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Neuronetics, Inc. (NASDAQ: STIM) is a commercial-stage medical technology and healthcare company specializing in neurohealth therapies. The company develops and markets the NeuroStar Advanced Therapy System, a transcranial magnetic stimulation (TMS) device primarily used to treat major depressive disorder (MDD) and other FDA-cleared indications. Neuronetics generates revenue through the sale of its systems, treatment sessions, and related services, with operations in both the U.S. and international markets.
- Treatment Sessions - Provides consumables used during therapy sessions, which represent the largest revenue contributor for the company.
- NeuroStar Advanced Therapy System - Sells the NeuroStar system and related components, offering a non-invasive treatment option for MDD and other conditions.
- Other Services - Offers additional revenue streams, including service and support for its systems.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Keith J. Sullivan ExecutiveBoard | President and Chief Executive Officer | Director at Sientra, Inc.; Director at Venus Concept; Director at Cutera, Inc. | Keith J. Sullivan has been the CEO and President of Neuronetics, Inc. (STIM) since July 2020 and also serves as a Director on the company’s Board, bringing over 30 years of leadership experience in the medical device industry. | View Report → |
Stephen Furlong Executive | Executive Vice President, Chief Financial Officer, and Treasurer | Stephen Furlong is the Executive Vice President, Chief Financial Officer, and Treasurer at STIM since February 2023, and he previously served as Senior Vice President, CFO, and Treasurer, as well as Vice President, Finance and CFO at STIM. He has extensive experience from his prior roles at Metabolon, Verscend Technologies, Rapid Micro Biosystems, and Hologic. | ||
W. Andrew Macan Executive | Executive Vice President, General Counsel, Chief Compliance Officer, and Corporate Secretary | W. Andrew Macan has been serving as the Executive Vice President, General Counsel, Chief Compliance Officer, and Corporate Secretary at STIM since February 2023, and in January 2024 he additionally assumed responsibility for the Human Resources function. Previously, he held the role of Senior Vice President, General Counsel, Chief Compliance Officer, and Corporate Secretary at STIM from January 2020 to February 2023, and his extensive background includes leadership roles at U.S. Silica Holdings, Axalta Coating Systems, and The Chubb Corporation. | ||
Avinash Amin Board | Director | Managing Partner at Madryn Asset Management, LP (since 2017) ; Director at Calibrate Health (since 2023) ; Director at Willow Innovations (since January 2024) ; Director at BioQ Pharma (since 2023) | Avinash Amin, MD, is a Board Director at Neuronetics, Inc. (STIM) since December 10, 2024. He has extensive experience in healthcare investments and clinical operations, having held leadership roles at financial and healthcare firms. | |
Glenn P. Muir Board | Member of the Board of Directors | Director at Repligen Corporation; Director at G1 Therapeutics, Inc. | Glenn P. Muir has served as a Member of the Board of Directors at STIM since July 2017 and also serves as the Chair of the Audit Committee. He is recognized for his extensive financial experience, having held executive financial roles such as CFO at Hologic, Inc. from 1992 to 2014. | |
Megan Rosengarten Board | Member of the Board of Directors | Board of Directors at KoKo Medical; Board of Directors at BioCoat | Megan Rosengarten has served as a board member at STIM since August 2021. She has an extensive background in the medical device industry with leadership roles at Johnson & Johnson, Covidien, Hologic, and Medtronic. | |
Robert A. Cascella Board | Director and Chair of the Board | Board Director at Celestica; Board Director at Mirion Technologies; Board Director at Koru Medical Systems | Robert A. Cascella serves as Director and Chair of the Board at STIM since April 2021. He is a seasoned leader in the healthcare industry with previous executive roles at Philips and Hologic. | |
Sasha Cucuz Board | Director | CEO of Greybrook Securities Inc. since 2012; Chair of Greybrook Securities Inc. since 2005; Chair of Blue Genes Foundation since 2018; Chair of Greybrook Health Inc. since 2010; Director at Neupath Health Inc. since 2020 | Sasha Cucuz is a seasoned financial leader who joined STIM as a Director on the Board of Directors on December 10, 2024, leveraging extensive experience from prior roles such as CEO of Greybrook Securities Inc. since 2012 and multiple active board positions. | |
Sheryl L. Conley Board | Member of the Neuronetics Board and Chair of the Compensation Committee | Independent Board Director at Anika Therapeutics, Inc. | Sheryl L. Conley has served on the Neuronetics Board at STIM since October 2019, where she also chairs the Compensation Committee and serves on the Audit Committee. She brings extensive industry leadership experience from her previous executive roles at Zimmer, Inc., OrthoWorx, Inc., and AcceLINX, Inc. |
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Given the substantial capital commitment required for the SPRAVATO buy-and-bill model—approximately $5 million for inventory—and the potential impact on cash flow, how confident are you that this strategy won't hinder your goal of becoming cash flow positive by Q3 2025, and what specific measures are you implementing to mitigate cash flow risks?
