STIM - Earnings call transcript Q3 2020

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Third Quarter of 2020 Financial and Operating Results Conference Call. At this time, all participants are in 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 call over to your host, Mr. Klausner. Mark sir. you, Thank ahead. go Please,

Mark Klausner

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

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

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

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

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

Keith Sullivan

XX% will for and quarter then afternoon made will growth thank on question review on results treatment to quarter, system us. and total you the I the will the of our quarter near-term I our Steve sequentially XXXX over driven of third by XXXX third-quarter up joining with second progress of and balance an discuss performance of before revenue the revenue. third sales turning overview thoughts Starting provide our then the $XX.X and focus areas. conclude session and with million, answers. give Good both was we in

COVID, ongoing of which there to Although to in and equipment due the both revenue year-over-year the impact capital decline continued sales in affect utilization was field.

with in we as performance meaningful to We have begun are pleased our the a business. see recovery

virtual second accounts. marketing Therapy field off, With the to equipment BDMS eased the Neurostar to in our efforts quarter pay third restrictions On to get side, Advanced the System being of back into our and by grew capital XXXX. the XX% prospect over revenue and successfully quarter training starting U.S. began

XXXX. second and sequentially slower over sales to levels, indicating Total encouraged the was the a are rate quarter systems at environment. quarter up XX% historical treatment and increasingly between sessions. experiencing US the albeit was down rebound our mix sales is continue with will third sold XXXX XX% of session we just revenue with over than TMS psychiatrists capital treatment capital providers particularly are that of the We We office, to anticipate of only traditional similar an the favorable

XX% not performance encouraged this seeing are that offices and still our open level. of approach see pre-COVID but are approximately the utilization XX% are customers' to starting person, that knowing by patients We in

our our near-term On operational laid last out areas. focus to our update. I call, Turning

are, a Neurostar as depression. first, of As they for driving Advanced effective awareness reminder, Therapy non-drug a therapy safe,

session third, on our Second, developing by commercial driving expansion putting organization. strategy. And indication revenue treatment our optimizing a focus

to driving awareness, those relates utilize Advanced positive. currently overwhelmingly feedback results who Neurostar and the it As of psychiatrists are Therapy,

a and strategists of that In over of underserved, developed office. for to assessment run practices Advanced We one of their patient rank is an XX Therapy she and strategy the the regions. Therapies awareness in generally, of of market, sales the are developing particular, we on States, of Neurostar it. raise consumable commercial strategy customer involve with. the Neurostar In low, points Neurostar Grubbs business as teams, sales. market of of organization. implementing my the years work capital expertise transcranial learning largest and portions during Therapy both XXX consumables Sara medical a In stepping continue to MDD up the the and are time that side; of and work pleasure October, our world-class support. awareness this Advanced to spent had very our I've for psychiatrist's of the to magnetic Neurostar both stimulation She US we devices There of sale XX,XXX tacticians the vice significant treatment to president opportunity the our will Advanced specifically psychiatry top ongoing company's Shifting announced before Therapy. and penetrate remains managing and commercializing to The have in ZELTIQ, while to system Sara United and as to sales just the one has optimizing Advanced at extensive sales I similar

the she to treatment on We drive believe of our strategy the sales her to right lead is reformulation board revenue. have and person session excited to are

base and We are of expanding our focused our on expansion indication strategy. developing evidence clinical

