$STIM
Neuronetics Inc

2024 Q3 Form 10-Q Financial Statement

#000155837024011800 Filed on August 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $18.53M $16.45M
YoY Change 3.61% -6.59%
Cost Of Revenue $4.529M $4.271M
YoY Change -26.0% -11.68%
Gross Profit $14.00M $12.18M
YoY Change 19.02% -4.66%
Gross Profit Margin 75.56% 74.04%
Selling, General & Admin $19.31M $18.45M
YoY Change 4.51% 3.9%
% of Gross Profit 137.94% 151.5%
Research & Development $2.416M $2.235M
YoY Change 12.11% -5.46%
% of Gross Profit 17.26% 18.35%
Depreciation & Amortization $555.0K
YoY Change 13.73%
% of Gross Profit 4.56%
Operating Expenses $21.73M $20.69M
YoY Change 5.3% 2.8%
Operating Profit -$7.728M -$8.507M
YoY Change -12.88% 15.76%
Interest Expense $1.725M $1.978M
YoY Change 45.69% 72.9%
% of Operating Profit
Other Income/Expense, Net $539.0K $653.0K
YoY Change -18.83% -81.82%
Pretax Income -$9.832M
YoY Change 100.61%
Income Tax
% Of Pretax Income
Net Earnings -$13.34M -$9.832M
YoY Change 42.06% 100.61%
Net Earnings / Revenue -72.0% -59.77%
Basic Earnings Per Share -$0.44 -$0.33
Diluted Earnings Per Share -$0.44 -$0.33
COMMON SHARES
Basic Shares Outstanding 30.30M 30.00M
Diluted Shares Outstanding 30.27M 30.05M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $42.64M
YoY Change -7.11%
Cash & Equivalents $20.90M $42.60M
Short-Term Investments
Other Short-Term Assets $6.531M
YoY Change -2.64%
Inventory $4.960M $6.142M
Prepaid Expenses $2.921M $2.739M
Receivables $16.83M $17.14M
Other Receivables $3.048M
Total Short-Term Assets $53.46M $75.51M
YoY Change -24.72% -2.79%
LONG-TERM ASSETS
Property, Plant & Equipment $1.639M $1.728M
YoY Change -20.67% -18.03%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.940M $5.053M
YoY Change 20.9% 25.01%
Total Long-Term Assets $20.66M $21.31M
YoY Change -6.0% -6.2%
TOTAL ASSETS
Total Short-Term Assets $53.46M $75.51M
Total Long-Term Assets $20.66M $21.31M
Total Assets $74.12M $96.81M
YoY Change -20.29% -3.57%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.295M $4.102M
YoY Change 16.76% -0.99%
Accrued Expenses $11.43M $9.236M
YoY Change 13.87% 10.28%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $13.61M
YoY Change
Total Short-Term Liabilities $16.90M $29.26M
YoY Change 10.18% 94.72%
LONG-TERM LIABILITIES
Long-Term Debt $46.00M $46.15M
YoY Change 24.83% 25.69%
Other Long-Term Liabilities $2.023M
YoY Change -36.3%
Total Long-Term Liabilities $46.00M $46.15M
YoY Change 24.83% 25.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.90M $29.26M
Total Long-Term Liabilities $46.00M $46.15M
Total Liabilities $64.74M $77.43M
YoY Change 17.6% 40.99%
SHAREHOLDERS EQUITY
Retained Earnings -$407.1M -$393.8M
YoY Change 9.82% 9.0%
Common Stock $416.5M $413.2M
YoY Change 1.92% 1.57%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.381M $19.39M
YoY Change
Total Liabilities & Shareholders Equity $74.12M $96.81M
YoY Change -20.29% -3.57%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$13.34M -$9.832M
YoY Change 42.06% 100.61%
Depreciation, Depletion And Amortization $555.0K
YoY Change 13.73%
Cash From Operating Activities -$4.969M
YoY Change -43.75%
INVESTING ACTIVITIES
Capital Expenditures $616.0K
YoY Change -12.5%
Acquisitions
YoY Change
Other Investing Activities $497.0K
YoY Change 701.61%
Cash From Investing Activities -$119.0K
YoY Change -81.46%
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
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -4.969M
Cash From Investing Activities -119.0K
Cash From Financing Activities 0.000
Net Change In Cash -5.088M
YoY Change -46.66%
FREE CASH FLOW
Cash From Operating Activities -$4.969M
Capital Expenditures $616.0K
Free Cash Flow -$5.585M
YoY Change -41.44%

