STIM - Earnings call transcript Q2 2020

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Operator

Ladies and gentlemen thank you for standing by and welcome to the Second Quarter 2020 Financial and Operating Results Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today Mr. Mark Klausner. Thank you and please go ahead sir.

Mark Klausner

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

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

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

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

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

Steve Furlong

Good initiatives Keith the appointed hand is provide Chief high-level year. Keith quarter you trends to I provides a thoughts review and over thank performance an back us. our of second to Executive today's and newly Sullivan. that I then business which call Neuronetics' balance the second quarter after will for on questions. the then and will thoughts our his over to morning will With for shift on like call recent results President After on Keith. our turn Keith? the would Officer me line I near-term for overview everyone call Keith joining With and opening in the the before introduction, I of to

Keith Sullivan

life long-term Thanks Neuronetics. Steve to to and how about today. psychiatric patients for enthusiastic joining disorders. the saying the thanks incredibly joining our be I'm of exists for suffering excited want I improve begin for am everyone to us I opportunity company call quality the for that by from

brief overview I've medical give almost of me a background. device three space Let in you for decades. been the my

the at Medicis device organization, held and Reliant over the spent ZELTIQ, leadership at tenure leadership the within to five Officer Prior companies Pharmaceuticals, of a I and in Chief at including; medical variety ending ZELTIQ and roles years Commercial that company I President Medical. Coherent have Medtronic time Neuronetics, joining pharmaceutical in commercial as Technologies, acquired XXXX. Before my roles Allergan

well as as examining independently a the as Before TMS the fair Neuronetics amount had whole, time opportunity arose, a specifically. spent Neuronetics industry I of

of NeuroStar. I occasions to the prior was two and commercial consultant immediately on after company fact a launch In the to

& and a Mary, Neuronetics' focus William While a customer. taught on TMS-only Business business case study a professor TMS, at I largest the Greenbrook the with of wrote on at Mason provider School

known addition, Bruce years. In have Shook for I

for aware CEO. and me has like you Neuronetics of you're company cofounded Bruce about think years number future. As why bright the excited recently rejoined with a I'd opportunity as after to member share Board as a what I and the led a made such the company having

First, in-demand we rapidly leader in growing sector. are the a unquestioned market therapeutic

have more more helped TMS treated all have We combined. systems installed providers other than and patients and

the in this, and clinically a systems of Second, are our by proven, we quality clinical the tremendous robust. have highest technology industry. supported data reliable Because

now meaningful last we Third, the the commercial well-established drive months potential been and has over reorganized few growth. have a to has infrastructure that

impressed opportunity motivation understand to greater that business of NeuroStar areas the of their number is fully place we that the the advantage to to strategy and therapy well focus the drive And I'm great of to quality with optimal market. Only be mission. support a I greatest and our the patients said the to people. a optimized every process on as our that, make patients the dedication take at have provide that sure the we providers. those best to benefits drive business Our needs customers psychiatry knowledge, here digging will to amongst are there of of awareness -- as lastly, them weeks Having Using of exists. and the believe put team into few highest Neuronetics into can meaningful the well that of I as I the of in am current currently aspect job, insights, as to the talking

strategy, at take this foundation suffering to Steve? tremendous to back what for psychiatric it too the drive is allowing today, point a to detailed the to more with second that provide With I'd exists we While is can from know that Steve our us business update call provide long-term next to the early this success quarter. and help patients of an level the like over outline to disorders. that, turn I long-term

Steve Furlong

systems a which persisted causing utilization quarter the sales million, quarter, in the year, the second for of revenue result Total primarily over COVID-XX was the XX% an our impact down Keith. field. equipment capital of $X.X and throughout to both Thanks, as the prior

presented by COVID, Given with the pleased period. the of the performance business during the are challenges we

