Neuronetics, Inc. (STIM) · 10+ Years of Financial Ratios

Profitability	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	- -	-50.39	-30.9	-26.75	-30.7	-28.37	-28.79	-25.95
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	80.65	76.18	76.42	75.44	76.54	78.93	76.26	72.47
EBITDA Margin (%)	-25.31	-32.18	-35.91	-41.28	-43.39	-47.92	-51.32	-40.01
Operating Margin (%)	-27.28	-33.66	-37.58	-42.98	-45.3	-49.83	-53.85	-42.82
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	-32.82	-39.72	-45.66	-46.35	-55.75	-56.39	-56.99	-42.28
Profit Margin (%)	-32.82	-39.72	-45.66	-46.35	-55.75	-56.39	-56.99	-42.31
Net Income to Common Margin (%)	-32.82	-39.72	-45.66	-46.35	-55.75	-56.39	-56.99	-42.31
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -

Credit	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Debt	20	30	30	34	38	40	40	62
ST Debt	4	- -	- -	12	1	1	14	1
LT Debt	16	30	30	23	38	39	26	62
Total Debt/EBITDA	-2.32	-2.27	-1.6	-1.33	-1.79	-1.49	-1.19	-2.19
Net Debt/EBITDA	-0.36	-0.03	3.91	1.72	0.67	2.22	1.03	0.01
Total Debt/EBIT	-2.16	-2.17	-1.53	-1.27	-1.72	-1.43	-1.13	-2.04
Net Debt/EBIT	-0.33	-0.03	3.74	1.65	0.64	2.13	0.98	0.01
EBITDA to Interest Expense	-4.72	-4.63	-5.14	-7.02	-4.73	-6.59	-7.87	-5.95
EBITDA-CapEx/Interest Expense	-4.9	-4.85	-5.41	-7.24	-4.89	-7.18	-8.64	-6.44
EBIT to Interest Expense	-5.09	-4.85	-5.38	-7.31	-4.93	-6.86	-8.26	-6.37
Interest Expense	2	3	4	4	5	4	4	5
Common Equity/Total Assets	-729.43	-505.79	-188.74	-249.48	-352.61	-218.43	-295.69	-324.43
Long-Term Debt/Equity (%)	- -	- -	42.78	47.06	148.04	45.64	45.21	180.25
Long-Term Debt/Capital (%)	-9.73	-17.66	-15.96	-10.45	-15.79	-14.46	-8.43	-19.67
Long-Term Debt/Total Assets (%)	63.1	75.91	25.97	22.48	47.98	27.53	22.07	53.21
Total Debt/Equity (%)	-11.37	-15.34	42.78	71.73	150.37	46.43	69.65	182.73
Total Debt/Capital (%)	-12.53	-17.66	-15.96	-15.92	-16.04	-14.7	-12.99	-19.94
Total Debt/Total Assets (%)	81.21	75.91	25.97	34.27	48.74	28	34	53.94
Net Debt to Equity	-1.75	-0.21	-104.43	-93.12	-56.24	-69.04	-60.26	-1.15
Net Debt/Capital (%)	-1.74	-0.21	25.14	15.3	4.98	16.2	9.14	0.11
EBITDA	-9	-13	-19	-26	-21	-27	-33	-29
EBITDA-CapEx	-9	-14	-20	-27	-22	-29	-37	-31
Operating Income (Loss)	-9	-14	-20	-27	-22	-28	-35	-31

Liquidity	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Cash Ratio	1.28	2.43	7.71	2.77	3.72	6.14	2.17	3.06
Current Ratio	1.72	3.09	8.44	3.19	4.75	7.34	2.98	4.73
Quick Ratio	1.55	2.79	8.13	3	4.24	6.63	2.58	3.96
CFO/Avg Current Liab	- -	-0.88	-1.61	-1.48	-1.37	-1.9	-1.26	-1.21
Common Equity/Total Assets	-729.43	-505.79	-188.74	-249.48	-352.61	-218.43	-295.69	-324.43
Long-Term Debt/Equity (%)	- -	- -	42.78	47.06	148.04	45.64	45.21	180.25
Long-Term Debt/Capital (%)	-9.73	-17.66	-15.96	-10.45	-15.79	-14.46	-8.43	-19.67
Long-Term Debt/Total Assets (%)	63.1	75.91	25.97	22.48	47.98	27.53	22.07	53.21
Total Debt/Equity (%)	-11.37	-15.34	42.78	71.73	150.37	46.43	69.65	182.73
Total Debt/Capital (%)	-12.53	-17.66	-15.96	-15.92	-16.04	-14.7	-12.99	-19.94
Total Debt/Total Assets (%)	81.21	75.91	25.97	34.27	48.74	28	34	53.94
CFO/Total Liabilities	-4.23	-4.81	-44.78	-58.27	-53.4	-49.93	-51.38	-39.24
CFO/CapEx	-26.36	-18.76	-20.37	-37.49	-38.89	-11.89	-9.4	-13.52
Altman's Z-Score	-9.61	-6.43	2.68	-2.08	-2.09	-1.28	-2.14	-3.43

