$STIM
Neuronetics Inc

2023 Q2 Form 10-Q Financial Statement

#000155837023009884 Filed on May 15, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $17.61M $15.54M
YoY Change 7.84% 9.58%
Cost Of Revenue $4.836M $4.144M
YoY Change 19.73% 18.91%
Gross Profit $12.77M $11.40M
YoY Change 3.94% 6.54%
Gross Profit Margin 72.54% 73.33%
Selling, General & Admin $17.76M $18.51M
YoY Change -11.39% -2.71%
% of Gross Profit 139.02% 162.45%
Research & Development $2.364M $2.790M
YoY Change 15.6% 54.74%
% of Gross Profit 18.51% 24.48%
Depreciation & Amortization $488.0K $516.0K
YoY Change 44.38% 61.76%
% of Gross Profit 3.82% 4.53%
Operating Expenses $20.12M $21.30M
YoY Change -8.89% 2.27%
Operating Profit -$7.349M -$9.907M
YoY Change -24.98% -2.25%
Interest Expense $1.144M $1.253M
YoY Change 14.4% 28.12%
% of Operating Profit
Other Income/Expense, Net $3.592M $640.0K
YoY Change 860.43% 132.73%
Pretax Income -$4.901M -$10.52M
YoY Change -52.97% -2.93%
Income Tax
% Of Pretax Income
Net Earnings -$4.901M -$10.52M
YoY Change -52.97% -2.93%
Net Earnings / Revenue -27.83% -67.7%
Basic Earnings Per Share -$0.17 -$0.38
Diluted Earnings Per Share -$0.17 -$0.38
COMMON SHARES
Basic Shares Outstanding 28.50M 28.36M
Diluted Shares Outstanding 28.59M 28.03M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $45.91M $55.44M
YoY Change -35.28% -31.41%
Cash & Equivalents $45.90M $55.40M
Short-Term Investments
Other Short-Term Assets $6.708M $4.315M
YoY Change 98.11% 1.55%
Inventory $8.871M $9.142M
Prepaid Expenses $2.204M $2.097M
Receivables $13.15M $9.452M
Other Receivables $3.047M $2.755M
Total Short-Term Assets $77.68M $81.11M
YoY Change -18.31% -21.34%
LONG-TERM ASSETS
Property, Plant & Equipment $2.108M $1.990M
YoY Change 1.98% 9.22%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.042M $3.493M
YoY Change 24.22% 23.04%
Total Long-Term Assets $22.72M $22.50M
YoY Change -18.49% -16.15%
TOTAL ASSETS
Total Short-Term Assets $77.68M $81.11M
Total Long-Term Assets $22.72M $22.50M
Total Assets $100.4M $103.6M
YoY Change -18.35% -20.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.143M $4.970M
YoY Change 76.3% 80.27%
Accrued Expenses $8.375M $7.440M
YoY Change -13.52% -4.43%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0%
Total Short-Term Liabilities $15.03M $15.13M
YoY Change -20.65% 14.77%
LONG-TERM LIABILITIES
Long-Term Debt $36.71M $36.64M
YoY Change 17.63% 3.38%
Other Long-Term Liabilities $3.176M $3.488M
YoY Change -27.55% -26.12%
Total Long-Term Liabilities $36.71M $36.64M
YoY Change 17.63% 3.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.03M $15.13M
Total Long-Term Liabilities $36.71M $36.64M
Total Liabilities $54.92M $55.26M
YoY Change 0.7% 3.59%
SHAREHOLDERS EQUITY
Retained Earnings -$361.3M -$356.4M
YoY Change 9.48% 11.51%
Common Stock $406.8M $404.8M
YoY Change 2.1% 2.17%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $45.48M $48.35M
YoY Change
Total Liabilities & Shareholders Equity $100.4M $103.6M
YoY Change -18.35% -20.27%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$4.901M -$10.52M
YoY Change -52.97% -2.93%
Depreciation, Depletion And Amortization $488.0K $516.0K
YoY Change 44.38% 61.76%
Cash From Operating Activities -$8.834M -$15.20M
YoY Change -1.3% 24.59%
INVESTING ACTIVITIES
Capital Expenditures $704.0K $234.0K
YoY Change -172.88% -121.79%
Acquisitions
YoY Change
Other Investing Activities $62.00K $51.00K
YoY Change
Cash From Investing Activities -$642.0K -$183.0K
YoY Change -33.54% -82.96%
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 -62.00K 499.0K
YoY Change -720.0% -1139.58%
NET CHANGE
Cash From Operating Activities -8.834M -15.20M
Cash From Investing Activities -642.0K -183.0K
Cash From Financing Activities -62.00K 499.0K
Net Change In Cash -9.538M -14.88M
YoY Change -3.71% 11.72%
FREE CASH FLOW
Cash From Operating Activities -$8.834M -$15.20M
Capital Expenditures $704.0K $234.0K
Free Cash Flow -$9.538M -$15.43M
YoY Change 19.46% 38.72%

