The Malvern, Pa.–based company — which makes a transcranial magnetic stimulation system to treat major depressive disorder — posted losses of -$6.9 million, or -37¢ per share, on sales of $16 million for the three months ended Sept. 30, for a 38.4% bottom-line slide on sales growth of 16.5%.
Wall Street had projected losses of -43¢ per share on sales of $16.19 million for Neuronetics.
“Our performance during the quarter was in line with our expectations as we continued to expand our installed base at an impressive rate and drive system utilization as more and more patients receive treatment with NeuroStar Advanced Therapy,” Neuronetics president & CEO Chris Thatcher said in a statement.
“We are seeing an emerging segment of the market, ‘TMS only providers,’ leap forward in their growth this quarter and believe this trend will continue. For the balance of this year, we have a slightly reduced outlook as our customer mix shifts toward larger providers and as we optimize our provider calling patterns to drive improved utilization. We are very optimistic about the long-term opportunity for NeuroStar Advanced Therapy both in the U.S., where we continue our leadership position, and internationally, where we are just beginning our efforts to provide the benefits of our therapy to this significant patient population.”
Neuronetics said it lowered its sales guidance to between $62 million and $63 million, down from the previous guidance between $63 million and $65 million.
STIM shares were down -35% at $5.83 per share in midday trading today.