Neuronetics Q2 2023 Earnings Call Transcript

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Provided by Quartr
August 8, 2023

There are 7 speakers on the call.

Operator

Thank you for standing by. Welcome to the Neuronetics Second Quarter 2023 Financial and Operating Results Conference Call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, Mr.

Operator

Mark Klausner, please go ahead, sir.

Speaker 1

Good morning, and thank you for joining us for the Neuronetics 2nd quarter 2023 conference call. Joining me on today's call are Neuronetics' President and Chief Executive Officer, Keith Sullivan and Chief Financial Officer, Steve Furlong. Before we begin, I would like to caution listeners that certain information discussed by management during this conference call will include forward looking statements covered under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements related to our business, strategy, financial and revenue guidance, the impact of COVID-nineteen and other operational issues and metrics. Actual results can differ materially from those stated or implied by these forward looking statements due to risks and uncertainties associated with the company's business. For a discussion of risks and uncertainties associated with Neuronetics' business, I encourage you to review the company's filings with the Securities and Exchange Commission, including the company's annual report on Form 10 ks filed in March 2023 as well as the company's quarterly report on Form 10 Q, which will be filed later today.

Speaker 1

The company disclaims any obligation to update any forward looking statements made during the course of this call, except as required by law. During the call, we'll also discuss certain information on a non GAAP basis, including EBITDA. Management believes that non GAAP financial information taken in conjunction with U. S. GAAP Financial Measures, provide useful information for both management and investors by excluding certain non cash and other expenses that Management uses non GAAP financial measures to compare our performance relative to forecast and strategic plans, to benchmark our performance externally against competitors and for certain compensation decisions.

Speaker 1

Reconciliations between U. S. GAAP and non GAAP results are presented in the tables accompanying our press release, which can be viewed on our website. With that, it's my pleasure to turn the call over to Neuronetics' President and Chief Executive Officer, Keith Sullivan.

Speaker 2

Thank you, Mark. Good morning and thank you for joining us. I'll begin by providing an overview of our recent performance followed by an operational update. Steve will then review our financial results, and I'll conclude with some thoughts on the rest of 2023 before turning to Q and A. We delivered a solid performance during the Q2 as our commercial and customer education initiatives have continued to gain traction.

Speaker 2

U. S. Capital sales remained consistent. And despite some of the ongoing headwinds associated with the integration of our 2 largest customers, Our treatment session revenues continue to increase. Total revenue was 17,600,000 up 8% over the Q2 of 2022, primarily driven by strong treatment session growth combined with an unplanned NeuroStar System expansion.

Speaker 2

NeuroStar System revenue was 4,500,000 As previously mentioned, our objective is to ship 45 to 50 systems per quarter. Our customers with NeuroStar. Consistent with this plan, we concluded the quarter by shipping a total of 54 systems. Importantly, nearly half of the NeuroStar shipped during the quarter were to customers buying their second systems, which points to the value we are delivering to these practices by helping them educate and treat more patients in need. The sustained strength of our capital equipment sales can be attributed to the continued execution by our experienced capital sales team as well as the positive impacts of our NeuroStar Summit.

Speaker 2

Our most recent summit held in Scottsdale, Arizona was again sold out and ultimately resulted in approximately 20 system sales during the event. These NeuroStar Summits remain a crucial element of our strategy, providing a platform to educate customers about the impact NeuroStar can have on improving patients' lives. The U. S. Treatment session revenue was $12,300,000 up 9% over the Q2 of 2022.

Speaker 2

The strong performance was primarily driven by the 15% year over year increase in local consumable utilization, along with the improving performance among our national accounts. Across the board, these results were driven by the positive impacts of our key initiatives such as NeuroStar University, Our comprehensive 5 Stars training program, the expanded utilization of our PHQ-ten tool and the increased accessibility of the practice management training. Along these lines, we wanted to provide an on the progress made at our largest customer, Greenbrook TMS. During the quarter, we continued to see improving performance across Active Greenbrook sites. Treatment session volumes and related revenues remain somewhat depressed as a result of their office closures, We are actively working with the Greenbrook team to address the ongoing challenges stemming from the merger with Success TMS and the integration process.

