[Overview of Q2 2025 Performance](index=1&type=section&id=Neuronetics%20Reports%20Second%20Quarter%202025%20Financial%20and%20Operating%20Results) Neuronetics reported strong Q2 2025 results with **$38.1 million** revenue, **18% adjusted pro forma growth**, and reduced operational cash burn [Financial & Operational Highlights](index=1&type=section&id=Second%20Quarter%202025%20Highlights) Neuronetics achieved **$38.1 million** in Q2 2025 revenue, an **18% adjusted pro forma growth**, driven by Greenbrook integration and reduced cash burn | Metric | Value | Note | | :--- | :--- | :--- | | Total Revenue | $38.1 million | 18% adjusted pro forma growth YoY | | Greenbrook Clinic Revenue | $23.0 million | Record quarterly performance | | Cash Used in Operations | $3.5 million | Beat guidance of under $5 million | | Additional Funding | $10 million | From Perceptive Advisors debt agreement | | U.S. Treatment Session Revenue | $10.8 million | 13% pro forma increase YoY | | NeuroStar Systems Shipped | 41 systems | - | | Patients Treated (Global) | > 209,000 | > 7.6 million treatment sessions | - The company appointed **Steven Pfanstiel** as its new Chief Financial Officer, effective **July 15, 2025**[5](index=5&type=chunk) - Recent clinical data demonstrated strong real-world efficacy of **NeuroStar TMS** in treating depression in adolescents and young adults[5](index=5&type=chunk) [Management Commentary](index=1&type=section&id=Management%20Commentary) Management lauded strong Q2 revenue growth and Greenbrook integration, reducing cash usage and targeting positive cash flow in 2025 - Management emphasized strong quarterly performance, driven by solid revenue growth and record clinic revenue from the **Greenbrook integration**[4](index=4&type=chunk) - The company successfully reduced cash used in operations to **$3.5 million**, outperforming its target of under **$5 million**[4](index=4&type=chunk) - The CEO expressed confidence that the strong results position the company to achieve **positive cash flow from operations in 2025**[4](index=4&type=chunk) [Detailed Financial Results](index=2&type=section&id=Second%20Quarter%202025%20Financial%20and%20Operating%20Results%20for%20the%20Three%20Months%20Ended%20June%2030%2C%202025) Q2 2025 saw **132% revenue growth** to **$38.1 million**, a gross margin decline to **46.6%**, and a flat net loss of **$(9.8) million** [Revenue Analysis](index=2&type=section&id=Revenue%20Analysis) Total Q2 2025 revenue surged **132%** to **$38.1 million**, primarily from Greenbrook clinics, despite a decline in U.S. NeuroStar system revenue | Revenue by Geography (Q2 2025) | Amount (in thousands) | % Change YoY | | :--- | :--- | :--- | | U.S. | $37,656 | 133% | | International | $452 | 41% | | **Total Revenues** | **$38,108** | **132%** | | U.S. Revenue by Product (Q2 2025) | Amount (in thousands) | % Change YoY | | :--- | :--- | :--- | | NeuroStar Advanced Therapy System | $3,484 | (13)% | | Treatment sessions | $10,773 | (8)% | | Clinic revenue | $23,024 | N/A | | Other | $375 | (20)% | | **Total U.S. Revenues** | **$37,656** | **133%** | - The significant increase in total revenue was primarily driven by the acquisition of **Greenbrook**, which added **$23.0 million** in U.S. clinic revenue[6](index=6&type=chunk)[9](index=9&type=chunk) - The decline in U.S. treatment session revenue was mainly due to the absence of **$2.1 million** in revenue from Greenbrook (now internalized), but on a pro forma basis, this revenue stream grew **13% YoY** to a record high[8](index=8&type=chunk) [Profitability Analysis](index=2&type=section&id=Profitability%20Analysis) Q2 2025 gross margin fell to **46.6%** due to Greenbrook integration, while operating expenses rose **25%**, yet net loss remained flat at **$(9.8) million** | Profitability Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Gross Margin | 46.6% | 74.0% | (27.4 p.p.) | | Operating Expenses | $25.8 million | $20.7 million | +25% | | Net Loss | $(9.8) million | $(9.8) million | 0% | | Net Loss Per Share | $(0.15) | $(0.33) | +$0.18 | - The primary reason for the decline in gross margin was the inclusion of **Greenbrook's clinic business**[9](index=9&type=chunk) - The increase in operating expenses was mainly attributable to the inclusion of **Greenbrook's general and administrative expenses of $6.1 million**[10](index=10&type=chunk) [Financial Position and Cash Flow](index=3&type=section&id=Financial%20Position%20and%20Cash%20Flow) As of June 30, 2025, total cash was **$17.5 million**, with cash used in operations significantly reduced to **$3.5 million** for the quarter | Cash Position | As of June 30, 2025 | | :--- | :--- | | Cash and cash equivalents | $11.0 million | | Restricted cash | $6.5 million | | **Total Cash** | **$17.5 million** | - Cash used in operations for the second quarter was **$3.5 million**, a significant reduction[12](index=12&type=chunk) [Corporate Developments](index=3&type=section&id=Corporate%20Developments) Neuronetics secured **$10 million** in additional funding, reported strong NeuroStar clinical efficacy, and appointed a new Chief Financial Officer [Additional Funding](index=3&type=section&id=Company%20Secures%20%2410%20Million%20in%20Additional%20Funding%20from%20Perceptive%20Advisors) Neuronetics secured an additional **$10.0 million** in debt funding in