STIM - Earnings call transcript Q3 2018

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Operator

Good morning, ladies and gentlemen, and welcome to the Neuronetics Third Quarter 2018 Earnings Results Conference Call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session and instructions will follow at that time.

As a reminder this call is being recorded. I would now like to turn the conference over to Mark Klausner from Westwicke Partners. begin. may you Sir,

Mark Klausner

thank Conference joining this Call. on XX be and Third call for Quarter available days. for website XXXX A our you morning, us for Neuronetics will Good replay of

are call its and Officer, today's on Financial me here Chief Chris Chief Executive Donato. Neuronetics' Peter stature Officer, Joining

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

as uncertainties For to the filings with associated Neuronetics a business, and company's and company's on the Securities prospectus The risks Exchange the update by Form today. will filed obligation of encourage be any the offering with call disclaims company forward-looking report to company's initial including public final this except of discussion statements law. review made any quarterly and you course XX-Q during I its Commission relating that the required to

website. on to our in With to competitors and indicative benchmark our in non-cash other management Chris measures operating accompanying to of Reconciliations pleasure to to certain non-GAAP provide and believes Thatcher. measures the During that, can Management financial to expenses uses tables not approximate performance results and financial our non-GAAP presented quarter turn company's forecasts are that conjunction be release also between non-GAAP over it's the GAAP our certain US present Management performance non-GAAP US we Officer, decisions. taken release. financial our that earnings investors core GAAP GAAP the relative the press basis which the of measures for by will plans, and measures non-GAAP call including information Reconciliations financial Executive is are information externally compare compensation against results. EBITDA. both with a for call in useful my strategic the provided and on excluding viewed certain Chief Neuronetics' for measures

Chris Thatcher

through joining morning, you Good performance will financial on line everyone, key take our hand an which followed today's the our our we I'll the after call Peter made we've then the quarter, and will guidance on providing third thank priorities. performance start open and on for to your by towards call. I us an over during the update questions. progress walk to to up by update

strong worldwide growing US third revenue XX%. The year quarter with very by XX% growing prior revenue and the over was by

developed to patients commercial outcomes a continues and performance in the their alternative serving viable Our have psychiatrists clinical we strategy a patients most Therapy's put depression. validate that market competitive into ability treatment for and promise place, our the NeuroStar with Advanced offers execute resistant of which for importantly, to

as call first to strategic in our as our on a mentioned we company three have we business. we As priorities public growth in August drive seek

through of marketing the first the implementation drive the of to in reminder, to and is the NeuroStar force Advanced a adoption of sales Therapy one As continue our US initiatives. the expansion

single an progress on to improving commercialization make would in provide And by system priorities. active group high third, towards made by and recurrent like increasing Second, treatment volume Japan. now obtaining update these expanding reimbursement approval practices. progress of utilization we on the I penetrating session each revenue

expand sales to our During the third quarter we continued force.

XX to the start at BDM add year. of was XXXX XX BDM for an goal the had to incremental we adding territories Our

Managers that the reminder are a sales. Development Business focused capital As BDMs are on

the active. we and we we BDM active trained end of four we In the that territories all of half third those into first our I'm second to pleased the of of ahead install XXXX. of final at into quarter continue quarter QX BDM by in active XX future. position are quarter. During the grow of is can the continued We anticipate plan end the the four expansion BDM of The report filled total and filled a each and territories, of territories build going to of with those which in the fourth XX and plan the XX growth to XXXX the were territories year, five of slightly remaining in territories base the believe fully

excited the and NeuroStar to of for salespeople speaks very we opportunity the believe are able Advanced with we've attract it market significant Therapy. been the quality We to

We strategy have a as demonstrated consistent as both public developed by company. proven growth sales a and private a

and TV customer in larger should our raising do marketing for awareness the approximately manage However, This disorder teams drive not them. to of Commercial as that variety functions, campaign Shifting second people to mentioned across depressive and To quarter a created NeuroStar can including operations. can gears commercial sales, sales I initiatives, felt antidepressant we our we the to aimed better. help and we Chief Therapy a call, overseas could last work expanding marketing, marketing launched at major role a and support. the medications XXX reimbursement, our manage execution treat we commercial role day Officer on quarter advertising and second patient day national ongoing Advanced during our

the the year least believe website the significantly up some that of TV ads. the middle and was due part of All metrics our revenue following the of treatment immediately of during launch the were to session TV uptick in at ads we