Speaker 2

We have collaborated closely with their leadership team at various levels to implement a mutually beneficial strategy moving forward. This included implementing initiatives to enhance awareness, expand patient access to care and effectively redeploy systems from the recently closed stores. In total, approximately 50 systems were taken out of service due to store closures. And to date, over 35 of these systems have been relocated into existing stores where they have replaced competitive systems. We expect the remaining systems to have been relocated by the end of the third quarter.

Speaker 2

Additionally, in support of Greenbrook's growth, all of the Greenbrook Regional Vice Presidents have attended a NeuroStar University class, And we are scheduling their trainers and treaters to attend upcoming classes to provide them with a proven playbook for practice success, so they can better serve their patients. As we continue to support the Greenbrook team, We are encouraged by the positive impact that tactics learned at NSU have had as they deployed them in their clinic. While legacy success stores are currently lagging behind Greenbrook stores in terms of performance, we are confident that through education and training efforts, we can help get that portion of the business back on track. We look forward to continuing our strong partnership with Green As we work together to advance the adoption of PMS as a therapy for mental illness. Now turning to our operational highlights.

Speaker 2

Our first focus of 2023 is increasing the number of customers who participate in NSU. NeuroStar University continues to receive excellent reviews from our customers. By quarter end, We had hosted 13 fully booked classes with over 260 attendees. We are experiencing sustained high demand with all of our courses fully booked out on a 3 month rolling basis. In August, We will celebrate the 1 year anniversary of the program, which we have updated twice to streamline our customers' experience at NSU to make it as impactful as possible.

Speaker 2

Our customers continue to derive significant benefits directly from the NSU training session. For example, for sites that became active before January 1, 2022, NeuroStar University attendees have experienced a 68% increase in utilization, whereas non attendees from that same period only experienced an 8% increase. Additionally, attendees have increasingly leveraged our other programs, such as the 5 Stars and Coop Marketing, which has over time led to increased overall performance. This highlights the positive impact of our techniques when properly deployed, empowering practices to better serve their patients. We remain committed to providing the support and training to our customers, ensuring that they can fully leverage their potential.

Speaker 2

Our second focus for 2023 was to incorporate a higher percent of our customers into the co op marketing program to continue to build awareness of NeuroStar. We have seen the positive impacts of our new co op marketing program, which launched on April 1. The program features a prescriptive roadmap of effective marketing tactics to market inside and outside the practice. New marketing and training collateral were created, and we revamped myneurostar.com to digitize the execution of the program. Since its implementation, we've observed increased use of the co op program, especially by NSU attendees.

Speaker 2

Existing co op accounts are also demonstrating increased engagement with the program with a 27% increase in activity quarter over quarter. This reflects their deeper adoption of and partnership with our platform. Additionally, participating co op accounts saw a notable increase in utilization sequentially. This ENHANZE program is driving growth and increasing patient access to NeuroStar Therapy. Our 3rd and final focus area for 2023 is creating a network of accounts across the country that follow NeuroStar BEC's Practices.

Speaker 2

This program will provide the opportunity for our customers to be part of a premier group that demonstrates their commitment to providing the best patient experience and care with NeuroStar. After soliciting feedback from our NeuroStar patient advocate and 800 people who have been diagnosed with depression, We are branding this program the Better Me Guarantee and intend to launch it in the Q3 of this year. By establishing specific benchmarks, such as delivering consistently high levels of service and expanding patient marketing efforts within and outside the practice, we anticipate observing tangible advancement among customers who fully leverage the distinctive benefit of being a Better Me Guarantee provider. We will expand on the specifics of this program on our 3rd quarter earnings call. Shifting gears to an update on the clinical and regulatory efforts.

Speaker 2

In June, we announced the 510 clearance for the OCD MP Cap technology for NeuroStar. This unique innovation streamlines the treatment process by simplifying coil placement and reducing steps involved in determining a patient's motor threshold. The OCD cap This advancement signifies our commitment to delivering the latest technology to optimize treatment efficiency and provide effective care for individuals struggling with OCD. We are continuing to work to expand the use for our unique therapy. We have recently filed a 510 submission with the FDA seeking to expand our potential patient population.

Speaker 2

While we don't want to comment on the specifics of the filing for competitive purposes, we do We expect to hear back from the FDA on the filing by the end of the year and look forward to sharing progress as it occurs. Moving to reimbursement. We are pleased to announce Blue Cross Blue Shield of Michigan has expanded eligibility for depression patients to receive TMS treatment. This policy update reduces the requirement of attempted antidepressant medications from 4 to 2 prior to TMS treatment eligibility. By prioritizing early access to relief, Blue Cross Blue Shield of Michigan is enabling millions of people to benefit from our therapy.