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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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InterestPaidNet
1064000
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
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CY2022Q1 stim Transfer Of Inventory To Property And Equipment
TransferOfInventoryToPropertyAndEquipment
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CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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CY2023Q1 stim Reduction Of Accounts Receivable In Long Term Note Receivable
ReductionOfAccountsReceivableInLongTermNoteReceivable
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CY2023Q1 us-gaap Nature Of Operations
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<p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-weight:bold;text-align:center;margin:0pt;"><span style="margin-bottom:10pt;visibility:hidden;">​</span></p><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, (“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, (“ 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. 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;">Liquidity</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt;">As of March 31, 2023, the Company had cash and cash equivalents of $55.4 million and an accumulated deficit of $356.4 million. The Company incurred negative cash flows from operating activities of $15.2 million for the three months ended March 31, 2023 and $30.7 million for the year ended December 31, 2022. 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”), 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, 2023, the Company had $37.5 million of borrowings outstanding under its credit facility, which has a final maturity in <span style="-sec-ix-hidden:Hidden_anZ-iLbnjEWJGfo05CR8mw;"><span style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;">March 2028</span></span>. Management believes that the Company’s cash and cash equivalents as of March 31, 2023, 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>
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
55400000
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CY2023Q1 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, (“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 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 promulgated by the United States Securities and Exchange Commission, (the “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, 2023 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 </p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt 0pt 10pt 0pt;">filed with the SEC on March 7, 2023, 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, and given the subjective element of the estimates and assumptions made, actual results may differ materially from estimated results.</p>
CY2022Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
13591000
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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, 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
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AllowanceForDoubtfulAccountsReceivableCurrent
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AllowanceForDoubtfulAccountsReceivableCurrent
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AccountsReceivableNetCurrent
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PropertyPlantAndEquipmentGross
5196000
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PropertyPlantAndEquipmentGross
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AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
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PropertyPlantAndEquipmentNet
1990000
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PropertyPlantAndEquipmentNet
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CY2023Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
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CY2022Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
300000
CY2023Q1 us-gaap Lessee Finance Lease Lease Not Yet Commenced Description
LesseeFinanceLeaseLeaseNotYetCommencedDescription
The Company does not currently have any finance leases or executed leases that have not yet commenced.
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200000
CY2023Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
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875000
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LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
898000
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921000
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LesseeOperatingLeaseLiabilityPaymentsDueYearFour
882000
CY2023Q1 stim Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
116000
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LesseeOperatingLeaseLiabilityPaymentsDue
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LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
688000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
3646000
CY2022Q1 us-gaap Sales Type Lease Selling Profit Loss
SalesTypeLeaseSellingProfitLoss
48000
CY2022Q1 us-gaap Sales Type Lease Lease Income
SalesTypeLeaseLeaseIncome
48000
CY2023Q1 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Remainder Of Fiscal Year
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CY2023Q1 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Next Twelve Months
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedNextTwelveMonths
824000
CY2023Q1 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Two Years
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedTwoYears
349000
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SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedThreeYears
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CY2023Q1 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceived
2246000
CY2023Q1 us-gaap Sales Type Lease Lease Receivable
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CY2023Q1 us-gaap Sales Type Lease Unguaranteed Residual Asset
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OperatingLeaseLeaseIncome
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