$STIM
Neuronetics, Inc.

2024 Q4 Form 10-Q Financial Statement

#000155837024015160 Filed on November 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $18.53M
YoY Change 3.61%
Cost Of Revenue $4.529M
YoY Change -26.0%
Gross Profit $14.00M
YoY Change 19.02%
Gross Profit Margin 75.56%
Selling, General & Admin $19.31M
YoY Change 4.51%
% of Gross Profit 137.94%
Research & Development $2.416M
YoY Change 12.11%
% of Gross Profit 17.26%
Depreciation & Amortization $512.0K
YoY Change 2.4%
% of Gross Profit 3.66%
Operating Expenses $21.73M
YoY Change 5.3%
Operating Profit -$7.728M
YoY Change -12.88%
Interest Expense $1.725M
YoY Change 45.69%
% of Operating Profit
Other Income/Expense, Net $539.0K
YoY Change -18.83%
Pretax Income -$13.34M
YoY Change 42.08%
Income Tax
% Of Pretax Income
Net Earnings -$13.34M
YoY Change 42.06%
Net Earnings / Revenue -72.0%
Basic Earnings Per Share -$0.44
Diluted Earnings Per Share -$0.44
COMMON SHARES
Basic Shares Outstanding 30.35M 30.30M
Diluted Shares Outstanding 30.27M

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.87M
YoY Change -41.71%
Cash & Equivalents $20.90M
Short-Term Investments
Other Short-Term Assets $7.758M
YoY Change 2.08%
Inventory $4.960M
Prepaid Expenses $2.921M
Receivables $16.83M
Other Receivables $3.049M
Total Short-Term Assets $53.46M
YoY Change -24.72%
LONG-TERM ASSETS
Property, Plant & Equipment $1.639M
YoY Change -20.67%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.940M
YoY Change 20.9%
Total Long-Term Assets $20.66M
YoY Change -6.0%
TOTAL ASSETS
Total Short-Term Assets $53.46M
Total Long-Term Assets $20.66M
Total Assets $74.12M
YoY Change -20.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.295M
YoY Change 16.76%
Accrued Expenses $11.43M
YoY Change 13.87%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $16.90M
YoY Change 10.18%
LONG-TERM LIABILITIES
Long-Term Debt $46.00M
YoY Change 24.83%
Other Long-Term Liabilities $1.837M
YoY Change -36.66%
Total Long-Term Liabilities $46.00M
YoY Change 24.83%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.90M
Total Long-Term Liabilities $46.00M
Total Liabilities $64.74M
YoY Change 17.6%
SHAREHOLDERS EQUITY
Retained Earnings -$407.1M
YoY Change 9.82%
Common Stock $416.5M
YoY Change 1.92%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.381M
YoY Change
Total Liabilities & Shareholders Equity $74.12M
YoY Change -20.29%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$13.34M
YoY Change 42.06%
Depreciation, Depletion And Amortization $512.0K
YoY Change 2.4%
Cash From Operating Activities -$5.417M
YoY Change -46.47%
INVESTING ACTIVITIES
Capital Expenditures $386.0K
YoY Change -29.82%
Acquisitions
YoY Change
Other Investing Activities $400.0K
YoY Change -35.48%
Cash From Investing Activities $14.00K
YoY Change -80.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -16.37M
YoY Change
NET CHANGE
Cash From Operating Activities -5.417M
Cash From Investing Activities 14.00K
Cash From Financing Activities -16.37M
Net Change In Cash -21.78M
YoY Change 116.67%
FREE CASH FLOW
Cash From Operating Activities -$5.417M
Capital Expenditures $386.0K
Free Cash Flow -$5.803M
YoY Change -45.61%