Speaker 2

This policy change reflects The growing recognition by commercial and government payers of the need for enhanced mental health coverage, particularly in light of the nationwide shortage of mental health care providers. Additionally, Aetna, 1 of the largest healthcare plans in the country covering over 16,800,000 lives has implemented changes that will make our treatment more accessible. Aetna now allows TMS treatment to be ordered and conducted under the supervision of Behavioral Health Nurse Practitioners. Also, Aetna has removed the 4 month psychotherapy trial requirement before a patient can receive their initial TMS treatment, making it easier for individuals to start their treatment sooner. The latest update from Aetna, opening up access to care through nurse practitioners and reducing eligibility requirements is a step forward and builds on the momentum we have seen with other commercial and government payers expanding coverage for TMS therapy.

Speaker 2

We are pleased with the achievements made in the Q2. Our commercial team received strong support through effective marketing initiatives, comprehensive training programs and dedicated practice assistance, which all contributed to our success. I appreciate the ongoing dedication of our entire organization and their efforts in strengthening our leadership position in the industry. With that, I'd like to turn the call over to Steve.

Speaker 3

Thank you, Keith. Unless otherwise noted, all performance comparisons are being made for the Q2 of 2023 versus the Q2 of 2022. Total revenue was $17,600,000 an increase of 8% over prior year revenue of $16,300,000 U. S. NeuroStar Advanced Therapy System revenue was $4,500,000 versus $4,400,000 in the prior year.

Speaker 3

We shipped 54 systems, down from 58 systems in 2022. As Keith noted, our current strategy is to ship between 4550 systems per quarter. U. S. Treatment session revenue was $12,300,000 an increase of 9% over 2022 revenue of $11,300,000 The revenue growth was primarily driven by strong performance within our consumable customer segment.

Speaker 3

In the Q2 of 2023, revenue per active site was approximately $11,390 compared to approximately $11,280 in the prior year quarter. We are highly encouraged by the fact that despite a material increase in active sites compared to this time last year, we were able to maintain revenue per site. We see this as evidence that our programs and initiatives are working. Gross margins were 72.5 percent compared to 75.3% in the prior year quarter. The decline in gross margin was driven by an increase in amortization expense associated with the latest product release.

Speaker 3

We also incurred one time expenses related to our transition to a new contract manufacturer. Without these expenses, gross margins would have been 75.6%. Operating expenses during the quarter were $20,100,000 a decrease of $2,000,000 or 9% compared to $22,100,000 in the Q2 of 2022. In May, our ELT met to review and justify 2023 operating expenses. This is related to Greenbrook.

Speaker 3

As a result, we have achieved a net reduction of $2,200,000 in expenses, demonstrating our commitment to prudent financial management. During the quarter, we incurred $2,000,000 of non cash stock based compensation expense. Net loss for the quarter was $4,900,000 or $0.17 per share as compared to a net loss of $10,400,000 or $0.39 per share in the prior year quarter. EBITDA was negative $3,300,000 as compared to negative $9,100,000 in the prior year quarter. In the quarter, our EBITDA loss was reduced by $2,900,000 related to the recognition of the employee retention credit.

Speaker 3

As of June 30, 2023, cash and cash equivalents were 40 of $5,900,000 We incurred significant expenses related to our contract manufacturing transition and also recognized significant capital revenue in June, which increased our accounts receivable balance at quarter end. As a reminder, we converted $6,000,000 of Greenbrook accounts receivable into a senior secured loan on which Greenbrook has started making principal and interest payments. Now turning to guidance. For the full year, we now expect revenue in the range of $69,000,000 to $73,000,000 increasing the bottom end of the range by $1,000,000 For the quarter, we expect revenue of $17,000,000 to $18,000,000 We now expect total operating expenses for the year to be in the range of $82,000,000 to $86,000,000 improved from prior guidance of $84,000,000 to $88,000,000 We remain confident in our operating plan, which indicates that we will reach cash flow breakeven with our current cash on hand. Our path to profitability remains steady, supported by our projections for top line growth, a strong gross margin profile and diligent management of operating expenses.

