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Keith J. Sullivan, the President and CEO of Neuronetics , Inc. (NASDAQ:STIM), recently disposed of 40,992 shares of the company’s common stock. The shares were sold at a weighted average price ranging from $3.51 to $3.95, resulting in a total transaction value of approximately $134,453. Following these transactions, Sullivan retains ownership of 1,283,362 shares in the company, representing a significant stake in the medical device maker, which currently has a market capitalization of $219 million. The sales were conducted to satisfy tax withholding obligations upon the vesting of a portion of a restricted stock unit award. According to InvestingPro analysis, the stock is currently trading above its Fair Value, with technical indicators suggesting overbought conditions.
In other recent news, Neuronetics, a global leader in neuroscience, has initiated an underwritten public offering of its common stock. The offering is contingent on market conditions, with Canaccord Genuity LLC acting as the sole bookrunner. This development follows the company’s disclosure of its preliminary unaudited revenue for the fourth quarter and the full year of 2024, revealing revenues of $22.1 million for the quarter and $74.5 million for the year.
The company’s acquisition of Greenbrook TMS, a mental health treatment clinic network, resulted in a pro forma consolidated revenue of $34.7 million for the fourth quarter and $129.8 million for the full year of 2024. Neuronetics has identified over $22 million in annualized cost synergies from this merger, with most already implemented.
In the company’s Third Quarter 2024 Earnings Call, a 4% rise in total revenue to $18.5 million was reported, with treatment session revenue contributing $13.3 million. The company is undergoing a strategic reorganization to achieve $3.5 million in annualized expense reductions and targets cash flow breakeven by Q3 2025.
Looking ahead, Neuronetics anticipates a revenue range of $145.0 million to $155.0 million for fiscal year 2025, which would represent a 12% to 19% increase on a pro forma basis. These recent developments underscore Neuronetics’ focus on revenue growth and cost efficiencies.
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