STIM - Earnings call transcript Q2 2019

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Operator

Good morning, ladies and gentlemen and welcome to the Q2 2019 Neuronetics Inc Earnings 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. [Operator Instructions] As a reminder, this conference call is being recorded.

I would now like to turn the conference over to your host, Mr. Partners. Westwicke from Klausner

Mark Klausner

for Good second thank A quarter will our this operator. us replay for for call website on available Neuronetics XXXX be days. morning you, you and joining of XX Thank conference call.

Chief Joining Thatcher Officer, Steve and are Officer, Chris Financial Executive me Chief call on Furlong. today’s Neuronetics’ its

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

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

financial EBITDA. GAAP and call, certain the U.S. decisions. non-GAAP performance and of excluding Management that believes that Management non-GAAP management externally includes benchmark provide other a core we'll and conjunction and indicative measures financial for relative that strategic with operating both compensation compare During for our to uses expenses competitors performance also taken noncash by to certain plans basis discuss against our on our certain to useful information forecast non-GAAP not results. investors information, are in information financial measures

to turn are that, between viewed the officer, be Thatcher. executive our pleasure tables Neuronetics' to website. it's on release, With our non-GAAP over GAAP and accompanying in chief Reconciliations which my U.S. Chris presented results press can call

Chris Thatcher

us Good on morning, joining everyone, call. for today's and thank you

variety I Financial extensive started, notably device where team, welcome like XX as Furlong, positions. Before Steve brings the experience Steve New most market leadership look to have to drive to of he excited our adoption held Steve Advanced Hologic, expand We're very at senior Chief years on a Therapy leadership I'd medical we to the of to NeuroStar having get board Neuronetics' spent Officer. and position. continue

toward Steve on to during progress and On second will the line today's the through call, QX for to remarks update I we provide to questions. over priorities. walk closing which and before financial update I'll then the quarter, opening our hand on performance an we provide XXXX, our your after up our made the take guidance our performance by key an will followed call

performance quarter. U.S. strong the the driven of was second primarily the increase continued in Our by XX% over Total prior XX% in growth revenue a an $XX.X million, year,

delivered Session top-line NeuroStar excess XX% fifth XX%. U.S. the Advanced we've company Therapy since revenue. consecutive becoming Treatment This public growth in and revenue growth a quarter that a represents in of

priorities update Moving strategic on an on for to year. our the

develop launching entry As into focus Japan work beginning system expansion reminder, efforts, increases international and on marketing our to driving of the continue priorities force sales in NeuroStar the stage system and the in indications. selectively evaluate a expansion clinical and next-generation of are new the our these utilization, long-term Advanced set to other for NeuroStar markets; Therapy

five XX to end BDM that look we XX be incremental filled the of quarter, to order, in XX. new BDM XXXX. to second to in by as the territories bring will year end total In bringing our of expansion our the our territory, BDMs force we these each versus continue sales to This the an of XXXX, an efforts and territories is related Taking count territory of current marketing making goal year. our date, additional the

we're the continue be we attract, able continue to confident We of salespeople session subsequent excited very treatment growth results. to that new and pull-through the sales to we feel very can about in drive quality predictable and system

also sales scale of expanded associated We sales brings have as we to two growth. management our manager. infrastructure total to regions adding our by future BDM number regions This regional seven and regional new support the

continue of TV utilize round expansion another marketing we June of DTC X. XX In We sales to our addition finished that from campaigns. May to to the commercials force, ran

was traffic commercials, three commercials. Following previous weeks the web without this TV round up XX% versus of

During our this to beta test, functionality we website. added new

saw who or talk a similar could the we provider that This recent an directly book who of in fall per the campaign positive trends. cost line nurse, cost generated to X.X a campaign television was ad against qualified a an the book report live XXXX, designed pleased television to three-week on reduction patients with appointment. increase then our our responded per I'm Patients lead-to-consult a most the we feature could lead. to conversion. And in with appointment in comparing lead

our assess financial and of of marketing strategy. merits We're this conversion the improve further leads and appropriate program to the continue mix to ways continuing to in

both to of adoption session different system Therapy, models to As Advanced evaluate treatment driving and to NeuroStar drive we continue continue we sales. and focus on utilization pricing

model. either their utilized continued penetrating accounts growth recently, that new additional in have we systems opening volume up program up interest picked in successful program the adding certain locations. this such to have situations particularly as drive has patient or resources is practice, high-volume by future fixed-price One The in in be we've and treatment to session

strategic increases. is utilization priority for drive year long-term the Our to second

the noted our number of NeuroStar patients. CTCs, Consultants, Advanced the to and Therapy maximize we've CPCs, utilization will increase Clinical to and continue for previously, Clinical Consultants, order in we Practice or As customers Training or of

total in hiring and CPCs goal and XX five As of CTCs our have we're end to to we the CPCs that XX of the incremental CTCs. happy six quarter, of brings This met the share already XXXX.