Speaker 3

I would now like to turn the call back over to Keith.

Speaker 2

Thank you, Steve. We've made significant progress in the first half of the year. The list of achievements And it reflects our team's dedication and hard work towards achieving our goals. Some of our accomplishments include focusing on maximizing revenue growth while efficiently reducing expenses surpassing our targets on capital placements Heightened attention on Greenbrook, aiming to bring their utilization back up to previous high levels and receiving excellent reviews and fully booking all NSU classes, which has increased attendee utilization compared to non attendees. Additionally, our clinical data supports the efficacy of NeuroStar for adult patients with anxious And we've achieved positive policy decisions reducing prior medication failures for TMS eligibility and enabling non physician practitioners to order and administer TMS therapy.

Speaker 2

We've also made notable product developments, enhanced Internet connectivity capabilities and software for TrackStar. On the regulatory front, we obtained 510 clearance for the OCD MP cap and recently submitted for a new label expansion. Furthermore, we secured $60,000,000 in new debt financing And successfully improved gross margins by switching contract manufacturers. As we move into the second half, we are eager To build upon the momentum, our proven track record of execution gives us confidence in our ability to continue to deliver solid results. We remain focused on growing the number of customers who take part in NeuroStar University, working to incorporate a higher percentage of customers into co op marketing programs and create a network of accounts across the country that follow NeuroStar best practices.

Speaker 2

With a well defined strategy in place, we aim to accelerate the adoption of NeuroStar and provide relief to more patients suffering from mental health disorders. With that, I'd like to open the line for questions. Thank

Operator

you. Our first question is going to come from the line of Margaret Kaczor with William Blair, your line is open. Please go ahead.

Speaker 4

Hey, good morning, everyone.

Speaker 5

Thanks for taking the question.

Operator

Hey, Mary.

Speaker 5

I wanted To start, hey, to talk about the accounts that purchased the second system. So Half of the placements this quarter coming from that is really seems like a meaningful increase. Is this are these national accounts or group practices? And then how should we think about their kind of productivity ramp relative to more

Speaker 3

How are you doing Margaret?

Speaker 2

This is Keith. The accounts that purchased Second Systems were mostly Private offices. National accounts have not purchased any systems in the last couple of quarters. So These are physicians that have gotten to the level where they're doing 6 or 7 treatments per day On their device and at that level, they're starting to run into scheduling Conflicts with patients and they need a second system to support that demand.

Speaker 5

Okay. And the productivity ramp and increase seems like maybe that should be a little faster than normal given they're already familiar with the system. Is that fair?

Speaker 2

Yes, it is. And I think they've already most of these accounts have already been to NSU. They understand exactly how to Speak to their patients and get them into the chair. So these are the accounts that have really accelerated. I think we've said in the past That it typically takes 6 months for accounts to get their system and get it up and running.

Speaker 2

And we have worked hard over the past Several quarters to reduce that. So we're now in the 90 to 120 days range to get new accounts up and running.

Speaker 5

Okay. That's helpful. And what I'm trying to pair into, right, you referenced the 68 Increase in utilization for attendees from NSU, that's a pretty meaningful increase. You're referencing those sites So the ones that are coming back, I guess, for second system purchases. So as we think about both the next several quarters in 2024, Is this something that can continue to pick up traction where more of the accounts attend NSU?

Speaker 5

And then I have one more follow-up and

Speaker 2

The simple answer is yes. We're putting an emphasis and we're using the staff that you just Mentioned the 68% increase to get more accounts there. Quite honestly, we've held 15 classes now And they have we are getting repeat customers coming back. So we are using this data to get Our legacy accounts and all the new accounts to come to NSU as soon as possible.

Speaker 5

Okay. So just Last question for me, just because these steps do seem pretty meaningful. Can you give us a sense of, I guess, what the revenue per Would it have been this quarter or this year excluding Green Brook or excluding the national accounts, as we kind of lap the Green Brook headwinds, That will maybe be a better signal of what that underlying business can do. Thank you.

Speaker 3

Hi, Margaret. This is Steve. We haven't done that math yet, but we did have 50 or so Greenbrook office closures. So The revenue per site would obviously be a bit lower, but we'll have to go back and quantify that for you and get back to you.

Speaker 5

Okay. Thank you, guys.

