Neuronetics Inc (STIM) 2024 Q3 法說會逐字稿

Good day.

再會。

And thank you for standing by.

感謝您的支持。

Welcome to the Neuronetics third quarter, 2024 financial and operating results conference call.

歡迎參加 Neuronetics 2024 年第三季財務與營運業績電話會議。

At this time, all participants are in listen-only mode.

此時，所有參與者都處於只聽模式。

After the speaker's presentation, there will be a question and answer session to ask a question.

演講者演講結束後，將進行問答環節以提出問題。

During this session.

在這屆會議期間。

You need to press star 11 on your telephone.

您需要按電話上的星號 11。

You would then hear an automated message advising your hand is raised to withdraw your question.

然後，您會聽到一條自動訊息，建議您舉手撤回問題。

Please press star 11 again.

請再按星號 11。

Please be advised that today's conference is being recorded.

請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your first speaker today.

我現在想把會議交給今天的第一位發言者。

Mark Costner.

馬克‧科斯特納.

Please go ahead.

請繼續。

Good morning and thank you for joining us for the Neuronetics third quarter, 2024 conference call.

早安，感謝您參加我們的 Neuronetics 2024 年第三季電話會議。

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

參加今天電話會議的有 Neuronetics 總裁兼執行長 Keith Sullivan 和財務長 Steve Furlong。

Before we begin, I would like to caution listeners that certain information discussed by management during this conference call will include forward-looking statements covered under the safe harbor provisions of the private securities litigation reform Act of 1,995 including statements related to our business strategy, financial and revenue guidance, the Green Brook acquisition and other operational issues and metrics.

在我們開始之前，我想提醒聽眾，管理層在本次電話會議中討論的某些資訊將包括1,995 年《私人證券訴訟改革法案》安全港條款所涵蓋的前瞻性陳述，其中包括與我們的業務策略、財務狀況有關的陳述。

Actual results can differ materially from those stated or implied by these forward-looking statements due to risks and uncertainties associated with the company's business.

由於與公司業務相關的風險和不確定性，實際結果可能與這些前瞻性陳述中明示或暗示的結果有重大差異。

For a discussion of risks and uncertainties associated with neuronetics' business.

討論與神經論業務相關的風險和不確定性。

I encourage you to review the company's filings with the securities and exchange commission including the company's annual report on form 10-Q which was filed earlier today.

我鼓勵您查看該公司向證券交易委員會提交的文件，包括今天早些時候提交的公司 10-Q 表格年度報告。

The company disclaims any obligation to update any forward-looking statements made during the course of this call, except as required by law during the call.

該公司不承擔更新本次電話會議期間所做的任何前瞻性陳述的義務，除非法律要求在電話會議期間進行。

We'll also discuss certain information on a non-GAAP basis including E dot Management believes that Nongaap financial information taken in conjunction with us, GAAP Financial measures provide useful information for both management and investors by excluding certain non cash and other expenses that are not indicative of trends in our operating results.

我們還將討論非GAAP 基礎上的某些信息，包括E 點管理公司認為，Nongaap 財務信息與我們一起採用，GAAP 財務指標通過排除某些非現金和其他費用，為管理層和投資者提供了有用的資訊。

Management uses non-GAAP financial measures to compare our performance relative to forecast and strategic plans to benchmark our performance externally against competitors and for certain compensation decisions.

管理階層使用非公認會計準則財務指標來比較我們相對於預測和策略計畫的業績，以將我們的業績與競爭對手進行外部比較，並做出某些薪酬決策。

Reconciliations between us.

我們之間的和解。

GAAP and nongaap results are presented in the tables accompanying our press release which can be viewed on our website with that.

GAAP 和 NonGAAP 結果顯示在我們新聞稿隨附的表格中，您可以在我們的網站上查看新聞稿。

It's my pleasure to turn the call over to Neuronetics President and Chief Executive Officer Keith Sullivan.

我很高興將電話轉給 Neuronetics 總裁兼執行長 Keith Sullivan。

Mark.

標記。

Thanks for the introduction.

謝謝你的介紹。

Good morning everyone and thank you for joining us today.

大家早安，感謝您今天加入我們。

I'll begin by providing an overview of our recent performance.

我將首先概述我們最近的表現。

Then discuss the status of the Green Brook acquisition.

然後討論格林布魯克收購的狀況。

Steve will then review our financial results and I'll conclude with some thoughts on the balance of 2024.

然後，史蒂夫將回顧我們的財務業績，最後我將對 2024 年的情況提出一些想法。

Before turning to Q&A let me start with our performance in the quarter.

在進行問答之前，讓我先介紹一下我們本季的表現。

Total revenue was 18.5 million an increase of 4% over the third quarter of 2023.

總營收為 1,850 萬美元，較 2023 年第三季成長 4%。

Neurostar system revenue was 4.1 million.

Neurostar系統營收為410萬。

During the quarter, we shipped 49 systems us treatment session revenue was 13.3 million which represents a 2% increase compared to the third quarter of 2023.

本季度，我們出貨了 49 個系統，治療療程收入為 1,330 萬台，與 2023 年第三季相比成長了 2%。

I'd like to turn to our acquisition of Green Brook P MS.

我想談談我們對 Green Brook P MS 的收購。

Last week, our shareholders approved the transaction which we expect to close during the fourth quarter.

上週，我們的股東批准了我們預計在第四季度完成的交易。

We are incredibly excited about what this means for our organization, the employees of the combined company, our patients and customers, as well as our shareholders.