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 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 September 30, 2024, the Company had cash and cash equivalents of $20.9 million and an accumulated deficit of $407.1 million. The Company incurred negative cash flows from operating activities of $22.4 million for the nine months ended September 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. 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 (the “Perceptive Facility”). As of September 30, 2024, the Company had $50.0 million of borrowings outstanding under its credit facility, which has a final maturity on <span style="-sec-ix-hidden:Hidden_Q-RJ7Pn5pEyjGS8Xgs20xA;"><span style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;">July 25, 2029</span></span>. The Perceptive Facility is subject to certain financial covenants including a minimum net revenue covenant that escalates over the term of the Perceptive Facility and a minimum liquidity covenant. Our future ability to comply with these financial covenants is subject to risks, including our ability to continue to generate sufficient revenue growth and operating efficiencies to achieve cash flow breakeven. Management believes that the Company’s cash and cash equivalents as of September 30, 2024, anticipated revenues from sales of its products, and operational cash savings from the actions described in “Note 21. Subsequent Events” 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>
CY2024Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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RetainedEarningsAccumulatedDeficit
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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 </p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt 0pt 10pt 0pt;">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 and nine months ended September 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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AccountsReceivableNetCurrent
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PropertyPlantAndEquipmentNet
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CY2023Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
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us-gaap Depreciation And Amortization
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us-gaap Depreciation And Amortization
DepreciationAndAmortization
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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.
CY2023Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
200000
CY2024Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
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OperatingLeaseExpense
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OperatingLeaseExpense
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P3Y3M18D
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CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
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LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
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OperatingLeaseLiability
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us-gaap Sales Type Lease Lease Income
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CY2024Q3 us-gaap Sales Type Lease Lease Receivable
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CY2024Q3 us-gaap Sales Type Lease Unguaranteed Residual Asset
SalesTypeLeaseUnguaranteedResidualAsset
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OperatingLeaseLeaseIncome
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us-gaap Operating Lease Lease Income
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us-gaap Operating Lease Lease Income
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us-gaap Amortization Of Deferred Sales Commissions
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us-gaap Amortization Of Deferred Sales Commissions
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CY2024Q3 us-gaap Accrued Employee Benefits Current
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CY2023Q4 us-gaap Accrued Employee Benefits Current
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CY2024Q3 us-gaap Accrued Professional Fees Current
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CY2023Q4 us-gaap Accrued Professional Fees Current
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CY2024Q3 stim Accrued Research And Development Expense Current
AccruedResearchAndDevelopmentExpenseCurrent
556000
CY2023Q4 stim Accrued Research And Development Expense Current
AccruedResearchAndDevelopmentExpenseCurrent
260000
CY2024Q3 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
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AccruedMarketingCostsCurrent
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ProductWarrantyAccrualClassifiedCurrent
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CY2024Q3 us-gaap Taxes Payable Current
TaxesPayableCurrent
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TaxesPayableCurrent
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CY2024Q3 us-gaap Other Liabilities Current
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CY2024Q3 us-gaap Revenue Remaining Performance Obligation Percentage
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CY2024Q3 us-gaap Revenue Remaining Performance Obligation Percentage
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us-gaap Contract With Customer Liability Revenue Recognized
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us-gaap Contract With Customer Liability Revenue Recognized
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CY2024Q3 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
NumberOfCustomerAccountedForMoreThanTenPercentageOfRevenues
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stim Number Of Customer Accounted For More Than Ten Percentage Of Revenues
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DebtInstrumentCarryingAmount
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1856000
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CY2023Q4 us-gaap Debt Instrument Unamortized Discount
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CY2024Q3 us-gaap Interest Expense Borrowings
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CY2024Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
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CY2024Q3 us-gaap Amortization Of Financing Costs
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CY2023Q3 us-gaap Interest Expense Borrowings
InterestExpenseBorrowings
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CY2023Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
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us-gaap Interest Expense Borrowings
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us-gaap Interest Expense Debt
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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 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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CY2024Q3 us-gaap Common Stock Shares Issued
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CY2024Q3 us-gaap Class Of Warrant Or Right Outstanding
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us-gaap Allocated Share Based Compensation Expense
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4320000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1

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