of increase these of and friends, were brand TV launch to patients, as ads and of and their treatment major ads round families brand among of to another depressive develop initial during further the the another have addition physicians. well Therapy and goal order driving NeuroStar Advanced in Based In revenue on NeuroStar sales, the quarter the psychiatrists to as awareness increase we decided the session ads fourth awareness. success to continue TV to disorder

our sparking by country. Depression launched and was as additional mental and Therapy national satellite may depression option Month. needed increase ongoing awareness the on satellites Advanced treatment innovative TV tour you of educate with televised of interviews a dialog The with we've an to conjunction Awareness NeuroStar associated up In October health. public much the tour online while across and PR designed stations efforts was breaking some know marketing picked stigma the tens As

company many Therapy to lives hope most company incredibly of focused quarter is providing on every do delivered. day. was and transformed a During milestone the We treatment it and hit rewarding the that's so X so those session who continues as the need end Subsequent NeuroStar XXst sure be treatment third It know part Advanced a million more of October, possible this the the as Psych Mental to to remain to many National Annual company Psychiatric Depression make Congress, throughout attended proven just Orlando. not as but Congress in the held the about commonly US Awareness known year. people as the during Month Health and

prescribed contact the how millimeter during the the loss a of when away for patient movement can allowed positioning. can of coil dose. The contact a result a hosted sensing TMS to with during to loss the lacks especially lose Congress monitor a in witness from of the result session movement to treatment attendees which we dramatic treatment treatment it be patient a XX% treatment easy in system While ability dose. a can challenge the a smallest the Even one the head system prescribed at by patients

how every only the Our to market depression the contact NeuroStar and location that deliver chance market system continuous We and dose achieving position. we patented sensing patient. the this for just treat allows for one is believe to is maximize each contact technology of example TMS and patient's the right remission. have sensing developed our problem. a this This provides reproducible solves right leading treatments every to that precise time of on

our treatment training to or Turning introduce discussed consult. drive call and recurrent our integrate strategy clinical we session the initiatives revenue. CTC On last our the to to

our practice quarter than to on training new on-boarding practices. CTCs. the and driving of we time allow spending rather During hiring through pull target the CTC The XXXX created consultants second to training CPC focus hit clinical the position was X and or

or directly to While increase increases tribute for seeing this sessions, volume we treatment accelerating revenues it's that initiative. disaggregate and are to too early

However, there to clearly been has utilization. improvement positive a

growth BBM in have So quarter the the we're continue encouraged focus driving and our that marketing integration, exercising the combination account of expansion, fourth and the business all stage volume into are the efforts and XXXX. target to the set high of strategies, CPC

base being the execution see and Peter volume we per higher the as this for significant driven ability a our year-over-year. of these to increase speaks system. increase by our the discuss to increase market the active in volumes. install uptick is both This the detail, in seen of in attract As providers Much more demand have in to of HVT utilization session an due patients. the treatment strategy therapy practices will This and motivated at is performing we

to pipeline on the quarter. practice successful very a the As has they product of Early launch commented positive practitioners it been our second have fact feedback of existing TrakStar efficiency as to based the during system employee relates had real management our we generation next cloud offices in across their network. the system like able to their model increase they are across management with better because system usage really usage order data system time along that

we in achieving by of Japan the progress make end reimbursement to Lastly, continue towards good XXXX.

XXXX establishing focused sites. have positive advance in submission code We a been anticipated March interactions December Advanced completed TMS the about TMS have have on quarter launch. selling and physicians education the at During order now that to both key trainings partner getting trained in well in general science the gone so can Advanced do of reimbursement, Teijin for on They track be Advanced These on which our on end. completed pre-commercialization prepared training Teijin order Labor with working demand XXXX to have and trained Therapy. expect sales be investment has commercial have are Teijin their force to training with MHLW the in as XXXX Pharmaceuticals as will physicians. market Year-to-date the very proactive XXX Therapy. to on very through accepted benefits with possible commence decided year science key their physician high by significant continues allow throughout Health, of many In Therapy of the in the we and our January of on efforts. have general NeuroStar sites on very that NeuroStar to we efforts be accounts Welfare establishment have reps future been rep as well been training the training in the of NeuroStar had booked and on Ministry point there session to MHLW. development attended reimbursement for In they to system prospective reimbursement. and training, Japan half they fully also the NeuroStar sales with Since are well Japan and treatment. published made providers in fully are has reference on be second as TMS of remainder XXX% diligently with events our activities interact decision to way, of of and an currently KOLs speak already XXX time upcoming or

for the continue call our turn milestones key like as are financial progress over I would now to Peter achieved. will updates provide in on review. Peter? to to Japan a We

