Financial Data and Key Metrics Changes - Total revenue for Q4 2024 was $22.5 million, an increase of 11% compared to $20.3 million in Q4 2023 [22][8] - U.S. NeuroStar Advanced Therapy System revenue was $3.8 million with 46 systems shipped [22][23] - U.S. treatment session revenue decreased by 14% year-over-year to $12.9 million, primarily due to the removal of Greenbrook treatment session revenues [23] - Gross margin decreased to 66.2% from 77.6% in the prior year, a decline of 1,140 basis points [24] - Operating expenses increased by 28% to $25.8 million compared to $20.2 million in Q4 2023 [24] - Net loss for Q4 was $12.1 million or $0.33 per share, compared to a net loss of $5.4 million or $0.19 per share in the prior year [25] - EBITDA was negative $10.5 million, including approximately $10.6 million in non-recurring expenses [25] Business Line Data and Key Metrics Changes - NeuroStar system revenue was $3.8 million, with 46 systems shipped [22][23] - U.S. clinic revenue, representing Greenbrook's revenues post-acquisition, was $4.4 million [23] Market Data and Key Metrics Changes - The company received FDA clearance for the NeuroStar system to treat adolescents, expanding the total addressable market for major depressive disorder [18] - There was an 18% increase in customer sites treating adolescent patients, now including more than half of the customer base [19] Company Strategy and Development Direction - The company aims to rapidly scale the Better Me Provider Program across its customer base, targeting over 500 sites by year-end 2025 [34] - The acquisition of Greenbrook TMS is seen as a transformative step, creating a leading TMS supplier and provider in the U.S. [14] - The company has identified significant cost synergies, capturing over 90% of the identified $22 million in annualized cost synergies by the end of 2024 [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving cash flow positivity by Q3 2025, supported by enhanced scale and operational efficiencies [41] - The company anticipates full-year revenue in the range of $145 million to $155 million for 2025, with a focus on improving utilization and expanding the SPRAVATO rollout [29][73] Other Important Information - The company raised $18.9 million in capital to support growth initiatives [10][27] - The Better Me Provider Program has shown that practices implementing its standards treat three times more patients per site per quarter compared to those not in the program [13] Q&A Session Summary Question: Update on Greenbrook integration and BMP implementation - Management indicated ongoing training and implementation of BMP standards across clinics, with changes expected to continue throughout the year [46] Question: Guidance on revenue and operating expenses - The revenue guidance of $145 million to $155 million is based on contributions from both Neuronetics and Greenbrook, with a focus on successful program execution [51] Question: Margin profile and improvement opportunities - Management acknowledged opportunities for margin improvement, particularly by eliminating underperforming clinics and optimizing operations [62] Question: SPRAVATO rollout and revenue assumptions - The majority of growth is expected to come from SPRAVATO, with plans to increase the number of clinics offering it [75] Question: Capital outlay for SPRAVATO rollout - The capital expenditure for supporting the SPRAVATO rollout is minimal, primarily involving inventory commitments [84] Question: Current productivity metrics and future expectations - Current average treatments per day per system at Greenbrook is four, with expectations to increase to five or six by the end of 2025 [88]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission File Number: 001-38546 NEURONETICS, INC. (Exact name of registrant as specified in its charter) incorporation or or ...

Core Viewpoint - Neuronetics, Inc. has updated its financial results for the fourth quarter and full year ending December 31, 2024, due to non-cash revisions related to the acquisition of Greenbrook TMS Inc. and shares outstanding adjustments, impacting key financial metrics [1][3]. Financial Results Summary Fourth Quarter 2024 Results - Revenues for Q4 2024 were reported at $22.493 million, an increase from $20.314 million in Q4 2023 [9]. - Operating expenses rose to $26.365 million from $20.198 million in the same quarter last year [10]. - The net loss increased to $(12.681) million, compared to $(5.377) million in Q4 2023, resulting in a net loss per share of $(0.34) [10]. Full Year 2024 Results - Total revenues for the year were $74.890 million, up from $71.348 million in 2023 [9]. - Operating expenses for the year increased to $88.724 million from $82.259 million in 2023 [10]. - The net loss for the year was $(43.727) million, compared to $(30.189) million in 2023, with a net loss per share of $(1.38) [10]. Adjusted Financial Metrics - Adjusted EBITDA for Q4 2024 was $(0.415) million, a decrease from $(3.031) million in Q4 2023 [17]. - For the full year, adjusted EBITDA was $(21.793) million, compared to $(21.012) million in 2023 [17]. Balance Sheet Overview - As of December 31, 2024, total assets were reported at $140.903 million, an increase from $115.831 million in 2023 [11]. - Current liabilities rose to $31.265 million from $19.812 million in the previous year [12]. - Stockholders' equity decreased to $27.706 million from $34.190 million in 2023 [12]. Cash Flow Analysis - Net cash used in operating activities for the year was $(30.997) million, slightly improved from $(32.038) million in 2023 [14]. - The company reported a net decrease in cash and cash equivalents of $(40.218) million, down from $(10.663) million in 2023 [14].

