David focuses on growth & momentum stocks that are reasonably priced and likely to outperform the market over the long-term. He is a long term investor of quality stocks and uses options for strategy. David told investors to buy in March 2009 at the bottom of the financial crisis. The S&P 500 increased 367% and the Nasdaq increased 685% from 2009 through 2019. He wants to help make people money by investing in high-quality growth stocks.Analyst’s Disclosure: I/we have no stock, option or similar derivative ...

Core Insights - Neuronetics, Inc. has appointed Dan Reavers as the new President and CEO, effective March 23, indicating a leadership transition aimed at driving future growth [1] - The company reported strong fourth-quarter results with a 23% adjusted pro forma revenue growth, attributed to the successful integration of Greenbrook and increased treatment volumes [5][17] - Positive operating cash flow was achieved in Q4, marking a significant milestone for the company [6] Financial Performance - Total revenue for Q4 2025 was $41.8 million, an 86% increase from $22.5 million in Q4 2024, primarily due to the inclusion of Greenbrook operations [17] - NeuroStar business revenue was $18.3 million, reflecting a 9% pro forma increase year-over-year [17] - Gross margin decreased to 52% from 66% in the prior year, largely due to the lower margin of Greenbrook's clinic business [19] Operational Highlights - Clinic revenue grew 28% on an adjusted pro forma basis, with a significant increase in the referring provider network, adding 430 new providers in Q4 [6][12] - The company executed over 47,000 physician outreach activities, resulting in a 46% increase in patient referrals [7] - The rollout of SPRAVATO is nearly complete, with 84 clinics now offering the treatment [7] Strategic Initiatives - Neuronetics is focused on expanding its NeuroStar TMS systems market access through new models tailored to customer needs [26][27] - The company aims to address the unmet need for treatment-resistant depression (TRD) patients, with plans to advance collaboration with COMPASS Pathways on COMP360 psilocybin [28][29] - The infrastructure built for SPRAVATO is expected to facilitate the launch of new therapies, enhancing patient access and treatment options [30][31] Future Guidance - For 2026, total revenue is projected to be between $160 million and $166 million, indicating over 9% growth compared to 2025 [22] - The company anticipates strong growth in its clinic business, with double-digit year-over-year increases, while the NeuroStar business is expected to grow in the low to mid-single digits [22] - Operating expenses are expected to be between $100 million and $105 million, with a focus on efficiency improvements [23]

Core Insights - Neuronetics reported strong growth in the fourth quarter of 2025, with total revenue reaching $41.8 million, an 86% increase year-over-year, primarily due to the inclusion of Greenbrook operations [12] - The company is focused on building a vertically integrated mental health company post-Greenbrook acquisition, combining technology and clinical infrastructure to enhance patient access to treatment [5][6] - Neuronetics is implementing various operational improvements and strategic initiatives to drive growth in its NeuroStar TMS systems and Greenbrook clinics [19][20] Financial Performance - Fourth-quarter total revenue was $41.8 million, up 86% year-over-year, with adjusted pro forma revenue increasing 23% [12] - NeuroStar revenue for the quarter was $18.3 million, representing 9% growth year-over-year, while U.S. system revenue was $4.4 million, up 15% [13] - Clinic revenue reached $23.5 million, reflecting 37% adjusted pro forma growth, driven by increased treatments across NeuroStar TMS and Spravato [14] Operational Developments - The rollout of Spravato is nearly complete, with 84 clinics providing the treatment, and total treatment volume across Spravato and TMS rose 18% year-over-year in Q4 [1] - Management is standardizing operations across the clinic network, including deploying tablet kiosks for streamlined check-in and piloting a patient portal for digital intake [6] - The BetterMe Provider program ended 2025 with over 420 active sites, connecting more than 66,000 patients with BMP providers [8] Leadership and Strategic Direction - Dan Reuvers has been appointed as the new president and CEO, effective March 23, 2026, succeeding Keith Sullivan [6][4] - The company is focused on expanding customer acquisition models for NeuroStar TMS systems and increasing demand for depression treatments at Greenbrook clinics [19] - Neuronetics is collaborating with Compass Pathways on COMP360 psilocybin for treatment-resistant depression, with plans for an NDA submission [20][21] Cash Flow and Future Outlook - Total cash at the end of 2025 was $34.1 million, with positive cash flow from operations of $0.9 million in Q4 [16] - For 2026, the company projects total revenue between $160 million and $166 million, with expected growth in the clinic business in the double digits [18] - Operating cash flow is expected to be negative $13 million to negative $17 million for the full year, with improvements anticipated in the second half [18]