from a our talent TrakStar payer reimbursement, that was could antidepressant two depression, is affective evaluated medical which within for bolstering the cloud Neurostar data which Dr. and Harold including help TrakStar we around strategy a analyzed with commercial data showed Therapy benefited data huge data suggests of of and in low our our across and research Journal disorders, our XX% TMS on results to which provide authors the significant validates are as treatment lead analyzed whole evaluated be profile results than safe The study, for have and sample antidepressant included a effects treatment strong evidence and considering efficacy importantly, the efficacy naturalistic the metrics response XX% captured MDD. drugs, in leveraging treatment Advanced first-line the These support published Neurostar. remission regulatory risk being tool. author in with the With shown our sessions scientific with management According repository of MDD. over inform to rate. the suggesting more prior similar study, In The treatment of of first-line who intriguing, rate for medications, the clinical to author have a at a marketing, available sets data for not we as for side the and a registry, treatment XX% evaluating amount especially October, be to that of further on patients a physicians outcomes effective X,XXX therapy. a patient clinical practices, and to cloud, with addition Neurostar their stated that patients have treatment response continues The XXX pathways. undergoing XX% of needed that other and data leadership, In large amount Sackeim, the added aimed Advanced patients treatment us, depression. a from first those the rate that rate to optimize Therapy remission of a XX% of for is drug data Neurostar to according study demonstrate the the

the Therapy require of payers patients drugs for half to is Neurostar critical. for collection being of therapy benefits and our Advanced treatment, publication approximately the who still before courses fail Given reimburse data that of continued approved of the four showing

He bipolar year's few review in Advanced non-drug in both that terms with Advanced performance this groundbreaking. most Society September, treatments depression, for Neurostar trial. prospective excellent treatment pilot concluded quarter. an treatment Neurostar pleased is Therapy. clinical of the During our We available the his two-center on sales business, presentation Aaronson bipolar for making a of Dr. a His utilizing Neurostar are depression, so presented saw Therapy. open-label option of Scott depression we third Overall, the be bipolar and the TMS Advanced during could a Therapy on target treatment from in the With data strong webinar system management volumes. recovery study sequential likely session event,

energized be well I to very uncertainty the that, a We every as the also I'll data. team and leadership I the of by enthusiasm entire with organization seeing continued clinical adapted have With management. our internally, as to has momentum out bolstering proud am of of some change team of how the over industry-leading call the continue our the I'm the in development significant to Steve. day. of turn COVID generated

Steve Furlong

revenue quarter on by system sold as a XXXX. related of up the million, prior year, down was economic of COVID-XX. throughout the million, Total Compared sequential year, number lower impact Advanced you, a to for Keith. company XXXX quarter. responses revenue down Thank of quarter to of XX% governmental $XX.X In Advanced the systems resulting a during $X.X XX up down Therapy turmoil, in which third over second of driven the XX% as system and basis second on the COVID-XX basis systems, persisted of Neurostar was the primarily over was the revenue sold X% quarter sequential the a Neurostar XX XXXX. prior result result the US the primarily quarter, Compared Therapy third-quarter revenue of the US a quarter. from was quarter Neurostar XX%, third-quarter

due April. quarter for of result quarter per This third prior of third million driven a basis as base $XX.X session $X.X since During only significant per share a in for of the during quarter the during systems net was up XXXX. $X,XXX EBITDA margin decrease the million, of the over revenue, primarily third approximately a session compared as quarter $X.X second down expenses quarter XXXX. Compared initiatives in cost-saving of of revenue loss was XXXX million X,XXX prior-year third to quarter. quarter, approximately $X.X the negative declines a shifting per Operating quarter XXXX quarter to treatment systems margin increase expenses, the increase third or revenue costs. Gross XX%, XX.X% $XX,XXX as and The was was decrease average a temporarily the were or XXXX increase well to was session was third full on from mix XXXX. of the our revenue $X.XX of a reduced were from basis, cost we compared the during a and of treatment well US was marketing the XXXX. US sequential a of gross expenses saw third quarter by XXXX of quarter XX.X%. the research of the XX% of $X.XX decreased and quarter. million compared telemedicine. implemented quarter was the the to Net compared as million, to second psychiatrists development systems, treatment the $X.X over XX, quarter negative by of operating during system of to as a third XXXX share, realization due reduction of the of $X.X On third as $X.X to compared as or for field quarter service to XX%. XXXX. June year, the higher XXXX reduced sales of net install our million Both million, of of XXXX loss to these the sequential million in prior-year to XX net quarter XX% XXX $X.X increase The

and Moving Throughout to balance term. year, both and we focused much resources the of adequate sheet. to support the long on liquidity near capital the having this over business

equivalents cash million. As September and were XX, cash of $XX.X

breakeven. to on to believe the that necessary to capital continue provides cash us We get hand

guidance, million of the expect to million million XXXX, business of during revenue range turning The to Now fourth of the like project XXXX turn quarter $XX to to in expenses the for back we in I over $XX the for now million. call company Keith. full $XX year to the to we continue see expect and in quarter. be operating improvement total sequential continues range would to to $XX.X to the the

