$STIM
Neuronetics, Inc.

2023 Q4 Form 10-Q Financial Statement

#000155837023018015 Filed on November 07, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $20.31M $17.88M
YoY Change 11.63% 8.4%
Cost Of Revenue $4.543M $6.120M
YoY Change 3.49% 71.43%
Gross Profit $15.77M $11.76M
YoY Change 14.22% -9.0%
Gross Profit Margin 77.64% 65.78%
Selling, General & Admin $17.99M $18.48M
YoY Change -2.2% 2.47%
% of Gross Profit 114.08% 157.09%
Research & Development $2.207M $2.155M
YoY Change -29.69% -8.22%
% of Gross Profit 13.99% 18.32%
Depreciation & Amortization $503.0K $500.0K
YoY Change -16.72% 29.2%
% of Gross Profit 3.19% 4.25%
Operating Expenses $20.20M $20.64M
YoY Change -6.21% 1.24%
Operating Profit -$4.427M -$8.871M
YoY Change -42.71% 19.01%
Interest Expense -$1.844M $1.184M
YoY Change 52.15% 11.59%
% of Operating Profit
Other Income/Expense, Net $894.0K $664.0K
YoY Change 37.75% -26.71%
Pretax Income -$5.377M -$9.390M
YoY Change -35.14% 23.41%
Income Tax
% Of Pretax Income
Net Earnings -$5.377M -$9.391M
YoY Change -35.14% 23.42%
Net Earnings / Revenue -26.47% -52.51%
Basic Earnings Per Share -$0.33
Diluted Earnings Per Share -$0.18 -$0.33
COMMON SHARES
Basic Shares Outstanding 28.93M 28.87M
Diluted Shares Outstanding 28.88M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $59.68M $35.80M
YoY Change -15.16% -51.42%
Cash & Equivalents $59.70M $35.80M
Short-Term Investments
Other Short-Term Assets $7.280M $7.600M
YoY Change 74.54% 54.85%
Inventory $8.093M $9.737M
Prepaid Expenses $2.514M $2.351M
Receivables $15.78M $15.02M
Other Receivables $2.961M $2.800M
Total Short-Term Assets $93.79M $71.01M
YoY Change -5.04% -29.76%
LONG-TERM ASSETS
Property, Plant & Equipment $2.009M $2.066M
YoY Change 0.9% -2.04%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.430M $4.086M
YoY Change 21.54% 14.94%
Total Long-Term Assets $22.04M $21.98M
YoY Change 21.66% 21.16%
TOTAL ASSETS
Total Short-Term Assets $93.79M $71.01M
Total Long-Term Assets $22.04M $21.98M
Total Assets $115.8M $92.99M
YoY Change -0.9% -22.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.752M $2.822M
YoY Change 95.31% 20.09%
Accrued Expenses $12.60M $10.04M
YoY Change -15.11% -12.67%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $19.81M $15.34M
YoY Change -40.32% -39.0%
LONG-TERM LIABILITIES
Long-Term Debt $59.28M $36.85M
YoY Change 159.68% 36.44%
Other Long-Term Liabilities $2.546M $2.900M
YoY Change -32.93% -29.13%
Total Long-Term Liabilities $59.28M $36.85M
YoY Change 159.68% 36.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.81M $15.34M
Total Long-Term Liabilities $59.28M $36.85M
Total Liabilities $81.64M $55.05M
YoY Change 36.47% -2.13%
SHAREHOLDERS EQUITY
Retained Earnings -$376.1M -$370.7M
YoY Change 8.73% 9.8%
Common Stock $410.3M $408.6M
YoY Change 1.82% 2.01%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $34.19M $37.94M
YoY Change
Total Liabilities & Shareholders Equity $115.8M $92.99M
YoY Change -0.9% -22.01%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$5.377M -$9.391M
YoY Change -35.14% 23.42%
Depreciation, Depletion And Amortization $503.0K $500.0K
YoY Change -16.72% 29.2%
Cash From Operating Activities $2.133M -$10.12M
YoY Change -168.81% 55.52%
INVESTING ACTIVITIES
Capital Expenditures $879.0K $550.0K
YoY Change 74.75% -175.76%
Acquisitions
YoY Change
Other Investing Activities $316.0K $620.0K
YoY Change -93.8%
Cash From Investing Activities -$563.0K $70.00K
YoY Change 11.93% -99.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 22.26M 0.000
YoY Change 8985.71%
NET CHANGE
Cash From Operating Activities 2.133M -10.12M
Cash From Investing Activities -563.0K 70.00K
Cash From Financing Activities 22.26M 0.000
Net Change In Cash 23.83M -10.05M
YoY Change -809.65% -463.21%
FREE CASH FLOW
Cash From Operating Activities $2.133M -$10.12M
Capital Expenditures $879.0K $550.0K
Free Cash Flow $1.254M -$10.67M
YoY Change -134.8% 84.57%

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. (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 (“U.S.”) 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 MDD episode. The NeuroStar Advanced Therapy System 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 the 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 September 30, 2023, the Company had cash and cash equivalents of $35.8 million and an accumulated deficit of $370.7 million. The Company incurred negative cash flows from operating activities of $34.2 million for the nine months ended September 30, 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 September 30, 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_9_LMwHFGuUeSRELv0ZqXaQ;"><span style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;">March 2028</span></span>. Subsequent to September 30, 2023, the Company drew down an additional $22.5 million pursuant to the terms of its amended credit facility. Management believes that the Company’s cash and cash equivalents as of September 30, 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>
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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 U.S. 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 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 U.S. 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 that 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, 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 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 that 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, 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 that 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, actual results may differ materially from estimated results.</p>
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