Neuronetics (NasdaqGM:STIM) Q4 2025 Earnings call March 17, 2026 08:30 AM ET Company ParticipantsAdam Maeder - Managing Director, Equity ResearchCory Anderson - CTODaniel Stauder - Director, Equity ResearchKeith Sullivan - President, and CEOMark Klausner - Managing PartnerSteven Pfanstiel - EVP, CFO, and TreasurerConference Call ParticipantsWilliam Plovanic - Managing Director, Equity Research Medical Technology AnalystOperatorLadies and gentlemen, thank you for standing by, and welcome to the Neuronetics R ...

Neuronetics (NasdaqGM:STIM) Q4 2025 Earnings call March 17, 2026 08:30 AM ET Company ParticipantsAdam Maeder - Managing Director, Equity ResearchCory Anderson - CTODaniel Stauder - Director, Equity ResearchKeith Sullivan - President, and CEOMark Klausner - Managing PartnerSteven Pfanstiel - EVP, CFO, and TreasurerConference Call ParticipantsWilliam Plovanic - Managing Director, Equity Research Medical Technology AnalystOperatorLadies and gentlemen, thank you for standing by, and welcome to the Neuronetics R ...

Financial Data and Key Metrics Changes - Total revenue in Q4 2025 was $41.8 million, an increase of 86% compared to $22.5 million in Q4 2024, primarily driven by the inclusion of Greenbrook operations following the acquisition [17] - Adjusted pro forma revenue growth for Q4 was 23% year-over-year [17] - Net loss for Q4 2025 was $7.2 million, or $0.10 per share, compared to a net loss of $12.7 million, or $0.34 per share in the prior year [20] - EBITDA for Q4 2025 was negative $4.3 million, an improvement from negative $11 million in the prior year [20] - Cash provided by operations in Q4 was positive $0.9 million, marking a significant improvement from negative cash flow earlier in the year [21] Business Line Data and Key Metrics Changes - NeuroStar business revenue, including system and treatment session revenue, was $18.3 million in Q4 2025, representing a 9% increase on a pro forma basis [17] - U.S. NeuroStar system revenue was $4.4 million, a 15% year-over-year increase, with 49 systems shipped in the quarter [18] - U.S. treatment session revenue was $12.4 million, with a pro forma increase of 6% compared to the prior year [18] - Clinic revenue for Q4 was $23.5 million, a 37% increase on an adjusted pro forma basis, driven by growth in treatments across both NeuroStar TMS and Spravato [18] Market Data and Key Metrics Changes - The referring provider network added 430 new providers in Q4, a 25% increase year-over-year, contributing to over 1,300 new referrers added across 2025 [7] - Total treatment volume increased by 18% year-over-year in Q4 [9] - The expansion of TRICARE West coverage for TMS therapy to include adolescents aged 15 and older is a significant development for military families [13] Company Strategy and Development Direction - The company aims to leverage its integrated model to drive growth through expanding how NeuroStar TMS systems are brought to market and addressing the unmet need for treatment-resistant depression (TRD) [26][28] - Collaboration with Compass Pathways on COMP360 psilocybin is seen as a potential transformational treatment for TRD, with plans for commercial launch upon FDA approval [28][29] - The company is focused on operational efficiency and expects to reduce operating expenses to less than $100 million by Q4 2026 [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to drive revenue growth and achieve sustainable operating cash flow, with expectations for positive cash flow in the second half of 2026 [25] - The company acknowledges seasonality impacts on revenue, particularly in Q1, and is adapting its strategies accordingly [55][56] - Management highlighted the importance of maintaining strong relationships with primary care physicians and enhancing patient access to treatments [26] Other Important Information - The company appointed Dan Reuvers as the new President and CEO, effective March 23, 2026, indicating a leadership transition [5] - The company has made significant progress in integrating Greenbrook's operations, achieving positive operating cash flow and strengthening its balance sheet [16] Q&A Session Summary Question: Can you provide details on the CID investigation in Florida and Michigan? - Management confirmed that they are cooperating with the U.S. Attorney's Office regarding documentation for billing practices prior to the Greenbrook acquisition [36] Question: What are the profitability and patient monitoring differences for COMP360? - The treatment effect of COMP360 appears durable after one or two doses, and it will be administered under a REMS protocol similar to Spravato [40][42] Question: How did the $5 million payment to Perceptive affect cash position? - The payment did not come from restricted cash, and the company remains comfortable with its cash position despite projected Q1 cash burn [43][44] Question: Can you elaborate on the growth guidance for the clinic and standalone businesses? - Majority of growth in the clinic business is expected to come from volume, with Spravato growth anticipated to be significant in Q1 due to buy-and-bill impacts [50] Question: What are the integration requirements for the Compass collaboration? - The existing infrastructure for Spravato clinics will facilitate the integration of COMP360 treatments, with minimal additional updates needed [68]

