Neuronetics (STIM) 8 Mar 222021 Q4 Earnings call transcript

Good day and thank you for standing by. Welcome to the Neuronetics' Fourth Quarter 2021 Financial and Operating Results Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator instructions] Please be advised today's conference maybe. now today, hand Mark would to conference I host your Klausner. Instructions] like the to over [Operator Please go ahead.

Good morning quarter fourth us for and thank you XXXX for conference joining Neuronetics' call.

Executive call Steve Officer, President on Chief Furlong. are me Sullivan, and today's and Joining Chief Officer, Keith Financial Neuronetics'

business, COVID-XX, business. strategy, to by XXXX, due forward-looking of begin discussed materially by and of statements results Reform financial impact statements our implied the and Harbor revenue company's would provisions covered statements differ and Private metrics. risks the certain I guidance, conference and Securities could Act from this we to caution of or under forward-looking issues during Before that those uncertainties related to call stated the Litigation other associated listeners including like operational information these the management will include Actual with Safe

and discussion annual by disclaims will you company's later company review any the encourage call, of made with Commission, today. forward-looking during update this be For obligation required the statements I the except Exchange risks course Neuronetics' law. XX-K, the any business, The which to on and Form of including with as uncertainties filings filed associated to Securities report company's

be measures measures trends certain by discuss Sullivan. and Chief not are in for useful the competitors non-GAAP investors EBITDA. turn on Reconciliations U.S. our tables uses financial other to Management and with With information between compensation of a our it's financial to our conjunction and certain believes President presented for and which forecast results. management our compare excluding information we'll relative During that, website. provide and performance non-GAAP Officer, are results to decisions. benchmark can our call, Management Executive non-GAAP Neuronetics' pleasure plans expenses release, also GAAP to press certain financial indicative U.S. call Keith that non-GAAP on my both accompanying information basis, the including in non-cash to viewed taken operating performance over against externally and that strategic GAAP in

initiatives during fourth the generated release. range revenue of earnings was XXXX. in thank Thank Q&A. an in quarter, $XX our revenue we you, will to Total on quarter I'll January overview provided the operational thanking I'll continued the allow have and early the end quarterly pandemic issued the helped like line ongoing our fourth in thoughts off momentum the by their overhauled was year work navigated the successfully customers update. Despite ongoing financial morning which organization in from depression. get full by begin bring performance and strong These joining strategies to as that the Mark. successfully complexities our very quarter capped headwinds to XXXX, commitment, fourth us. us commercial I'd to turning by our our from helping Good patients followed rebuilt that employees the begin conclude to NeuroStar you results to and relief for a educating macro existed they patients I'm then approach during accomplished relief with and patients seek fourth we their of awareness driving fundamentally have drive by as Steve of top for of and we the million, of above on an our last within suffering quarter. to hard we XXXX and execute the review providing which everything year, seamlessly before with and some proud was into and depression. guidance

quarter revenue quarter by revenue our was third over million, treatment sequential of demonstrated solid NeuroStar a X% growth $X.X treatment result base. quarter was million, in third increase new highest U.S. across session our side, for revenue of XXXX equipment entire and by XXXX over systems treatment in the over of capital quarter $XX.X customer represents and of U.S. growth X% volume the demand the the increase Therapy increase company. driven was XXXX. the session a The fourth session of On history XX% a U.S. of Advanced as the

update, fourth Region of operational TMS an Psychiatry, Success to exclusive supplier Turning Neuronetics commercial quarter, Zion during and three TMS exclusive we announced with making River Healing, providers their leading the partnerships equipment. TMS

impact and expect We seen our from traction XXXX. early have material on during business a good partnerships these more

new Turning and January significant of strategy commercial initiatives, made their of depression. and and commercial marketing educating launched summer XXXX, organization XXXX, to I the communication to the our an driving recover Therapy we commercial of our our strategy new overhaul for salesforce, health a to awareness patients we realign and along the update investments on base NeuroStar help in ultimately, have from aimed at mental customer Advanced more on since with joined In benefits a the organization.

