Neuronetics (NASDAQ:STIM) reported preliminary unaudited revenue for the fourth quarter of 2020 between $15-million and $15.5-million, compared with previous guidance of $13-million and $13.5-million.
“During the quarter, we continued to see increased demand for NeuroStar Advanced Therapy systems, and we saw a strong uptick in treatment session revenues as compared with the third quarter, despite the continued uncertainty related to COVID-19 and the busy holiday season,” Keith Sullivan, president and CEO, said in a statement.
For all of 2020, preliminary unaudited revenue was between $48.7-million and $49.2- million, compared with $62.7-million for 2019, due to the impact of COVID-19.
“One of my goals for 2020 was to build a strong foundation that will allow us to execute against our long-term strategy,” Mr. Sullivan said. Neuronetics recently added 22 new field sales personnel who are now being trained with the expectation that they will be fully productive by the second quarter of 2021.
The company’s market research findings are being incorporated into new marketing campaigns and support materials that are designed to increase awareness of NeuroStar Advanced Therapy for mental health as a non-drug treatment therapy for patients who suffer from depression.
“Looking ahead to full year 2021, the company is expecting the recovery to continue and assuming the country doesn’t see a resurgence of COVID-19 that impacts our customers and patients, revenues should approach 2019 revenues,” Mr. Sullivan added.