22% 63.2% 4.19%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.493M $3.645M $11.21M
YoY Change 23.04% 64.34% 24.85%
Total Long-Term Assets $22.50M $18.12M $18.12M
YoY Change -16.15% -30.04% -30.04%
TOTAL ASSETS
Total Short-Term Assets $81.11M $98.77M $98.77M
Total Long-Term Assets $22.50M $18.12M $18.12M
Total Assets $103.6M $116.9M $116.9M
YoY Change -20.27% -17.23% -17.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.970M $2.433M $2.433M
YoY Change 80.27% -43.41% -43.41%
Accrued Expenses $7.440M $14.84M $14.86M
YoY Change -4.43% 80.21% 87.57%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $13.13M $13.13M
YoY Change
Total Short-Term Liabilities $15.13M $33.20M $33.20M
YoY Change 14.77% 111.42% 111.42%
LONG-TERM LIABILITIES
Long-Term Debt $36.64M $22.83M $22.83M
YoY Change 3.38% -35.39% -35.39%
Other Long-Term Liabilities $3.488M $3.796M $3.796M
YoY Change -26.12% -24.23% -24.23%
Total Long-Term Liabilities $36.64M $22.83M $26.63M
YoY Change 3.38% -35.39% -34.01%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.13M $33.20M $33.20M
Total Long-Term Liabilities $36.64M $22.83M $26.63M
Total Liabilities $55.26M $59.82M $59.82M
YoY Change 3.59% 6.74% 6.74%
SHAREHOLDERS EQUITY
Retained Earnings -$356.4M -$345.9M
YoY Change 11.51% 12.04%
Common Stock $404.8M $403.0M
YoY Change 2.17% 2.3%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $48.35M $57.06M $57.06M
YoY Change
Total Liabilities & Shareholders Equity $103.6M $116.9M $116.9M
YoY Change -20.27% -17.23% -17.23%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$10.52M -$8.290M -$37.20M
YoY Change -2.93% 8.56% 19.23%
Depreciation, Depletion And Amortization $516.0K $604.0K $1.648M
YoY Change 61.76% 106.85% 55.47%
Cash From Operating Activities -$15.20M -$3.100M -$30.70M
YoY Change 24.59% -31.48% 9.64%
INVESTING ACTIVITIES
Capital Expenditures $234.0K $503.0K $3.269M
YoY Change -121.79% -162.8% -238.93%
Acquisitions
YoY Change
Other Investing Activities $51.00K $0.00 $10.00M
YoY Change -233.58%
Cash From Investing Activities -$183.0K -$503.0K $6.731M
YoY Change -82.96% -37.2% -168.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $1.200M
YoY Change
Cash From Financing Activities 499.0K 245.0K 207.0K
YoY Change -1139.58% 665.63% -99.75%
NET CHANGE
Cash From Operating Activities -15.20M -3.100M -30.70M
Cash From Investing Activities -183.0K -503.0K 6.731M
Cash From Financing Activities 499.0K 245.0K 207.0K
Net Change In Cash -14.88M -3.358M -23.76M
YoY Change 11.72% -36.56% -152.61%
FREE CASH FLOW
Cash From Operating Activities -$15.20M -$3.100M -$30.70M
Capital Expenditures $234.0K $503.0K $3.269M
Free Cash Flow -$15.43M -$3.603M -$33.97M
YoY Change 38.72% -3.22% 32.45%

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<p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">1.   DESCRIPTION OF BUSINESS</b></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt 0pt 12pt 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, (“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, (the “FDA”), to treat adult patients with major depressive disorder, (“MDD”), who have failed to achieve satisfactory improvement from prior antidepressant medication in the current episode. 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 12pt 0pt;">COVID-19</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">The Company is monitoring the impact of the COVID-19 pandemic on all aspects of its business and geographies, including how it will impact the Company’s customers, supply chain, employees and other business partners. While the Company experienced significant disruptions in the first quarter of 2022 and through the end of December 2021, from the COVID-19 pandemic, it is unable to predict the full impact that the COVID-19 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 outbreak of COVID-19 in many countries, including the United States, has significantly adversely impacted global economic activity and has contributed to significant volatility and negative pressure in financial markets.</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt 0pt 12pt 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 12pt 0pt;">Liquidity</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">As of December 31, 2022, the Company had cash and cash equivalents of $70.3 million and an accumulated deficit of $345.9 million. The Company incurred negative cash flows from operating activities of $30.7 million, $28.0 million and $28.4 million for the years ended December 31, 2022, 2021 and 2020, respectively. 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 seeks to expand its sales and marketing initiatives to support its growth into existing and new markets and invest in additional research and development activities. The Company’s primary sources of capital to date have been from its initial public offering, 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 December 31, 2022, the Company had $35.0 million of borrowings outstanding under its credit facility, which matures in <span style="-sec-ix-hidden:Hidden_IlVciParSUm67JWf4xp-kg;"><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 December 31, 2022 and anticipated revenues from sales of our 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 12pt 0pt;">2.   BASIS OF PRESENTATION</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">The accompanying financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (“ASC”), and Accounting Standards Updates (“ASUs”), promulgated by the Financial Accounting Standards Board (“FASB”).</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 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 United States Securities and Exchange Commission (“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 and given the subjective element of the estimates and assumptions made, actual results may differ from estimated results.</p>