we a existing to in depression. salesforce, several the to are who candidates practices, for help to treatment Precision year, therapy their equipment patients Star designed our August, Since within tool customers launched are during have looking new for bringing addition we programs our capital piloted In programs. their including a new for and alternative X NeuroStar and customer-focused Pulse identify

as the screening as simple year, half process possible. During to we the of work to make optimize it the second

We patient percentage XXXX. we our greater encouraging results our base it of to and intend during tool expand have a from customer seen into

and strategy. strides long-term made we executing towards our regulatory clinical Lastly,

process, by The which time received the XXX(k) MT XX%. threshold patient's As with the beginning treaters technology clearance protocol. MT initial launched motor eliminate of announced pieces NeuroStar, December, In evaluation. during the or we Cap When patient's needed the motor a Cap the and mapping seamless for recently customer we that can feedback previously combined average was NeuroStar. the a at steps technology several on our determining fast makes of the common regarding the treatment and base threshold patient's most reduce motor to we MT, we received is spoke one with MT, threshold of desire simplify

begun have a national launch technology the XXXX. and We rollout of a expect during

next the make to planning months are clinicians. other continue the our We efficient XX to the more MT launch tools to and of for faster course over

Over interactions we with the new indication. our XXX(k) had regarding a pending collaborative months, FDA the past two for significant application have

sets quarter and We of from agency the the to responded have clearance upon this we received receiving several questions anticipate second year. interaction, and latest during based the our of

of with we the in way FDA health. XXXX also mental year a next Advanced for Therapy drive second was questions we we would receiving which adoption Neuronetics, months. the XXX(k) transformational pending anticipate We application revamped the to the one two during a have and for NeuroStar commercial

certainly during happy year, out points XXXX. While at pains we closed way were there we growing are the with the

on In commercial making addition a towards several year, our expanding putting new to agreements we use. us in progress NeuroStar substantial of growth, made the building position positive progress strategic and indications strong signing to for exclusive drive priorities, momentum during including future

pieces the laser-focused order With place, in growth business. on to our future are these in of in we drive the execution strategy

like to a review. for turn I'd Steve over to it Now, financial

System $X.X Total Thank the $XX.X was you, compared XXXX revenue discussed results prior compared million Keith. the quarter of Unless otherwise of quarter to noted, to related million. to year NeuroStar Therapy was revenue XXXX. $XX revenue fourth will million. U.S. Advanced fourth all of be

million costs in In increase from of the XX force, was XX quarter, XX, of expense the systems, expenses the systems anticipated, the The year. to prior prior the year. during increase increase $XX.X we $X.X fourth of first systems up fourth quarter additional implementation sequential year quarters was shipped stock-based higher As to quarter. Operating we session related sales and XX, prior year a revenue were average compensation basis. number million, treatment our the shipped higher Gross in initiatives, as as by an to during session XX.X% primarily The revenue. new margin a $XX,XXX a the and system prices, of year per each was result well three increase approximately quarter. over approximately treatment quarter. $XX.X U.S. compared was prior the driven of revenues active an compared to personnel X% prior XX.X% selling of million, compared the site mix marketing to was compared Revenue the primarily $XX,XXX on year. of increase

Net approximately in XXXX. EBITDA million per the of as was a During compared we $X.X share net $X.X $X.X to compensation negative quarter, $X.X in $X.XX million share, loss compared loss or as of per million negative expense. stock-based was non-cash $X.XX $X.X incurred million XXXX. or million to

Moving and were to XXst, the XXXX, December balance million. sheet, as $XX.X cash cash of equivalents

