Neuronetics tanks on Q2 net loss, acquisition announcement

Neuronetics

12/08/2024 16:48

** Shares of medtech co Neuronetics  STIM.O  fall 53.9% to
record low of 82 cents
    ** Stock on track for worst day ever if losses hold
    ** Reports Q2 net loss of 33 cents per share, compared with
loss of 17 cents per share a year ago  
    ** Q2 revenue of $16.5 mln, down 7% from $17.6 mln a year
ago
    ** Co's sales from its NeuroStar Advanced Therapy System, a
product used to treat patients with major depressive disorder,
fell 11% to $4 mln from $4.5 mln a year ago
    ** Co also announces agreement to acquire all outstanding
shares of depression treatment provider Greenbrook in an
all-stock deal
    ** The transaction is expected to close during the fourth
quarter of 2024
    ** Following the closing of the transaction, STIM
shareholders will own about 57% of the combined company, and
Greenbrook shareholders will own about 43% of the combined
company
    ** Including session moves, stock down 71.7% YTD

 (Reporting by Sneha S K)
 ((Sneha.SK@thomsonreuters.com;))