Peter Donato

versus was Total prior increase of was the our prior revenue distributer. quarter of OUS year third Thanks, an XXX,XXX, was well sales XXX% quarter year function to payments increase session XXXX. of quarter. $XX.X in a primarily was a Chris. the the as treatment XX% The XX% over small approximately of for revenue an milestone US increase million, of increase a revenue as over period. $XX.X number million, Japanese OUS revenue the

the XX% milestone aware amortized contract collected revenue increase third be year. over was Therapy should quarter, the the prior are the You in the Japan NeuroStar life of payments during million Advanced a million to-date being $X.X that US of $X.XX over system

grew Therapy of NeuroStar ongoing of by consists revenue As as the revenue Capital Advanced system driven initiatives. a but coils, force and during sales XX% expansion a and also includes period from result volume marketing revenue reminder, revenue capital our primarily higher from sales rentals upgrades.

partially related increase in other These we to rentals as price trends prior revenue the the X% were year addition, saw lower compared in average upgrade, period. In by selling quarter. positive offset and

September XXXX, During was NeuroStar approximately XX of result increase NeuroStar who $XXX,XXX, volume pricing third an million Gross purchased revenue. for talked due has million about define that to and a units our the XX% from XX, quarter base by active operations was by which other on a costs lower field our quarter approximate purchased, quarter units of number This was significant third revenues XXXX. of margin treatment XXXX, service in treatment was quarter $X.X install XX, XX% one earlier. quarter million than increased total third $X.X XX.X% we XXXX increase driven XXXX. primarily expanded install in XX.X%. an margin was the XXXX units, rented NeuroStar the improvement slightly a customers unit an of session of increase service last we increase or US during XXX XX% that the ASPs. increase HVT increase sessions has year-over-year $X.X procedures revenue of an Gross sessions third US saw X% increase was of over plus revenue to than increase was was The either quarter resulted higher a X% during a higher of we higher session a discounts other offset was partially XXX of our which an active provide treatment Keep to as leverage pricing realization from higher the June prior-year of Chris of unit during treatment XXXX by base. as treatment result success quarter. increase margin international for gross million, ordered the perform the which mind, third in of the strategy as gross the as from net $XX.X the XX were in profit a to for quarter decline due in slightly and expectations of our of of The our was sales. active or session offset approximate This decline which in months.

a forward. in leverage While such to we're not benefit from a to uptick significant the operating year-over-year see to see do expect starting and expect future, we see that going

As expenses of we of on driven and increase lower increase million range a about expansion prior continue due studies. prior clinical quarter XXXX. administrative in well is quarter an prior and year were million to a development Research for a which as third of public of over of marketing million previously. XXXX General primarily was to the year. $X.X $X.X toward net of for period. Sales guide third cited were offset The of mid-XX% $X.X the the projects, to a third million, to primarily quarter force The company. of costs of higher $X XXXX increase result $X.X were third associated year efforts. our the margins loss million million, additional quarter million, continued compared $X.X $XXX,XXX XXXX, million the for reminder as of for the reasons the spending the partially was an XXXX $X.X in increase The sales due of by an third EBITDA was the expenses measure, was loss gross development XXXX. in for marketing million for a expenses loss EBITDA the of advanced from increase an primarily expenses the as quarter $X approximately non-GAAP of by quarter investment and period. third was compared $X.X Net a to loss the compared to being with increase

$XX.X XXXX. the compared we with equivalents cash ended was and of sheet, XXXX XX, line balance and million during cash at at June our usage to the million with expectations. $XXX.X $XX.X Cash the to yearend million quarter Moving in quarter

received million share. of reflected expenses number we in reported deducting the of a shares timing our $XX offering of stock which price given We was QX. closed X.XXX As IPO all of offering million after per we net issued end XXXX, reminder, our proceeds and the on offering X, at at July public not our GAAP sold in a which $XX.X of cash our common

Turning to guidance.

