Neuronetics

Neuronetics is a commercial-stage medical technology company that develops the NeuroStar Advanced Therapy System, a non-invasive and non-systemic office-based treatment that uses transcranial magnetic stimulation (TMS) to create a pulsed magnetic field designed to stimulate specific areas of the brain associated with mood regulation. The NeuroStar system is FDA-cleared for the treatment of major depressive disorder (MDD) in adult patients who have failed to achieve satisfactory improvement from prior antidepressant medication. It is also cleared for the treatment of obsessive-compulsive disorder (OCD) and for decreasing anxiety symptoms in adult patients with MDD who exhibit comorbid anxiety.

The NeuroStar therapy delivers magnetic pulses that stimulate nerve cells in the brain to improve symptoms of MDD and OCD. It provides a valuable option for patients who do not respond to antidepressant medications. As of March 2024, Neuronetics secured FDA clearance for NeuroStar as the first and only TMS treatment to be used as a first-line adjunct treatment for adolescent patients aged 15 to 21 with MDD. This expands the company's total addressable market in MDD by approximately 35%.

Neuronetics utilizes its proprietary TrakStar platform, a data repository that collects real-world evidence from daily use of NeuroStar therapy, to evaluate opportunities for expanding the treatment's indications. The company reported full-year 2023 revenue of USD 65.2 million, up 18% from the previous year, driven by strong growth in treatment session sales, particularly in the local consumable customer segment.

Key customers and partnerships

In March 2024, Neuronetics announced a five-year exclusive partnership with Transformations Care Network, one of the nation's largest mental healthcare providers. Under this agreement, Neuronetics became Transformations' exclusive provider of new TMS systems, and Transformations converted from a fixed price to a consumable model for all its existing NeuroStar systems.