our utilizing NeuroStar X,XXX patented us highly installed effectively we've for focus Therapy date, believe deliver installed, clinicians consistently and outcomes patients. to features, generated We and CPC our To to that strategic are and CTCs including clinical we well primary and practice our advantage patients and to is system. once to focus teams sensing trained training a the contact system nearly proprietary, the trials optimize enables our key alignment customers trained six-point for in on ensure that by their that management our the in are systems

the treated The Outcomes data on evaluable has the XX% We States clinical United from announced Therapy in practice Registry of in X,XXX July patients, sites Advanced it largest depression and therapies now treatment significant passed XXX NeuroStar depression. includes for of the Outcomes symptoms. the with Registry the experienced NeuroStar making improvement that patients registry that across showed focused

which experienced open-label This demonstrates trial, the the in in improvement. results XX% real-world of patients Carpenter clinical outcomes significant consistent seen

is Importantly, the reported our in findings with safety data conducted also clinical registry consistent trials. of previously

for the expansion priority footprint. strategic global the is our third of prudent year Our

Our market initial is expansion Japan.

very to encouraged with of quarter one has We're a commercial that year, into the we Japan early we launched announced that and NeuroStar world. in the therapy effect important is option that highest treat patients psychiatry this we'll our progress. in which to in announce and provide country a in very in MDD X. excited Earlier Advanced This suicide as a went June reimbursement achievement, received the rates on with tremendous national second Japan,

NeuroStar first The last month. patient was therapy Advanced treated

The largest Our JSPN is participants. that filled leading of training provided hospitals Tiejin outpatient Japan. the they teaching capacity The XXX June the partner feedback clinics encouraging. very targeting is to was inpatient in again course once and initial to

XXXX, in over have completed training. subsequent NeuroStar Tiejin's far additional So TMS-specific doctors XX

the addition, a of to can calls to segment. good up patients Tiejin quarter, OUS as documentary this new you technology requesting from recent a sales NeuroStar the a information. Tiejin number are system of of off aired In as revenues in a TMS Advanced to result hospitals, nationally, most targeted Therapy nicely clinics XX-minute And mid-July. received Tiejin. more Overall, a our second in Subsequent is start in this, featuring round see and

process. and launch met system. the in to of groups to and on gain patients focus NeuroStar continue strategic feedback to efficiency of their Advanced is and next-generation priorities multiyear Therapy. We've we drive our our early with that in quarter, how Another the development a physician precision And toward of We're stages goal. of improve future reproducibility, NeuroStar second the

insights we informing priorities are develop These as our our TMS system. next-generation

XXXX use of indications are and population and our bipolar bring and disorders difficult-to-treat in that final is stage will providers globally. indications for begin are Advanced U.S. Our set that priority new patients therapeutic about strategic We're existing Therapy depression providers, like for to the pharmacotherapy. the impact with to for work a significant These the excited expansion system. clinical the the opportunities NeuroStar to of the PTSD

base initiatives, who continued that installed of believe We're well have strategy. there very We suffer We're current will a that these benefit currently FDA Advanced NeuroStar could inform potentially alone, later which progressing the Therapy. from discussions are our this to thousands on with track to year with our diseases long-term regulatory in these patients support against important growth.

how the business very financial call to position. have continue in to growth our to over would positioned about second strong leadership we're I in discuss quarter to our hand and ourselves and now upon excited to the we our like drive Overall, results performance. top-line market build the Steve

Steve Furlong

Thanks, Chris.