Working Capital	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Accounts Receivable Turnover	- -	10.31	10.68	10.28	7.17	7.44	6.12	4.86
Days Sales Outstanding	- -	35.4	34.19	35.5	50.9	49.07	59.61	75.13
Inventory Turnover	- -	4.63	5.08	5.91	3.56	2.27	2	2.31
Days Inventory Outstanding	- -	78.9	71.84	61.75	102.59	161.04	182.25	157.87
Accounts Payable Turnover	- -	5.21	3.96	3.75	2.99	3.6	5.29	5.24
Accounts Payable Turnover Days	- -	70.1	92.18	97.22	122.27	101.32	68.95	69.61
Cash Conversion Cycle	- -	44.21	13.85	0.03	31.22	108.79	172.91	163.39
Inventory to Cash Days	- -	-43.49	-37.66	-26.25	-51.69	-111.97	-122.65	-82.74
Inventories	2	2	2	3	4	7	9	8
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	2	2	2	3	4	7	9	8

Enterprise Value	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Market Capitalization	- -	- -	337	83	211	111	176	82
- Cash & Cash Equivalents	17	29	105	76	49	94	70	60
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	20	30	30	34	38	40	40	62
Enterprise Value	3	- -	263	41	199	54	144	84
Total Capital	-161	-167	-190	-216	-239	-269	-306	-313
Total Debt/Capital (%)	-12.53	-17.66	-15.96	-15.92	-16.04	-14.7	-12.99	-19.94
Total Debt / EV	6.5	72.26	0.12	0.85	0.19	0.74	0.28	0.75
EV/Sales	0.09	0.01	4.98	0.65	4.03	0.97	2.21	1.17
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Market Cap	- -	- -	170	82	208	107	174	81
Diluted Enterprise Value	3	- -	96	40	197	52	143	83
EV per Share	281.64	0.02	14.82	2.17	10.39	2.04	5.28	2.88
TTM Sales	34	40	53	63	49	55	65	71
TTM EBITDA	-9	-13	-19	-26	-21	-27	-33	-29
TTM Operating Income	-9	-14	-20	-27	-22	-28	-35	-31
TTM Cash Flow to Firm	-7	-8	-17	-27	-24	-24	-26	-27
TTM Free Cash Flow to Firm	-6	-8	-16	-26	-23	-22	-23	-25