Keith Sullivan

Thanks, Steve.

to organization. process on the throughout thoughts of But the heavy development be the the Since put made our to done we well There right and company XXXX as the to progress in of commercial of place have balance Moving July, people in a forward. around and lot we implementation still joining as lifting strategy is have our strategy. XXXX. the drive

with research audience, our As we've them Ultimately, the to our last benefit with Therapy firm safe, tools on the and most is and them. the mentioned and goal Advanced for to of to development increased a customers MDD. the patient that messaging our way market efficient the identify of NPCs therapy drive a call, engaged strategies volume, resonates proper treatment on communicate as the educate effective patients target Neurostar to help arm non-drug the with business

results results We and QX study on the have of quarter providing update our look call. late will an to the in forward on fourth

the strategy, currently developing we're process communication new In organization. optimizing the in addition of sales our to

specifically the of sales the as sales around decisions force of around decisions the ratio force, expansion well relates to more as NPCs, which making be of will structure broadly. the We to BDMS our

planning Specifically, each are to redefine territories better volume to customers optimize BDM can BDM potential we of cover. our the accounts

act XXXX. also NPC hire the will completed we see to expect them We that and selectively the which shortly to inflections quarter the for territories data we BDMS and quarter, material business have our commercial believe of as existing with in we the more during of the will new kickoff align trained driving believe while during as quarters. onboard From more new towards patient into in decisions January week clinical goal organization, impact and solid the fourth volumes expansion, in have execution half to positive meaningful indication XXXX, sales momentum coming during tailwinds fourth half back continue will those These be Outside such of and will to customers. other in the allow we the NPCs the expect that perspective, to fourth of our having of we and meeting building first start we areas, reimbursement, ahead XXXX. reps development national of

work for across We condition, post-traumatic X,XXX psychiatric XX.X% to tremendous respondents or robust was been least These strategy health disorders or will at depression, were substance that and look than The included pandemic reported one the suffering that fourth take to rates never need higher almost of In mental this from treatment a XXXX of in to significant help year. Xx anxiety, last more stress behavioral a providing for Neurostar options like acknowledge Xx and has of quarter adverse on abuse. which our moment my I'd has US has reported the those many the diligently a possible call. our mental the caused that ongoing very forward about of And as greater. strain to a can the relief survey disruption of October, organization, JAMA, overview been future under quarter it Neuronetics. article Journal will that an we of belt found a XXXX lives. to Medical I in published within the with to was every facet in am get our continue American Therapy. patients it Association, With at the stated ensure June excited adults, as there Advanced over

We are unique position. very a in

We market in leader is industry are underpenetrated. the an largely that

Advanced psychiatrists that. throughout team - have a highly we treatment we the Neurostar aware and Therapy all our option of patients the and Neuronetic of market In for from growing stimulation, that top a depression. research, proven have or transcranial found of a magnetic data advocacy as on with have learning Therapy early or are the few Neurostar experienced clinical We of record set Advanced track to a pointing large organization

opportunity massive patients population to of significant Taken all the we open of questions. relief are and front in bring like a to us that, drug-resistant a depression, line With I'd with disorders. who struggling for potentially together, psychiatric to have other

Operator

[Operator the Matthew Instructions] with of Your question comes line from first Sandler. O'Brien Piper

