Neuronetics responds to Pointillist Family Office letter on valuation

Neuronetics Inc. (NASDAQ: STIM) issued a response to a public letter from Jorey Chernett at Pointillist Family Office that was published on April 6.

The medical technology company's board of directors and management team stated they are committed to acting in the best interests of all shareholders and regularly evaluate opportunities to maximize shareholder value, according to the company's statement. The board reviewed Chernett's letter and appreciates his engagement as a shareholder.

Neuronetics agreed with Chernett that the current valuation does not fully reflect the strength of the company's business. The board indicated it is open to constructive engagement with shareholders as the company executes strategic priorities to enhance long-term value.

The Malvern, Pennsylvania-based company develops and markets products for patients with neurohealth disorders and manufactures the NeuroStar Advanced Therapy system. Neuronetics also operates Greenbrook TMS Inc. treatment centers across the United States that offer NeuroStar Advanced Therapy for major depressive disorder and other mental health disorders.

The NeuroStar Advanced Therapy System has received U.S. Food and Drug Administration clearance for adults with major depressive disorder, as an adjunct for adults with obsessive-compulsive disorder, to decrease anxiety symptoms in adult patients with major depressive disorder, and as a first line adjunct for major depressive disorder treatment in adolescent patients aged 15-21.

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