Now, turning guidance. to

of we XXXX, revenue year $XX range the expect For $XX million million. the in to full

quarter trends $XX range the in January, $XX improving was impacted we to first the February. business For million. expect million revenue In by Omicron with XXXX, our during of

remaining by quarters normal slowdown the with a increase during before long-term strong the the of able and of typically see to research balance expect market in we fourth development well year-over-year in to growth each our the year. initiatives sequential marketing, into position. strength balance a a the XXXX, largest seasonal we to quarter the the leadership year, For our second which is of which third sheet and accelerating our a uniquely the of as return quarter, as because we are our pattern quarter, In followed are growth, of a revenue in more sales and support to investment continued do and

range of full the to $XX operating in We million. year expect million be expenses $XX for total to the XXXX

turn top growth accelerated we be the as would strategy we to plan future operating to in Keith. XXXX. our expect of As and like I to years, expense a execute back line moderation breakeven in growth result over commercial of now call the EBIT

a and to XXXX accelerated place are strategic Neuronetics in was year Thank believe of Steve. pieces the adoption NeuroStar. you, now the critical for drive we

clinical We outcomes. of superiority demonstrated the have the

to largest And helping in most and awareness talented support developing proven, the have practices have and long-term to we educate by industry's We patients drive raise organization. success. commercial ability a unparalleled invested our them heavily

among drive and one, on two, growth hosted patients; executing regulatory we customers offer. Beginning our customer follows; strategy. the an technology and increased awareness Summits. on customers To leveraging to prospective help we of NeuroStar different deploying These the which of programs the customers our year exclusive This drive face in continued focused support In as awareness year, providing physician capitalize on driving have late of XXXX, are focus place areas the and clinical the this, we in we are XXXX of training XXXX in to key us our the in well-positioned challenges built several execute to into we the from quarter offices last believe first remainder the Omicron, open, year. solid marketing continue continued end, Because through initiatives efforts. and year, foundation allowed which and and remained this we customers three, depth increase While that commercial understanding among beyond. and growth and with organization; patients. successful summits optimization several key four, of to partnerships;

As during a over events, the awareness in San to success in the year it included to-date. first four physicians. summit prospective just completely summits host our out Events was areas XXXX. result We are the Diego, one we of and sold which investing better are hosted these prior XX our largest of we making event will of customers, like of increase and recently educate

and health We patients through announced partnership expanding mental Dr. among Shepard Dr. Melissa are an also quarter, a we Last psychotherapist marketing Board-certified who active our a with awareness is psychiatrist the partnerships. and drive Shepard. efforts to advocate. is psychiatrist

followers. being a well-known opinion influencer media leader in the industry, she In million over is a with social addition key X.X to

Robinson. quarter, At attempt. suicide Drew of professional depression fourth Drew COVID a we most the resulted with his in life. player the a of baseball his battled symptoms start and also escalated During with is has partnered who former

a this also and And passionate us Fortunately, to mental his completed story. health success course year he spread is and now He a advocate, awareness. working survived. therapy help earlier his is now recovery, after of NeuroStar with he

a partnership incredibly our provide to with through an expect content, We and organic and powerful paid story name will amplify voice with opportunities, Neuronetics' video earned media Drew media. social

reach to of including campaign as recently into This XXXX, of health focus new demographic, called broader for is a a on new patients our we introduced disorders. marketing well Tap marketing Possibilities caregivers as part in expansion a campaign efforts age audience, larger families suffering from target and a As designed Depression. mental

and like to channels such continuing campaign and digital TV, a improved partnerships practice media high impact are are and digital include influencers. incremental with as social accomplish now will portals, look to health materials touchpoints and podcasts, and We also this This targeting new support leverage feel.

strategy A kind their make to our customers. a is from ability supporting this investment the industry new state-of-the-art marketing not the success of into of interested are differentiates the others launch NeuroStar long-term Our of Neuronetics training, component educates educational April their in in who class. North NeuroStar NSU practices staff we Star which and marketing. training training Carolina, center operationalizing, our or our includes will practice, that open host and the X patient on first Charlotte, In solution, in of University

experts program, this team, how on the to will two-day outcomes program, success clinical the by practice We development practices. best customers' our NeuroStar focusing their in customers During within our methodology the reinforced the for become how patients NeuroStar of their achieve of will market proven our benefits business. and help ensure by to believe

