Neuronetics (STIM) Company Report

TriWest, the regional administrator for TRICARE, has expanded its medical policy to include NeuroStar® TMS coverage for adolescents aged 15 and older.
This policy update is effective immediately for TRICARE beneficiaries in 26 states, impacting active and retired military service members and their eligible family members.
The expansion provides access to treatment for an estimated 4.3 million U.S. adolescents aged 15-21 affected by major depression, with NeuroStar being the first TMS company with FDA clearance for adolescent treatment.

Nov 12, 2025, 3:33 PM

Press Release

Neuronetics Reports Q3 2025 Revenues and Strategic Integration Updates

STIM

Earnings

M&A

Guidance Update

Neuronetics reported Total Revenues of $37,297 thousand for Q3 2025.
The company, following its combination with Greenbrook TMS Inc., operates over 420 Better Me Provider (BMP) clinics across 49 states and had a 2024 full-year consolidated adjusted net proforma revenue of $129.431 million.
The combined entity is poised to deliver mid-teens revenue growth and expects to achieve profitability in the near-term.
The SPRAVATO® program is expanding, with 89 treatment centers expected to offer it by the end of Fiscal 2025.

Nov 4, 2025, 1:30 PM

Presentation

Neuronetics Reports Q3 2025 Results, Updates Full-Year Guidance, and Announces CEO Retirement

STIM

Earnings

Guidance Update

Management Change

Neuronetics reported Q3 2025 total revenue of $37.3 million, an increase of 101% compared to Q3 2024, or 11% on an adjusted pro forma basis. Greenbrook clinics contributed $21.8 million in revenue, up 25% adjusted pro forma, and NeuroStar treatment session utilization grew 11% year-over-year on a pro forma basis.
The company achieved a gross margin of 45.9% and a net loss of $9.4 million (or $0.13 per share) for Q3 2025, with EBITDA at negative $6.4 million.
Operating cash use significantly improved to $0.8 million in Q3 2025, down from $17 million in Q1 and $3.5 million in Q2, with a total cash balance of $34.5 million as of September 30, 2025.
Neuronetics updated its full-year 2025 revenue guidance to between $147 million-$150 million (previously $149 million-$155 million) and gross margin to between 47%-49% (previously 48%-50%), while maintaining operating expense guidance of $100 million-$105 million. The company continues to target positive cash flow from operations in Q4 2025, projected between $2 million positive and $2 million negative.
CEO Keith Sullivan announced his intention to retire from Neuronetics on June 30, 2026.

Nov 4, 2025, 1:30 PM

Transcript

Neuronetics Reports Q3 2025 Financial Results and Announces CEO Transition Plan

STIM

Earnings

CEO Change

Guidance Update

Neuronetics reported $37.3 million in total revenue for Q3 2025, representing an 11% adjusted pro forma increase compared to Q3 2024, and a net loss of $(9.4) million, or $(0.13) per share. The company concluded the quarter with $34.5 million in total cash.
President and Chief Executive Officer, Keith J. Sullivan, announced his intention to retire effective June 30, 2026, and the company has commenced a search for his successor.
The company updated its full-year 2025 total worldwide revenue guidance to between $147 million and $150 million (previously $149 million to $155 million) and gross margin guidance to between 47% and 49% (previously 48% to 50%). Neuronetics also received an additional $10 million in funding and extended its minimum liquidity requirement.

Nov 4, 2025, 12:10 PM

8-K

Neuronetics Reports Q3 2025 Results, Updates Guidance, and Announces CEO Transition

STIM

Earnings

CEO Change

Guidance Update

Neuronetics reported Q3 2025 total revenue of $37.3 million, an 11% increase on an adjusted pro forma basis compared to Q3 2024, with Greenbrook clinic revenue growing 25% on an adjusted pro forma basis to $21.8 million. The company recorded a net loss of $(9.4) million, or $(0.13) per share, and ended the quarter with $34.5 million in total cash.
President and CEO, Keith J. Sullivan, announced his intention to retire effective June 30, 2026, and the company has initiated a search for his successor.
The company revised its full-year 2025 total worldwide revenue guidance to between $147 million and $150 million (previously $149 million to $155 million) and gross margin to between 47% and 49% (previously 48% to 50%).
Neuronetics secured an additional $10 million in funding under its Perceptive debt agreement and raised $7.8 million in net proceeds from an at-the-market equity offering.
New York State Medicaid expanded coverage for TMS Therapy, including NeuroStar Advanced Therapy, for Major Depressive Disorder, with coverage effective October 1, 2025, for fee-for-service members and November 1, 2025, for managed care plans.

Nov 4, 2025, 12:05 PM

Press Release

Neuronetics Announces Exclusive Partnership with Elite DNA Behavioral Health

STIM

New Projects/Investments

Neuronetics, Inc. has entered into an exclusive three-year agreement with Elite DNA Behavioral Health, positioning Neuronetics as the sole provider of transcranial magnetic stimulation (TMS) devices across Elite DNA’s 30+ locations.
The collaboration leverages Neuronetics’ Greenbrook platform to offer Elite DNA expanded fee-based, operational, and patient-support services, including PHQ-10 processing, TMS consultations, and scheduling.
This expanded partnership, which aims to expand NeuroStar’s reach and patient access to TMS therapy, began with a pilot launch in the fourth quarter of 2025 and is scheduled for further expansion in 2026.

Oct 30, 2025, 12:32 PM

Press Release

Neuronetics Reports Q2 2025 Results and Updates 2025 Guidance

STIM

Earnings

Guidance Update

CFO Change

Neuronetics reported total revenue of $38.1 million for the second quarter of 2025, marking a 132% increase compared to the second quarter of 2024, primarily due to the Greenbrook TMS Inc. acquisition.
The company reduced cash used in operations to $3.5 million in Q2 2025. Additionally, it secured an extra $10 million in funding in August 2025 and extended its $2 million minimum liquidity requirement to September 2026.
For the full year 2025, Neuronetics updated its guidance, now expecting gross margin between 48% and 50% and total operating expenses between $100.0 million and $105.0 million. The company anticipates achieving positive cash flow from operations in Q4 2025, a revision from its previous Q3 2025 expectation.
Steven Pfanstiel was appointed as Chief Financial Officer, effective July 15, 2025.

Aug 5, 2025, 12:00 AM

8-K

Neuronetics Reports Strong Efficacy of NeuroStar TMS in Adolescent Depression Study

STIM

New Projects/Investments

Neuronetics announced the publication of real-world findings in the Journal of the American Academy of Child & Adolescent Psychiatry Open (JAACAP Open) demonstrating strong antidepressant treatment effects of NeuroStar TMS in adolescent and young adult patients.
The study, based on the NeuroStar TrakStar Clinical Database, included 1,283 patients aged 12-21, with approximately 70% reporting positive clinically meaningful improvement.
Since NeuroStar received FDA clearance in March 2024 as an add-on therapy for adolescents aged 15-21, Neuronetics has observed over a one-third increase in adolescents being treated with NeuroStar.
The company highlights a significant market opportunity, as one in five adolescents experience major depressive disorder, with the majority going untreated due to limited FDA-approved medications.

Jul 30, 2025, 12:32 PM

Press Release

Neuronetics Reports Q1 2025 Earnings and Operating Results

STIM

Earnings

Revenue Acceleration/Inflection

M&A

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 .