Company Leadership Transition - Steven Pfanstiel has been appointed as the new Chief Financial Officer of Neuronetics, effective July 15, 2025, replacing Steve Furlong, who will retire on March 31, 2026 [2][3] - Steve Furlong will continue to serve as Senior Advisor to the CEO during the transition period to ensure operational continuity [2][3] Executive Background - Steven Pfanstiel brings over two decades of healthcare experience, having previously served as CFO and COO at Marinus Pharmaceuticals, where he was instrumental in the launch of the flagship product, Ztalmy [3][4] - Pfanstiel has held senior financial roles at various high-growth healthcare companies, including Lifescan and Optinose, and has experience at Johnson & Johnson across multiple product categories [3][4] Strategic Vision and Growth - Neuronetics aims to expand access to mental health treatments and deliver sustainable growth, leveraging Pfanstiel's expertise in financial leadership and growth strategies [3][4] - The company is focused on integrating Greenbrook operations and achieving positive cash flow in the third quarter of 2025, marking a significant operational milestone [5] Stock Incentives - As part of his employment agreement, Pfanstiel received an inducement grant of 400,000 restricted stock units, with specific vesting schedules tied to his continued employment [4] Company Performance and Market Position - Neuronetics reaffirms its guidance for the second quarter and full year 2025, driven by successful integration efforts and key growth drivers [5] - The company operates Greenbrook TMS treatment centers across the U.S., offering NeuroStar Advanced Therapy, which has delivered over 7.4 million treatments for major depressive disorder (MDD) [6][7]

Core Insights - NeuroStar, a Silver Sponsor at the 13th Annual Clinical TMS Society (CTMSS) Meeting, is committed to clinical innovation and excellence in mental health care [1][2] - The company will present two significant poster presentations based on the TrakStar data set, which is the largest real-world outcomes database in TMS [2][3] - NeuroStar aims to optimize TMS efficacy and expand its use into new populations and protocols, reinforcing its leadership in the psychiatric community [3] Company Updates - NeuroStar will present a retrospective analysis comparing clinical outcomes between its proprietary Figure-8 coil and Brainsway's H-coil in treating depression [2] - The company is evaluating personalized qEEG-informed protocols for TMS therapy, demonstrating operational feasibility with the NeuroStar TMS System [4] - NeuroStar has delivered over 7.4 million treatments and operates Greenbrook TMS centers across the U.S. for treating Major Depressive Disorder (MDD) and other mental health disorders [6] Event Participation - The CTMSS Meeting will take place from June 11-14 in San Diego, CA, where NeuroStar will also participate in the PULSES Course for TMS providers [2] - Presentations will include data on elderly adults (age 70 and older) with MDD treated with TMS, and a retrospective analysis from 200 Greenbrook centers [7]

Company Overview - Neuronetics, Inc. is a commercial stage medical technology and healthcare company focused on transforming patient lives through neurohealth therapies [1] - The company operates the NeuroStar Advanced Therapy System, a non-drug, noninvasive treatment for major depressive disorder (MDD) and other neurohealth conditions [5][6] Market Position - Neuronetics is set to join the Russell 3000® Index and the Russell 2000® Index effective June 30, 2025, which is a significant milestone for the company [1][4] - The Russell indexes are widely utilized by investment managers and institutional investors, with approximately $10.6 trillion in assets benchmarked against them [2] Strategic Vision - The inclusion in the Russell indexes validates Neuronetics' strategic vision and operational execution, enhancing visibility among institutional investors [4] - The company aims to expand access to innovative mental health treatments through an integrated approach, combining NeuroStar technology with a growing clinic network [4] Treatment Impact - NeuroStar Advanced Therapy has delivered over 7.4 million treatments and is backed by the largest clinical data set for TMS treatment for depression [5] - Greenbrook treatment centers have provided more than 1.8 million treatments to over 55,000 patients suffering from depression [5]

