Neuronetics Settles Unfair Competition Related Litigation Against BrainsWay

Neuronetics Inc STIM settled the litigation filed in the District of Delaware against BrainsWay Ltd BWAY and BrainsWay USA Inc. for unfair competition.
Under the terms of the settlement, BrainsWay agreed to stop using the efficacy data for the treatment of anxious depression with NeuroStar Advanced Therapy for Mental Health which was at issue in the Complaint filed by Neuronetics.
"As I said at the outset of this litigation, Neuronetics will vigorously defend our data and the efficacy of NeuroStar Advanced Therapy for Mental Health," said Keith J. Sullivan, President & CEO.
The parties have agreed to keep the additional terms of the settlement agreement confidential.
Monday, Neuronetics reported Q4 FY22 preliminary revenues of $18.0 million compared to previously stated guidance of $16.0 to $17.0 million and FY22 sales of $65 million compared to previous guidance of $63.0 to $64.0 million.
Price Action: STIM shares are up 4.73% at $6.86 on the last check Tuesday.