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us-gaap Net Cash Provided By Used In Operating Activities
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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 NeuroStar Advanced Therapy 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. It is also cleared by the FDA as an adjunct for adults with obsessive-compulsive disorder (“OCD”), and to decrease anxiety symptoms in adult patients with MDD that may exhibit comorbid anxiety symptoms (anxious depression), and as an adjunct for the treatment of MDD in adolescent patients aged 15-21. 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 10pt 0pt;">Liquidity</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt;">As of June 30, 2024, the Company had cash and cash equivalents of $42.6 million and an accumulated deficit of $393.8 million. The Company incurred negative cash flows from operating activities of $17.0 million for the six months ended June 30, 2024 and $32.0 million for the year ended December 31, 2023. 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 June 30, 2024, the Company had $60.0 million of borrowings outstanding under its credit facility, which had a final maturity in <span style="-sec-ix-hidden:Hidden_M9B-Yi4Bh0O_s6C4YEiGdw;"><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 June 30, 2024, 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><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt;"><span style="margin-bottom:10pt;visibility:hidden;">​</span></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt;">As of June 30, 2024, the Company was not in compliance with its minimum net product revenue covenant under the SLR Facility, see “Note 14. Debt” for further discussion. The amount of borrowing affected by this noncompliance was $60 million. Subsequently, on July 25, 2024 the Company entered into a Credit Agreement and Guaranty with Perceptive Credit Holdings IV, LP, (“Perceptive”) as collateral agent and other lenders defined in the agreement, see “Note 21. Subsequent Events” for further discussion on the Perceptive Credit Agreement<span style="font-family:'Times New Roman','Times','serif';">.</span></p>
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us-gaap Debt Instrument Covenant Compliance
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As of June 30, 2024, the Company was not in compliance with its minimum net product revenue covenant under the SLR Facility, see “Note 14. Debt” for further discussion. The amount of borrowing affected by this noncompliance was $60 million
CY2024Q2 us-gaap Debt Instrument Carrying Amount
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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 U.S. generally accepted accounting principles (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to U.S. GAAP as found in the Accounting Standards Codification and Accounting Standards Updates (“ASUs”) promulgated by the Financial Accounting Standards Board (the “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 U.S. 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’ </p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt 0pt 10pt 0pt;">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, 2024 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 Annual Report on Form 10-K filed with the SEC on March 8, 2024, 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 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 materially from estimated results.</p>
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 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 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 materially from estimated results.</p>
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us-gaap Depreciation And Amortization
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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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us-gaap Operating Lease Expense
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us-gaap Operating Lease Expense
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us-gaap Operating Lease Lease Income
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stim Amortization Period Of Deferred Sales Commissions
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CY2024Q2 stim Number Of Customer Accounted For More Than Ten Percentage Of Revenues
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stim Number Of Customer Accounted For More Than Ten Percentage Of Revenues
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stim Number Of Customer Accounted For More Than Ten Percentage Of Revenues
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us-gaap Interest Expense Borrowings
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CY2024Q1 us-gaap Debt Instrument Covenant Compliance
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On January 31, 2024 and February 29, 2024, the Company was not in compliance with its minimum net product revenue covenant under the SLR Facility. The Company was granted a waiver from SLR in the SLR Sixth Amendment for the covenant violations. The amount of borrowings affected by this noncompliance was $60 million
CY2024Q1 us-gaap Debt Instrument Covenant Compliance
DebtInstrumentCovenantCompliance
On January 31, 2024 and February 29, 2024, the Company was not in compliance with its minimum net product revenue covenant under the SLR Facility. The Company was granted a waiver from SLR in the SLR Sixth Amendment for the covenant violations. The amount of borrowings affected by this noncompliance was $60 million
CY2024Q1 us-gaap Debt Instrument Carrying Amount
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CY2024Q1 us-gaap Debt Instrument Carrying Amount
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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