On and which in effectively the new side an a uptick were saw June. May in system strong sales sequential down, shut equipment capital April after we

key of metric performance is Another per-click volumes. session treatment

session call. While the the these year. volumes represent of volume customers who the we management in TrakStar a we increase May have our running XX% approximately May's are of for continue average Based on seen noted At in point that and low on tool, up customers an June we back the XX% May, reversal in May up the point for were through our believe daily to seen XX% end that from we slow the estimate end from quarter, session early trend down XX% now that will of we that the treatment of of in volumes low and treatment approximate on cloud-based June. have

We the end January purchases starts but the as have doing come system approaching early begun test. patient threshold than trough similar by slower in rebound of motor seeing trends and seen volumes back, starts in a After defined and June May, utilization. to have February. at a in rate new hitting were a Capital at the are we patient patients new

to second have to BDMs Where social started into these the BDMs of travel begun related distancing the and our get the have restrictions out on market out accounts. continue were to much For ease, to due quarter, will restrictions. the frozen anticipate We that back some an field like I topics a capital at to albeit business. do rate. key to prospect update would sales slower provide rebound to of

and we current showed throughout increasing data that report, an treat by focus prescription XX% to April health drugs the the the with mid-March States prescriptions between of XX%. mental antidepressants on As Express a increased has increased are use which of data result than more conditions for mental environment, an seeing by In United recent Scripts reinforced. prescription health mid-February

Importantly, when from prescriptions new in suffering This a looking significant of XX, are during seeking filled increase were patients who indicates depression the prescriptions. XX% March week at care.

continue of pharmaceutical in and American be believe be there history, will therapy. time uptick we patients fail notably is seeking this whom estimate a during treatment a a point that will stressful depression While alternative in to an many in ultimately period significant will

the focused As end development between of the on organization included of reduction part as corporate that second focused of substantial systems reorganization. CTCs. we BDMs, installed. seven team. sales, NPCs, or who our clinical utilization BDMs, we the quarter sales who on the April, XX approximately consultants training in had once CTCs business a This or who and of staff NPCs consists within commercial At announced on employees our the key practices; end restructured capital of spread our practice on managers are driving At the or training of psychiatrists systems operationalizing are usage roles, in we and consultants NeuroStar XX and team headcount are within XX proper quarter, approximately focused three and

added we back to line pilot, however marketing. spending the company long marketing On of distancing size deploying generate on BDMs. like that selectively restrictions, initiatives conserve the to of and size under psychiatrist the the benefit allow in call certain increased future. utilization, digital and over noted with improving We We and the service run. driving our Initiatives our patients social in offices the and invest few by and by will growth did CTCs closed to center patients team that increase more areas a to While the customers continue actively believe us in focusing we top July we call, NPCs we and cash. last will being training our may utilization reduced held we on think system virtual structure sales the system the effectively force

to coverage. early patients appointment connects TMS for and of in exceeding the offered in in series with TMS the a the are practices center during who positive staying their a later open topics and webinars changes support COVID the to with for call of how on Our pilot quarter. treat recent need in prepare patients schedule from and several can to pilot broader directly Over live this in our outlines XXX of call from ranging on operator to TMS XXXX. process area. treat these a then to indications to individuals that an NeuroStar our response webinars center launch pandemic that visit update planning The website the reimbursement to patients office who a psychiatrists continue registered second mind videos we coverage In we and provided expectations COVID are for peace patients,

marketing of to to educate continue Therapy. leverage patients digital benefits On psychiatrists Advanced and front, we cost-effective NeuroStar on the this the method

We reimbursement seen landscape have also recently. notable in our progress

to patients, from is current adult indication improvement have prior Our antidepressant who FDA one failed achieve medication. satisfactory

of terms number drugs, before NeuroStar in However, many Therapy. of approach the have a payers reimburse taken for more conservative they will failed

a manage patients to with depression. Advanced Therapy we available more have make seeking NeuroStar working and their company, to As been payers change for that readily

