Neuronetics Secures Additional $22.5 Million in Credit Facility to Support Neurohealth Therapies

Neuronetics, a leading medical technology company, has announced that it has drawn down the remaining $22.5 million from its credit facility with SLR Capital Partners. This move strengthens Neuronetics’ balance sheet in a non-dilutive manner and provides support for the company’s ongoing strategy to transform the lives of patients through neurohealth therapies.

Keith J. Sullivan, President and CEO of Neuronetics, expressed his satisfaction with the successful drawdown, highlighting the importance of bolstering the company’s balance sheet in the current challenging equity and debt capital markets environment. He emphasized that this additional capital removes any doubt about the company needing to access the equity markets and thanked SLR for their continued support.

Neuronetics had previously secured up to $60.0 million in borrowings through its senior secured credit facilities with SLR. The facility includes three tranches of term loans, and the company has now drawn down the entire $60.0 million available. The maturity date for the facility is set for March 29, 2028.

Neuronetics is a global leader in neuroscience, dedicated to redefining patient and physician expectations with its NeuroStar Advanced Therapy for Mental Health. NeuroStar is a non-drug, noninvasive treatment that has shown significant improvements in the quality of life for people suffering from neurohealth conditions when traditional medication has not been effective. NeuroStar is FDA-cleared for major depressive disorder, obsessive-compulsive disorder, and to decrease anxiety symptoms in patients with comorbid anxiety symptoms.

With over 5.6 million treatments delivered, NeuroStar Advanced Therapy is the leading transcranial magnetic stimulation treatment for major depressive disorder in adults. Neuronetics is committed to transforming lives by offering an exceptional treatment that produces extraordinary results.

By securing this additional capital, Neuronetics aims to further advance neurohealth therapies and drive the adoption of NeuroStar Advanced Therapy for mental health. The company believes it can achieve self-sustainability with its previous cash balance and aims to attain cash flow break-even in the fourth quarter of 2024 and on a full-year basis in 2025.

Neuronetics’ commitment to innovation and its strategic vision to improve mental health through cutting-edge therapies position the company as a leader in the field. With the continued support of SLR and its strengthened balance sheet, Neuronetics is well-positioned to make a significant impact in the neurohealth industry.