to TMS well-defined say team I the has for psychiatric the a improving how quality providing Neuronetics' update, in the life help space disorders. track of of Before and growth who like record am the truly excited the impressive. and the I would join realize suffer is mission from of position financial Neuronetics leadership to patients

disorders. for as the a there addition, as significant still other psychiatric for is market treatment both of MDD, TMS, untapped well In

part look treat I we advance patients. Advanced to And to these being to forward Neuronetics continue Therapy a NeuroStar as of

was Now shifting quarter. revenue prior-year over XX% a our $XX.X the Total gears update. quarter U.S. million, the to for increase financial

period second revenue XX% an revenue XX% $X.X approximately XX% was revenue of NeuroStar of versus XXXX second the sale to the International an over increase to Japan. of million. was primarily second-quarter systems million, of $X.X increase was distribution prior-year over partner quarter in quarter our XXXX an increase $XXX,XXX, XXXX. U.S. for the of million, Therapy of revenue Advanced the system of due $XX.X the

by XX%, Advanced X%. U.S. last to rent-to-own NeuroStar year. was system units by prices a selling while primarily prices X% average declined sold declined Capital basis, in Therapy by increased revenue upgrades compared higher sequential as capital, selling and On driven average by revenue. increase The

of of revenue installed Treatment was net During first-quarter and $XX.X base U.S. active XXXX. treatment quarter we XX XXX over our million XX% to the a quarter. units, revenue. XXXX, in an an quarter, of XXX for other second units sold increase from XXXX an The increase increase number Session the units an sessions of the increase of due XX% second session saw the from primarily prior-year was treatment to of and the increase approximate in increase increase quarter

was treatment increase these discounts triggered increase offset over our high-volume line certain The X% partially a and existing was customers and due with approximately ASPs purchased the is within session to pricing year. by decline thresholds. This sessions expectations, discounts other revenue in predetermined in base. surpass U.S. volume $XXX,XXX, predefined X% in customer are prior when treatment service a

was decrease for Gross XXXX of was gross was NeuroStar the Sales year. to Gross cost in selling from increase quarter million, of margin compared as higher of the a of by The the profit the our million, as quarter result lower of million mix than margin prior of price revenue, for over million the of XX.X%. of which decrease second-quarter during XX.X%, on was the as XXXX higher an a as the $XX.X the million result period. were gross XXXX second margin second offset and an and $XX of service $X.X above, $XX.X quarter noted increase second the XXXX XXXX. of sales well $X.X leverage marketing for expenses partially operations prior-year Therapy Advanced increased quarter second

$X.X by primarily with increase associated increase million were force, increase the million our increased XXXX driven related were This compared of the campaigns. to well an approximately an prior-year as Research the prior $X.X $X.X million, was quarter increase and the development from a General period. the to was approximately and expenses The being spend year. marketing due expenses $X.X public costs increased of sales as size administrative for of company. second of primarily to million,

measure, our of to The higher due loss costs quarter the primarily million, was to next-generation development new to preparation development compared in product net clinical Net related increase non-GAAP trials. $X.X quarter of loss second which is continued second loss the XXXX. in personnel and platform XXXX for a $X.X million was quarter of the million, $X.X to EBITDA, costs a EBITDA $X.X second of the loss compared second in million for XXXX. was an a of of the of quarter of

sheet. balance the to Moving

$XX.X we expectations. I note ended with $XXX.X Cash year-end quarter cash to cash usage and are to of in was offer We XXXX. quarter eligible at shelf up primary and since with million utilize will our the that S-X, million, Form for company a a during million the the would registration statement equivalents now of basis. $XXX like securities to the to sale of line on compared file

million shares and agreement. pursuant may sold an investors' on that In to offered addition, this a rights by registers secondary be shelf X.X shareholders basis

is Rather, corporate indication The that be shelf as filing pursuing a be we matter interpreted of good this of term. a will this should in housekeeping. an financing near just the not

guidance. to Turning

guidance the representing and our For approximately $XX year revenue inclusive and $XX to to for revenue up total over between million for are of our XX% XXXX, $XX.X of XX% year. growth, from $XX.X international our expectations worldwide prior increasing million, guidance full-year and the of million million respectively, year we

and we of $XX.X the total revenue between year-over-year XX% growth, representing million XX% XXXX, respectively. and worldwide million, expect $XX.X For quarter third of

expect For continue full-year gross with line to the range, to XXXX, in in previous our be the guidance. mid-XXs we margins

expect XXXX, of million. full-year from and we operating $XX.X million now to $XX.X to the $XX previous the be between $XX.X For up million, expenses million guidance

investment adoption, sales and our The expansion PTSD NeuroStar for in development we force platform disorders. the the primarily and development small by marketing, drive efforts, pursue operating to in research our spending of bipolar is efforts continued expense related to including clinical increase our guidance additional driven next-generation indications ongoing as and

I'll call back the now Chris. to turn over Chris?