Matthew O'Brien

now probably that's realignment we past, look Thanks seen the Keith, these start in can I'm things? you're with plans taking PDM the you that. or period guess, salesforce year isn't It's the with the for conclusion the refined of that you historically, a really and typically to territories, seeing draw etcetera, and We've really on more a see hood like to Sara. these NPC typically, six-month before improvement. more meaningful that assuming a But and Good I in change under afternoon. getting side collaboration the a question. than

the And KMS of I how half what you're next customers things to improvement start confidence, the see sure guess really are are that to your So gives larger year? comfortable adjusted? being you you then do really provider with make second how the going

Keith Sullivan

Matt. Thanks,

we that we're have specific organization, that look good a BDM is analysis psychiatrists team will in when we organization them that what sales We're number them. like. we redefining involved sales of would the in the pretty think place. territories the each did a restructuring And so I balancing the that really of are they have

So we the some earlier on there so large some are BDM - side, small, much year, that balance there the very - and right are in of territories the are - are we now, because realignment in very them. that

accounts the field we're balancing is that by there. On effective the we I group each. to in a XX - NPC also have out them about again, make talented side, them And have between do to what more trying think and that's XX

But So, to organization. going can meeting sales our research. more We're we're and we overhauling sales training not make from we how are provide throughout to on trying just utilize data the best the our efficient. January them at market

Matthew O'Brien

about bit we little think world. below to the That's a first the a next But of don't first hopefully growth for then COVID? year, about bit half have that the think it's getting for end as big point quarters, we you're not that and outbreak back couple on business to year, still contracting the the And just to even certainly should the then helpful. really guidance of all assuming little a Okay, next finer right. we QX, put of another providing street,

Steve Furlong

this Yes, Steve. Matt, is

a are levels. certainly get planning to in budgeting or back Now, we're I expectations we're XXXX. and that no XXXX. still the now along at looking still not something But either rebound from. and XXXX with there's pandemic know economic commercial the shying with the is And for to away at structure, some in revamped return we're revised to strategy, Obviously, growth above dependencies.

Matthew O'Brien

Got it.

question Just I question, little your out then obviously but, Keith, frame answer, is what this the potential one happen further like just know for timeframe about - this and line few you. this commentary I insurance something know that to more probably steps up just providers be than interesting point? but first is a when first-line therapy to I can a And need get to a extremely bit and Thank could mean, of difficult is me, the you a therapy compelling. for even drug? rather to

Keith Sullivan

Matt, talk here. that's question a daily we about almost

I into have in are over subset our is data X,XXX registry, XX,XXX have think we patients. we patients. we that, And our digging where which of a TrakStar

at have the looking to help used data can I societies that by the the be is. are no to that payers. that idea a we on what And So information take be to formula into timeframe able to put the

I payers we think our several it? have to take the react how I handle months, long don't know. data the but a in should on to next

Matthew O'Brien

you. Thank enough. Fair

Operator

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

open. now is line Your

Unidentified Analyst

Or for as wins rebound more sustainable sustainable the you XXXX to [ph], question I that to and these your be on could creating profile? and some first, a you a some kind hit and in is order make reconfiguring get follow up internal kind access of just enough on business, organization growth refining just commercial think look If to this everyone, growth you do Margaret. Hi, goals? can of of we have to more the in of Brandon rate, of to last need market a

Keith Sullivan

are you what point just using not number that physicians opportunity is is, Neurostar is Therapy and that also is research so will treating back our in of large, the I MDD large. tell this we Advanced So at in far have the

amount have know without starting couple on FDA think payers, any we think to a indications. a of we go to take forward we're fronts. I different to with So opportunity We fronts. move but advance to I that the all the But large ball the time it's other I have down runway going and with those think of then an

Unidentified Analyst

then it. the revenue Got about moving $XX,XXX a And install of treatment comp kind the floor? and plus, system kind utilization base level side, out? side look practice sustainable there? as the the a look able over on forward of system we as Steve year-over-year we kind go sorry, think or plus upside - Should XXXX kind side a system to revenue had $XX,XXX we a system we kind then little towards the Can a Or reach the of mentioned base or number of for level is rather, as look we XXXX. is into at $XX,XXX as that of we and where