XXXX year representing total XX% million, over revenue the and million our of we full now million hand growth This to Chris. year. $XX.X increase now I'll the XX% expect guidance $XX.X of worldwide call million. of in over the previous For $XX is range to between prior range $XX of an to back the

Chris Thatcher

to as we placements. pull-through Therapy the greater quarter. were time the had the in more has revenue NeuroStar Neuronetics. combination depression. on at while the treatment these third long We Peter. within put efforts the you, focused technology able by drug Thank growth TMS as strong We're XX% of This We come for of driving with Advanced same in development a very we our that a very of to systems strategy continue grow leading exceptional result term about of in resistant commercial industry place excited future sell

XXXX, remainder we greater and bring Therapy diligently will psychiatrists With I'd XXXX the line NeuroStar at Looking Advanced and continue to patients. work that, like questions. of their an even of open number for the to to

Operator

Piper Instructions] first [Operator you. Matthew comes from O'Brien with Our Thank question Jaffray.

line open. is Your

Matthew O'Brien

really up much in comp taking for just guidance Chris good really just here easier the to growth. at very for the that still top year, much the you Good trying a QX, not weigh QX so system or perspective, expect full bit here we're changing from you questions. in year, QX, lines though signal Peter looking even not good QX here for QX just on it's line obviously morning. top along my anything are the a line QX during performance little in QX, the wanted placement - little a purchase missing or guidance may anything bulk here Either coming bigger a that make sorry. there's in bit saw that Thanks sure those for and

Peter Donato

is or that This nothing Matt. is your some just there to nuances let would put way the Peter. closure question, first to with unusual Chris will I guidance answer of thanks, or that or Yes, bulks part so any commentary, other. influence color one

some let QX. commentary around So will Chris I add more

Chris Thatcher

for Yes, that question. asking thanks Matt,

the expecting QX is QX, sessions. for QX in in year. at our lowest system sales of look sales And of rates the quarterly we're you at treatment If year-over-year one Typically NeuroStar happens highest what are system growth QX. NeuroStar a terrific is

system provides have effort to headwind the as pull - a the the we to in a CPCs, year and out increased QX team installs. of going be CTC will increasing number sales expected our well. the this required. CPC will and we're to in happened higher They're with Although there, QX, to through due trainings again team number systems last outstrip involved installs This

In QX a from So are - of growth of couple XXXX, and the couple of not also occur year, that's there's well. this of a of as a the launch points here. growth we coil and upgraded to is of there points that's there but benefited going

Matthew O'Brien

of a well number obviously Okay. entire at an the or more numbers meaningfully reps just the recently really versus when quarter that deconstruct I older go of (inaudible) is the reps right productivity capital some just ones but versus newer not established can kind group up I think perspective? there's you you trending fair assessment aboard. just from deconstruct opportunity very the because this They're among ones bit for again quarter. a Can was to got you've the pretty And now strong per your the then of performance look little a some the

Chris Thatcher

question. good Yeah,

add about and we and hit more as stride XX typically and way higher. our performance XX So reps they their occurs the become between model mature, think somewhere productive. is is their months That they as we they it

place, when so year. of the Matt, then average, our you year clipping than actually have this this year of generally reps event fair a it's in And did QX quarter actually binary or paced a that takes a of early we QX And we slightly On a last gradual at of did over we year. less look the not in then last of weighted hiring hiring time. experienced we bit there's part fourth and in

So but basis equivalents plus up productivity almost last time are quarter-over-quarter versus actually lower on percent full time is a year. this the XX

Matthew O'Brien

bit Under as your last And one I'm the for session And treatment little Got just anything really a the as the color early a bit early far it. you CPC. about impact curious of can again? know those business? get it's on that me. having I are folks of just I impact CPC provide that little but it's

Chris Thatcher

mean, business. targeting is EDM empirically happens in the Matt. the way any difficult the to and Yeah, what solve not and activities we in of so That's difficult, a kind of for value that with best like to marketing target stuff field it's don't I expansion, do those that interest CTCs. other exercise just track the high

us good there's and step up leverage but in that to the into QX as I time in move time this have of all all year QX mentioned we I more over we quarters system full last starts last were This call, QX, intuitively the training. XX doing sales. here wane think training. QX, gave as the And bodies leverage of the really in big a year the CPCs that doing and

men We them things QX. have maturing are and - we're from out man army women expecting and really this army XX there in big who

in So and QX future. they and I unfortunately that or CPCs fortunately will it CTCs leverage the look add will here think outstrip and in more to

Matthew O'Brien

so helpful. Very Thank you much.