Multiples	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Average	- -	- -	-9.76	-7.57	-2.84	-8.88	-2.65	-2.58
Price/Earnings High	- -	- -	-13.49	-11.94	-7.39	-15.18	-4.84	-6.27
Price/Earnings Low	- -	- -	-5.94	-2.55	-0.88	-3.16	-1.51	-1
Price/Book Value	- -	- -	-1.53	-0.33	-0.76	-0.36	-0.51	-0.22
Price/Book Value Average	- -	- -	-2.11	-0.89	-0.29	-0.93	-0.29	-0.21
Price/Book Value High	- -	- -	-2.92	-1.41	-0.74	-1.59	-0.53	-0.51
Price/Book Value Low	- -	- -	-1.29	-0.3	-0.09	-0.33	-0.16	-0.08
Price/Tangible Book Value	- -	- -	4.75	1.73	8.28	1.3	3.09	2.39
Price/Tangible Book Value Average	- -	- -	6.57	4.66	3.1	3.37	1.75	2.31
Price/Tangible Book Value High	- -	- -	9.07	7.35	8.08	5.76	3.19	5.62
Price/Tangible Book Value Low	- -	- -	4	1.57	0.96	1.2	1	0.89
Price/Sales	- -	- -	3.22	1.3	4.22	1.93	2.67	1.13
Price/Sales Average	- -	- -	4.46	3.51	1.58	5.01	1.51	1.09
Price/Sales High	- -	- -	6.16	5.53	4.12	8.56	2.76	2.66
Price/Sales Low	- -	- -	2.71	1.18	0.49	1.78	0.86	0.42
Price/Cash Flow	- -	- -	-8.26	-2.68	-7.32	-3.82	-5.65	-2.51
Price/Cash Flow Average	- -	- -	-11.42	-7.21	-2.75	-9.9	-3.21	-2.43
Price/Cash Flow High	- -	- -	-15.78	-11.37	-7.15	-16.93	-5.85	-5.91
Price/Cash Flow Low	- -	- -	-6.95	-2.43	-0.85	-3.52	-1.83	-0.94
Price/Free Cash Flow	- -	- -	-8.68	-2.75	-7.52	-4.17	-6.33	-2.71
Price/Free Cash Flow Average	- -	- -	-12.01	-7.41	-2.82	-10.8	-3.59	-2.63
Price/Free Cash Flow High	- -	- -	-16.6	-11.68	-7.33	-18.48	-6.54	-6.38
Price/Free Cash Flow Low	- -	- -	-7.31	-2.5	-0.87	-3.85	-2.05	-1.01
EV/Sales	0.09	0.01	4.98	0.65	4.03	0.97	2.21	1.17
EV/Sales Average	0.09	0.01	7.43	2.9	1.39	4.2	1.06	1.15
EV/Sales High	0.09	0.01	10.81	4.95	3.96	7.88	2.32	2.73
EV/Sales Low	0.09	0.01	3.97	0.54	0.28	0.86	0.4	0.47
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Average	-0.36	-0.03	-20.7	-7.02	-3.21	-8.76	-2.07	-2.87
EV/EBITDA High	-0.36	-0.03	-30.09	-12	-9.14	-16.45	-4.53	-6.83
EV/EBITDA Low	-0.36	-0.03	-11.07	-1.31	-0.65	-1.79	-0.79	-1.17
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	-0.33	-0.03	-19.78	-6.74	-3.07	-8.43	-1.98	-2.68
EV/EBIT High	-0.33	-0.03	-28.75	-11.52	-8.75	-15.82	-4.32	-6.39
EV/EBIT Low	-0.33	-0.03	-10.57	-1.25	-0.62	-1.73	-0.75	-1.09
Last Price	- -	- -	19	4.44	11.04	4.19	6.46	2.81
High Price	- -	- -	36.32	18.86	10.77	18.59	6.68	6.61
Low Price	- -	- -	16	4.03	1.28	3.87	2.09	1.05
Enterprise Value	3	- -	263	41	199	54	144	84
Enterprise Value Average	3	- -	392	182	68	232	69	82
Enterprise Value High	3	- -	570	310	195	436	152	195
Enterprise Value Low	3	- -	210	34	14	48	26	33

Per Share Data Items	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Shares Outstanding	- -	17	18	19	19	26	27	29
Diluted Weighted Avg Shares	- -	- -	9	18	19	25	27	29
Basic Weighted Avg Shares	- -	- -	9	18	19	25	27	29
Revenue per Share	3,111.64	3,675.73	5.9	3.41	2.61	2.17	2.42	2.49
EBITDA per Share	-787.64	-1,182.91	-2.12	-1.41	-1.13	-1.04	-1.24	-1
Operating Income per Share	-848.82	-1,237.09	-2.22	-1.47	-1.18	-1.08	-1.31	-1.07
Basic EPS, GAAP	-1,021.27	-1,459.91	-2.69	-1.58	-1.46	-1.22	-1.38	-1.05
Basic EPS from Cont Ops	-1,021.27	-1,459.91	-2.69	-1.58	-1.46	-1.22	-1.38	-1.05
Diluted EPS, GAAP	-1,021.27	-1,459.91	-2.69	-1.58	-1.46	-1.22	-1.38	-1.05
Diluted EPS from Cont Ops	-1,021.27	-1,459.91	-2.69	-1.58	-1.46	-1.22	-1.38	-1.05
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	-776.45	-1,013.09	-2.3	-1.66	-1.51	-1.1	-1.14	-1.12
Free Cash Flow per Basic Share	-805.91	-1,067.09	-2.41	-1.7	-1.55	-1.19	-1.26	-1.2
Cash & Equivalents per Share	1,549.09	1.74	5.89	4.11	2.66	3.65	2.64	2.08
Book Value per Share	-16,444.09	-11.76	-12.45	-13.4	-14.51	-11.69	-12.67	-12.92
Tangible Book Value per Share	-16,102.18	-11.5	4	2.57	1.33	3.23	2.09	1.18

Neuronetics, Inc.

STIM US

2.06

2.06