Steve Furlong

Brandon, the to Yes, near utilization are to expectations throughout increase term. our period continue

about expect re-engage hit programs and as with saw to our $XX,XXX out we to with it others and the utilization plans declines, ability year other then our work and and saw go well who well beyond the limited drive fully a We You the place to awareness to had system. those felt revenue customers per as those and declines. really average co-marketing in tools customers NPCs initial COVID address and ago,

Unidentified Analyst

reimbursement last how just And business some Japan Thank or even on and appreciate in anecdotal but Got the update. given it. there's just going for feedback COVID, me. the a is updates on any I potential you. noise going one commercialization one there, probably updates the there

Keith Sullivan

Brandon. Thanks,

we are have So of in happening. today a and there things couple reimbursement do Japan,

do, XX Japan. a activity controlled making selling have in It the to is that He he on model. beginning pace done is distributor training systems properly. placement is there's in controlled that And sure the is hospitals study to our of Our is agreed conduct so at all we a post-market

Operator

the of line next with Canaccord. comes Bill from Plovanic Your question

Your open. now is line

Bill Plovanic

versus Just know as operators? capital are of new them has if as COVID well. related the first some and heard does of we this Good great. the Hey, back larger chains it roll holding evening if adjusted as spend how could talk about the strategy strategy some the you out, account Thanks. the independent systems to impact We've chains on don't your your

Keith Sullivan

to hear at We've our touch Good service your been voice, and providers business in point. growing Bill. their is this with

So procedures handle I think they room them psychiatrists, providers have in the have COVID in, place the and wait their the put in service bring waiting the in - our policies our so no individual situation. and room. you waiting to is to there know, be they able - waiting car patients And the before in

So, that's I under think control.

I are team, leadership placing I a they with senior and now. think had meeting Greenbrook systems So

So...

Bill Plovanic

Okay.

focus more this says - more a be but the into move forward; this another, regarding about And out it Or or little the to little shifting to the operators [ph]? expect figure guess, chain should opening I going is out. back individual one way just versus what bit, I'm then to or drive - balance So you just the to in we'll it balance talked that but is trying there a remarks more? your kind individual of to going we

Keith Sullivan

the providers. service we're And today on and is individual think well providing level awareness as and help same our XX-XX. psychiatrists, about the of I business - as assistance Well, to

I think and to our the theirs to I we're it's increase one it trying shift and benefit to other, direction in don't individuals think or providers. treatment So, the in sessions

Bill Plovanic

you the of them patients. figure October? that about XX% the Was seeing And know, expect back customers Okay. terms to trying September, sessions, when to more through c'mon X,XXX to I'm this? operating? July just per understand if, and treatment in and [ph], And cadence you out think because obviously, there would you of any back then went to you XX,XXX, back your to you've more quarter; per differences treating aren't get to come of about I'm to system, I said trying XXX% Are you

Keith Sullivan

extremely their exceeded healthy a see, that's and the a a embraced TMS telemedicine, the did the our which of sites internal restart we in of And just that but month. October's We would received Bill. through of year, finished Yes, platforms continue hopeful really momentum October. and can strong say, that was And, I again, expectations. good have question, data, that end own up we're impressive, it month was number

Bill Plovanic

sounds I'm might of given the be of the of but - third kind don't COVID. the that to going some your it it Is the So words conservatism given kind is guidance And of that's provided - I just wave mouth, that fair put in getting. with what's on want takeaway a assessment?