我們對這對我們的組織、合併後公司的員工、我們的患者和客戶以及我們的股東意味著什麼感到非常興奮。

Today, we are laser focused on driving the long term success of the combined company as we work together to integrate and optimize the new neuronetics.

今天，我們專注於推動合併後公司的長期成功，共同努力整合和優化新的神經系統。

We have a comprehensive proactive approach that focuses on three key areas to increase shareholder value, operating, expense reduction, operational efficiencies and profitable revenue growth.

我們採取全面的積極主動的方法，重點放在三個關鍵領域，以提高股東價值、營運、費用削減、營運效率和獲利性收入成長。

Starting with OpEx control.

從營運支出控制開始。

When we announced the transaction, we estimated synergies to be approximately $15 million.

當我們宣布這項交易時，我們估計協同效應約為 1500 萬美元。

As we dug deeper into both our and Green Brooks Operation, we have identified an incremental $5 million bringing the new cost energy target to approximately 20 million.

隨著我們對我們和 Green Brooks 營運的深入研究，我們確定了 500 萬美元的增量，使新的能源成本目標達到約 2000 萬美元。

We have taken definitive action to take costs out that will benefit both businesses.

我們已採取明確行動來降低成本，這將使兩家公司都受益。

On November 8th, we implemented a strategic reorganization of neuronetics streamlining departments to support our combined business model and reducing costs of programs that no longer align with our go forward strategy.

11 月 8 日，我們對神經學進行了策略重組，精簡了部門，以支援我們的合併業務模式，並降低不再符合我們前進策略的專案的成本。

This reorganizational loan will generate approximately $3.5 million in annualized expense reduction with the remaining 16.5 million in annualized synergies to be realized throughout 2024 and 2025.

這筆重組貸款將帶來約 350 萬美元的年化費用減少，其餘 1,650 萬美元的年化綜效將在 2024 年和 2025 年實現。

These synergies include a $6 million reduction in combined marketing spend along with additional savings from consolidating back office functions.

這些綜效包括合併行銷支出減少 600 萬美元，以及透過整合後台職能節省額外成本。

Turning to the operational efficiencies.

轉向營運效率。

Our operational efficiency initiatives are centered on optimizing our commercial organization including our commercial team structure, the way we target customers and patients and how we train our employees.

我們的營運效率措施以優化我們的商業組織為中心，包括我們的商業團隊結構、我們針對客戶和患者的方式以及我們如何培訓員工。

We are beginning with a reinvigorated focus on driving improved productivity across both Green Brook sites and our existing customers to support this.

我們開始重新專注於提高 Green Brook 工廠和現有客戶的生產力，以支持這一目標。

We are in the process of introducing a more efficient data driven approach to help increase patient flow into Green Brook and our other neurostar sites.

我們正在引入一種更有效的數據驅動方法，以幫助增加格林布魯克和我們其他神經明星網站的患者流量。

We have done an analysis of physician prescription trends in our key markets which has allowed us to identify psychiatrists and other providers who are currently treating patients for depression or other mental health disorders within a 10 mile radius of a Green Brook or a neurostar site.

我們對主要市場的醫生處方趨勢進行了分析，這使我們能夠識別目前正在 Green Brook 或 Neurostar 站點 10 英里半徑範圍內治療抑鬱症或其他精神健康疾病患者的精神科醫生和其他提供者。

Using this information, field personnel will be able for the first time to actively target providers who have patients who qualify for T MS or Spravato and will then be able to help institute a process for rapidly directing those patients who are seeking an alternative to antidepressants into a Green Brook or a Neurostar site.

利用這些信息，現場工作人員將能夠首次主動鎖定擁有符合 TMS 或 Spravo 資格的患者的醫療服務提供者，然後能夠幫助建立一個流程，快速引導那些正在尋求抗抑鬱藥物替代方案的患者接受治療。或Neurostar 網站。

We expect that this will allow us to be significantly more efficient at driving patient volume versus traditional broad based marketing efforts.

我們預計，與傳統的廣泛行銷工作相比，這將使我們能夠更有效地提高患者數量。

Another benefit of this data is that it allows us to more effectively allocate resources to territories and to enhance our efforts to reach the greatest number of patients and rationalize coverage areas.

這些數據的另一個好處是，它使我們能夠更有效地將資源分配到各個地區，並加強我們的努力，以覆蓋最大數量的患者並合理化覆蓋區域。

However, simply identifying potential patient referrals isn't enough to improve site productivity.

然而，僅僅識別潛在的患者轉診不足以提高站點生產力。

We need to put best practices in place to allow our field personnel to educate providers on connecting patients with a Green Brook or other Neurostar site.

我們需要採取最佳實踐，以便我們的現場人員能夠教育提供者如何將患者與 Green Brook 或其他 Neurostar 站點連接起來。

What we know from our study of patient experience is there is a significant drop off in patients continuing into T MS therapy.

我們從患者體驗研究中了解到，繼續接受 TMS 治療的患者數量顯著下降。

If they are not contacted almost immediately after expressing interest in the treatment, we are in the process of developing a comprehensive training program for our field personnel, which ensures that providers who are looking for an alternative to traditional pharmaceutical options for their patients are fully educated on our offerings and how they fit with a patient's care continuum.

如果他們在表達對治療的興趣後幾乎沒有立即聯繫，我們正在為我們的現場人員制定全面的培訓計劃，以確保為患者尋找傳統藥物替代方案的提供者得到充分的教育關於我們的產品以及它們如何適應患者的照護連續體。

Under this new process, patients who qualify for one of those services will be immediately contacted by one of our providers to begin the process of exploring the next step in their treatment paradigm to complement this.

