$STIM
Neuronetics, Inc.

2024 Q1 Form 10-K Financial Statement

#000155837024002772 Filed on March 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $17.42M $20.31M $71.35M
YoY Change 12.08% 11.63% 9.42%
Cost Of Revenue $4.329M $4.543M $19.64M
YoY Change 4.46% 3.49% 26.87%
Gross Profit $13.09M $15.77M $51.71M
YoY Change 14.85% 14.22% 3.99%
Gross Profit Margin 75.14% 77.64% 72.47%
Selling, General & Admin $17.60M $17.99M $72.74M
YoY Change -4.94% -2.2% -3.65%
% of Gross Profit 134.46% 114.08% 140.69%
Research & Development $2.349M $2.207M $9.515M
YoY Change -15.81% -29.69% 1.92%
% of Gross Profit 17.95% 13.99% 18.4%
Depreciation & Amortization $560.0K $503.0K $2.006M
YoY Change 8.53% -16.72% 21.72%
% of Gross Profit 4.28% 3.19% 3.88%
Operating Expenses $19.95M $20.20M $82.26M
YoY Change -6.37% -6.21% -3.04%
Operating Profit -$6.859M -$4.427M -$30.55M
YoY Change -30.77% -42.71% -12.98%
Interest Expense $1.826M -$1.844M $5.424M
YoY Change 45.73% 52.15% 27.59%
% of Operating Profit
Other Income/Expense, Net $812.0K $894.0K $5.789M
YoY Change 26.88% 37.75% 162.78%
Pretax Income -$7.873M -$5.377M -$30.19M
YoY Change -25.16% -35.14% -18.76%
Income Tax
% Of Pretax Income
Net Earnings -$7.873M -$5.377M -$30.20M
YoY Change -25.16% -35.14% -18.82%
Net Earnings / Revenue -45.2% -26.47% -42.33%
Basic Earnings Per Share -$0.27 -$1.05
Diluted Earnings Per Share -$0.27 -$0.18 -$1.05
COMMON SHARES
Basic Shares Outstanding 29.76M 28.93M 28.66M
Diluted Shares Outstanding 29.47M 28.66M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $47.73M $59.68M $59.68M
YoY Change -13.91% -15.16% -15.16%
Cash & Equivalents $47.70M $59.70M $59.68M
Short-Term Investments
Other Short-Term Assets $7.000M $7.280M $7.280M
YoY Change 62.22% 74.54% 74.54%
Inventory $6.694M $8.093M $8.093M
Prepaid Expenses $2.630M $2.514M
Receivables $17.50M $15.78M $15.78M
Other Receivables $2.937M $2.961M $2.961M
Total Short-Term Assets $81.87M $93.79M $93.79M
YoY Change 0.93% -5.04% -5.04%
LONG-TERM ASSETS
Property, Plant & Equipment $1.847M $2.009M $4.782M
YoY Change -7.19% 0.9% -10.08%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.883M $4.430M $12.80M
YoY Change 39.79% 21.54% 14.15%
Total Long-Term Assets $21.95M $22.04M $22.04M
YoY Change -2.45% 21.66% 21.66%
TOTAL ASSETS
Total Short-Term Assets $81.87M $93.79M $93.79M
Total Long-Term Assets $21.95M $22.04M $22.04M
Total Assets $103.8M $115.8M $115.8M
YoY Change 0.2% -0.9% -0.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.979M $4.752M $4.752M
YoY Change -40.06% 95.31% 95.31%
Accrued Expenses $9.045M $12.60M $12.39M
YoY Change 21.57% -15.11% -16.65%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $14.50M $19.81M $19.81M
YoY Change -4.18% -40.32% -40.32%
LONG-TERM LIABILITIES
Long-Term Debt $59.44M $59.28M $59.28M
YoY Change 62.23% 159.68% 159.68%
Other Long-Term Liabilities $2.214M $2.546M $2.546M
YoY Change -36.53% -32.93% -32.93%
Total Long-Term Liabilities $59.44M $59.28M $61.83M
YoY Change 62.23% 159.68% 132.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.50M $19.81M $19.81M
Total Long-Term Liabilities $59.44M $59.28M $61.83M
Total Liabilities $76.16M $81.64M $81.64M
YoY Change 37.82% 36.47% 36.47%
SHAREHOLDERS EQUITY
Retained Earnings -$384.0M -$376.1M
YoY Change 7.74% 8.73%
Common Stock $411.6M $410.3M
YoY Change 1.69% 1.82%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $27.66M $34.19M $34.19M
YoY Change
Total Liabilities & Shareholders Equity $103.8M $115.8M $115.8M
YoY Change 0.2% -0.9% -0.9%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$7.873M -$5.377M -$30.20M
YoY Change -25.16% -35.14% -18.82%
Depreciation, Depletion And Amortization $560.0K $503.0K $2.006M
YoY Change 8.53% -16.72% 21.72%
Cash From Operating Activities -$12.00M $2.133M -$32.00M
YoY Change -21.05% -168.81% 4.23%
INVESTING ACTIVITIES
Capital Expenditures $375.0K $879.0K $2.369M
YoY Change 60.26% 74.75% -27.53%
Acquisitions
YoY Change
Other Investing Activities $443.0K $316.0K $1.047M
YoY Change 768.63% -89.53%
Cash From Investing Activities $68.00K -$563.0K -$1.322M
YoY Change -137.16% 11.93% -119.64%
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 0.000 22.26M 22.70M
YoY Change -100.0% 8985.71% 10864.73%
NET CHANGE
Cash From Operating Activities -12.00M 2.133M -32.00M
Cash From Investing Activities 68.00K -563.0K -1.322M
Cash From Financing Activities 0.000 22.26M 22.70M
Net Change In Cash -11.93M 23.83M -10.63M
YoY Change -19.83% -809.65% -55.29%
FREE CASH FLOW
Cash From Operating Activities -$12.00M $2.133M -$32.00M
Capital Expenditures $375.0K $879.0K $2.369M
Free Cash Flow -$12.38M $1.254M -$34.37M
YoY Change -19.82% -134.8% 1.18%

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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. (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 FDA to treat adult patients with 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 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;">Liquidity</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">As of December 31, 2023, the Company had cash and cash equivalents of $59.7 million and an accumulated deficit of $376.1 million. The Company incurred negative cash flows from operating activities of $32.0 million, $30.7 million and $28.0 million for the years ended December 31, 2023, 2022 and 2021, 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 continues to invest in sales and marketing and product development activities. The Company’s primary sources of capital to date have been 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 December 31, 2023, the Company had $60.0 million of borrowings outstanding under its credit facility, which matures in <span style="-sec-ix-hidden:Hidden_oNRQQ77C00Sf3Hrx6Kxfsw;"><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 December 31, 2023 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 U.S. GAAP. Any reference in these notes to applicable guidance is meant to refer to U.S. 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 U.S. 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 from estimated results.</p>
CY2023 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 U.S. 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 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 large financial institutions in amounts in excess of the 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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CY2023 stim Distribution Agreements With Renewal Description
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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.
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