Core Insights - Neuronetics, Inc. has launched the first National TMS Therapy Awareness Day on May 14, aimed at raising awareness about transcranial magnetic stimulation (TMS) as a non-drug treatment for major depressive disorder (MDD), anxiety, and OCD [1][2] Company Overview - Neuronetics is a commercial stage medical technology company focused on neurohealth therapies, with a mission to transform patients' lives [1] - The company operates Greenbrook TMS Inc., which provides NeuroStar Advanced Therapy for MDD and other mental health disorders across the United States [5][7] TMS Therapy Details - TMS therapy was first FDA-cleared in 2008 for treatment-resistant depression and has since gained widespread adoption as an evidence-backed treatment option [2] - NeuroStar is the leading TMS therapy in the U.S., with over 7.4 million treatments delivered and the largest clinical data set for TMS treatment of depression [7] - In 2024, NeuroStar received FDA clearance for use in adolescents aged 15-21, expanding access to younger patients [2][8] Awareness Campaign - The National TMS Awareness Day aims to provide hope to individuals who have not found relief through traditional antidepressants and to promote awareness of non-medication treatment options [2][6] - The campaign will include sharing patient and provider stories on social media to highlight the effectiveness of NeuroStar TMS therapy [6] Clinical Impact - The company will present new data at the 2025 American Psychiatric Association Annual Meeting, focusing on the efficacy of TMS protocols for treating MDD [4] - NeuroStar Advanced Therapy is cleared for various indications, including as an adjunct treatment for OCD and anxiety symptoms in patients with MDD [8]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $32 million, an increase of 84% compared to $17.4 million in Q1 2024, primarily driven by the Greenbrook acquisition [6][21] - Gross margin decreased to 49% from 75% in the prior year quarter, mainly due to the inclusion of Greenbrook's lower-margin clinic business [22] - Net loss for the quarter was $12.7 million, or $0.21 per share, compared to a net loss of $7.9 million, or $0.27 per share, in the prior year quarter [23] - EBITDA was negative $10.1 million compared to negative $6.3 million in the prior year quarter [23] Business Line Data and Key Metrics Changes - NeuroStar system revenue was $2.8 million with 31 systems shipped [7] - US treatment session revenue was $9.6 million, a decrease of 26% year over year due to the elimination of Greenbrook treatment session revenue [21] - US clinic revenue, representing Greenbrook revenue, was $18.7 million for the quarter, reflecting strong performance [21] Market Data and Key Metrics Changes - Greenbrook's total clinic revenue increased by 41% year over year, from approximately $139,000 in Q1 2024 to approximately $196,000 in Q1 2025 [11] - NeuroStar TMS revenue at Greenbrook clinics increased by 8% year over year [11] Company Strategy and Development Direction - The company is focused on two strategic priorities: executing the Greenbrook integration and growth strategy, and scaling the Better Meat Provider (BMP) program [7][13] - The rollout of SPRAVATO is progressing, with 75% of Greenbrook clinics now offering it as a treatment option [9] - The BMP program is gaining momentum, with over 385 active sites and another 110 sites working to meet program standards [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving cash flow positivity by Q3 2025, supported by revenue growth initiatives and operational improvements [12][29] - The macro environment is expected to have a negligible impact on the business, with limited effects from tariffs [25] Other Important Information - The company has identified approximately $22.5 million of annualized synergies from the Greenbrook acquisition, with 95% realized by the end of 2024 [12] - The company is actively looking for additional synergy opportunities, expecting total realized synergies to exceed $23 million [12] Q&A Session Summary Question: Can you provide insights on BMP sites and their utilization trends? - Management noted a natural dip in the funnel due to an influx of new accounts entering the BMP program, but expects to build the pipeline back up [34][38] Question: What are the expectations for Greenbrook and NeuroStar utilization? - Greenbrook's utilization per NeuroStar chair increased to just under five patients per day, with growth expected to continue [41][42] Question: Can you clarify the revenue guidance for the year? - The guidance remains at $65 million to $70 million for Neuronetics and $80 million to $85 million for Greenbrook [58] Question: What is the expected operating expense for Q2? - The normalized operating expense for Q2 is expected to be in the range of $23 million to $24 million [54] Question: How will the gross margin evolve in the coming quarters? - Management anticipates a nice improvement in gross margin in Q2 and Q3, approaching the 55% target [62]

Company Performance - Neuronetics reported a quarterly loss of $0.21 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.13, representing an earnings surprise of -61.54% [1] - The company posted revenues of $31.98 million for the quarter ended March 2025, exceeding the Zacks Consensus Estimate by 9.37%, and showing significant growth from $17.42 million a year ago [2] - Over the last four quarters, Neuronetics has not surpassed consensus EPS estimates, but it has topped revenue estimates twice [2] Stock Movement and Outlook - Neuronetics shares have increased by approximately 179.5% since the beginning of the year, contrasting with a -3.9% decline in the S&P 500 [3] - The company's future stock performance will largely depend on management's commentary during the earnings call and the earnings outlook [4][6] - The current consensus EPS estimate for the upcoming quarter is -$0.08 on revenues of $36.68 million, and for the current fiscal year, it is -$0.34 on revenues of $149.65 million [7] Industry Context - The Medical - Instruments industry, to which Neuronetics belongs, is currently ranked in the top 25% of over 250 Zacks industries, indicating a favorable outlook [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact Neuronetics' stock performance [5]

Transforming Lives Through NeuroHealth COMPANY PRESENTATION NASDAQ: STIM May 2025 Forward Looking Statements This presentation contains estimates and other statistical data prepared by independent parties and by Neuronetics, Inc. ("Neuronetics" or the "Company") relating to market size and growth and other data about the industry in which the Company operates. These estimates and data involve a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates and data. ...

