Neuronetics (NSDQ:STIM) posted first-quarter results today that beat the revenue consensus on Wall Street and matched on earnings.
The Malvern, Pa.-based company reported losses of -$7.9 million, or -31¢ per share, on sales of $12.3 million for the three months ended March 31, for a sales growth of 7.08% compared with Q1 2020.
Earnings per share were -31¢, in line with estimates on The Street, where analysts were looking for sales of $11.58 million.
“The first quarter was very exciting. Not only did we drive strong double-digit growth in treatment session revenues, but we also implemented our new commercial strategy in conjunction with the launch of our expanded and realigned sales organization,” president and CEO Keith Sullivan said in a news release. “We’ve seen a 30% increase in patients requesting appointments and are expecting to see accelerating positive impact throughout the year from our new digital media strategies, advertising, and customer support programs that are all designed to bring the benefits of NeuroStar advanced therapy for mental health to the people who need it.”
Neuronetics said it expects to report total worldwide revenue between $59 million and $63 million in 2021, an increase from its previously issued guidance of $58 million and $62 million.
Shares in STIM were up 3.45% to $10.50 apiece in pre-market trading.