were wins During we Cigna, Aetna, failed the medical drugs represents or drugs represents XX between new improvement, had million We from covered to four covered two represents as drugs We failed two Shield able get Therapy XX easier notable NeuroStar to which million reduce previously four drugs. and to it for based coverage volumes four years to and covered should quarter, XX old view finally, to HCSC/Blue drugs. access to to Cross/Blue and criteria to start lives. an including from a had over we lead years XX And XX% pharmacotherapy patients reduced pharmacotherapy were failed intolerance in we failed include the two meaningful approval lives criteria patient over reduce criteria making XX pharmacotherapy several lives provision for XX it to Advanced able were failed increase to longer towards term. from which added trial. million extend a failed retreatment which been drugs to progress where and this able exclusively patients one on for old,

quarter of U.S. the decrease mix XXXX million, a primarily million. the of $X.X well higher second capital number $X.X among lower second this Shifting all work million. by of adopted leases XX% The result XXXX driven sold was in compared revenue pandemic, systems, $XX.X XXXX revenue Total the gears quarter Advanced XXXX as a as to related in the due for lower COVID-XX. as XXXX million, NeuroStar the a for of to turmoil. lower was performance. COVID-XX Therapy We type quarter governmental make payers. from This Coil XX the our other of XX system the to will of revenue more to responses shift decrease system resulting second second economic ASPs during broadly versus of result a a of of to quarter, revenue decrease financial NeuroStar a revenue XX% sales of quarter, quarter $X.X was the the continue second systems primarily blended was quarter, related NeuroStar company down to sold. upgrades quarter systems In the of fewer HP impact sold and

installed net the of we March second X,XXX increase systems base XXXX During increase increased a net systems XX% systems, our three saw to from a the quarter quarter, since XXX of and of XX, XXXX. by

compared were quarter. Gross second over $XX,XXX costs. compared per $XX.X a to $X.X year treatment of was system shows U.S. second a primarily expenses second $X.X of were $XX of negative $X.XX to negative expenses, $X.X to change of the our expenses COVID-XX-related quarter decrease XXXX to EBITDA was a decreased $XXXX XXXX to from was by the the and as second quarter was of of million revenue the gross XXXX, million Both second in XXXX marketing compared margin year. million Average initiatives. first the the a quarter as the XXXX the as quarter operating of of revenue. of The to session per quarter $X.XX the implementation practice prior was the revenues $X.X declines million during $X.X XXXX sales Net primarily XXXX million, result prior loss of second quarter session quarter quarter share. share of driven was revenue XXXX of Turning XXXX quarter quarter or The decrease basis, advertising, in million. these $XX sequential prior treatment mix result for of increase million per margin trade to year-over-year the $X.X Operating of U.S. and in million XX% during the versus shutdowns. for compared of the of or second travel second second XX.X% the of saving quarter loss XXXX. expense decrease a compared XXXX of personnel a due for and XX.X%. was year. net million second of for million, including during cost reduced On $X.X product EBITDA

sheet. Moving to the balance

have aimed resources amount the we the capital ensuring support earlier, over and at in liquidity noted a put As have to both business significant long of near effort we that adequate term. and

and June $XX of conserving We As XX, cash were and capital instituted remain cost million. cash equivalents on of a this initiatives. year earlier number focused reduction

range project realize operating of full continues million. reductions the and million cost fourth to company these for in to XXXX full The expect We year to the in quarters. impact be to $XX total the the of third expenses $XX

to million million expenses are that $XX Going revenues likely million per operating achieve forward, to expect between of we levels $XX to we range we breakeven believe $XX continue quarter. $XX operating and to in quarterly And be at those million. that the income

our year that May the balance months year. quarter will the to on be believe of the to second worst-performing be April of causing for of worst-performing quarter the the and We the Moving the year. outlook

forward, Looking fourth expect to Keith. to call the the I modest recovery back to see in third Keith? sequential like quarters. we would hand over both now and