Chris Thatcher

achieved consistently our Steve. of during have of our growth financial about the we execution Thanks, XXXX, and objectives. half the We're very our first as performance happy demonstrated strategy

commercial sustain put system execute new potentially combination on we successfully Our of NeuroStar Advanced growth drug-resistant improving indications. treatment industry-leading direct strategy of reflection therapy ability to of in development in place and ongoing a depression the the long-term is to ability our that with our for

foundation as As strong growth. of XXXX, expansion we believe we the our to in into XXXX well the U.S., for recent continued half and look internationally our the stage second sets as

for questions. With the like that, I'd now up to open line

Operator

Genuity. line Your Mills instructions] with first of question the comes [Operator Jason from Canaccord

Jason Mills

hear OK? Thank you me very much, Chris. Can you

Chris Thatcher

Yes, Jason. Good morning.

Jason Mills

the questions. look next Good morning, couple seeing conference. over and the forward thank of to you our taking at I days you

the So session which or wanted been strong treatment quarter. Chris first, several your juxtaposition congratulations on in procedures, a treatment great frankly quarters for of quite growth I which -- to ask revenue session you about upside now. has

that And to ASPs. treatment the session then juxtaposed

see but continue in so about line will that going level a level revenue view this seemingly the policy long-term how X%, and sort I were I of growing of to And little over ASPs been I wanted procedures, that could say, given with know has this we we that or years? bigger. X%, are moderate be help with volume pricing procedures happy just just to your can't do even more bit? growth next to that. your juxtaposition, your think the on of thoughts in that if discount numbers Are of volume let's So discounts treatment session offer fast. to couple it think But should this of

Chris Thatcher

Right.

So at thanks, on Jason, Thursday looking forward Canaccord to seeing Conference. you

in expectations general that our guidance, generally be should treatment are in our less treatment providers our -- we've for if session approach if a in quarter. price decline in because And it NeuroStar slow, greater would will relates increase As volumes, guidance the then along assumed our to ASP we decline given higher get declines session mid-single-digit than our will guided ASP higher and with volume decreases.

last And quarters. that's played the out four, five consistently for

consistent. this we've remain going the quarter. had higher fairly is nice for pricing treatment in And another So to unit our again sessions NeuroStar that's uptick volume return, slightly than And decline guidance.

right, or tempered that weighted longer they time, gets those larger, price declines base Over could two, time, a over year as out. be term because installed over are

Jason Mills

Okay.

treatment obviously, you're give away. So to to up the mean going not I that, on follow sessions

you there's breaks same would next also they person to I declines, year, continue diminishing in the they of same they volume XX% level sense? got, let's to let's be guys, reduction So for going say, year Again if right? the grow even the level own see a revenue returns to XX%? price treatment if to that to will, session the this assume XX% higher make their price practice cuts? Does for, I will are in same mean say, of offer going a the you ASP price

Chris Thatcher

Yes.

So just on don't on is volume, program pricing. to be agreements many based we one-off plan pricing have our clear, so and

So every year. -- and we don't renegotiate pricing

volume, year a does they when after continue decline to So the hit maximum year. price not

Jason Mills

move on. I'll Great. Okay

interested category. bipolar. mean PTSD The other updated guidance. quick see operating one and I Just your to I was expense spending on

remarks, You opportunity. of in your timing mentioned a in would I interested are? this I maybe are on a interested be investors expansion color little And what think expectations more and bit indication bit sort your but prepared

you on as is nuances clinical of study? opportunity the your see ahead a target these to respect in a with color Chris, in you on just opposed expect that a approaching? good bit general, And competitors maybe addressable OCD Thanks, one What in market quarter. more to markets a congrats and market

Chris Thatcher

thanks. Yes,

bipolar. than not unmet large in So the the markets this leverage first total base. to smaller big both a market. installed our just these it only MDD PTSD us unmet This is, are and represents allows also thing need, but is Directionally, slightly a need,

PTSD their Psychiatrists as they're MDD well and bipolar, and as treat practices. within prevalent

study for things. designed will are planning to going RCT be opportunity growth going us. is be to a a and several address said, to large this These be terrific studies, these That same-store So that's study. a we're

need. FDA's the One,

is be also way be use for it. a Second compelling And compelling to financial to lastly, for will it designed be the that's in pay -- separate designed they'll to providers technology. for to clinically for then payers

these business before, is a you market, So this -- are between have get to the product we difference reimbursement. I've said a when a product and to take

