Neuronetics (NSDQ:STIM) this week posted third-quarter results that beat the consensus on Wall Street.
The Malvern, Pennsylvania-based psychiatric disorder treatment developer reported a net loss of $7.6 million, or -28¢ per share, on sales of $16.5 million for the three months ended Sept. 30, on sales growth of 19.56% compared with Q3 2021.
Earnings per share were 14¢ ahead of The Street, where analysts were looking for sales of $15.02 million.
“Our strong performance in the third quarter reflects the positive impacts of our ongoing strategic initiatives such as the revamped sales force, innovative marketing programs, and continued physician and patient education. Performance was highlighted by record US Treatment Sessions revenue and utilization, while also achieving 51% year-over-year growth in US NeuroStar System revenue,” President and CEO Keith Valentine said in a news release.
Valentine said Neuronetics will continue to concentrate on executing for the remainder of the year so the company will achieve cash flow breakeven in 2024.
For the full-year 2022, Neuronetics expects total worldwide revenue to be in the range of $63 million to $64 million, up from its previous guidance of $60 million and $62 million.
Shares of STIM were up 8.37% to $4.01 apiece at market open. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up slightly.