Neuronetics Inc
NASDAQ:STIM
Neuronetics Inc
Neuronetics, Inc. commercial stage medical technology company, which engages in the designing, developing and marketing products for the patients suffering from psychiatric disorders. The company is headquartered in Malvern, Pennsylvania and currently employs 175 full-time employees. The company went IPO on 2018-06-28. The firm is focused on designing, developing, and marketing products for patients who suffer from neurohealth disorders. Its commercial product, the NeuroStar Advanced Therapy System, is a non-invasive and non-systemic office-based treatment that uses transcranial magnetic stimulation (TMS) to create a pulsed, MRI-strength magnetic field that induces electrical currents designed to stimulate specific areas of the brain associated with mood. The NeuroStar Advanced Therapy System is used to treat adult patients with major depressive disorder (MDD). The firm intends to continue to pursue development of its NeuroStar Advanced Therapy System for additional indications. The firm sells its NeuroStar Advanced Therapy System and recurring treatment sessions in the United States. Its primary focus is on selling to psychiatrists, with primary care physicians and pain management specialists.
Neuronetics, Inc. commercial stage medical technology company, which engages in the designing, developing and marketing products for the patients suffering from psychiatric disorders. The company is headquartered in Malvern, Pennsylvania and currently employs 175 full-time employees. The company went IPO on 2018-06-28. The firm is focused on designing, developing, and marketing products for patients who suffer from neurohealth disorders. Its commercial product, the NeuroStar Advanced Therapy System, is a non-invasive and non-systemic office-based treatment that uses transcranial magnetic stimulation (TMS) to create a pulsed, MRI-strength magnetic field that induces electrical currents designed to stimulate specific areas of the brain associated with mood. The NeuroStar Advanced Therapy System is used to treat adult patients with major depressive disorder (MDD). The firm intends to continue to pursue development of its NeuroStar Advanced Therapy System for additional indications. The firm sells its NeuroStar Advanced Therapy System and recurring treatment sessions in the United States. Its primary focus is on selling to psychiatrists, with primary care physicians and pain management specialists.
Revenue Growth: Total revenue reached $37.3 million in Q3 2025, up 101% year-over-year and 11% on an adjusted pro forma basis, driven mainly by strong Greenbrook clinic performance.
Greenbrook Success: Greenbrook clinics delivered $21.8 million in revenue, up 25% on an adjusted pro forma basis, fueled by high treatment volumes and successful SPRAVATO integration.
Margin Pressure: Gross margin was 45.9%, down from 75.6% last year, mainly due to the lower-margin Greenbrook clinic business now included in the mix.
Cash Flow Progress: Operating cash burn improved for the third quarter in a row, falling to just $0.8 million, as revenue cycle initiatives and expense discipline took hold.
Guidance Update: Full-year 2025 revenue guidance was lowered to $147–150 million (from $149–155 million) due to changes in the SPRAVATO Buy & Bill mix; gross margin guidance also trimmed.
Operational Improvements: Automation, self-check-in kiosks, and organizational restructuring are driving efficiency and better cash collections.
Strategic Partnerships: New three-year exclusive TMS system agreement with Elite DNA Behavioral Health and expanded relationship with Transformations Care Network will broaden treatment reach.
CEO Transition: CEO Keith Sullivan announced his plan to retire in June 2026, expressing confidence in the company’s future momentum.