Our the second focus continued for our commercial XXXX is of optimization organization.

care. by supporting enhancing expansion PDMs a price now fixed managers the opted The everything. and to our have development in and closely are with XX As of more theme to In the simplifying meeting smaller growth are NPCs We field, customers. to number PDMs our better sales strategy Each and off of for of awareness to we each Phoenix, January, with national remaining rebrand our whom dedicated in the to planned the our or the year will development meeting focused allow have part five of focus XX of access we accounts Arizona. to patient accounts salesforce, development our support. manager in office practices our kicked align of have of the per-click to on customers and a practice practice more was

that as in trained Our our order simplify the end, in new the make clinical to with marketing training our field To our helping everything customers possible make seamless in the out to we MT order working on the recently as simpler. new Included for support, goal were the is from customers. team more Cap other -- to patient Neuronetics to PDMs added technologies and in are journey treat event who patients. now

third XXXX, exclusive to focus for Turning our commercial partnerships.

see with have capital early we revenue in expect as traction quarter, seen disposable result and earlier, so these good an national fourth noted of and signed As to the far accounts contracts. the during direct a increase

evaluate to exclusive providers We additional country. with continue will partnerships across the

extensions focus FDA regulatory the Our and regarding by encouraged to recent execution of the and final with strategy we fourth interactions indications. and the continue clinical additional be new is and our label potential

Over XX regulatory growth. the past reorganization the teams to organization and drive in long-term commercial and made significant reinvigoration the our investment months, of both

investments, accelerated ahead As drivers to place. we growth XXXX, impacts put the as variety expect positive as to well look in we of we the see of these

opportunity We suffering disorders. are patients questions. to for the like excited incredibly are ahead open that line we treat I'd about the With in lies help position mental health take advantage with that, of the to to

with [Operator comes Adam you. our And Piper of Instructions] Sandler. a question from Thank first Maeder line

Your line is open, please ahead. go

questions Steve. on to hi, the thanks Congrats Keith, taking Wanted one with start here. the Hi, progress the front. QX on guidance Great. and for

about maybe challenges talk staffing, you're flesh mix thinking or the million So, bit COVID-XX to sessions, capacity how constraints you topline relating for little capital just and either a a cetera. treatment us anything Can standpoint more from $XX for guidance associated that to contemplated or et $XX about million XXXX. out of

helpful Just would any inputs on add additional follow-up. then kind key color there and Thanks. the of a be

nice team in Thanks issues January, Adam. most of impact XXXX. the issues in not revenue typical. one XXXX. guidance still, build all the those think we plan mean great did staffing to this we secured ahead of ourselves. supply support that the you that I key which getting Omicron, say, the constraints that a any get -- a We The into But has have mentioned variables the a ahead business. perspective, positive into or a don't it's we rebound and I On considerations is did I to see February. would would of are job our slower important year. just impacting the necessary a chain note, some did for of From done build guidance have materials of was

have to that we to programs. to new of put many XXXX. upon program out programs some in that We then being sure new were marketing and implement wanted make some digest built the brand the programs team place And those in give branding, time foundational rolled new a we

and we So, $XX number, again, to rate growth $XX.X very million are trends from the March, to was early what positive. we've respectable the year seen And thought in those a start the February going million that with.

Okay, guess then and that's there's treatment have kind helpful, and capital the follow-up. session And I any Thanks. flavor, revenue piece, Steve. more of, between I'd

going to low We A our continued have early the in didn't the leverage do on side. quarter, on A increase significant number that providers national purchases fourth the more XXXX. were of the new anticipate we're treatment I in Yes, to system range. in mean, agreements session a see revenues, XX% third quarter. XX% of nice signed targeting late lot

are anticipating from nice a them. So, we bump

there accounts. so may percentage And awareness, from a year-over-year, the capital programs patient, utilization existing our building in basis, increasing and on in following but percentage the focused be are higher a revenue

