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Neuronetics Tanks 40% On Q2 Results

Shares of Neuronetics Inc. (STIM) tanked over 40% on Tuesday morning after its second-quarter results missed street estimates.

STIM is currently trading at $7.79, down $5.24 or 40.21%, on the Nasdaq, on a volume of 2.1 million shares, above the average volume of 476 thousand. The stock has traded between $2.86 and $22.43 in the 52 week period.

Revenue for the quarter increased 46% to $14.2 million from $9.7 million last year. During the quarter, total U.S. revenue increased by 49% and was driven by an increase in U.S. treatment session revenue.

Net loss for the second quarter was $7.5 million or $0.29 per share, as compared to last year's net loss of $7.8 million or $0.41 per share.

Analysts polled by Thomson Reuters expected a loss of $0.24 per share on revenues of $14.72 million for the quarter.

For the full year 2021, the Company continues to expect to report total worldwide revenue between $59 million and $63 million. For the third quarter, the company expects to report total worldwide revenue of between $15 million and $16 million. Analysts currently expect revenues of $16.51 million and $61.67 million for the third quarter and full year 2021, respectively.

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