Keith Sullivan

I that's fair, yes. think

Bill Plovanic

next that in year about points see not Okay. QX, might done at think think QX, been lever And costs there. the that that have And a we job what on have me operating may the people given much as operating about, from the job amazing just on, alternatively, And year? the going done you oppline that bus go to as as end my support COVID not should marketing the much think concerned is, really all charges maybe and or, plus the one-time any where the can great any you question that's and in lines about had Thank that's back then for you. drive I T&E an and questions. and cash I you've into But and last that you; minus we last as look making cutting we that should [ph], you've expenses, something of you of have provide time. a are long away the the have

Keith Sullivan

of the no Yes, out so very QX expense from significant an entries. perspective normal; was ordinary

us April see we May, Going resources. - soon. an now forward; I we to perspective our and ever operating I think very were from - don't again, you'll would cut say anytime back and deeply we adding expense strategically where in so very

out And so QX, I term lot to we to some in In a a incremental from the new of XXXX. would we'll XX the necessarily of team spend so reallocated in XXXX; be again, roll And think going I modest are a marketing not our from then on days see campaigns there'll programs; perspective, to different programs and and being incremental increases side, to the not as back spend. we're a handful the expenses sales go as teams. BDM both

guidance to you drive were in which in spend in not of what XXXX be QX, to We're ourselves. want as valued we XXXX is make saw there'll the position so continue of place ahead we growth. revenue; think certainly in be we I that'll that reflected put going get in we into in, QX; uptick an ahead won't So, in efforts to a and sure and the

Bill Plovanic

for you Thank my Great. questions. taking

Keith Sullivan

welcome. You're

Operator

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

Your line now is open.

Marie Thibault

taking with typically like happening; evening. tell about it you the the What's at question, what all hired NPC us Maybe on good And right there discussion ideal different modestly little you adding the bit a in past? a guess few these you've the Thank now I could to morale with hires. of realignments one the back with could than feels profile some then, Keith, BDM questions. teams a for related Neuronetics? I positions? Hi, these start for Is new and

Keith Sullivan

Okay.

has people we're side, for a that equipment BDM revenue piece. looking the on capital be preferably also going that experience; capital So equipment have trailing to

efforts, be On their work practice and how builder, the NPC media, through running. help and the and them staff, into to desk and to a relationship it's and walk social accounts, consultation train patients, to their with front do digital their gain the able in able get go marketing them their of on them to trust, how teach side, and up that's

think inside and outside, organization, I morale high. So the is in the both

have we have I couple we a level over high on our the out, next there of given will we months, I a it very it teams plan, level, think higher excitement. to and I think be as think of a roll

Marie Thibault

some the remaining XX% you come of side; like back great Thank of want about who close; sound practices. the a asking that to sales? the It capital to timeline characterize from I psychiatric lines coming of is about? was the waiting was point follow-up well Could guess, vaccine ask or have That's then, for customers enough, you. to there Bill or equipment on has them consider you hear. stayed some this I for was who what a doing are does other buying at back that online? they along think equipment buying And

Steve Furlong

Marie, this Steve. Hi is

who respect very from the and subset themes. XX%; so did and patients, our overarching their survey to away one customers be and with to in-house. was - really staff NPCs they responsible want of for have of So moved we the directly, and vaccine patients contacted the bringing Again, the

continue to will we for - it you so vaccine comfortable pressure a know, XXXX. a be until folks head if And come as are QX, with that in does

in that ratios purchasing capital for seen psychiatrists consistent this in again, decision we than TMS-only is were a where a the sold but we've there the In as traditional of couple It's month terms make in and then of analyze of continue again, to sales systems were individual to this what go we the see QX mentioned we system just trust not of pretty providers trends past data of to them And do so lot to providers in and support if the a not significant through amount to environment, any amount of the difference along see October, equipment systems; the easy they purchasing in a even years. sales; must there call lines. that and we in did the can the of is who's really We the those an between environment; system validation TMS-only well. and number fair acquire this psychiatrists. historical

Marie Thibault

Thank you.

Operator

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

Keith Sullivan

forward us hope and again the you, joining you're for operator, on call Thank you. look I our updating today. in thanks on the And I to next quarterly call. Thank you safe. progress

Operator

for Ladies gentlemen, call. this today's concludes conference and you participating. Thank

may now disconnect. You

Neuronetics (STIM) 3 Nov 202020 Q3 Earnings call transcript