Northwell Health Opens Center for Bioelectronic Medicine
The first Center is located at 350 Community Drive in Manhasset, NY. The facility features a waiting area, patient rooms and a clinical space for research nurses, doctors and clinical trial coordinators to consult with patients and participants. Northwell intends to relocate and expand the Manhasset location within the next few years. Planning is underway for a second center located in Manhattan, NY.
'Northwell Health prides itself on offering patients innovative treatment. Bioelectronic medicine has shown benefit to patients in clinical trials, and with the development and expansion of the field, we have an opportunity to offer this cutting-edge treatment to our patients,' said Michael J. Dowling, president and CEO of Northwell. 'Northwell's Center for Bioelectronic Medicine is a unique destination where doctors, scientists and patients will explore and potentially benefit from today's medical advancements.'
The scientific foundation of bioelectronic medicine stems from research conducted by Kevin J. Tracey, MD, president and CEO of The Feinstein Institutes for Medical Research, Northwell's home of medical research, and author of the new book The Great Nerve: The New Science of the Vagus Nerve and How to Harness Its Healing Reflexes – available today. For nearly four decades, Dr. Tracey and collaborators published their discoveries about a link between the brain, immune system, and inflammation and whether or not their connection could be modulated through technology and electrical signals, like vagus nerve stimulation. Today, bioelectronic medicine clinical trials are conducted at Northwell and around the world. In 2023, Northwell was a site for the SetPoint Medical RESET-RA study, which evaluated a novel treatment option for rheumatoid arthritis (RA) using neuroimmune modulation, a therapy that uses electrical stimulation to modulate functions of the immune system.
Dawn Steiner, one of the RESET-RA trial participants, has firsthand experience with the debilitating effects of RA. For more than a decade, the 58-year-old speech and language pathologist from Massapequa, NY, felt excruciating pain that often left her bedridden. An avid Mets fan and concertgoer, Dawn found herself unable to enjoy the things she loved – or even conduct everyday tasks, like brushing her teeth or tying her shoes – because of her RA flare-ups or her medication's side effects. Over the years, she tried more than eight biological RA medications that often didn't relieve her symptoms and made her feel troubling side effects. After seeing family and friends benefit from enrolling in clinical trials for other conditions, Dawn enrolled in the SetPoint Medical trial and today many of her symptoms are relieved.
'A year after receiving this therapy, I feel as good as I did before my RA diagnosis – like a different person. I feel better, and I'm able to just feel healthy and do all the things that make me happy without those awful, awful medications,' Steiner said. 'To the researchers, thank you! I'm so glad you looked into a different type of technology. From my perspective, this is the future of rheumatoid arthritis treatment.'
The new Center will aim to connect participants like Dawn to bioelectronic medicine clinical trials. Current bioelectronic medicine trials underway at Northwell include treatments for pediatric inflammatory bowel disease, methods to stop excessive bleeding, treatments for post-traumatic stress disorders and brain implant applications to reverse paralysis.
'There is optimism that bioelectronic medicine could replace some drugs that have serious side effects and associated costs, and I am interested in continuing research in this field to better understand the language of the nervous system and see if we can use that knowledge to help the body heal itself,' said Dr. Tracey, Karches Family Distinguished Chair in Medical Research at the Donald and Barbara Zucker School of Medicine at Hofstra/Northwell. 'Clinical trial participants are my heroes – their courage and commitment send ripples of change throughout medicine, bringing us closer to a future where we can treat diseases in safer, more effective, and personalized ways.'
At the Feinstein Institutes, medical researchers use modern technology to develop novel device-based therapies to treat disease and injury. Engineers, computer scientists, immunologists, neuroscientists, and clinicians develop cutting-edge medicine, including neuroimmune modulation, miniature implants for stimulating and recording the vagus nerve, noninvasive ultrasound neuromodulation to suppress inflammation, and novel brain-computer interfaces to overcome injuries of the nervous system.
In the early 2000s, Dr. Tracey and his colleagues discovered that the brain regulates the production of inflammatory proteins, a key aspect of the body's immune response. This brain-body-immune connection was termed the 'inflammatory reflex.' Despite the revelation more than two decades ago, a recent national survey conducted by Ipsos on behalf of the Feinstein Institutes suggests that many Americans are unaware of this connection between the brain and the body. According to the survey, nearly two-thirds of Americans (64%) don't believe or don't know that the brain controls inflammation. Uncontrolled inflammation can contribute to diseases like RA, Crohn's disease, and inflammatory bowel disease. Dr. Tracey's research led to the founding of SetPoint Medical in 2007; where he currently serves as an advisor. Dr. Tracey's book, The Great Nerve, explores the groundbreaking discovery of how stimulating the vagus nerve can treat chronic illnesses and improve overall health, offering both scientific explanations and real-life patient stories.