根據這項新流程，我們的一名提供者將立即聯繫有資格獲得其中一項服務的患者，以開始探索其治療模式的下一步，以補充這一點。

We are also developing a training protocol for our field personnel related to managing the patient care continuum.

我們也正在為現場人員制定與管理患者護理連續體相關的培訓協議。

This ensures that Green Brook sites as well as our other neurostar customers are well versed on how to help patients move on to the next step in their treatment.

這確保了 Green Brook 網站以及我們的其他神經明星客戶都精通如何幫助患者繼續下一步的治療。

This includes the progression from traditional medical therapy to the most appropriate next therapy, whether it's T MS or Spravato.

這包括從傳統藥物治療到最合適的下一種治療的進展，無論是 TMS 還是 Spravato。

And if they do not achieve the desired result, continuing on to the therapy, they have not yet tried well, we have been working with Green Brook over the last few quarters to operationalize key tenets of our Better me provider program.

如果他們沒有達到預期的結果，繼續治療，他們還沒有嘗試得很好，我們在過去幾個季度一直與 Green Brook 合作，以實施我們的 Better me 提供者計劃的關鍵原則。

We are scheduling comprehensive training in November at neurostar University to ensure consistent implementation of our new commercial structure and priorities.

我們計劃在 11 月在神經之星大學進行全面培訓，以確保我們新的商業結構和優先事項的一致實施。

This includes establishing a patient review process to ensure optimal treatment outcomes across our network.

這包括建立患者審查流程，以確保我們整個網路的最佳治療結果。

Beyond cost and operational efficiencies.

超越成本和營運效率。

We are also focused on driving revenue growth.

我們也致力於推動營收成長。

We are aggressively optimizing and expanding the ability to offer spravato into all appropriate Greenbrook clinics and implementing the buy and build program across all sites that offer spravato treatment.

我們正在積極優化和擴大向所有合適的 Greenbrook 診所提供 spravo 的能力，並在所有提供 spravo 治療的網站上實施購買和建造計劃。

There are currently 83 Green Brook sites utilizing Spravato and we are planning to expand to all facilities in 2025 to maximize the revenue potential of our eruo program.

目前，Green Brook 有 83 個站點正在使用 Spravo，我們計劃在 2025 年擴展到所有設施，以最大限度地發揮我們 eruo 計劃的收入潛力。

We are implementing a buy and bill model across all treatment sites.

我們正在所有治療地點實施購買和計費模式。

Under this model, Greenbrook directly purchases and maintains drug inventory at each practice location.

在這種模式下，Greenbrook 直接購買並維護每個執業地點的藥品庫存。

Green Brook then builds the patient insurance provider for both the drug itself as well as the administration and observation services.

然後，格林布魯克為藥物本身以及管理和觀察服務建立了患者保險提供者。

While this requires managing medication inventory, it results in a higher overall reimbursement compared to billing for administration services.

雖然這需要管理藥品庫存，但與管理服務計費相比，它會帶來更高的整體報銷。

This enhanced reimbursement structure creates an additional revenue stream alongside our T MS treatments.

這種增強的報銷結構與我們的 TMS 治療一起創造了額外的收入來源。

As previously outlined, one of the key benefits of this transaction is that our scale allows us to provide broader service offerings to all of our customers.

如前所述，此交易的主要好處之一是我們的規模使我們能夠為所有客戶提供更廣泛的服務。

First, we can leverage our combined network of approximately 400 customer sites across Green Brook and B MP customers to negotiate favorable regional and national payer contracts.

首先，我們可以利用由 Green Brook 和 B MP 客戶組成的約 400 個客戶站點組成的聯合網路來協商有利的區域和國家付款人合約。

Negotiating a block of contracts at once offers efficiencies to the payer while potentially leading to better reimbursement rates and improve T MS economics.

立即談判一批合約可以提高付款人的效率，同時有可能提高報銷率並改善 TMS 經濟效益。

Ultimately, increasing practice profitability for our customers.

最終，為我們的客戶提高實踐盈利能力。

These benefits also extend to medical management and spravato services making it easier for customers to expand their practice offering.

這些優勢也擴展到醫療管理和 spravo 服務，使客戶更容易擴展其實踐服務。

Secondly, we will also be able to offer more robust support in navigating the complex landscape of insurance reimbursement by providing billing services to our customers which could speed up payment processing and reduce denied claims.

其次，我們還將能夠透過向客戶提供計費服務，在複雜的保險報銷領域提供更強有力的支持，從而加快付款處理速度並減少被拒絕的索賠。

Finally, we are also working to provide neurostar customer access to Green Brooks existing call center.

最後，我們也致力於為 Neurostar 客戶提供對 Green Brooks 現有呼叫中心的存取權限。

By leveraging the centralized call center operation.

透過利用集中式呼叫中心運作。

We can help manage patient calls and education more efficiently, potentially increasing conversion rates and reducing the administrative burden required to meet the demand for T MS as we move forward.

我們可以幫助更有效地管理病患呼叫和教育，從而有可能提高轉換率，並減輕我們前進過程中滿足 TMS 需求所需的管理負擔。

We are focused on two main goals, advancing mental health treatment and increasing shareholder value through disciplined execution of our cost controls, operational improvements and revenue growth initiatives.

