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Neuronetics Inc. (STIM+1.32%) has submitted its annual report on Form 10-K for the fiscal year ended December 31, 2024 filing.
The filing details the company's financial performance, reporting total revenues of $74.9 million, a 5% increase from the previous year. The increase was primarily driven by the addition of clinic revenue following the acquisition of Greenbrook.
Cost of revenues for the year was $20.7 million, resulting in a gross margin of 72.3%, slightly down from 72.5% in the prior year. This decrease was attributed to the inclusion of Greenbrook's clinic business.
Sales and marketing expenses decreased by 4% to $45.6 million due to synergies obtained from the Greenbrook acquisition.
General and administrative expenses rose by 19% to $30.3 million, largely due to professional fees related to the acquisition and refinancing activities.
Research and development expenses increased by 34% to $12.8 million, impacted by a $4.0 million software impairment charge.
Interest expense increased by 34% to $7.3 million due to higher interest rates and increased debt balances.
The company reported a net loss of $43.7 million for the year, compared to a net loss of $30.2 million in 2023, reflecting increased operating expenses and interest costs.
Neuronetics continues to focus on expanding its sales and marketing efforts, enhancing its NeuroStar Advanced Therapy System, and integrating Greenbrook's operations to drive future growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Neuronetics Inc. annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.