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $32 million, an increase of 84% compared to $17.4 million in Q1 2024, primarily driven by the Greenbrook acquisition [6][22] - Gross margin decreased to 49% from 75% in the prior year quarter, mainly due to the inclusion of Greenbrook's lower-margin clinic business [23] - Operating expenses increased to $26.8 million, a 35% rise from $19.9 million in Q1 2024, largely due to Greenbrook's operating expenses [23] - Net loss for the quarter was $12.7 million, or $0.21 per share, compared to a net loss of $7.9 million, or $0.27 per share, in the prior year [24] - EBITDA was negative $10.1 million, worsening from negative $6.3 million in the prior year [24] Business Line Data and Key Metrics Changes - NeuroStar system revenue was $2.8 million with 31 systems shipped [6][22] - US treatment session revenue was $9.6 million, a decrease of 26% year-over-year due to the elimination of Greenbrook treatment session revenue [22] - US clinic revenue from Greenbrook was $18.7 million for the quarter, reflecting strong performance [22] Market Data and Key Metrics Changes - Greenbrook's total clinic revenue was approximately $196,000 in Q1 2025, a 41% increase from approximately $139,000 in Q1 2024 [12] - NeuroStar TMS revenue at Greenbrook increased by 8% year-over-year [12] Company Strategy and Development Direction - The company is focused on two strategic priorities: executing the Greenbrook integration and growth strategy, and scaling the Better Meat Provider (BMP) program [7][14] - Key initiatives include optimizing Regional Account Managers, rolling out SPRAVATO in more clinics, and standardizing operations across the Greenbrook network [10][11] - The BMP program is gaining momentum, with over 385 active sites and expectations for continued growth [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving cash flow positivity by Q3 2025, supported by revenue growth initiatives and operational improvements [13][32] - The macro environment is expected to have a negligible impact on the business, with manageable tariff effects [27] - The company is committed to expanding access to NeuroStar TMS treatment and improving financial performance [20][30] Other Important Information - The company has identified $22.5 million of expected annualized synergies from the Greenbrook acquisition, with 95% realized by the end of 2024 [13] - A successful public offering in February raised $18.9 million in net proceeds, strengthening the company's capital position [25] Q&A Session Summary Question: Can you provide insights on BMP sites and their growth? - Management noted a natural dip in the funnel due to an influx of new accounts entering the BMP program, expecting to build the pipeline back up [36][37] Question: What drives utilization at BMP sites? - BMP sites are the focus of marketing efforts, with significant progress in driving awareness and education among patients [40][42] Question: Can you break down the revenue guidance for Greenbrook and NeuroStar? - The guidance remains at $65 million to $70 million for Neuronetics and $80 million to $85 million for Greenbrook [61] Question: What is the expected G&A spend going forward? - G&A expenses in Q1 were higher due to pulling in budgeted expenses to improve vendor relations, but no significant increases are expected for the remainder of 2025 [54][56] Question: What is the impact of SPRAVATO buy and bill transition on cash flow? - Higher SPRAVATO buy and bill expenses were incurred in Q1, but management is working to secure a credit line to manage cash flow effectively [70][72]

Revenue Growth - Total revenues increased by $14.6 million, or 84%, from $17.4 million for the three months ended March 31, 2024, to $32.0 million for the three months ended March 31, 2025[131]. - U.S. revenues were $31.5 million for the three months ended March 31, 2025, compared to $16.8 million for the same period in 2024, representing an increase of 87%[131]. - Revenues from treatment sessions, clinic revenue, and NeuroStar Advanced Therapy Systems represented 31%, 59%, and 9% of U.S. revenues, respectively, for the three months ended March 31, 2025[124]. - Total revenue for Q1 2025 was $32.0 million, an increase of $14.6 million or 84% compared to $17.4 million in Q1 2024[151]. - U.S. clinic revenue from the Greenbrook acquisition was $18.7 million in Q1 2025, contributing significantly to revenue growth[155]. Financial Performance - The company incurred net losses of $12.7 million for the three months ended March 31, 2025, compared to net losses of $7.9 million for the same period in 2024[131]. - As of March 31, 2025, the company had an accumulated deficit of $432.5 million[131]. - Net loss for Q1 2025 was $12.7 million, a 61% increase from a net loss of $7.9 million in Q1 2024[167]. - Cash and cash equivalents as of March 31, 2025, were $20.2 million, up from $18.5 million at the end of 2024[162]. - Net cash used in operating activities for Q1 2025 was $17.0 million, compared to $12.0 million in Q1 2024[166]. - Interest expense increased by 5% to $1.9 million in Q1 2025 due to rising interest rates[160]. Expense Management - Operating expenses increased by $6.8 million or 34% to $26.8 million in Q1 2025, driven by a 121% increase in general and administrative expenses[158]. - Research and development expenses are expected to decrease during 2025 compared to 2024 expenses[146]. - Research and development expenses decreased by 31% to $1.6 million in Q1 2025, reflecting cost savings post-acquisition[159]. - The company anticipates that sales and marketing expenses will increase in 2025 due to the addition of Greenbrook sales and marketing related expenses[142]. Future Outlook - The company expects clinic revenue to increase in 2025[136]. - The company anticipates that operating losses will lessen in the near term due to revenue growth and ongoing cost efficiencies from the Greenbrook acquisition[162]. - The company generated approximately $8,500 of average revenue per patient for a standard course of treatment[125]. - Gross profit for Q1 2025 was $15.7 million, with a gross margin of 49.2%, down from 75.1% in Q1 2024[156].