CY2022 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 12pt 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 United States Securities and Exchange Commission (“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 and given the subjective element of the estimates and assumptions made, actual results may differ 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 12pt 0pt;">Concentrations of Credit Risk</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">The Company’s cash is held on deposit in demand accounts at a large financial institution in amounts in excess of the Federal Deposit Insurance Corporation (“FDIC”), insurance coverage limit of $250,000 per depositor, per FDIC-insured bank, per ownership category.</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Financial instruments that potentially subject the Company to concentrations of credit risk principally consist of cash equivalents and accounts receivable. The Company limits its credit risk associated with cash equivalents by placing investments in highly-rated money market funds. The Company limits its credit risk with respect to accounts receivable by performing credit evaluations when deemed necessary, but it does not require collateral to secure amounts owed by its customers.</p>
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The Company provides a one-year warranty on all new System sales which were determined to be assurance-type warranties and thus not considered a separate performance obligation. The Company accrues the cost of providing these warranties.
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CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
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CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
116000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
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4545000
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CY2022Q4 us-gaap Operating Lease Liability
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CY2022 us-gaap Sales Type Lease Lease Income
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CY2021 us-gaap Sales Type Lease Lease Income
SalesTypeLeaseLeaseIncome
807000
CY2022Q4 us-gaap Sales Type Lease Lease Receivable
SalesTypeLeaseLeaseReceivable
2800000
CY2021Q4 us-gaap Sales Type Lease Lease Receivable
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3900000
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CY2022 us-gaap Operating Lease Lease Income
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CY2022 stim Amortization Period Of Deferred Sales Commissions
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P7Y
CY2022 us-gaap Amortization Of Deferred Sales Commissions
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761000
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537000
CY2022Q4 stim Accrued Research And Development Expense Current
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678000
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388000
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410000
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268000
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CY2021Q4 us-gaap Debt Instrument Carrying Amount
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1925000
CY2021Q4 stim Accrued Of Final Payment Fee
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1925000
CY2022Q4 us-gaap Debt Instrument Unamortized Discount
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971000
CY2021Q4 us-gaap Debt Instrument Unamortized Discount
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1590000
CY2022Q4 us-gaap Long Term Debt
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35954000
CY2021Q4 us-gaap Long Term Debt
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35335000
CY2022Q4 us-gaap Long Term Debt Current
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13125000
CY2022Q4 us-gaap Long Term Debt Noncurrent
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22829000
CY2021Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
35335000
CY2022 us-gaap Interest Expense Borrowings
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4300000
CY2022 us-gaap Interest Expense Debt
InterestExpenseDebt
3600000
CY2022 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
700000
CY2021 us-gaap Interest Expense Borrowings
InterestExpenseBorrowings
4000000.0
CY2021 us-gaap Interest Expense Debt
InterestExpenseDebt
3300000
CY2021 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
700000
CY2020 us-gaap Interest Expense Borrowings
InterestExpenseBorrowings
4500000
CY2020 us-gaap Interest Expense Debt
InterestExpenseDebt
3900000
CY2020 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
600000
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
13125000
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
17500000
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
4375000
CY2022Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
35000000
CY2021Q1 us-gaap Stock Issued During Period Shares New Issues
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5566000
CY2021Q1 us-gaap Share Price
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15.50
CY2021Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
80600000
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CommonStockSharesAuthorized
200000000.0
CY2020Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
27300000
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4404000
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27268000
CY2021Q4 us-gaap Common Stock Shares Issued
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26395000
CY2022Q4 stim Common Stock Shares Issued And Reserved For Future Issuance
CommonStockSharesIssuedAndReservedForFutureIssuance
34734000
CY2021Q4 stim Common Stock Shares Issued And Reserved For Future Issuance
CommonStockSharesIssuedAndReservedForFutureIssuance
32929000
CY2022Q4 us-gaap Class Of Warrant Or Right Outstanding
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61000
CY2021Q4 us-gaap Class Of Warrant Or Right Outstanding
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75000
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8746000
CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.055
CY2020 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.035
CY2022 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