Core Viewpoint - Neuronetics (STIM) shares have increased by 16.1% recently, closing at $5.06, with a potential upside of 35% based on Wall Street analysts' mean price target of $6.83 [1] Price Targets - The average price target consists of three estimates ranging from a low of $5.50 to a high of $8, with a standard deviation of $1.26, indicating variability among analysts [2] - The lowest estimate suggests an 8.7% increase, while the highest indicates a 58.1% upside [2] - A low standard deviation signifies greater agreement among analysts regarding price movement [2][7] Analyst Sentiment - Analysts show increasing optimism about STIM's earnings, with a strong consensus on higher EPS estimates, which correlates with potential stock price increases [4][9] - The Zacks Consensus Estimate for the current year has risen by 58.8% in the past month, with two estimates increasing and no negative revisions [10] Zacks Rank - STIM holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate factors, indicating strong potential for upside [11] Conclusion on Price Targets - While consensus price targets may not reliably predict the extent of STIM's gains, they can provide a directional guide for potential price movements [12]

Neuronetics, Inc. (NASDAQ:STIM) Q4 2024 Earnings Conference Call March 4, 2025 8:30 AM ET Company Participants Mark Klausner - Investor Relations Keith Sullivan - President & Chief Executive Officer Steve Furlong - Chief Financial Officer Conference Call Participants William Plovanic - Canaccord Genuity Max Kruszeski - William Blair Adam Maeder - Piper Sandler Danny Stauder - Citizens JMP Operator Good day, and thank you for standing by. Welcome to the Neuronetics Fourth Quarter 2024 Financial and Operating ...

Core Insights - Neuronetics, Inc. reported a transformative year in 2024, focusing on expanding its Better Me Provider network and acquiring Greenbrook TMS, which has strengthened its position in the TMS treatment market [3][24] - The company aims for double-digit revenue growth and to achieve cash flow positivity by Q3 2025, leveraging its enhanced operational capabilities [3][26] Fourth Quarter 2024 Highlights - Total revenue for Q4 2024 was $22.5 million, an 11% increase from $20.3 million in Q4 2023, with U.S. revenue up 9% and international revenue up 93% [6][7] - U.S. clinic revenue from Greenbrook TMS was $4.4 million for the quarter, contributing to the overall revenue growth [9][10] - Gross margin for Q4 2024 was 66.2%, down from 77.6% in Q4 2023, primarily due to the inclusion of Greenbrook's clinic business [10] Full Year 2024 Highlights - Full year revenue for 2024 was $74.9 million, a 5% increase from $71.3 million in 2023, with U.S. revenue growing by 5% and international revenue by 19% [16][18] - The company treated over 195,000 global patients with 7.1 million treatment sessions, indicating strong demand for its services [6][18] - Net loss for 2024 was $(43.2) million, or $(1.37) per share, compared to a net loss of $(30.2) million, or $(1.05) per share in 2023 [20] Strategic Developments - Neuronetics received FDA clearance for its NeuroStar Advanced Therapy as a first-line treatment for adolescents aged 15-21 with major depressive disorder, expanding its addressable market by approximately 35% [25] - The acquisition of Greenbrook TMS was completed on December 9, 2024, enhancing Neuronetics' operational scale and market reach [24] - The company executed actions to realize over $21 million of the targeted $22 million in expected annualized cost synergies from the Greenbrook acquisition [24] Financial Position - Cash and cash equivalents decreased to $18.5 million as of December 31, 2024, down from $59.7 million a year earlier [22] - Operating expenses for the full year 2024 were $88.2 million, a 7% increase from $82.3 million in 2023, largely due to costs associated with the Greenbrook acquisition [19] - Adjusted EBITDA for 2024 was $(21.4) million, compared to $(21.0) million in 2023, reflecting ongoing operational challenges [21] Business Outlook - For Q1 2025, Neuronetics expects total worldwide revenue between $28.0 million and $30.0 million [27] - For the full year 2025, the company anticipates total worldwide revenue to be between $145.0 million and $155.0 million, with a projected gross margin of approximately 55% [27]