我們專注於兩個主要目標，即透過嚴格執行成本控制、營運改善和收入成長計劃來推進心理健康治療和增加股東價值。

We have a clear path to profitability while expanding access to critical mental health treatments.

我們有一條明確的獲利之路，同時擴大了獲得關鍵心理健康治療的機會。

The Green Brook combination represents a transformative step in this journey and based on what we have learned since announcing the transaction, we now believe that the combined organization will achieve cash flow break even by the third quarter of 2025.

Green Brook 的合併代表了這一歷程中的變革性一步，根據我們自宣布交易以來所了解到的情況，我們現在相信合併後的組織將在 2025 年第三季度實現現金流收支平衡。

And we're confident in our ability to deliver meaningful care for our patients and true value to our shareholders.

我們對為患者提供有意義的護理並為股東帶來真正價值的能力充滿信心。

With that, I'd like to turn the call over to Steve.

有了這個，我想把電話轉給史蒂夫。

Thank you, Keith.

謝謝你，基斯。

Unless otherwise noted, all performance comparisons are being made for the third quarter of 2024 versus the third quarter of 2023.

除非另有說明，所有業績比較均針對 2024 年第三季與 2023 年第三季進行。

Total revenue was $18.5 million.

總收入為 1850 萬美元。

An increase of 4% over prior year revenue of $17.9 million primarily driven by increased capital sales in the quarter US.

營收比上年同期的 1,790 萬美元成長 4%，主要是由於本季美國資本銷售的增加。

Neurostar advanced therapy system revenue was $4.1 million and we shipped 49 systems in the quarter US.

Neurostar 先進治療系統營收為 410 萬美元，本季我們在美國出貨了 49 套系統。

Treatment session revenue was $13.3 million.

治療療程收入為 1330 萬美元。

An increase of 2% year over year revenue per active site was approximately $11,400 in the quarter compared to approximately $11,900 in the prior year quarter.

本季每個活躍網站的營收約為 11,400 美元，年增 2%，而去年同期約為 11,900 美元。

Gross margin was 75.6% compared to 65.8% in the prior year quarter.

毛利率為 75.6%，去年同期為 65.8%。

Up 980 basis points from the prior year.

較上年上升980個基點。

The increase in gross margin was a result of the change in product mix.

毛利率的成長是產品結構變化的結果。

The absence of a one time manufacturing costs related to our new contract manufacturer and an inventory impairment charge in 2023 operating expenses during the quarter were $21.7 million.

本季 2023 年營運費用中不存在與新合約製造商相關的一次性製造成本和庫存減損費用，為 2,170 萬美元。

An increase of one point million dollars or 5% compared to $20.6 million.

與 2,060 萬美元相比，增加了 100 萬美元，即 5%。

In the third quarter of 2023 the increase was primarily due to transaction expenses which were incurred prior to the transaction closing during the quarter, we incurred approximately $1.4 million of non cash stock based compensation expense.

2023 年第三季的成長主要是由於本季交易結束之前發生的交易費用，我們產生了約 140 萬美元的非現金股票補償費用。

Net loss for the third quarter was $13.3 million or 44¢ per share as compared to a net loss of $9.4 million or 33¢ per share in the prior year quarter.

第三季淨虧損為 1,330 萬美元，即每股 44 美分，而去年同期淨虧損為 940 萬美元，即每股 33 美分。

As of September 30th, 2024 cash and cash equivalents were $20.9 million.

截至 2024 年 9 月 30 日，現金及現金等價物為 2,090 萬美元。

Now turning to guidance for the fourth quarter, we expect stand alone revenue of $19 billion to $20 million.

現在轉向第四季的指導，我們預計獨立收入為 190 億美元至 2000 萬美元。

We now expect full year stand alone revenue in the range of $71 million to $72 million.

我們現在預計全年獨立收入將在 7,100 萬美元至 7,200 萬美元之間。

We expect total standalone operating expenses for the full year to be in the range of $81 million to $82 million which excludes approximately $2 million of preclosed transaction expenses.

我們預計全年獨立營運費用總額將在 8,100 萬美元至 8,200 萬美元之間，其中不包括約 200 萬美元的預結算交易費用。

I would now like to turn the call back over to Keith.

我現在想把電話轉回基斯。

Thank you, Steve.

謝謝你，史蒂夫。

Let me leave you with some key thoughts on our path forward.

讓我留下一些關於我們前進道路上的關鍵想法。

Integration is at the center of everything we're focused on right now.

整合是我們目前關注的一切的中心。

The combination of our organizations presents immediate opportunities from unified commercial teams to streamlined operations.

我們組織的合併提供了從統一商業團隊到簡化營運的直接機會。

But more importantly, it creates a platform for sustainable long term growth.

但更重要的是，它為永續的長期成長創造了一個平台。

Our progress in the first phase of integration planning has exceeded our initial expectations, particularly in identifying and capturing initial synergies.

我們在整合規劃第一階段的進展超出了我們最初的預期，特別是在識別和捕捉初始協同效應方面。

Looking ahead to 2025 we have a clear line of sight to cash flow break.

展望 2025 年，我們對現金流中斷有清楚的認知。

Even by the third quarter.

即使到了第三季。

This milestone reflects both our integration execution and our ability to drive meaningful growth through our expanded capabilities and footprint.

這個里程碑既反映了我們的整合執行力，也反映了我們透過擴展能力和足跡來推動有意義成長的能力。

I'm particularly encouraged by how our teams have worked together.

我對我們團隊的合作方式感到特別鼓舞。

Since the acquisition announcement, the collaborative spirit and shared commitment to our mission are evident in the early wins.