0.023
CY2021 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
-0.106
CY2020 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
0.008
CY2022 stim Share Based Compensation Arrangement By Share Based Payment Award Number Of Additional Shares Authorized Annual Increase Percentage
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorizedAnnualIncreasePercentage
0.04
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.09
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
200000
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
8200000
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1400000
CY2020 stim Share Based Compensation Arrangement By Share Based Payment Award Options Granted In Period Weighted Average Grant Date Fair Value Of Underlying Common Stock
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantedInPeriodWeightedAverageGrantDateFairValueOfUnderlyingCommonStock
2.01
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
2.01
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y1M6D
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.004
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.595
CY2022 stim Defined Contribution Plans Name
DefinedContributionPlansName
401(k) plan
CY2022 us-gaap Defined Contribution Plan Employer Matching Contribution Percent
DefinedContributionPlanEmployerMatchingContributionPercent
0.03
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-37200000
CY2021 us-gaap Net Income Loss
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-31200000
CY2020 us-gaap Net Income Loss
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-27500000
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
-0.009
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
-0.015
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0.008
CY2020 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
-0.016
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.163
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.379
CY2020 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.221
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
76013000
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
72620000
CY2022Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
3008000
CY2021Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
3008000
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
2273000
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
2111000
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccruals
1379000
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccruals
786000
CY2022Q4 stim Deferred Tax Assets Interest Expense
DeferredTaxAssetsInterestExpense
3807000
CY2021Q4 stim Deferred Tax Assets Interest Expense
DeferredTaxAssetsInterestExpense
3308000
CY2022Q4 stim Deferred Tax Assets Lease Liability
DeferredTaxAssetsLeaseLiability
929000
CY2021Q4 stim Deferred Tax Assets Lease Liability
DeferredTaxAssetsLeaseLiability
1024000
CY2022Q4 stim Deferred Tax Assets Capitalized Start Up Costs
DeferredTaxAssetsCapitalizedStartUpCosts
215000
CY2021Q4 stim Deferred Tax Assets Capitalized Start Up Costs
DeferredTaxAssetsCapitalizedStartUpCosts
479000
CY2022Q4 stim Deferred Tax Assets Capitalized Research And Development Costs
DeferredTaxAssetsCapitalizedResearchAndDevelopmentCosts
2165000
CY2022Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
1000000
CY2021Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
1050000
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
90789000
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
84386000
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
86733000
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
80663000
CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
4056000
CY2021Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
3723000
CY2022Q4 us-gaap Deferred Tax Liabilities Deferred Expense Capitalized Software
DeferredTaxLiabilitiesDeferredExpenseCapitalizedSoftware
894000
CY2021Q4 us-gaap Deferred Tax Liabilities Deferred Expense Capitalized Software
DeferredTaxLiabilitiesDeferredExpenseCapitalizedSoftware
753000
CY2022Q4 stim Deferred Tax Liabilities Right Of Use Asset
DeferredTaxLiabilitiesRightOfUseAsset
816000
CY2021Q4 stim Deferred Tax Liabilities Right Of Use Asset
DeferredTaxLiabilitiesRightOfUseAsset
945000
CY2022Q4 us-gaap Deferred Tax Liabilities Prepaid Expenses
DeferredTaxLiabilitiesPrepaidExpenses
2346000
CY2021Q4 us-gaap Deferred Tax Liabilities Prepaid Expenses
DeferredTaxLiabilitiesPrepaidExpenses
2025000
CY2022Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
4056000
CY2021Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
3723000
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
6100000
CY2021 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
11800000
CY2021Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
80663000
CY2020Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
68856000
CY2022 us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
ValuationAllowancesAndReservesChargedToCostAndExpense
6070000
CY2021 us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
ValuationAllowancesAndReservesChargedToCostAndExpense
11807000
CY2022Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
86733000
CY2021Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
80663000
CY2022Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2022 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2019Q2 stim Reimbursement Revenue Per Treatment
ReimbursementRevenuePerTreatment
12000
CY2022 stim Distribution Agreements With Renewal Description
DistributionAgreementsWithRenewalDescription
The term of the distribution agreement will be automatically extended for two years unless either party gives the other party at least two years’ prior written of notice of non-renewal, except that the Company cannot decline to renew the agreement if Teijin has purchased 100% of its sales forecasts over the term of the agreement.
CY2017 stim Distribution Agreement Renewal Period
DistributionAgreementRenewalPeriod
P2Y
CY2022 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1

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