Revenue Performance - Preliminary unaudited fourth quarter revenue for 2024 was $22.1 million, and full year revenue was $74.5 million[3]. - Neuronetics' adjusted net pro forma revenue for FY 2024 was $62.0 million after intercompany eliminations[6]. - Neuronetics expects full year 2025 pro forma revenue growth of 12% to 19%, projecting total revenue between $145.0 million and $155.0 million[7][13]. Cost Management - The company anticipates realizing over $22 million in annualized cost synergies, with over 90% already implemented[7][9]. - Operating expenses for FY 2025 are projected to be between $90.0 million and $98.0 million[13]. Strategic Initiatives - The acquisition of Greenbrook TMS was completed on December 9, 2024, enhancing the company's market position in mental health therapy delivery[11]. - The Better Me Provider program launched in July 2024, improving patient care with up to 3 times faster follow-ups and a 2.5x reduction in treatment initiation time[12]. Regulatory and Market Expansion - FDA clearance was received for NeuroStar Advanced Therapy as a first-line treatment for adolescents with major depressive disorder, expanding the total addressable market by approximately 35%[14]. Operational Milestones - Neuronetics achieved cash flow breakeven in the third quarter of 2025[10]. - The company shipped 50 systems in the fourth quarter of 2024[3].

Core Viewpoint - Neuronetics, Inc. is set to release its fourth quarter 2024 financial and operational results on March 4, 2025, prior to market opening, followed by a conference call to discuss the results [1] Company Overview - Neuronetics, Inc. focuses on improving the quality of life for patients with neurohealth disorders through innovative medical technology [3] - The company is a leader in neuroscience, offering the NeuroStar Advanced Therapy, a non-drug, noninvasive treatment for mental health conditions [3] - NeuroStar is indicated for treating depressive episodes and reducing anxiety symptoms in adults with Major Depressive Disorder (MDD) who have not responded to previous antidepressant treatments [3] - The therapy is also FDA-cleared for use as an adjunct treatment for adults with obsessive-compulsive disorder and for adolescents aged 15-21 with MDD [3] - Over 6.9 million NeuroStar treatments have been delivered, establishing it as the leading Transcranial Magnetic Stimulation (TMS) treatment for MDD in adults [3] Investor Relations - Investor inquiries can be directed to Mike Vallie or Mark Klausner at ICR Healthcare [4] - Media inquiries can be directed to EvolveMKD [4]

Core Viewpoint - Neuronetics, Inc. has announced a public offering of 8,000,000 shares of common stock at a price of $2.25 per share, aiming to raise approximately $18 million in gross proceeds before expenses [1][2]. Group 1: Offering Details - The company has granted the underwriter a 30-day option to purchase an additional 1,200,000 shares at the public offering price [2]. - The offering is expected to close on or about February 10, 2025, pending customary closing conditions [2]. - Canaccord Genuity LLC is acting as the sole bookrunner for the offering [3]. Group 2: Use of Proceeds - The net proceeds from the offering will be used for general corporate purposes, including sales and marketing, research and development, potential acquisitions, inventory purchases, and working capital [2]. Group 3: Company Overview - Neuronetics is a leader in neuroscience, focusing on mental health treatments, particularly through its NeuroStar Advanced Therapy, a non-drug, noninvasive treatment for neurohealth conditions [6]. - The company operates Greenbrook TMS Inc. treatment centers across the U.S., providing NeuroStar Therapy for major depressive disorder and other mental health disorders [6][7].

Company Overview - Neuronetics, Inc. is a global leader in neuroscience, focusing on mental health treatments, particularly through its NeuroStar Advanced Therapy, a non-drug, noninvasive treatment for neurohealth conditions [6][7] - The company operates Greenbrook TMS Inc. treatment centers across the United States, providing NeuroStar Therapy for major depressive disorder and other mental health disorders [6] Public Offering Details - Neuronetics has priced its underwritten public offering of 8,000,000 shares of common stock at a price of $2.25 per share, aiming for gross proceeds of approximately $18 million [1][2] - The underwriter has a 30-day option to purchase an additional 1,200,000 shares at the public offering price [2] - The net proceeds from the offering will be used for general corporate purposes, including sales and marketing, research and development, potential acquisitions, and working capital [2] Regulatory and Compliance - A shelf registration statement for the shares was filed with the U.S. Securities and Exchange Commission (SEC) on November 9, 2022, and was declared effective on November 14, 2022 [4] - The offering will be made via a prospectus supplement, with a final prospectus supplement to be filed with the SEC [4] Financial and Market Context - The offering is expected to close on or about February 10, 2025, subject to customary closing conditions [2] - Canaccord Genuity LLC is acting as the sole bookrunner for the offering [3]