自從收購宣布以來，協作精神和對使命的共同承諾在早期的勝利中得到了體現。

We're seeing across the organization, we look forward to updating you on our milestones and overall progress in the coming quarters.

我們在整個組織中看到，我們期待向您通報未來幾季我們的里程碑和整體進展。

As we work to transform both our business and patient care with that, I'd like to open the line for questions.

當我們努力改變我們的業務和患者護理時，我想開通提問熱線。

Thank you at this time.

這次謝謝你了。

When we conduct the question and answer session.

當我們進行問答環節時。

As a reminder to ask a question during this session, you will need to press star 11 on your telephone and wait for your name to be announced to withdraw the question.

提醒您在本次會議期間提問，您需要按電話上的星號 11，並等待宣布您的名字才能撤回問題。

Please press star 11 again.

請再按星號 11。

Please stand by while I compile the Q&A roster.

我正在整理問答名單，請稍候。

Our first question comes from Adam Mater from Piper Sandler.

我們的第一個問題來自 Piper Sandler 的 Adam Mater。

Please go ahead.

請繼續。

Hi guys, this is Kyle on for Adam.

大家好，我是亞當的凱爾。

Thanks for taking the question, I guess first.

感謝您提出問題，我想首先是這樣。

As we just look at the guidance reduction for full year 2024.

我們只關注 2024 年全年的指導下調。

Can you just help us understand a bit what changed in terms of terms of your expectations and then how that should help us think about 2025.

您能否幫助我們了解您的期望發生了哪些變化，以及這將如何幫助我們思考 2025 年。

Looking forward.

期待。

Hey Kyle, this is Steve.

嘿凱爾，這是史蒂夫。

Yes.

是的。

So we really base Q4 guidance on the, the trends that we continue to see.

因此，我們確實將第四季度的指導基於我們繼續看到的趨勢。

In Q3, the, you know, essentially there's been a change in purchasing patterns from our customers due to the reimbursement and cash flow issues they experienced in Q1.

在第三季度，您知道，由於我們的客戶在第一季遇到的報銷和現金流問題，他們的購買模式基本上發生了變化。

We have seen some recovery with Q3 being our largest collection quarter in about a year and a half.

我們看到了一些復甦，第三季是我們大約一年半以來最大的收款季度。

But their cash flows were slowed and so it, it did change the way they were historically purchasing treatment sessions.

但他們的現金流放緩了，因此，它確實改變了他們過去購買治療課程的方式。

Right now, what we're seeing in our tracks, our databases is our inventory levels are at historic lows actually and approaching the pre COVID levels.

目前，我們在資料庫中看到的情況是，我們的庫存水準實際上處於歷史低位，接近新冠疫情前的水準。

So, whereas customers used to purchase, you know, almost a quarter's worth of inventory to be able to treat their next quarter's worth of patients.

因此，儘管客戶過去會購買幾乎四分之一的庫存，才能治療下一季的患者。

They really cut back and, you know, the they're probably holding or they are holding between one and two months inventory.

他們確實削減了庫存，你知道，他們可能持有或持有一到兩個月的庫存。

And so we have seen some stabilization and improvement.

所以我們看到了一些穩定和改善。

But again, it's, it wouldn't be responsible to forecast a full recovery in Q4 which impacted our treatment session.

但同樣，它不負責預測第四季的全面恢復，這影響了我們的治療療程。

Forecast for Q4.

第四季的預測。

I will say that our system utilizations remain very strong and in our business.

我想說的是，我們的系統利用率在我們的業務中仍然非常強勁。

If, if we have a strong October, it bodes well for the rest of the quarter.

如果我們有一個強勁的十月，那麼這對本季剩餘時間來說是個好兆頭。

And, and again, we had a very strong October from a utilization perspective.

而且，從利用率的角度來看，我們的 10 月表現非常強勁。

So, no, we are disappointed the impact that the reimbursement had.

所以，不，我們對報銷所產生的影響感到失望。

But we are seeing, you know, a stabilization and some improvement as we close out the year.

但你知道，當我們結束這一年時，我們看到了穩定性和一些改善。

It is important to note though that as Keith mentioned in the script, we are focusing more on profitability and some of the restructuring that we did last week did impact the commercial team.

值得注意的是，正如基斯在劇本中提到的那樣，我們更加關注盈利能力，而我們上週進行的一些重組確實影響了商業團隊。

So that is forecast to have some impact on revenues in Q4.

因此預計這將對第四季度的收入產生一些影響。

Okay, thanks.

好的，謝謝。

Yeah, that's, that's super helpful.

是的，這非常有幫助。

I guess as a second question then with regards to Green Book and you know, congrats on the progress there.

我想第二個問題是關於《綠皮書》的，你知道，祝賀那裡的進展。

Are you still committed to midteens growth for the combined entity as we look into 25 and 26?

當我們展望 25 歲和 26 歲的時候，您是否仍致力於合併後實體的青少年成長？

And if so, can you remind us of what is kind of driving that growth acceleration?

如果是這樣，您能否提醒我們是什麼推動了這種成長加速？

Thanks.

謝謝。

Yeah.

是的。

And so I realized we we did state that in the proxy and that is one of our internal goals, but it's there are a lot of moving parts with the transaction at this point.

所以我意識到我們確實在代理商中聲明了這一點，這是我們的內部目標之一，但目前交易中有很多移動部分。

And so again, our primary focus is not top line growth, it is profitability.