Operator

Thank you.

next comes Our Margaret from William Kaczor Blair. question with

line Your open. is

Margaret Kaczor

Thanks morning, guys. question. Good Hey, for the taking

which is is, off bit approach the talk if might wondering you could which on system a growth quite more practice utilization by double for us strong. even to our first digit us math So little

it DTC that and go come especially as and it drive you whether what digit QX walk double spending can into in you're then like on XXXX sounds forward maybe growth more second, into through comment since bit we QX? little us first reach So could a

Peter Donato

the quarter-over-quarter this NeuroStar was I that. we more when to big up those And mean improve don't we're managed couple selling attribute much a a we're and - treatment really in on sell the about and so is they really other those excited thing total lot step first session quarters. revenue very growth. utilization systems, systems, then the we of systems So to

think the systems utilization XX% increase pretty a growing prior proud a you of on I now. when in utilization, X% that digit system per our NeuroStar can number typically about high just the is So to over post north basis, with we're session unit year, that treatment of mean fact we single growth year-over-year dilutive of that right

Margaret Kaczor

Okay.

maybe for So to kind on key on further spending just in DTC. the that, various of the reasons the

you go we more or So of there you as Trends not a amount Google the should see you or you whether better it's dollar to ads iSpot your going How on you spending on NeuroStar of can depression on kind tour, hits guys that to you whether coming walk start if and are on revenue and return quickly of with see bit can per target local that guys that the have ads now on it spent? TV, you you experience out it's are some return but can going around little well? reps the see through then out your all whether the or that us up

Chris Thatcher

Margaret. thanks Yeah,

were a beta to going a it actually we as the fair campaign we TV as through qualify and learned bit. channels. things couple which meaning channels So extend first of learned DTC we relates the in We the the to

We're going modified watch. And targeted - depression to fewer We based on shows more some this people some closely tend research have learnings. that to actually those to where actually campaign we now actually so with research depression audience. get are can we've

found provider doesn't appointment they that an call back patient. can lose what don't call if doing a schedule a through and immediately, that operationally we thing this is second The or if is they that patient time back or request click website call we're our out appointment they an

leading tighten feedback actually round we've of worked this that So loop. our up DTC with providers into to

challenge of call searches already beta once physician stage we're into get We differently. of practice sessions, year. and this at breaking to doing is a now booking experimenting. are we're in we know the getting right would plus the being those track they that So things patients, appointments and records treatment and And the web practice sections. locator this all that program, those there I do versus last able to then campaign are still to turn the our them

just feedback the here to the tightening we're relates return understand that numbers is here. half back of it I of investment types forward is round think one to what is, on spends. second clearly able the is investment are a why. the and But not third next and that seeing and this This on this mean, learning help reason us. little return that it did the we're We're quarter in quarter of be but up millions and this qualified loop So quantified as I we'll of dollars going before. what on better we've

Margaret Kaczor

Japan. go of next spend, And to of could you kind we on then last get just phase the As up. like utilization growth sounds bit it question

of I systems think you have guys Japan. in already NeuroStar a number

from training physicians sessions. the think are up showing I that referenced you XXX

So already get a once pretty quick have and folks then already ramp given should the reimbursement, system out that base installed you do are assume those there. that we Thanks. is

Chris Thatcher

Yeah, thanks.

really So upfront right the amortized an in And line we are milestone contract. for there payment we now when from commercial our thing is that's no in only Japan that units the milestone signed got currently. Teijin revenue active the

an JSPN January XX a they full. they and they on meeting basic meeting, in the year doing meeting weeks days meetings two the the annual what's held full. the science a notice has course ago that where a on the was they're couple and And June So train is announced within meeting of of in TMS hours and of two again was going of in their meeting

interested they're don't learning brings so people NeuroStar what with system and goes our and every are in about takes And providers of now their XX and familiar through then more these right capital about XXXX. on technology. that really that budgets to have So the are science is the in also them month is then, then in Teijin Advanced those they're what systems happens equipment them, Therapy with facility detail working the partner

the to put providers to roughly due. their have into stage somewhere with They system and capital facility. they're setting So budgets opportunity equipment a NeuroStar Advanced and the Therapy these to are XXX between talk XXX will discuss before

Margaret Kaczor

Thank Great. you, guys.