For more information about bioelectronic medicine, click here. If you are interested in learning more about the center and current bioelectronic clinical trials offered at Northwell Health, click here or call 1-227-BIO-INST (246-4678).
For download able photos and videos of Dawn, Dr. Tracey, the Center for Bioelectronic Medicine and others, click here.
About Northwell Health
Northwell is the largest not-for-profit health system in the Northeast, serving residents of New York and Connecticut with 28 hospitals, more than 1,000 outpatient facilities, 22,000 nurses and over 20,000 physicians. Northwell cares for more than three million people annually in the New York metro area, including Long Island, the Hudson Valley, western Connecticut and beyond, thanks to philanthropic support from our communities. Northwell is New York State's largest private employer with over 104,000 employees – including members of Northwell Health Physician Partners and Nuance Health Medical Practices – who are working to change health care for the better. Northwell is making breakthroughs in medicine at the Feinstein Institutes for Medical Research. Northwell is training the next generation of medical professionals at the visionary Donald and Barbara Zucker School of Medicine at Hofstra/Northwell and the Hofstra Northwell School of Nursing and Physician Assistant Studies. For information on our more than 100 medical specialties, visit Northwell.edu and follow us @NorthwellHealth on Facebook, X, Instagram and LinkedIn.
About the Feinstein Institutes:
The Feinstein Institutes for Medical Research is the home of the research institutes of Northwell Health, the largest health care provider and private employer in New York State. Encompassing 50+ research labs, 3,000 clinical research studies and 5,000 researchers and staff, the Feinstein Institutes raises the standard of medical innovation through its six institutes of behavioral science, bioelectronic medicine, cancer, health system science, molecular medicine, and translational research. We are the global scientific leader in bioelectronic medicine – an innovative field of science that has the potential to revolutionize medicine. The Feinstein Institutes publishes two open-access, international peer-reviewed journals Molecular Medicine and Bioelectronic Medicine. Through the Elmezzi Graduate School of Molecular Medicine, we offer an accelerated PhD program. For more information about how we produce knowledge to cure disease, visit http://feinstein.northwell.edu and follow us on LinkedIn.
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91,990 $ 24,425 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 18,741 6,644 Stock-based compensation 60,584 43,074 Net accretion on securities (1,060 ) (2,281 ) Benefit for deferred taxes (10,346 ) — Impairment of long-lived assets — 114 Amortization of debt discount and issuance costs 1,047 — Non-cash operating lease cost 4,594 1,221 Non-cash acquisition-related costs 2,985 — Non-cash other (1,315 ) 412 Changes in operating assets and liabilities: Inventory (77,373 ) (18,124 ) Prepaid expenses and other current assets (38,081 ) (1,430 ) Other long-term assets (10 ) (47 ) Accounts payable 5,146 16,156 Accrued liabilities 11,737 (24 ) Deferred revenue 23,132 13,257 Operating lease liabilities (1,798 ) (1,140 ) Earn-out payable — (2,825 ) Net cash provided by operating activities 89,973 79,432 Investing activities Purchases of investments — (97,539 ) Maturities of investments 60,569 126,095 Investment in website development and internal-use software (7,961 ) (6,191 ) Purchases of property, equipment, and intangible assets (101,392 ) (13,793 ) Acquisition of business, net of cash acquired (5,100 ) — Net cash (used in) provided by investing activities (53,884 ) 8,572 Financing activities Proceeds from issuance of convertible senior notes, net of debt discount 970,000 — Purchases of capped calls related to convertible senior notes (47,800 ) — Proceeds from exercise of vested stock options 6,497 16,472 Payments for taxes related to net share settlement of equity awards (62,475 ) (22,281 ) Proceeds from employee stock purchase plan 2,970 1,622 Payments for debt issuance costs (3,041 ) — Repurchases of common stock — (47,996 ) Payments for acquisition-related earn-out consideration — (3,190 ) Net cash provided by (used in) financing activities 866,151 (55,373 ) Foreign currency effect on cash and cash equivalents 1,270 1 Increase in cash, cash equivalents, and restricted cash 903,510 32,632 Cash, cash equivalents, and restricted cash at beginning of period 221,440 97,519 Cash, cash equivalents, and restricted cash at end of period $ 1,124,950 $ 130,151 Reconciliation of cash, cash equivalents, and restricted cash Cash and cash equivalents $ 1,124,582 $ 129,295 Restricted cash 368 856 Total cash, cash equivalents, and restricted cash $ 1,124,950 $ 130,151 Supplemental disclosures of cash flow information Cash paid for taxes $ 23,047 $ 3,468 Non-cash investing and financing activities Purchases of property and equipment included in accounts payable and accrued liabilities $ 16,954 $ 1,256 Deferred debt issuance costs included in accounts payable and accrued liabilities 249 — Right-of-use asset obtained in exchange for lease liability 63,434 2,174 Issuance of common stock in connection with asset acquisition 12,760 — Common stock to be issued for asset acquisition indemnification