同樣，我們的主要關注點不是營收成長，而是獲利能力。

And you know, our goal is to get to cash flow break even in Q3.

你知道，我們的目標是在第三季實現現金流收支平衡。

And it may come at the expense of losing some top line revenue to improve profitability.

這可能會以損失一些營收來提高獲利能力為代價。

And so that's, you know, really our focus.

所以，你知道，這確實是我們的重點。

And I think as we work through and a reminder, we obviously haven't closed yet.

我認為，當我們進行工作和提醒時，我們顯然還沒有結束。

We will be providing updates as to where the top line number will be in 2025.

我們將提供有關 2025 年頂線數字的最新資訊。

That's all for me.

這就是我的全部。

Thanks.

謝謝。

Thank you one moment for our next question.

謝謝您提出我們的下一個問題。

Our next question comes from William Plovanic from Conord genuity.

我們的下一個問題來自 Conord genuity 的 William Plovanic。

Please go ahead.

請繼續。

Hey, great, thanks, good morning.

嘿，太好了，謝謝，早安。

Just can you just give us, you know, in quarters past we've talked about kind of the business and separated out between Green Brook and non Green Book.

您能否告訴我們，您知道，在過去的幾個季度中，我們已經討論了業務類型，並將綠溪和非綠皮書區分開來。

I was wondering if you just give us a little granularity on kind of how those separate businesses are trending today and then even including the the threshold testing, which is predictive for kind of future treatments.

我想知道您是否只是向我們介紹這些單獨業務今天的趨勢，甚至包括閾值測試，這可以預測未來的治療方法。

Yeah, I I this is Keith Phil.

是的，我是基斯·菲爾。

I, I'm hesitant to comment on on Green Brook's progress since we haven't closed the deal yet.

我，我對評論格林布魯克的進展猶豫不決，因為我們還沒有完成交易。

But our our business with Green Brook is, is still very strong.

但我們與格林布魯克的業務仍然非常強勁。

In one of the things in our Q4 guidance was the in our company revenue had been removed also, so that that was taken out of it.

我們在第四季度指導中的一件事是我們公司的收入也被刪除了，所以它被刪除了。

But I think we're looking at our local consumable business and as Steve mentioned that business is, is up significantly and continues to be strong.

但我認為我們正在關注我們當地的消費品業務，正如史蒂夫所提到的那樣，業務正在顯著增長並且繼續強勁。

So, on the Green Brook side, their business on both well, on T MS is is is very strong and they'll report on their business on, on both sides, Bravado and, and P MS shortly.

因此，在 Green Brook 方面，他們在 T MS 上的業務非常強勁，他們很快就會在 Bravado 和 P MS 上報告他們的業務。

Okay.

好的。

And then just Steve, could you help us understand in terms of that guidance?

史蒂夫，你能幫助我們理解該指導嗎？

I mean, it's a pretty big cut down to 1,920 street sitting at 25.

我的意思是，街道上的 25 人減少到了 1,920 人，這是一個相當大的削減。

How much of that was just removal of the inter company revenue?

其中有多少只是扣除公司間收入？

I to clarify that the guidance that we had it it does, it is stand alone.

我要澄清的是，我們所擁有的指導確實是獨立的。

So it does include projected Greenberg purchases.

所以它確實包括預計的格林伯格購買。

And so I would say the bulk of the shortfall to the street of 25 is due to the restructuring.

因此，我想說 25 街的大部分短缺是由於重組造成的。

And so it did impact the commercial team across the board.

因此，它確實對商業團隊產生了全面的影響。

And again, you know, internally we've made the decision to really focus on profitability and getting the cash flow break even.

再說一次，你知道，我們內部決定真正專注於獲利能力和實現現金流收支平衡。

And you know, that, that did come at the expense of some commercial team members.

你知道，這確實是以犧牲一些商業團隊成員的利益為代價的。

And, and it will have an impact on our Q4 revenues.

而且，這將對我們第四季的營收產生影響。

Okay.

好的。

And then just, you know, last question for me, just as you talk about the commercial restructuring, just help us understand exactly strategically what you're doing differently.

然後，你知道，我的最後一個問題，就像你談論商業重組一樣，只是幫助我們從策略上準確地理解你正在做的不同的事情。

I mean, is it, you know, you, you know, was it a change in capital rep?

我的意思是，你知道，你知道，這是資本代表的改變嗎？

So you sell less capital, was it a change in force?

那麼你出售的資本減少了，這是力量的改變嗎？

It sounds like, you know, you, you're tightening up the territories when you talked about the 10 mile radius and the physicians, you know, just, just help us understand, you know, how we should think about this.

聽起來，你知道，當你談論 10 英里半徑時，你正在收緊領土，而醫生，你知道，只是幫助我們理解，你知道，我們應該如何思考這個問題。

Was this a 20% R to the commercial or a 10% R just any, you know, anything you can help us, give us, provide us to help us understand a little better.

這是對廣告的 20% R 還是 10% R，你知道，任何你能幫助我們、給我們、提供給我們以幫助我們更好地理解的東西。

And thanks for taking my questions.

感謝您回答我的問題。

So Bill, the the, the change in commercial strategy is really just a shift.

所以比爾，商業策略的改變其實只是一個轉變。

One of the, one of the aspects, one of the business models that Greenbrook has is utilization of what they refer to as rams the regional area managers.

