Neuronetics' Q4 2024: Key Contradictions in Greenbrook's Performance, BMP Progress, and Revenue Expectations

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Revenue and Financial Performance:
- Neuronetics reported total revenue of $22.5 million for Q4 2024, marking an 11% increase over the previous year.
- The growth was driven by the acquisition of Greenbrook TMS and the integration of their clinic revenue, which contributed $4.4 million.

Better Me Provider Program (BMP) Impact:
- The Better Me Provider program expanded to over 350 sites, with an increase in patient volume of 36% on average when practices implemented the program standards.
- The program resulted in treating 3x more patients per site per quarter compared to sites not in the program, demonstrating its effectiveness in improving patient care and throughput.

Greenbrook Acquisition and Integration:
- The acquisition of Greenbrook TMS provided Neuronetics with 95 clinics, enhancing its patient access and treatment capabilities.
- The integration of Greenbrook's clinics drove an increase in clinic revenue to $4.4 million and helped capture over 90% of identified cost synergies.

FDA Clearance and Adolescent Market Expansion:
- Neuronetics received FDA clearance for its NeuroStar system to treat adolescents, expanding its total addressable market for major depressive disorder.
- This clearance led to an 18% increase in customer sites treating adolescent patients and contributed to a 10% growth in new patient starts in 2024 compared to 2023.