And without to it, afford deliver can't reimbursement, afford it. doctors it's just a patients product, can't

trial, reimbursement So much I OCD need about These studies provided than outlined were continuum markets that when OCD you and for bigger the think typically larger -- whole to clinical that a get there. are we we were do provided in play. as

So and off the this We're really the now. kicking process that's opportunity, we're category. on excited just our about thoughts

Jason Mills

queue. I'll you. Thank get back in

Operator

Your Jaffray. of Piper O'Brien next question is from line from the Matthew

Matthew O'Brien

a Good morning. your Thanks commentary you're that Steve, little about that numbers wanted we side. I new bit And what then how to on over and the influencing of the think I fixed next more for to to welcome, hear taking my modeling should the questions, there how quarters? would just through kind love and about P&L? doing flows pricing start several role. with the

Chris Thatcher

Yes. sure. Good Yes, morning, Matt.

this comment wanted some I questions So that we to on know on had the because U.S. we've

Treatment Session number. revenue

to commentary number lower going our we and you price and I year. And typically provided been and we decrease is, historical in than price we've to quarter, your models. break the everyone's prior each down and a is relative this on that you're know reported also increase that So our the volume in growth you've to if that rate share report volumes just U.S. tracking in calculate tracking utilize

other fixed-price from that is to is and call difference you components. the today revenue. revenue, And And contracts that call. we revenue ancillary session here in other we comprised Session want of what treatment provide color Treatment which

Matthew O'Brien

dynamic interest trying And lifting. model sure more this customers isn't level you and talk commentary a about, aggressive that the on more more result of plus again, session understand of really said whole people to more the bit Okay Chris, I pricing so is that that in the marketplace why treatment think think is? the make you and but with little to that call the volume. to be just competitive that in you pricing lot get Can are fixed a a that declines I having

Chris Thatcher

Yeah.

pricing model is treatment model clear, So fixed session ASP just to in be revenue. not just any the goes pricing reflected decline. to total Fixed

So they're not not at all. -- interacting they're

them. function we're best public call at with a in hope successful this strategy targets. a HVT buying definitely period HVT learning customer to these this an for multiple So And and I call, the it you at I really interested penetration. validates here, partner get into is specifics to and working a a think multiple is all we would NeuroStar our signal And I of this HVT sales create larger locations overall it a how what is for with going over competitive wanted a I reasons This our strategy us, not point, successful to understand, best -- program positive to think we're with accounts this systems to emerging very contracted for on in are highlight of longer and that fashion. time but us the

Matthew O'Brien

it. Got

makes international And just that the other the Okay, had question on was sense. performance. I then

visibility cadence QX? see So and Just of of would that little is any with Tiejin. in with doing first helpful? And much. can the of the just a better and won't talk about just sales so be more you of color you're guidance in then kind you true? Thanks bulk a systems that And little is all, lift bit there secondly, the for a what placed a QX, QX, kind sold really year Tiejin with big here into there of of function

Chris Thatcher

Matt. Thanks, Yeah.

tempered it So call about we're enthusiasm. Japan. excited I'd

a in a phase, front during fuzzy off to Tiejin a good very paying and job launch. Actually, in We're it's start a pre-commercialization this segment. Overall, has off. end good of targeted commercial done the they're

most the NeuroStar Therapy to round As our are result systems Advanced see you of Tiejin. QX, sales can nicely, OUS a revenues recent of up in

for note not year expectations our for for guidance I'd revenue expectations that increased year sorry, the now range our does I'm it Japan. does annual revenue our Japan. also reflect reflect the for

guidance. in So annual that's included our

Matthew O'Brien

Okay.

view that? of because Is the right Japan it lifted way you of specifically. So that

Chris Thatcher

is what Yes, happen. going the of we think to year, remainder the

Matthew O'Brien

Thank Got it, you. okay.

Operator

comes William Margaret Blair. the with line question next from Kaczor of Your

Margaret Kaczor

the in some a bigger that really with models. more vis-à-vis of TMS through strategic question. get decisions pricing bigger, some we tactical some We picture talked new of that you think guys these about of doing longer-term maybe if decisions terms of strategic are But First, education the strategic and measures and even those? more you maybe doing last the you where room you price, measures? that broadly What And accelerated are the What those Is on point at. those are two? have from adopted have year reimbursement, you're high-value or focused guys in still for on data? it do accounts

Chris Thatcher

Yes.