格林布魯克擁有的商業模式之一是利用他們所說的公羊區域經理。

The rams responsibility is to work with local providers around their Green Brook Centers to talk to those providers about spravato and TM SS and the benefits that they can bring to patients that have failed multiple drugs.

rams 的責任是與 Green Brook 中心周圍的當地提供者合作，與這些提供者討論 spravo 和 TM SS 以及它們可以為多種藥物失敗的患者帶來的好處。

These are providers that currently don't offer T MS or don't plan to offer T MS or Spravato.

這些提供者目前不提供 T MS 或不計劃提供 T MS 或 Spravato。

So that model has worked very well for Green Brook.

所以這個模型對格林布魯克來說非常有效。

And that team has been an excellent driver of revenue to Green Brook locations.

該團隊一直是格林布魯克門市收入的出色推動者。

So we are using the data that we have to help make so that group more efficient.

因此，我們正在使用我們必須幫助提高該團隊效率的數據。

The and we are also going to be doing the same training with our practice development managers so that they can also work with our B MP accounts with local providers around their locations and drive patients more efficiently into those practices.

我們還將與我們的實踐開發經理進行相同的培訓，以便他們也可以與我們的 B MP 帳戶與當地提供者合作，並推動患者更有效地參與這些實踐。

So that's really the the major shift in in the business model.

所以這確實是商業模式的重大轉變。

With that would come a, a true focus on these accounts on the treatment session side of the business.

隨之而來的是，真正關注業務治療方面的這些帳戶。

And as a result, we will be driving more capital systems as second system sales into those existing.

因此，我們將推動更多的資本系統作為第二系統銷售到現有系統中。

Accounts.

帳戶。

Thank you one moment for our next question.

謝謝您提出我們的下一個問題。

Our next question comes from James Beers from William Blair.

我們的下一個問題來自威廉·布萊爾的詹姆斯·比爾斯。

Please go ahead.

請繼續。

Hey guys, it's Jimmy on for Margaret.

大家好，我是吉米為瑪格麗特代言。

Thanks for taking the question.

感謝您提出問題。

I just want to clarify one thing.

我只想澄清一件事。

You know, in terms of your guidance reduction, is this primarily coming from treatment sessions, I guess as I'm looking at it and then just maybe talk to why or maybe just give us an update on, on adolescent adoption and then also opened up B MP to, to all accounts.

你知道，就你的指導減少而言，這主要來自治療課程，我猜當我正在研究它時，然後可能會談談為什麼，或者可能只是給我們提供有關青少年收養的最新信息，然後也開放最多B MP到，到所有帳戶。

So maybe just talk to why that isn't you know, offsetting or, or contributing and then are you assuming any contribution in Q4?

因此，也許只是談論為什麼您不知道，抵消或貢獻，然後您是否假設第四季度有任何貢獻？

And then as we look at 25 I guess, do you start seeing those initiatives begin to bear fruit or, or is it, you know, our expectations pushed further along?

然後，當我們回顧 25 時，我想，您是否開始看到這些舉措開始取得成果，或者，或者您知道，我們的期望進一步推進？

Yeah.

是的。

Hi Jimmy.

嗨吉米。

I would say the majority of the Q4 weakness is related to treatment sessions.

我想說第四季的大部分弱點與治療療程有關。

You know, we have seen a stabilization of the credit and lending environment.

你知道，我們已經看到信貸環境趨於穩定。

So, you know, we may be a little short from historic Q4 capital levels.

所以，你知道，我們可能比第四季的歷史資本水準有點短缺。

But again, you know, with the change of focus on really getting our existing customers as well as Greenberg's current systems to capacity, it will take a little bit of time.

但同樣，您知道，隨著重點轉向真正讓我們現有的客戶以及格林伯格當前的系統發揮作用，這將需要一點時間。

And so I would say the the shortfall is more related to the treatment session side and regarding adolescence, you know, it remains extremely strong, it's a big opportunity with Green Brook as well.

所以我想說，短缺更多地與治療方面有關，就青春期而言，你知道，它仍然非常強勁，這對格林布魯克來說也是一個巨大的機會。

And so, you know, if we look at the adolescence treated and we look at both patients and providers, it's significantly up through the end of Q3 as to where it was in March when we received approval.

所以，你知道，如果我們觀察接受治療的青少年，並觀察患者和提供者，到第三季末，與 3 月份我們獲得批准時的情況相比，情況顯著上升。

Okay.

好的。

That, that's helpful and then maybe just one on, on international and it's something we talked about last time.

這很有幫助，也許只是國際比賽中的一個，這是我們上次討論過的事情。

But in terms of Japan, I believe there was a, you know, an over the air update opportunity and that would drive some sort of upgrade cycles.

但就日本而言，我相信存在一個無線更新機會，這將推動某種升級週期。

So maybe you can just talk to what you're seeing there.

所以也許你可以談談你在那裡看到的事情。

And if that's still the, the, you know, implication for Q4.

如果這仍然是第四季度的影響。

So our, our business in Japan is is growing also in in Korea.

因此，我們在日本的業務在韓國也在成長。

So our focus over there is really to take advantage of the hospital systems that are now providing are, are now broadening it throughout their their entire system.

因此，我們的重點實際上是利用現在提供的醫院系統，現在正在將其擴展到整個系統。

It's quite H1stly though and we've said it before.

不過這確實是很H1stly，我們之前已經說過了。

Our, our focus is to sustain our business in on the international markets.

我們的重點是維持我們在國際市場上的業務。

Our focus is in the United States.