Transforming Lives Through NeuroHealth COMPANY PRESENTATION NASDAQ: STIM March 2026 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 Performance - For the year ended December 31, 2025, Neuronetics generated revenues of $149.2 million, representing a 99% increase compared to the previous year[27]. - U.S. revenues for the same period were $146.0 million, a 101% increase from $72.5 million in 2024, with clinic revenues accounting for 59% of U.S. revenues[28]. - The company incurred net losses of $39.1 million and $43.7 million for the years ended December 31, 2025 and 2024, respectively, resulting in an accumulated deficit of $458.8 million as of December 31, 2025[118]. - The company reported approximately $1.3 million in reimbursements that may be subject to recoupment due to audits by Medicare Administrative Contractors[209]. - The company has faced challenges in billing for healthcare services, which could negatively impact revenue and cash flow[208]. Market Opportunity - The total annual addressable market opportunity for treatment sessions in the U.S. is estimated to be approximately $8.9 billion, based on the number of patients eligible for NeuroStar Advanced Therapy[18]. - The total annual addressable market opportunity for treatment sessions in the United States is approximately $8.9 billion, targeting 13.9 million patients with major depressive disorder (MDD) who are currently treated in various practices[39]. - Approximately 6.4 million patients have failed to achieve remission from prior antidepressant therapy, with about 3.8 million having coverage for the NeuroStar Advanced Therapy System[39]. - The company targets approximately 53,000 psychiatrists across 26,000 psychiatric practices, focusing on those that accept commercial insurance and Medicare[43]. Product and Technology - The NeuroStar Advanced Therapy System has treated an estimated 237,574 global patients with over 8.5 million treatment sessions through December 31, 2025[16]. - The response and remission rates for patients treated with NeuroStar therapy were reported at 68% and 45% respectively at 12 months, based on a clinical study[24]. - The company plans to enhance the NeuroStar Advanced Therapy System and develop additional indications for neurohealth disorders[44]. - The patent estate includes 62 issued or allowed patents and 17 pending applications related to the NeuroStar Advanced Therapy System as of December 31, 2025[54]. Regulatory Environment - The FDA's 510(k) clearance process typically takes between 30 to 90 days, but may extend up to an additional 180 days if more information is required[69]. - A PMA application requires extensive technical, preclinical, and clinical data to demonstrate safety and effectiveness, with a review period of approximately 180 days[71][72]. - The company is subject to compliance with various federal laws, including the Anti-Kickback Statute and the False Claims Act, which impose significant penalties for violations, including treble damages and mandatory penalties ranging from $14,308 to $28,619 per false claim[89]. - The company is required to comply with HIPAA and HITECH regulations, which impose strict privacy and security obligations regarding health information[88]. Operational Challenges - The company is experiencing challenges in attracting and retaining skilled personnel, which could negatively impact its operations and growth[149]. - The anticipated growth may strain the company's operational infrastructure, including supply chain and customer service[160]. - The company must adequately train providers on the use of its products to achieve expected growth, which requires significant time and resources[134]. - The integration with Greenbrook may be more difficult and costly than expected, potentially affecting anticipated revenue and cost synergies[201]. Competitive Landscape - The company operates in a competitive environment, and failure to effectively promote and sell its products could significantly decrease sales[119]. - The company faces intense competition from other TMS therapy providers, which may impact its sales and operating results[141]. - The company faces significant competition from pharmaceutical companies and lower-cost competitors, necessitating continuous innovation[153]. International Expansion - Neuronetics is expanding its commercialization efforts in the U.S. and pursuing international opportunities, particularly in Japan, which has the third largest healthcare spend globally[25]. - The approval process for the NeuroStar Advanced Therapy System in Japan follows the Shonin process for Class III devices, which can take between two to twelve months[99]. - The company currently sells products in five countries outside the U.S. and is exploring further international market expansion[166]. - The company is subject to varying reimbursement systems in international markets, which could hinder international sales growth[131]. Compliance and Legal Risks - The company must comply with Nasdaq's continued listing requirements, including a minimum bid price of $1.00 per share, which it temporarily failed to meet in October 2024[205]. - Failure to comply with healthcare regulations could result in fines, penalties, and sanctions, adversely affecting operations[214]. - The complexity of billing and reimbursement processes may lead to increased carrying costs and potential bad debt expenses[212]. - The company may incur substantial costs and reputational harm if employees or partners engage in misconduct or regulatory violations[172]. Strategic Initiatives - The company intends to roll out the Better Me Provider Program to all 93 Treatment Centers to optimize operations and increase the number of centers offering SPRAVATO[52]. - The company is exploring new purchasing models, including capital-only purchases and lease options for the NeuroStar Advanced Therapy System[44]. - The company is making substantial investments in IT systems, including potential adoption of generative AI, which may pose integration risks[184]. - The company may pursue growth through acquisitions or investments, which involve risks related to integration and management[193][194].