So thanks for the question, Margaret.

is really Our is know. straightforward. pretty as we growth strategy This a large all market

drop It's X,XXX to patients our and the selling get really about bucket. locations milestone, more systems. systems, we is that an a almost digits the ability people, patients but underpenetrated single mid-single amazing of penetration, that's in that we're and our have just can the the more systems. the hiring grow And in treat, number digits of low of in number the We're cusp at of

people, sell in commercializing the systems and continue is systems. demonstrate that we we us sell to hire and about this more U.S. when just And

new we then XX TMS right people we If And for period what about the really set select that's high providers sell wow as the thoughtful a the U.S. other come and and continued that commercialization of more will U.S. more that system. really strategy we next a with system a paths bar the then patients. we at and around treat is in U.S. new time, we're come indicated, would going And growth months out And think that outside to in looking from then outside for Japan. the the systems,

think in past increasing our opportunity functionality new and there's by and and then interest, lot cost know marketing something of And not a you some lead-to-consults on of conversion the shortly I is, we're have strategy, TV interest indications, heels direct-to-consumer and reducing that that, changing. our rates of have lot steps an two and that's and still adding bipolar PTSD some a flight new the we our We've this learnings. that new made some we campaign. And good growth

outlined. strategy. that's think bullet here. So our silver really I as there's execution don't good think I that a commercial we've it's just

Margaret Kaczor

Got it.

switching kind Overall, think, had XX% for of little comes growth that implied implies maybe in, the So guys slower quarter. to to bit a second, this And XX% guidance I guidance than you of range. growth fourth-quarter third-quarter XX% growth. has over a third-quarter

for does us for So And, beyond? comps Do maybe how What view U.S., and XX-percent-plus as continue through it this guess, a guess, guys well forward? international? means more yourself, for the you grower set importantly, up I XXXX as I the going year. walk this as to top-line

Steve Furlong

Yes.

So now seen between original our has sideways the XX%, XX% than slightly past. a the typically seasonal this a guidance higher full-year sometimes fluctuation demonstrates is QX And been which growth is quarter. and a we've guidance. and down in that

to get QX but guidance number, QX is and not And in history, there, we're into into to our you model to full-year can like. quickly based that what QX look XXXX, for sets line going back in which with see expectations. you from on And start can XXXX, you up can

move a us through into guidance which So XXXX. to XX% XXXX, the continued we puts be we're from the And guiding of end on provide XX%, now right on track we'll as XX% to year. grower

Margaret Kaczor

volatility pricing going And new one forward? within us the capital, see in yes. very to like you sure some checking. at placements. not capital if Okay, double sales and guess one look accounts of we I'm to much? average should existing on but are continuing above new Or those Seems utilization? it, just the existing just any then I guys last drive openings to accounts And breakdown assume that is as we of can level with center of repeat you sales terms from this kind going kind capital the give versus of continuing

Chris Thatcher

Yes.

that up XX% our given to And rate over how NeuroStar again, metrics once And quarter. treatment the prior big installed installed and you our up all is can base So utilization our see our base installed this year. determine base, we've sessions. in is again

customers, And our So broken we're metrics but we sessions don't selling new versus we're that rates enough systems customers. just on by that customers is haven't per to to seeing NeuroStar out our we you even are out that the you volume adding that existing the report our that got can systems. giving XX% utilization utilization base, rate on right, they system XX% up, installed see a that dilutive, more treatment really

utilization for excited treatment growth percent quite about five we're we're quite five within guidance, on rate now taking over XX-plus our overall, here. enthusiastic XX% rates session, the NeuroStar's, what XX%, we're NeuroStar consistent accomplishing quarters business, So quarters, up XX% about

Operator

now remarks. like session question-and-answer for to the for Chris our concludes Thatcher closing I would today. That to back turn call

Chris Thatcher

joining us morning. to this our quarterly Thanks you forward call. We on updating for look next

Operator

Ladies conference. for participation and wonderful gentlemen, Thank concludes a you day. this your have and today's

You may disconnect. now

Neuronetics (STIM) 9 Aug 192019 Q2 Earnings call transcript