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    Max Kruszeski

    Research Analyst at William Blair

    Max Kruszeski is an Equity Research Associate at William Blair, specializing in equity research analysis within the healthcare sector. He covers companies such as Neuronetics Inc. and participates in earnings calls and industry diligence, supporting lead analysts in generating actionable investment insights. Kruszeski began his tenure at William Blair after graduating with a finance or business-related background and has held this role since at least early 2024, with no prior major firms listed in public records. He is registered with FINRA under CRD# 7931182 as a broker, reflecting his professional securities credentials and regulatory compliance.

    Max Kruszeski's questions to Neuronetics (STIM) leadership

    Max Kruszeski's questions to Neuronetics (STIM) leadership • Q4 2024

    Question

    Max Kruszeski inquired about the post-acquisition gross margin profile, potential levers for improvement, the productivity of the remaining Greenbrook clinics, and the status of the SPRAVATO rollout.

    Answer

    CFO Steve Furlong explained that the consolidated 55% gross margin guidance for 2025 results from blending Neuronetics' ~77% margin with Greenbrook's clinic margin, which is expected to improve from the high 20s to 35%. CEO Keith Sullivan added that the 95 Greenbrook clinics are their most profitable, with no plans for further reductions, and noted that 63 clinics offer SPRAVATO, with 35 already on the higher-revenue buy-and-bill model.

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