I treatment significant session think very well. revenue there'll in So, be increases the as

Got that. that. the be follow-up the indication update the others to QX a in FDA an in It ask about for said potentially it. approval sounds is I couple pipeline, timeframe, Appreciate That's think expected, may expansion. prepared the like the And one, color. just of on remarks then quarters helpful behind wanted Keith,

wondering more can if Just there's you share color there.

remind PTSD for impacts we you how business? potential pursuing think bipolar. about likely us Can one I which any then come And questions. about to again, do you the taking the is on and previously talked first? think Thanks,

that. The this in Adam, OCD with had indication we've is that the the and is interaction Keith. short-term on expecting we're Hi, FDA good

not times, couple their are we ours. timeline, a said I've As on really

of the are all ball their in the moment. we're court positive, -- but at indications is sort So,

pursuing you're road? opportunity opportunity the indication of for Okay, down that's you're helpful. Any pursuing that flavor -- pipeline other kind the

I'd that those year. get would come rather time, this that probably one at I next not timeframe closer one and we is have projected but at that into of a in beginning think, the

Okay, understood. much Appreciate Thanks so Keith. it.

William question of And with you. the line Margaret from our Kaczor Thank next comes Blair.

ahead. line Your open, please is go

strategy, on over is of at couple this level, Margaret a if I'd focus months, I call couple Brandon or for wanted kind there's morning. tweaks guess Hi, of improvements just a commercial past high lot been this the quarters. start them to a not I

of are what bit some proof about in talk early that Keith, are the out seeing the to curious, little deliver the these right anecdotal some field that will start comfortable of are of the move if here, you making points a growth through as just you're XXXX? and these So, and changes benefits are they're if you kind -- what even could we that some

hope Brandon, Yes, Margaret's doing are you? hi, how I well.

XX able get we've across Let's And of to been from our holding. the There us. couple indicators and is people, for number last COVID, in of that middle way are there. all the the at members were went to of a Even staff accounts One attendance to summits physicians to XX and that the all their to we fly the San weekend, XX, were country. these cities. we people Diego, had various see

there interest into absolute the helping think with patients it. practices, and I adding is more So, NeuroStar in

our patient threshold had they've that their metrics; we a their starts, one treatment. benefits number front, point, the been which in session authorization monitor have they a test a By first patient answered, and prior journey, before treatment the that they investigation, the of have is completed. questions are start said remarks their On in they has motor which as I of a is identified,

committed. pretty are people these So

have the impact a patients, monitor I weekly But the programs, they've we're indications January, bit think payer back early think get there's indicated, they're but XXs percent of motor little basis. the test So, with They in the been only of increasing. -- were was We continue. will in us. Omicron the coming as on not as Steve is been that February a in motor since March our And strong. on -- increasing and there resetting February. but their for done, had I if beginning benefits, they strong It's a a thresholds threshold in high and

Thanks. some side. on was inverse There's the it. Got terms which investments clearly guide, make commercial -- the in And healthy it growth, is good P&L, on the encouraging. can of it's then you guys OpEx pretty

something these to of Just give -- if on next curious the exit into it's on in some you this, already year? you OpEx, that but kind healthy detail a little you've of we or expect XXXX as investments, when something year commercial pretty increase the expect that a you about us and talked do Thanks. is see in of ROI some is

a that as we employee year-over-year, also expense. lot say, the end the perspective, from also of the I doubling continued and initiatives, up on made in into increase non-cash ROI the have in and see we're mean, essentially Yes, that would an new clinical XXXX with Board, XXXX. comp in PDMs modest spend sales perspective, again, Marketing the I year-over-year, you Brandon, as to of annualization in a a we related of towards well increases and from and increasing -- think XXXX. I that hires base, to drive additional stock really And comp we healthy brought awareness. branding spend also based the benefits well new the stock is R&D as

time if you develop development, pipeline that growth And the really but next substantially significant like the to company invest in up look look or past that at a four it for years, the so in pretty increase, and it's considering set it didn't the ourselves few really really in year-over-year, it three product years. does future

you. Got it. Thank

You're welcome.

