Neuronetics (NSDQ:STIM) posted third-quarter results today that beat the consensus on Wall Street.
The Malvern, Penn.-based company reported losses of $3.4 million, or -18¢ per share, on sales of $12.4 million for the three months ended Sept. 30, for a sales loss of -22.2% compared with Q3 2019.
Earnings per share were -18¢, 11¢ ahead of The Street, where analysts were looking for sales of $11.2 million.
“We are very pleased with our performance during the third quarter. We saw a strong sequential rebound in the business, increasing total quarterly revenue 28% over the second quarter, and we made steady progress operationally with the restructuring of our commercial organization as well as the analysis of vast clinical datasets contained within our TrakStar system,” president and CEO Keith Sullivan said in a news release. “Looking ahead, we will continue refining our long-term commercial strategy and strengthen our foundation during the fourth quarter to execute on that strategy in 2021. We have done a great job of building momentum in key areas of the business, including reimbursement, clinical data development, customer segmentation, and the development of a new indication strategy, which should complement the work we are doing with our commercial strategy to drive strong future performance.”
Neuronetics said it expects total revenue for 2020 to be in the range of $46.7 million to $47.2 million and anticipates fourth-quarter revenue to be in the range of $13 million to $13.5 million.
Shares in STIM were up 5.45% to $5.22 apiece before market open.