Financial Performance - In 2024, Neuronetics reported an annual revenue of $129 million, with 213,500 unique patients treated and 7.62 million treatments administered[14]. - Q4 2024 revenue reached $22.5M, with full year revenue at $74.9M, reflecting a significant growth trajectory[63]. - Q1 2025 revenue was $32.0M, an 84% increase compared to Q1 2024[70]. - FY 2025 revenue guidance is set between $149M to $155M, indicating a year-over-year growth of 15% to 19%[66]. - Neuronetics' adjusted net pro forma revenue for Q4 2024 was $33.9M, with a consolidated adjusted net pro forma revenue of $129.4M for the full year[63]. - Total U.S. Revenues for 2023 reached $69,336, reflecting a 5% increase year-over-year[89]. - Total Revenues for 2023 amounted to $71,348, with a year-over-year growth of 9%[89]. - Total Revenues for 2024 are forecasted to be $129,430, reflecting an 81% increase compared to 2023[91]. Growth Strategy - The company aims for mid-teens revenue growth and expects to achieve cash flow breakeven in Q3 2025[20]. - The company has realized significant cost reductions, enabling immediate operating leverage and transforming its financial profile[20]. - The company achieved annualized expected cost savings of $22.6M through various initiatives, with $16.2M expected from Greenbrook reductions[61]. - The company aims to be cash flow positive starting in Q3 2025[66]. - Neuronetics is focused on standardizing operational excellence across its network to improve treatment revenue and patient care[55]. Treatment and Clinical Outcomes - Neuronetics has over 375 operating treatment clinics across 15 states, with a total of 55,700 patients treated and 1.8 million treatments administered through Greenbrook[17]. - The NeuroStar system has been utilized in over 202,000 patients, with 7.4 million treatment sessions performed, making it the market leader in Transcranial Magnetic Stimulation (TMS)[31]. - Neuronetics' clinical results show an 83% improvement in depression symptoms for patients with Major Depressive Disorder (MDD) after treatment[34]. - The Better Me Provider Program (BMP) has shown a 2.2x faster conversion from patient interest to treatment compared to non-BMP practices[42]. Product Development and Market Expansion - The company has a robust R&D pipeline, including a third-generation system and the largest clinical dataset in the world to drive new indications[33]. - Neuronetics is the first to market with an FDA-cleared TMS treatment for adolescent depression, expanding its addressable market significantly[37]. - The SPRAVATO® program, approved by the FDA, is expected to expand to nearly 85 treatment centers by the end of fiscal 2025, enhancing the company's treatment offerings[53]. - The company is expanding referral networks for over 375 BMP clinics to enhance patient flow[57]. Revenue Trends and Projections - Total U.S. NeuroStar Advanced Therapy System Revenues for 2023 were $16,460, a decrease of 7% year-over-year[89]. - Total U.S. Treatment Sessions Revenues for 2023 were $50,895, remaining flat year-over-year with a 0% change[89]. - Total International Revenues for 2023 were $2,012, showing a 12% increase year-over-year[89]. - For Q1 2024, Total U.S. NeuroStar Advanced Therapy System Revenues are projected to be $3,310, a 14% decline compared to Q1 2023[91]. - Total U.S. Revenues for Q1 2024 are expected to be $29,143, indicating a significant 95% increase year-over-year[91]. - Total NeuroStar Systems in 2023 were 204, representing a 4% decrease year-over-year[89]. - Total NeuroStar Systems for Q1 2024 are anticipated to be 40, a 32% decrease year-over-year[91].