Neuronetics Inc

NASDAQ:STIMUnited States

Nov 12, 2024

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• CORRECTION--Neuronetics Reports Record Third Quarter 2024 Financial and Operating Results, from 6:45PM ET on Tuesday Nov 12, 2024 by Dow Jones

  6:45PM ET on Tuesday Nov 12, 2024 by Dow Jones
  Companies Mentioned: STIM
  ---------- --------- Total current liabilities 16,897 19,812 ---------- --------- Long-term debt, net 46,002 59,283 Deferred revenue 4 200 Operating lease liabilities 1,833 2,346 ---------- --------- Total liabilities 64,736 81,641 ---------- --------- Commitments and contingencies (Note 18) -- -- Stockholders' equity: Preferred stock, $0.01 par value: 10,000 shares authorized; no shares issued or outstanding on September 30, 2024 and December 31, 2023 -- -- Common stock, $0.01 par value: 200,000 shares authorized; 30,317 and 29,092 shares issued and outstanding on September 30, 2024 and December 31, 2023, respectively 303 291 Additional paid-in capital 416,205 409,980 Accumulated deficit (407,127) (376,081) ---------- --------- Total Stockholders' equity 9,381 34,190 ---------- --------- Total liabilities and Stockholders' equity $ 74,117 $ 115,831 ========== ========= NEURONETICS, INC. Statements of Cash Flows (Unaudited; In thousands) Nine months ended September 30, 2024 2023 --------------------- ---------------- Cash flows from Operating activities: Net loss $ (31,046) $ (24,812) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 1,627 1,503 Allowance for credit losses 1,947 369 Inventory impairment 346 1,905 Share-based compensation 4,320 5,693 Non-cash interest expense 580 460 Loss on extinguishment of debt 4,427 -- Changes in certain assets and liabilities: Accounts receivable, net (3,834) (7,933) Inventory 2,718 (2,742) Net investment in sales-type leases 854 1,092 Prepaid commission expense (770) (804) Prepaid expenses and other assets (374) (3,338) Accounts payable (1,524) 54 Accrued expenses (1,166) (4,801) Deferred revenue (506) (817) ------------- ------------ Net Cash used in Operating activities (22,401) (34,171) ------------- ------------ Cash flows from Investing activities: Purchases of property and equipment and capitalized software (1,377) (1,490) Repayment of notes receivable 1,340 731 ------------- ------------ Net Cash used in Investing activities (37) (759) ------------- ------------ Cash flows from Financing activities: Payments of debt issuance costs (2,188) (863) Proceeds from issuance of long-term debt 48,084 2,500 Proceeds from issuance of warrants 1,916 -- Repayment of long-term debt (60,000) (1,200) Payment for debt extinguishment cost (4,185) -- Proceeds from exercises of stock options 1 -- ------------- ------------ Net Cash (used in) provided by Financing activities (16,372) 437 ------------- ------------ Net decrease in Cash and Cash equivalents (38,810) (34,493) Cash and Cash equivalents, Beginning of Period 59,677 70,340 ------------- ------------ Cash and Cash equivalents, End of Period $ 20,867 $ 35,847 ============= ============
  

• Neuronetics Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4), from 4:30PM ET on Tuesday Nov 12, 2024 by Dow Jones

  4:30PM ET on Tuesday Nov 12, 2024 by Dow Jones
  Companies Mentioned: STIM
  
  Neuronetics Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
  
  MALVERN, Pa., Nov. 12, 2024 (GLOBE NEWSWIRE) -- Neuronetics, Inc. (NASDAQ: STIM), 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, today announced the granting of inducement awards of Restricted Stock Units representing a total of 13,500 shares of the Company's common stock (RSUs) to seven new non-executive employees. In accordance with NASDAQ Listing Rule 5635(c)(4), these awards were approved by Neuronetics' Compensation Committee and made as material inducements to their respective employment with the Company.