the our And comes of line with from Thank Canaccord. next question Bill Plovanic you.

please Your line is open, ahead. go

here. Good Great, questions thanks. for couple A morning. you of

programs you different versus move the into the XXXX. changed XXXX mentioning programs some you from or of you're as just, First,

back why? we kind you've And expect kind more that Or these partnerships? what partnerships, capital to seen something leasing, changes should it more is us give with for the then made capital will flavor a question exclusive a of just flow Just we've sales are continue? of transition with the and in,

first Bill? in then did How when the about -- for targeting with patients it are Marketing Steve. part, change whether but in educate believe research that's and we whether decided we the now that and around the that when our only I'll that will a doing to year group, President give And depression Claire members seek depression, are the brought were over take family to an this joined, So, people Sears. is if through were you there's of that We it's in the audience Claire XXXX, not Vice by she or to marketing opportunity help. was we friends. we about go market I'll we can that brought maybe their broader affected that's people target target them, broader. caregivers or it, more whether we out

resonated think our our all Tap to. audience feel, depression with that our for we're to in market are our targeted programs, research look get marketing, changes that So, your trying that the around Possibilities larger and in that the and into the I and to shows changing

some from to the we with to of internally the regarding XXXX, accommodations, successful to operating very moving out program partnerships. of these would financing internally and they of the leases it Star By away make program. support in that Based Bill in were And although rolled transactions. Boost on did really have large, related those some we success, in some transactions. are was holding XXXX, say move new I those weren't

its and this will point. stands at -- merits diminish not own the it's XXXX in program So, again, that on

those types financings have any of offer don't really to we So, longer.

facility then have kind and you the place, then And are will Okay, what in interest impact -- P&L? I increasing deck capital the on on you're just available? putting only, out new think of you extending this you're can the the

with there Capital the March doing of Solar reduced some a reset revenue capacity we the really the not deck total And to We XXXX. up enabled what covenants, $XX ended of is we original availability the is actually extend partner accessing the us any $XX to we on near-term which cost million needs in through the from facility envision did was carrying did in have the period and for outstanding. what So, that. our interest-only million

million. accommodating great both we to parties. very and limit understanding Solar it so, just So, decided Again, and was work for a the is to I it with, think $XX win-win to

XX out as love how months? it just, a three rubber mean, could And and on mean years, I going question ask everything a one going of been of years transitioned in forward? the I XX, just company, something play over been last you've Thank should Keith, about like you've the we then two, half, like and years think have now next road, but maybe these the perspective, two if couple but you. Steve it's the be I guidance, done I it's say board will for kind to you is last -- the different you've -- challenging looks hear XX, given things, least. place that. But you've meeting of get I now, kind to all how a have two think, think you've to this

I'm personally, extremely mean, I optimistic.

initiatives, -- with mission of believe we're years' not of again, a and up normal. back the performance, midst time company. pandemic out about Shepard, in and Omicron XX as to easy Drew rolled couple to I spending extremely and, what Executing wains, people out. the wasn't last has years marketing rolling we but and get really it about set think does the the strategy been validate influencers we're certainly nicely Dr. then The that during we've excited the execute spot excited on, Claire the of is truthfully, modified Robinson, do and Keith's

FDA strong I Anderson last very March hiring can forged a since was, mean, relationship and R&D see didn't Cory and have investments in was company he's joined. the You that I clinical, our with great the

execute we blocks year -- I execution. beyond. turn XXXX before, be the So, have accelerate we've this and in I and to and sincerely said it's really growth to around believe in about again that place then all this know things But and able

the that add couple there a are Bill, to track. I'll we're And indicators right on that

learn they there three opportunities and to out time level days learn NeuroStar they think to And XX about other to yet that I companies their professional their people that from, implement having those could into buy events practice. personal of across country of at are it remarkable. to give those of about one the -- know the how and are people excitement chose up it. out really fly Every and come and there