Operator

Thank you. And one moment for our next question. Our next question is going to come from the line of Bill Plovanec with CG. Your line is open. Please go ahead.

Speaker 1

Hi, it's Zachary Day on for Bill today. Thank you for taking the question. So you've talked a lot about easier

Speaker 3

by that importance and think about when it comes to other commercial payers beyond Aetna, what percent of them Do you think we'll get a similar policy update? And how can that drive revenue and other financial metrics. Thank you.

Speaker 2

Well, good morning. We are very encouraged by the changes in the policies. The biggest one that we had was back in March when UnitedHealthcare went from 4 drugs to 2. And I think most of the other payers are going to follow suit with it. I think we've said in the past that there are plenty of patients out there that have failed for drugs.

Speaker 2

And we are making a concerted effort to drive awareness to those patients. What the reduction in failed drugs means to those patients is they can get into the chair sooner. So We have a large patient population for us to treat. The payers are just making it easier for them to get it. So I think our job And the physician's job is to help drive that awareness.

Speaker 1

Great. Thank you very much.

Operator

Thank you. And our next question is going to come from the line of Adam Mehta with Piper Sandler. Your line is open. Please go ahead.

Speaker 4

Hey, Keith. Hey, Steve. This is Simeren on for Adam. Thank you for taking the questions. I guess I'll start off on just the suctions business.

Speaker 4

Can you provide a bit more color on what you saw from Statement sessions volumes and how that progressed over Q2 and into July August so far. And I'd be curious to know what your expectations for this part of the business look like once you kind of have The rest of the Grinch book systems relocated and sort of ramping back up.

Speaker 2

Good morning. This is Keith. The systems that have been moved for Greenbrook have, As I said, over 35 of them have been shipped to new locations, not all of them have been trained yet. And so we are working Through getting all of the systems placed and we have prioritized getting training to those sites that have been using Competitive systems so that we can get them up and running. In the past, Greenbrook was able to Generate in the neighborhood of 4 to 6 patients per day per system and we want to get them back to that level and we're working with Bill Leonard and his team to help get them to that level.

Speaker 2

For the our other accounts that are Growing in utilization, the ones that the per click accounts at the 19% growth, Those accounts are the ones that are following our roadmap to success, which includes going to NSU, which following through on the PHQ-ten and Using our co op marketing to be able to make sure that their website is in shape, make sure that their social media platform Follows ours and they're buying the proper Google AdWords to drive greater awareness.

Speaker 4

Okay, perfect. That's helpful. And then for my follow-up, the guidance That kind of implies a sequential step up of around 16% from Q3 to Q4 at the midpoint, which is perhaps a bit deeper than what we've seen in past years.

Speaker 1

So I

Speaker 4

guess, what kind of informs that level of Confidence and can you walk us through your assumptions baked in for the Q4?

Speaker 3

Hi, this is Steve. Yes, if I go back and look at 2022, for example, the 3rd quarter was Slightly higher than the Q2, and that's what we're anticipating this year. And then Q4 was up just under $2,000,000 from Q3 to Q4. And that's the similar assumption and seasonality we're expecting in 2023, Q4 is always our strongest capital quarter And we do have a significant number of treatment session programs that accompany the capital sales. And so It's really just the normal cadence for the final 6 months.

Speaker 3

We do see Greenbrook, Their performance to be consistent compared to the first half of this year. As Keith alluded to, the transition from Moving NeuroStar from storage into active units is a little time consuming. We do have to have our field service engineers de install and install. Many of these accounts that The systems are going into were formerly Brainsway sites. So there is a significant training effort that goes into these.

Speaker 3

And There could be upside depending upon the speed and training activities. But again, we really don't think the lift And Q4 is significant. As a reminder, we've been growing almost double digits And that's again reflective in that Q4 performance forecast.

Speaker 4

Okay. Thank you. And if I could just squeeze one last one on gross margin really quickly. So you hit on some of the impact with the one time expenses related to the new contract manufacturer. But just how should we think about the levels of Gross margin as we look out over the second half of the year and into 2024?

Speaker 3

Yes. We'll see, I would say, Gradual improvements in Q3 and Q4 of this year. And then once our new contract manufacturer is really up and running In 2024, again, we're going to see gross margins inching up to that 80% range. And so we have a number of cost reduction efforts underway. That transition, as well as an increasing Treatment session revenue versus capital revenue product mix, which also helps margins.