holdback 6,380 — Issuance of common stock for acquisition-related earn-out consideration — 1,396 Expand Non-GAAP Financial Measures In addition to our financial results determined in accordance with U.S. GAAP, we present Adjusted EBITDA (which is a non-GAAP financial measure), Adjusted EBITDA margin (which is a non-GAAP ratio), and Free Cash Flow (which is a non-GAAP financial measure) each as defined below. We use Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow, when taken together with the corresponding U.S. GAAP financial measures, provide meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our business, results of operations, or outlook. We consider Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow to be important measures because they help illustrate underlying trends in our business and our historical operating performance on a more consistent basis. We believe that the use of Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow is helpful to our investors as they are used by management in assessing the health of our business, our operating performance, and our liquidity. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with U.S. GAAP. In addition, other companies, including companies in our industry, may calculate similarly-titled non-GAAP financial measures or ratios differently or may use other financial measures or ratios to evaluate their performance, all of which could reduce the usefulness of Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow as tools for comparison. Reconciliations are provided below to the most directly comparable financial measures stated in accordance with U.S. GAAP. Investors are encouraged to review our U.S. GAAP financial measures and not to rely on any single financial measure to evaluate our business. Adjusted EBITDA is a key performance measure that our management uses to assess our operating performance. Because Adjusted EBITDA facilitates internal comparisons of our historical operating performance on a more consistent basis, we use this measure for business planning purposes. 'Adjusted EBITDA' is defined as net income before stock-based compensation, depreciation and amortization, acquisition and transaction-related costs (which includes (i) consideration paid for employee and nonemployee compensation with vesting requirements incurred directly as a result of acquisitions, and (ii) transaction professional services), payroll tax expense related to stock-based compensation, impairment of long-lived assets, interest income and expense, net, and income taxes. 'Adjusted EBITDA margin' is defined as Adjusted EBITDA divided by revenue. In the second quarter of 2025, we revised our definition of Adjusted EBITDA to include payroll tax expense related to stock-based compensation, which comprises employer taxes incurred upon vesting of restricted stock units and upon exercise of nonqualified stock options. As a result of recent trends in our stock price, this amount was not considered significant for prior periods and, accordingly, prior period disclosures were not recast to conform to the current presentation. Some of the limitations of Adjusted EBITDA include (i) Adjusted EBITDA does not properly reflect capital commitments to be paid in the future, and (ii) although depreciation and amortization are non-cash charges, the underlying assets may need to be replaced and Adjusted EBITDA does not reflect these capital expenditures. In evaluating Adjusted EBITDA, you should be aware that in the future we will incur expenses similar to the adjustments in this presentation. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by these expenses or any unusual or non-recurring items. We compensate for these limitations by providing specific information regarding the U.S. GAAP items excluded from Adjusted EBITDA. When evaluating our performance, you should consider Adjusted EBITDA in addition to, and not as a substitute for, other financial performance measures, including our net income and other U.S. GAAP results. Free Cash Flow is a key performance measure that our management uses to assess our liquidity. Because Free Cash Flow facilitates internal comparisons of our historical liquidity on a more consistent basis, we use this measure for business planning purposes. 'Free Cash Flow' is defined as net cash (used in) provided by operating activities, less purchases of property, equipment, and intangible assets and investment in website development and internal-use software in investing activities. Some of the limitations of Free Cash Flow include (i) Free Cash Flow does not represent our residual cash flow for discretionary expenditures and our non-discretionary commitments, and (ii) Free Cash Flow includes capital expenditures, the benefits of which may be realized in periods subsequent to those in which the expenditures took place. In evaluating Free Cash Flow, you should be aware that in the future we will have cash outflows similar to the adjustments in this presentation. Our presentation of Free Cash Flow should not be construed as an inference that our future results will be unaffected by these cash outflows or any unusual or non-recurring items. When evaluating our performance, you should consider Free Cash Flow in addition to, and not as a substitute for, other financial performance measures, including our net cash (used in) provided by operating activities and other U.S. GAAP results.