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With gross margins expected to decline from 77.6% to approximately 55% due to the inclusion of Greenbrook clinics, which currently have margins around 35%, what are your detailed plans to improve the clinic margins beyond this level, and over what time frame should investors expect to see these improvements?
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Your guidance indicates operating expenses will increase to between $90 million and $98 million in 2025, up from a normalized run rate of around $75 million in 2024. Can you elaborate on the specific areas where these additional investments are being made and how they will contribute to revenue growth and achieving cash flow positivity by Q3 2025?
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Considering the challenges in standardizing the Better Me Provider (BMP) program across both existing customers and Greenbrook sites, what operational hurdles have you encountered, and how do you plan to ensure that over 500 sites will successfully meet all program standards by the end of the year to drive the anticipated increase in patient volume?
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With a significant decrease in cash and cash equivalents from $59.7 million at the end of 2023 to $18.5 million at the end of 2024, alongside a net loss of $12.1 million in Q4 2024, how do you plan to manage your cash reserves to support ongoing operations, the BMP expansion, and the SPRAVATO rollout without further dilution to shareholders?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Brainsway | The company sells other forms of TMS therapy that compete directly with the NeuroStar Advanced Therapy System. These competitors may develop treatments that can be administered for shorter time periods, for indications outside of MDD, or with improved efficacy compared to the company's products. |
Magstim | The company sells other forms of TMS therapy that compete directly with the NeuroStar Advanced Therapy System. These competitors may develop treatments that can be administered for shorter time periods, for indications outside of MDD, or with improved efficacy compared to the company's products. |
MagVenture | The company sells other forms of TMS therapy that compete directly with the NeuroStar Advanced Therapy System. These competitors may develop treatments that can be administered for shorter time periods, for indications outside of MDD, or with improved efficacy compared to the company's products. |
CloudTMS | The company sells other forms of TMS therapy that compete directly with the NeuroStar Advanced Therapy System. These competitors may develop treatments that can be administered for shorter time periods, for indications outside of MDD, or with improved efficacy compared to the company's products. |
Nexstim | The company sells other forms of TMS therapy that compete directly with the NeuroStar Advanced Therapy System. These competitors may develop treatments that can be administered for shorter time periods, for indications outside of MDD, or with improved efficacy compared to the company's products. |
Apollo TMS | The company sells other forms of TMS therapy that compete directly with the NeuroStar Advanced Therapy System. |
MAG & More GmbH | The company is listed as a competitor in the employment agreement attachment, indicating its involvement in manufacturing, distributing, or commercializing medical devices for depression treatment. |
Remed Co., Ltd | The company is listed as a competitor in the employment agreement attachment, indicating its involvement in manufacturing, distributing, or commercializing medical devices for depression treatment. |
Shenzhen Yingchi Technology Co. Ltd. | The company is listed as a competitor in the employment agreement attachment, indicating its involvement in manufacturing, distributing, or commercializing medical devices for depression treatment. |
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Greenbrook | Formerly largest TMS therapy customer, acquired in Dec 2024 | All | Contributed 12% of revenue in 2024 , 15% in 2023 , 17% in 2022. Accounts receivable: $0 in 2024, $1.9M in 2023. Notes receivable: $0 in 2024, $5.2M in 2023. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Greenbrook TMS Inc. | 2024 | Neuronetics acquired Greenbrook through an all-stock transaction (each Greenbrook share was exchanged for 0.01021 of a Neuronetics share) to create a vertically integrated mental health treatment provider, achieving enhanced cost synergies, increased revenue scale, and operational integration through merging sales teams and best practices across its network. |
Recent press releases and 8-K filings for STIM.
- Q1 2025 revenue reached $32.0M, up 7% from Q1 2024 and driven by an 84% U.S. increase, largely due to the Greenbrook acquisition .
- U.S. clinic revenue was $18.7M, including $9.6M from treatment sessions and $2.8M from the NeuroStar Advanced Therapy System .
- Loss from operations improved from approximately ($20.0M) in Q1 2024 to ($11.0M) in Q1 2025, with margins expanding from 43% to 49% .
- The company reported a net loss of $(12.7)M and $17.0M cash used in operations .
- Neuronetics completed a secondary offering that raised approximately $18.9M .
- Guidance for Q2 2025 was provided at $36.0M–$38.0M, leveraging the integrated NeuroStar and Greenbrook platforms .
- The company projects to be cash flow positive by Q3 2025 .