Operator

next our question Jason you. Thank And from Mills Canaccord Genuity. with comes

Your line is open.

Jason Mills

Congratulations thread Japan was happy else more. interesting. Election quarter little the somewhere a Day. bit It a discussion I morning, start to on everybody. but Good good on wanted Chris that pull and going sounds to

sound frame the could as relative makeup opportunity assessment and Just us the patient the the US as you the Japanese get out many you're the - this of a set year US well to of year? the kicker using sort maybe sort Japan the and Japan make stock you of much geographical doing how the You if that certainly first trade probably and year. in of level how in qualitative the Japan, So next US play but just and in a will opportunity? like revenue some the so relative of rolls Japan guide in Japan us just us out next with Japan way again a you makeup of have for it doesn't at give on look of US may as difference, to

Chris Thatcher

Sure, thanks the for Jason. question. Yeah,

lot market X in market the the about what addressable US. be to the we the US the about one-third Japan and then in a market market treated opportunity So they serviceable psychiatric-only local and opportunity moderate based inpatient serviceable in Japan when patients billion. of The think higher addressable addressable about severe admitted community is outpatient a basis. in their actually market of actually is hospitals it to about The X to have serviceable in an facilities are billion. we is much concentration NTD difference The on hospitals, about think is are they of

the slightly why Japan. throughout hospitals a our because little and model. really these So That's they inpatient have partner good we psychiatric Pharma pick within Teijin throughout hospitals it's Japan bit different relationships

partner. picked we why that's So that

it We not to guidance have any given for as revenues relates Japan.

have better will B the year call year. reimbursement, is if quarter first impact following not will reimbursement our that during because we understand rate just we certainly that that and first got provide will year what some next on revenues. that time We

the the company I'd other thing, their in than the started that is Japan understanding awareness say company only where here in of success in States. actually And the much XXXX. there's quite when the higher a our TMS approval other is thing is good got The bit

view thing I here. out that first adoption adoption in product Japan curve steeper be had the so we have reimbursement. the we faster that or that early versus the is rolled other better sooner we'll national to potentially Remember, when trend And

goes So be be X. through come covered everyone March year March this everything will If covered X. everyone would

the payers. our So worry in way. max have won't of We to entry have we about XX and converting private barrier the don't that of

Jason Mills

just one to helpful. Maybe as That's of on in see for next follow sense it. it Japan And Got this, a competitive you years. landscape up give us over for the couple US. the the

we that the a United and few you're in there's questions States what's look doing but get like? and here clearly competitors fine You're on, smaller that Japan just doing fine

Chris Thatcher

Yeah.

to going relates require on approved process. product sure. we've then their approval our to clinical understand others for That competitors their know but start it was applied many said, several Japan data. one We we of a ago got MHLW get least competitors only feel they seen our was it Japan and what understanding MHLW be years product ago. as to for So will didn't have of like has our to for years I applied and mean, that accept start that one data, head to at approval the that we approved and clinical that in be have remains we're

than playing be bit So US. little less competitive a the is here in are it you will the landscape

Jason Mills

trending. talk Maybe that then And about third just placed more new Folks adding a of States. second for brand which system a are lastly United to number brought onboard now in that specifically and that going. those that's you what are placements Okay. just the NeuroStar give might they which how I little new you've the me customers mean you. this than systems the quarter, into or system are in is good us this am we and quarter of you curious makeup for, a sense can Chris,

the Thank you Just can quarter? much. respect customers to of with you any context complexion in the give very

Chris Thatcher

Sure, Jason.

time most initial over seen most we've customers. quarter So of our first our are the last time more first given any And of from purchases quarters of customers. purchases multisystem couple from in

are and beginning then at seeing we increase location slightly per - So the year. the the of number systems where were from of we

upfront. are base, some multisystem more seeing we follow seeing we So and customer our purchases in are existing on

Jason Mills

you. Thank

Operator

no back the time. at to like call for remarks. And you. Mr. this questions any turn I'm Thank showing I'd Chris Thatcher further to further

Chris Thatcher

and joining next progress updating to you today we for Thanks look on our on our again forward us call.

Operator

program. gentlemen, thank in today's and participating for Ladies This concludes today's you conference.

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

Neuronetics (STIM) 11 Nov 182018 Q3 Earnings call transcript