Transforming Lives Through NeuroHealth COMPANY PRESENTATION NASDAQ: STIM March 2026 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 ...

Core Insights - Neuronetics reported a total revenue of $41.8 million in Q4 2025, marking an 86% increase compared to Q4 2024, and a projected full-year revenue for 2026 between $160 million and $166 million [1][6][25] Q4 2025 Highlights - Greenbrook clinic revenue reached $23.5 million in Q4 2025, up 428% as reported and 37% on an adjusted pro forma basis compared to Q4 2024 [1][6] - U.S. NeuroStar Advanced Therapy System revenue was $4.4 million, with 49 systems shipped [6][8] - Operating cash flow improved, with cash provided by operations of $0.9 million in Q4 2025 [1][19] Full Year 2025 Highlights - Total revenue for the full year 2025 was $149.2 million, a 99% increase compared to 2024, driven primarily by the acquisition of Greenbrook [6][13] - Greenbrook clinic revenue for the full year was $87.0 million, up 1,857% as reported and 28% on an adjusted pro forma basis compared to 2024 [6][16] - U.S. NeuroStar Advanced Therapy System revenue for the year was $14.3 million, a decrease of 7% compared to 2024 [14][15] Recent Operational Highlights - Dan Reuvers was appointed as President and CEO effective March 23, 2026, bringing over 30 years of experience in scaling commercial healthcare businesses [1][21] - The company is advancing its collaboration with Compass Pathways on COMP360 psilocybin for treatment-resistant depression, with promising Phase 3 study results [22][23] - TRICARE West expanded coverage for TMS therapy to include adolescents aged 15 and older, enhancing access to mental health treatment [24] Business Outlook - For Q1 2026, total worldwide revenue is expected to be between $33.0 million and $35.0 million [25] - Full-year 2026 projections include a gross margin of 47% to 49% and operating expenses of $100 million to $105 million [25][26]