As activities points sales are I the practices our helping And think basis the are field. the those more on and the successful be getting get we And our a we organization, fact that of to patients that helping we accounts, treatment. everything on at we look these a and in existing for metric we're to they're indicated, metrics patients. weekly doing

think get necessarily where our think identifying are I we patients to now for opportunities go the patients. are I the those is are strong and to physicians to where -- focus right not more

Thank questions. you my for taking

final And Instructions] from [Operator you. Marie BTIG. with Thank comes question line a our Thibault of

open, please ahead. Your go line is

spend the I XXXX little Hi, quite to you've happen get this Steve up a EBIT OpEx XXXX, you're the needs about year. about but talked OpEx in as stepping given you to a want that morning. breakeven, perspective. perhaps years to next. bit the for of will two here to thank get bit, in slowdown in investments you out little taking in And ask be talked there that Certainly, bit getting and what those about a the you've talk could on term into questions we get I a one to making did longer

growth? years? there? about Are envision getting do What back in how out we needs So, you talking to XX%-plus to those happen getting

plan extensive operating an week of pretty a And went recently it's it moderation Marie. presented exercise of to also in expense most last growth. combination Hi Yes, be XXXX and Board our through and a topline to and does XXXX. going acceleration three-year show a we control expenses of

reminder, back As a we and revenues the OpEx XXXX gradually pandemic, back significantly attained in company's the in the that we been have midst resources XXXX. of support scaled to in the adding

get push, some and is But we so once R&D, been the there's the steady the scale. headquarters, investing we're past team we spend to consultants, foundationally, sales positions, at developments in we again, place to of pipeline related the the again, in of on. significantly that have adding year-over-year the -- and in the big team increase. sales those are, We some well fill believe, headcount in or then and other a almost year through working openings that's as practice additional state, as a healthy marketing

So, add need to to $XXX any get million. don't other million or we to G&A us supportive to of functions the or $XX

treating expense a on over So, couple patient pandemic then click that years. there topline, day. be really operating was again, will only those next the and half I of the per when increased. a and through joined, the the customer And average about per hasn't leverage pressures, And

day treated patient base. you'll providers in that's patient per of a Also install and our incremental across pandemic, our nice million day this and larger I in focus that midst we're service the our get being with that across two in perspective, the and so we year, XXXX from partners again, going between then treatment and in to installed increases of also really half treatment we contributions the the NeuroStar up, from And the minds, the session to patients half, four session incremental million and $XX beyond. signed and per acceleration and saw but patient every think increases $XX new nice revenue. to awareness, And where a our revenue. see the that's system and it that some is sequential of see XXXX -- for on base, adds or driving three a goal And our

so driver breakeven flow cash think the acceleration. to topline going to get be And I is that to preliminary

Makes sense.

And you new my on you guidance helpful. do where here us OCD, follow-up for into of for your potential could remind Very for Thanks. factored I can you ask any the reimbursement the Thank if that coverage sales And potential indication in Steve. have that, Okay. OCD? is for XXXX market terms clearance?

able some a very to compared BrainsWay at MDD market do by The universal it's modest. secure reimbursement. But and is have to point. been have from perspective, this and the So, reimbursement and they means no they MagVenture, indication,

technology do And anticipating we so will OCD, while in suffering revenue this we're contribution those a year. large think from our not benefit patients

upon from have that dependent successful included it's reimbursement even I in it's We and the would XXXX securing do fact, mentioning. say is and not it worth really how the In XXXX, it providers. companies but in various are -- reimbursement the

much. All right, thank you so

welcome. You're

Thank questions, like you. back Keith over conference to would Sullivan I and showing And the I'm remarks. no further turn to any further for

our you, to the and on progress here We're operator at future excited on next incredibly Thank about us quarterly updating Neuronetics and thanks you call. forward the again look for morning. joining we this

today's Thank for conference participating. concludes call. This you

have day. now great Everyone, may You a disconnect.