Keith Sullivan

Steve. Thanks,

to focused business of like I'd on the lines the questioning, outline Before near-term. we that will for be opening the the areas in

and target identify and effective We messaging that of most for make efficient to systems to the them. significant resonates Advanced to NeuroStar currently working Therapy the is market with plan the We awareness on them focused way of in these number customers as depression. will be First of the field, very a have drive our systems TMS, with conduct safe audience, all proper research to with to we a communicate successful. therapy

little benefits they per market are them volume we is with help area to can will confident we system. our team a partner and we was create a to accounts proper with had to second the and their our physicians practice our TMS aesthetics valuable session deploy, sufferers adjusted to generating believe same a need can time too with new demand of demand experience can The process on them organization. to but help that where arm drive take driving We prior would psychiatric coaching community. accounts data into to that with revenue and team done my in In be ago make focus the commercial the NPCs that educating no were We depression able the to collected, the some This experience long the it of that not sales leadership volume. successful patients. treatment our what The walk to tools and field Once is patient patients. space, be we generation. change is were to has convert patient drastically help through the actively the not

awareness marketing with for With drive catalyst a and When their we thriving system these of patients a growth. be treating and social growth, will generating and business build partner additional the as a tool both it to digital supporting to achieve demand, we driving can sales. power this practices

indication efforts and our we an manner. are Lastly in efficient effective accelerating expansion

that and can applicability broader should the much NeuroStar long platform disorders. the have a treatment within have We of believed psychiatric

the relief our as proven we for number mental for position open field marketing set of that foundation, reopen. sooner. have on the more will evidence progress with the will questions. we illness go-forward up we to that a for put line long-term. With to strength our in will and executing of that achieve market greater to highly the and a advantages, debilitating evaluating be such, new initiatives leadership robust bring future technological set coupled we and over As through to of future a sure by I'm make plan continues our strategic TMS the put additional from that that, us indications, the Building clinical believe continue about indications our expand excited very proactive, the of what in world would strategy patients position regulatory and process I medium pandemic to Neuronetics. like have near, that us success holds we Throughout efficiently can place the into

Operator

[Operator Instructions] the Margaret Kaczor Our Blair. first William question from of is line with

Margaret Kaczor

few Thanks everyone. morning A Hi, good question. the taking for me. for

Just updates meaningful. gave guys to start you -- are COVID pretty COVID the

are back normal. to patient the Sounds like maybe nearly new starts

So, first, get XXX% we of between that to starts that how it call second, long take levels? say to can starts it's to does treatment back revenue then level? XX% at fair rate this and pre-COVID And new new for patient those pre-COVID

Steve Furlong

So thanks levels. current it starts pre-COVID for say patient are the at And to question safe is new yes Margaret. that the

And stage. trends those don't anticipating so assuming the are traditionally get patient to once therapy. continue for second we XX% of those through Obviously the with hit and QX the sessions favorable treatment we XX a will approximately patients starts -- new throughout QX, continue

again, we so are continue say I modest throughout XXXX. would sequential to forecasting And growth that

Margaret Kaczor

conservative were you do Okay. us them? us especially quarter. have sounds give some how guys long about compare reimbursement the Can of on you this reimbursement a to you had? talk you working those? And that to relative on on How that these any And prior decisions decisions the little did background what that back of the you

Steve Furlong

Yes.

to with levels employee the treatment. ensure were an So is dedicated to one providers that our we which reimbursement indicated, failed does working drug have the on get that

for drugs expressed patient mean not during And therapy. months So are a reimbursement, this was effects for ongoing to terms the in and the definitive is that XX efforts critically last these could able more of XX to before four accompany it really I our I this call. and If time potentially, requiring patients. a are between failed which line. important, really they're take side of drugs multiple get payers failed TMS something

a drug, as four second are we could those indication Again, payers. but those one being these daily view if reimbursement a failed coverage step huge continue on the we in be for failed great of three basis for do and efforts to get extremely we drugs so, two ultimately, And with would it consistent pleased decisions the the quarter.