Speaker 3

So we are confident we're going to get up to that 80

Speaker 6

You're welcome.

Operator

Thank you. And one moment for our next question. Our next question is going to come from the line of Daniel Stauter with JMP Securities. Your line is open. Please go ahead.

Speaker 6

Great. Thanks. So just real quick, revenue per active site, you talked about it was up modestly Quarter back into that mid-eleven thousand. But I guess, could you just remind us how you think about this metric? Any expectations for this year or as you exit And to exit 2023, any broader near to midterm targets for these levels and what's a comfortable

Speaker 3

Hey, Danny, it's Steve. I mean, this is one of the key metrics. It really does highlight the performance of an individual site. I would say with a lot of the Activities and initiatives we have that number will continue to increase. It is a bit variable depending upon The system sold into existing sites And also the different customer segments.

Speaker 3

So the local consumable segment continues to shine for us and that's really the focus of many of our initiatives. And so we would expect that to get maybe 20% higher as we work through next year. That's great. And then

Speaker 1

just go ahead.

Speaker 3

So I was going to say, Dan, if you look at The average treatment sessions done on a system, it's still the upside getting to that 6 or 7 per system, which is Pretty much capacity. There is significant runway in that number compared to where we are right now. And obviously that will translate into a much higher revenue per site calculation.

Speaker 6

Great. Thank you for that. And then just one more on cash usage. You had some one time items here in the first half of the year, but just any more color You could give us on cash burn rate in the back half of this year as well as your rate exiting 2023 would be very helpful. Thanks.

Speaker 3

Sure. So we actually had a very good push in AR collections this quarter, But it was masked by, I would say, a pretty healthy June. And so You can see in our 0 to 30 day receivable balance, it's up significantly, which is reflective of the number of systems we shipped In the final months, we do expect leverage with AR and also inventory as we work towards Q4. You also saw in the press release that we did submit for our employee retention credit with the IRS. So that was prepared by KPMG.

Speaker 3

So we're pretty confident we'll have that In hand either late Q4 or early Q1, so that will help. And so we're expecting a modest burn in Q3. Again, pretty much a function of shipment timing and also collections of the activity in June. It's usually a lower burn for us anyway. And then Q4 should be pretty close to cash burn neutral.

Speaker 3

Again, we're going to have historically the strongest quarter of the year and it will be somewhat subjected to timing of The revenue mix that goes out the door in December. So we think we're going to end the year low to mid-40s in cash. Again, as we've been communicating, the plan is to hold operating expenses flat in 2024 And then continue to grow the top line. And so if we can get, for example, Greenbrook and some other accounts Back to their normal cadence, we think our top line can get to where the top line growth can get to where we were expecting this year in that mid teen range.

Speaker 6

Great. Thank you very much.

Speaker 2

You're welcome.

Operator

Thank you. And I'm showing no further questions. And I'd now like to hand the conference back over to Keith Sullivan for any closing remarks.

Speaker 2

Thanks very much, operator. Thank you all for your interest in Neuronetics. We look forward to updating you on our next quarterly call.

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Key Takeaways

  • Total revenue for Q2 was $17.6 million, up 8% year-over-year, with 54 NeuroStar systems shipped and treatment session revenue rising 9% to $12.3 million, while net loss narrowed to $4.9 million and EBITDA loss improved to $3.3 million.
  • Neuronetics’ NeuroStar University training program hosted 13 fully booked classes with over 260 attendees, driving a 68% utilization increase among attendees versus 8% for non-attendees.
  • The company relocated 35 of Greenbrook TMS’s 50 decommissioned systems into existing clinics, replacing competitor devices and collaborating on training and integration to restore pre-merger performance.
  • New marketing initiatives, including a revamped co-op program yielding a 27% quarter-over-quarter activity increase and the upcoming Better Me Guarantee provider network, aim to boost practice adoption and patient access.
  • Regulatory and reimbursement wins include 510(k) clearance for the OCD MP Cap technology, a pending FDA label expansion, and insurer policy changes from Blue Cross Blue Shield of Michigan and Aetna to lower treatment barriers and broaden access.
AI Generated. May Contain Errors.
Earnings Conference Call
Neuronetics Q2 2023
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