我們的重點是在美國。

And as Steve indicated, we have a great opportunity with with the Green Brook team, you mentioned adolescence, the focus at in the Green Brook location has has not been on the adolescent front, but we have an opportunity now through the training that we're going to provide the rams which starts tomorrow and it goes for a few days to really educate them on the benefits for adolescence and continue that growth.

正如史蒂夫所指出的，我們與格林布魯克團隊有一個很好的機會，你提到了青春期，格林布魯克地點的重點並不是青少年，但我們現在通過我們的培訓有機會我們將從明天開始提供公羊，並持續幾天，以真正教育它們對青春期的好處並繼續成長。

Our number of centers that has is now treating a adolescent patients has grown significantly.

我們現在治療青少年患者的中心數量顯著增加。

Okay.

好的。

That's helpful.

這很有幫助。

And just maybe one last clarifying question.

也許還有最後一個需要澄清的問題。

I believe you said reaching cash flow break even by the third quarter, I might be reading this wrong, but I believe the press release says the second quarter.

我相信你說到第三季達到現金流收支平衡，我可能讀錯了，但我相信新聞稿說的是第二季。

So if you could just clarify what the timing is there.

所以如果你能澄清一下具體時間的話。

It's the 3rd, 3rd quarter.

這是第三季，第三季。

Okay, great.

好的，太好了。

Thanks.

謝謝。

Guys.

夥計們。

Thank you one moment for our next question.

謝謝您提出我們的下一個問題。

Our last question comes from the line of Danny Stoddard at J MP.

我們的最後一個問題來自 J MP 的 Danny Stoddard。

Please go ahead.

請繼續。

Yeah, great.

是的，太棒了。

Thanks for the question.

謝謝你的提問。

Just on synergies, you know, you updated that number to 20 million.

就協同效應而言，您已將該數字更新為 2000 萬。

Where is that other 5 million coming from?

另外500萬從哪裡來？

Is it primarily the strategic reorg you called out?

這主要是您所呼籲的策略重組嗎？

And you know, just as you sit here today, having had more time to digest what this combined entity will look like.

你知道，就像你今天坐在這裡一樣，有更多的時間來消化這個合併後的實體將會是什麼樣子。

Are there any other areas where there could be some additional opportunities for syn synergies or do you feel that 20 million is more the ceiling at this point?

是否還有其他領域可以提供額外的綜效機會，或者您認為目前 2000 萬是上限嗎？

Hey, Danny.

嘿，丹尼。

Yeah, the the newest increment came from the restructuring within Neuronetics.

是的，最新的增量來自 Neuronetics 內部的重組。

So that really wasn't anticipated during the summer as we were working through the definitive agreement.

因此，當我們在夏季達成最終協議時，確實沒有預料到這一點。

I I do not think the 20 million is the ceiling.

我我不認為2000萬是上限。

A again, a lot of these activities have been at the higher level and have not included, you know, all of the parties within specific departments.

再次強調，許多這些活動都是在較高層級進行的，並且沒有包括特定部門內的所有各方。

So I think you'll see that number inch up as we work more closely with more involvement post close.

因此，我認為，隨著我們在交易結束後更加密切地合作和更多的參與，您會看到這個數字不斷上升。

Great and then just one follow up on the cash flow break, even timing.

很好，然後只需對現金流中斷進行一次跟進，甚至是時間表。

How should we think about cash, cash usage in four Q into the first half, 2025?

我們該如何看待 2025 年上半年第四季的現金和現金使用？

Just given that new timing and then you know, how comfortable are you with the cash position here.

只要考慮到新的時機，你就會知道，你對這裡的現金狀況有多滿意。

And do you anticipate drawing down that second tranche of debt?

您預計會減少第二筆債務嗎？

Thanks.

謝謝。

Yeah, I mean, we're comfortable with our cast position right now.

是的，我的意思是，我們現在對我們的演員位置感到滿意。

And also with the burn that's forecast by both companies in Q4, you know, there are significant deal expenses that will incur on close.

而且，根據兩家公司預測的第四季度的燒錢情況，您知道，交易結束時將產生大量交易費用。

So a again, you know, we think we're exiting with a healthy balance and our forecasting a reduced burn in Q1 of 25.

所以，你知道，我們認為我們正在以健康的平衡退出，並且我們預測第一季的燒錢將減少到 25。

We are in conversations with our lender perceptive advisors.

我們正在與富有洞察力的貸方顧問進行對話。

And so I think it's a little early to say if we're going to draw down or not.

所以我認為現在說我們是否要減少資金還為時過早。

Again, from a company perspective, we'd always like a little bit of cash cushion.

同樣，從公司的角度來看，我們總是希望有一點現金緩衝。

But again, you know, our forecast and models do predict that, you know, a decent cash balance as we work through the, you know, initial months of the transaction close.

但我們的預測和模型確實預測，在交易結束的最初幾個月中，我們將擁有可觀的現金餘額。

Great.

偉大的。

Thank you very.

非常感謝。

Much.

很多。

Thank you.

謝謝。

The question and answer session is now closed.

問答環節現已結束。

I will now turn it back to Keith Sullivan for close remarks.

現在，我將把它轉回給基思·沙利文（Keith Sullivan），以供其詳細評論。

Thank you for your interest in Neuronetics and we look forward to updating you on the next quarterly call.

感謝您對 Neuronetics 的興趣，我們期待在下一個季度電話會議上向您通報最新情況。

Thank you for your participation in today's conference.

感謝您參加今天的會議。

This does conclude the program.

這確實結束了該程式。

You may now disconnect.

您現在可以斷開連線。