Piper Sandler analyst Adam Maeder notes that Neuronetics (STIM) announced that it had signed a 6-year exclusive partnership agreement with Greenbrook TMS (GBNH), which expands off of the previous commercial partnership. Under the deal, Neuronetics’ NeuroStar system will be the only TMS equipment supplied at all Greenbrook locations. Furthermore, Greenbrook’s acquisition of Success TMS will add 47 more TMS centers to the company’s network, which should yield even more system placements and treatment sessions provided by Neuronetics, Maeder adds. The agreement also has minimum purchase commitments, and all treatment session purchases will convert to a "per-click" consumable model, which the analyst believes could translate to material, high margin revenue for the company. He reiterates an Overweight rating on Neuronetics with a price target of $8.
Published first on TheFly
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