Malgorzata Kaczor

the Yes. around I could. one, Okay. maybe initial your We've you've been would Is a for define ZELTIQ. while. where over you versus compare going think to And you a as time And from then it focused? known thought How what XX processes you a Neuronetics? year And is into months, at now? going Keith, it you're would you while if ZELTIQ your last spend success about next reimbursement customer decisions? a as

Keith Sullivan

to Margaret. a hear voice, your while. been good It's Well,

the think to then the that think, target patient think, the I how as get job, we my I to that, And who community mentioned done within audience out to a TMS. there's an greater good I to think to-date is market I build remarks, them. today but in opportunity has find research on need awareness and our I company update to

to think But are and we'll be refine able over I the targeting able call XX building marketing. and and awareness. So doing center. a the social job be do next digital that we I to better patients those at the We're doing months, think

and is, Secondly to themselves, accounts bring convert helping those in be then patients also them. able the

nuances -- learnings think some that that always from to each here. at a chance I There's apply can So them that is business, the with that we opportunity it's a but was there and similar of chance a -- the ZELTIQ. little take strong

Malgorzata Kaczor

it Appreciate Thanks. it. Got guys.

Steve Furlong

you. Thank

Operator

Your next Matt from Sandler. is question Piper O'Brien with

Drew Stafford

little bringing more for taking question. a I there bit that the in is little primarily Drew on be closed push could you to lot signers stepping else? back some is Is of the a to to trend mentioned Hi, them as customers. that some Matt. hear are that new permanent bit, closures challenging, patient bit your the But of XX% Thank of or what Obviously, downstream COVID of that any COVID? on numerous something just on concern office. of a regional wanted requirements patient online? the good patient outbreaks related mean guys. throughput I are just be the may for for you for guess, that understand there side. back a This brings back I little I

Steve Furlong

seeing it's we're focused this really Yes. Drew What geographically point. is, at

So there of a lot NeuroStars throughout a are country significant we systems. are actually the have of those hotspots where states still lot and

some don't obviously impacted these local we but lot are a centers shutdowns, still of governmental by So anticipate and of permanent restrictions.

it traction. longer down slower as majority restart. back we Chicago, may look So restart take that most of them do But to you the and presently one that believe particular online. Illinois been pandemic, shut at ultimately, and we the Again, in will has customers regain than are if to work come through the that

Drew Stafford

here. Okay. That's of could helpful. to just wondering your kind you And speak COVID I was of priorities then, to some if

with You've the of while just operating be made any more push little more the It would on like receptive guess bit that offset side. here. your existing still? Are I And this a lease some you to some to a plans of adjustments the capital? in there are session customers for environment model weakness challenging might any help little capital you said aggressively your side in sounds you. see then Thank type little on a treatment expense kind to environment customers the

Steve Furlong

sure our tying equipment continue capital, of with can efforts. which opposed targeted considered XXXX what to preserve we TMS-only prior to them don't of Again, lease customers dollars thousands of offer mean, towards type leases. we that to they so But offer is make their providers. term NeuroStar handful operating could subgroup we is financing. only really customers. to slow they of a to the expand we I which hundreds strategy just Sure. expansion could up their sales, be It's sales have capital What leases, in operating service as

a So, our partnership strategic very with customers. it's largest

Secondly, you year regarding see also average by necessary. of is for in $XXX amount reimbursement but patients reimbursement on or on not a Again, of payback and and payer The our so and treatment it patient it's don't if again, is sessions, reimbursement varies even economic a year. geography, our certainly other very seven picture sessions per treatment this psychiatrists no. machines an the the same sessions, the treatment a We country, for ASPs customers. assume throughout discounting a about favorable being

is it pretty quick they -- these pay to off. machines So are

Drew Stafford

Thank you.

Steve Furlong

You’re welcome.

