Company Overview - Neuronetics, Inc. is a vertically integrated medical technology and healthcare company focused on transforming patients' lives through neurohealth therapies [1][3] - The company operates Greenbrook TMS Inc., which runs treatment centers across the U.S. offering NeuroStar Advanced Therapy for mental health disorders [3] Product and Treatment Information - NeuroStar Advanced Therapy is a non-drug, noninvasive treatment for major depressive disorder (MDD) and has delivered over 7.4 million treatments, supported by the largest clinical data set for TMS treatment systems [3] - Greenbrook treatment centers have provided more than 1.8 million treatments to over 55,000 patients suffering from depression, also offering SPRAVATO® (esketamine) Nasal Spray for treatment-resistant depression [3] Regulatory and Safety Information - The NeuroStar Advanced Therapy System is FDA-cleared for adults with MDD and as an adjunct treatment for obsessive-compulsive disorder and anxiety symptoms in adults with MDD [4]

Core Insights - Neuronetics, Inc. has published significant findings demonstrating the effectiveness of NeuroStar TMS in treating adolescents and young adults with depression, as reported in a leading medical journal [1][2] Company Overview - Neuronetics is a medical technology company focused on improving the quality of life for patients with neurohealth disorders through innovative products [4] - The company operates Greenbrook TMS Inc., which provides NeuroStar Advanced Therapy for major depressive disorder (MDD) and other mental health conditions across the United States [4] Treatment Efficacy - The study based on the NeuroStar TrakStar Clinical Database involved 1,283 patients, with approximately 70% reporting clinically meaningful improvement in depression symptoms, while less than 1% experienced worsening [2][3] - The results for adolescents and young adults align with previous findings in adult populations, indicating a strong correlation between the number of treatment sessions completed and clinical improvement [2] Market Opportunity - With one in five adolescents experiencing major depressive disorder and limited FDA-approved medications available, NeuroStar TMS presents a significant opportunity to provide a safe and effective treatment option for this demographic [3] - Since receiving FDA clearance as an add-on therapy for adolescents aged 15-21 in March 2024, there has been over a one-third increase in the number of adolescents treated with NeuroStar [2]

Core Insights - Neuronetics, Inc. plans to release its second quarter 2025 financial and operating results on August 5, 2025, prior to market open [1] - A conference call will be held at 8:30 a.m. Eastern Time on the same day to discuss the results [1][2] 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 7.1 million NeuroStar treatments have been delivered, establishing it as the leading Transcranial Magnetic Stimulation (TMS) treatment for MDD in adults [3]

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]

Company Overview & Strategy - Neuronetics and Greenbrook have combined to leverage scale and treat more mental health patients, having treated 213,500 unique patients and administered 7,620,000 treatments[13] - The company is focused on driving accelerated growth, realizing cost reductions, and transforming its financial profile to deliver mid-teens revenue growth and near-term profitability[21] - A key strategy involves expanding the Better Me Provider (BMP) network, with over 375 BMP clinics in 49 states[17], and increasing patient flow through referral networks and optimized digital marketing[70] Financial Performance & Guidance - Full year 2024 consolidated adjusted net pro forma revenue was $129.4 million[13, 79] - Q1 2025 revenue reached $32.0 million, an 84% increase compared to Q1 2024 on a reported basis and a 7% increase on an adjusted pro forma basis[88, 95] - The company anticipates revenue between $149 million and $155 million for FY 2025, representing a 15% to 19% pro forma year-over-year growth[83] - The company expects to achieve cash flow positive status beginning in Q3 2025[83] Cost Synergies - The company has identified $22.6 million in annualized expected cost savings through various initiatives, including NNI RIF/Spend Reductions ($16.2 million), Greenbrook Clinics savings ($5.1 million), and Additional Reductions ($1.3 million)[77] Clinical & Market Position - NeuroStar is the first FDA-cleared TMS treatment for adolescent depression and is positioned as a first-line treatment[44] - Real-world clinical results show 83% improvement in depression symptoms and 62% symptom relief (remission) for patients with MDD[39] - Practices attending NeuroStar University (NSU) have started 40% more patients than non-attendees since Q3 2022[55], and performed 30% more treatment sessions in Q1 2025[60]