Operator

is with from the Furlong Canaccord next Cecilia of Genuity. Your question line

Cecilia Furlong

good Hey, morning. I of the their just I what of saw ability to wanted on your focusing for on versus smaller to but with just terms TMS-only questions. in really guess, customers. centers Thanks rebound, you in off a taking basis and my rebound start some QX relative

Steve Furlong

rooms and they impacted continuous Sure. -- Success large some the I of mean, the And recovered COVID-XX wait the obviously and equipped the really have scale due wait that's better very a anymore. world flow people certainly Greenbrooks service don't waiting extremely the they're or to facilities. and we pandemic. way patients entities don't their changing to smaller in are TMS-only facilities. patients. weather and than It's expertise were, TMS, the the they providers of Obviously, treat were as through all And for example, but quicker

room potentially don't have you spreading same So people in diseases. the

of really recovery And optimize efforts. able to and ahead their so they workflow were the get

Cecilia Furlong

if the guess PTSD beyond I just and also And specifically two further thoughts and I color your your you. thoughts just briefly high-level Early you. bipolar XXXX. around you depression on your in Thank I remarks, pursuit -- on relative but the OpEx indications. know there prepared around of priority focus could Thank give objectives. your you commented ask Great. of could any priority R&D in those

Steve Furlong

Yes.

would expenses. impressive. until we well pretty indicate treatment and preservation the decline and saw The environment. communicate ourselves reduce get not April, the COVID we're trends took we ahead in comfortable of we was session precipitous when too even to July a patient want action to that terms cash the out data did we that heading were of in But We we starts, as utilization don't that favorable direction far really So as recent we the were certainly XXXX. in was new in swift our decisive restart for investments and of

rest positive. far comfortable of opinions a ongoing clinical to with like of the the until not again the We've trial very too looking had position on So getting with have but I that FDA this that lengthy are and really and is their something and senior expensive. something we not again that for prepared ourselves. too, that at been ahead Keith, launch But get we're and that restart, planning team structure things conversations

Regarding which during platform, through again, And that process on are the our our starts work decisions it's slowed, that was still planning the these but next next-gen we'll radar. month.

Cecilia Furlong

Great. Thank you.

Operator

with line Thibault of is Your Marie the next BTIG. question from

Marie Thibault

morning. Thank Keith. questions. And Nice to you here. Good for you Hi. the welcome have taking

Keith Sullivan

Thank you.

Marie Thibault

were want the to sales feared. a a quarter. this question They bit we had ask better than actually on capital I

And wanted little those lines. to detail there's into if any of get bit the types I those centers system you were those more could additional and along going us give on so a sales granularity

Steve Furlong

given with impressed Yes. Again, of our that the of the were pretty environment BDMs QX, systems. ability to many we transact

see quarters. percentage I didn't to think When vary looked expect would more also traditional versus, facilities the I a say, the data at would on from the we TMS-only You previous focus of TMS-only centers.

in as there quarter. we'll some just QX psychiatrists could how than centers. based so we traditional see do but and their plays TMS-only other was that recover We out mix focus be into ability those our think quicker the the that increased to to an just on on it TMS-only And between regular facilities, of have get

Marie Thibault

commentary your how right a hit some kind a hotspot of I hardest of of now? those bit Great. some I those of you and have states fit to about on guess, that South systems states. Do being general many a wanted lot in and of systems Okay. of dig proportion or what are breakout West little the And

Steve Furlong

-- actually on at we we ability we a state-by-state basis look utilization day. trends actually have So monitor and everything to do do the every

And figured so, are yes. states again. Chicago, the But their customers also and density Naturally, keep our Texas, California optimal many that safe. Illinois, getting hit to states patients hard out highest our way again the are treat and safely essentially staff of have

into the so month again seen low very states. And have at July. trends rate a significant They've in May. the And recovered a those haven't of continued in impact those impressive even point certainly since we

Marie Thibault

Thanks That’s much. really helpful. so

Steve Furlong

You’re welcome.

Operator

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

Keith Sullivan

Thank today. you. us for operator. Thanks Thank joining you, again

and very While I'm it's adapt. ability tenure, have our quickly team impressed early the we to in move and with my

will future a the heads forward updating the the long-term environment, in you for same to call. time of look on balance dynamic you joining. executing focused at our looking Thank to be next a the we quarterly progress on place. in I on our For while strategy down putting year, and

Operator

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

disconnect. You may all

Neuronetics (STIM) 7 Aug 202020 Q2 Earnings call transcript