August 2025, meeting revenue milestones and extending a key liquidity covenant - The company received **$10.0 million** in additional debt funding in **August 2025**[13](index=13&type=chunk) - Eligibility for the funds was triggered by achieving specific revenue conditions under the **Tranche 2 terms**[13](index=13&type=chunk) - The **$2 million** minimum liquidity requirement was extended from **September 2025 to September 2026**[13](index=13&type=chunk) [Clinical & Product Updates](index=3&type=section&id=NeuroStar%20TMS%20Shows%20Strong%20Real-World%20Efficacy%20in%20Treating%20Depression%20in%20Adolescents%20and%20Young%20Adults) A study confirmed NeuroStar TMS's strong real-world efficacy for depression in adolescents, with nearly **70%** showing clinically meaningful improvement - A study of over **1,200 patients** aged **12–21** showed that nearly **70%** experienced clinically meaningful improvement in depression symptoms with **NeuroStar TMS**[14](index=14&type=chunk) - The results, drawn from the world's largest depression outcomes dataset, mirror outcomes in adults and support the **FDA-cleared use of NeuroStar** as an adjunct therapy for younger patients[14](index=14&type=chunk) [Management Changes](index=3&type=section&id=Neuronetics%20Appoints%20New%20Chief%20Financial%20Officer) Steven Pfanstiel was appointed as the new Chief Financial Officer, bringing over **two decades** of healthcare sector experience - **Steven Pfanstiel** was appointed as the new CFO, succeeding Stephen Furlong[15](index=15&type=chunk) - Mr. Pfanstiel has over **20 years of experience** in the healthcare sector, including leadership roles at Marinus Pharmaceuticals, Lifescan, and Johnson & Johnson[15](index=15&type=chunk) [Business Outlook (Guidance)](index=3&type=section&id=Business%20Outlook) Neuronetics provided Q3 and full-year 2025 revenue guidance, updated gross margin and operating expense forecasts, and shifted positive cash flow to Q4 2025 [Revenue Guidance](index=3&type=section&id=Revenue%20Guidance) Neuronetics projects Q3 2025 revenue between **$37.0 million** and **$39.0 million**, maintaining full-year guidance of **$149.0 million** to **$155.0 million** | Period | Guidance Range | | :--- | :--- | | Q3 2025 Revenue | $37.0 million - $39.0 million | | Full Year 2025 Revenue | $149.0 million - $155.0 million (maintained) | [Margin, Expense, and Cash Flow Guidance](index=3&type=section&id=Margin%2C%20Expense%2C%20and%20Cash%20Flow%20Guidance) Full-year 2025 guidance includes a revised gross margin of **48%-50%**, increased operating expenses of **$100M-$105M**, and positive operating cash flow expected in Q4 2025 | Full Year 2025 Guidance | New Guidance | Previous Guidance | | :--- | :--- | :--- | | Gross Margin | 48% - 50% | Not specified (updated) | | Total Operating Expenses | $100.0M - $105.0M | $90M - $98M | | Positive Operating Cash Flow | Expected in Q4 2025 | Expected in Q3 2025 | | Year-End Total Cash | $25M - $28M | Not specified | - The gross margin forecast was adjusted due to a higher-than-expected percentage of total revenue coming from **Greenbrook clinics** and the mix of **Spravato business**[18](index=18&type=chunk) - Operating expense guidance was raised to augment critical areas, including the **claims collections team**, and to allow more time to realize integration synergies[19](index=19&type=chunk) [Consolidated Financial Statements](index=7&type=section&id=Consolidated%20Financial%20Statements) Q2 2025 saw **$38.1 million** revenue, a **$(10.1) million** net loss, **$134.7 million** in total assets, and **$(20.5) million** cash used in operations [Consolidated Statements of Operations](index=7&type=section&id=Consolidated%20Statements%20of%20Operations) Q2 2025 revenues increased **132%** to **$38.1 million**, with gross profit rising to **$17.8 million**, and net loss at **$(10.1) million** or **$(0.15)** per share | (in thousands, except per share data) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Revenues | $38,108 | $16,450 | | Gross profit | $17,758 | $12,179 | | Loss from operations | $(8,058) | $(8,507) | | Net loss | $(9,839) | $(9,832) | | Net loss per share | $(0.15) | $(0.33) | [Consolidated Balance Sheets](index=8&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets were **$134.7 million**, total liabilities **$103.1 million**, and total equity **$31.5 million** | (in thousands) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $10,969 | $18,459 | | Total current assets | $56,139 | $58,122 | | Total assets | $134,650 | $140,903 | | Total current liabilities | $27,803 | $31,265 | | Total liabilities | $103,143 | $109,104 | | Total equity | $31,507 | $31,799 | [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For H1 2025, net cash used in operations was **$(20.5) million**, offset by **$19.0 million** from financing, resulting in a **$(2.0) million** net cash decrease | (in thousands) | Six Months Ended June 30, 2025 | | :--- | :--- | | Net Cash used in Operating activities | $(20,497) | | Net Cash used in Investing activities | $(472) | | Net Cash provided by Financing activities | $18,978 | | **Net decrease in Cash, Cash equivalents and Restricted cash** | **$(1,990)** | [Non-GAAP Financial Measures](index=10&type=section&id=Non-GAAP%20Financial%20Measures%20(Unaudited)) Non-GAAP EBITDA improved to a **$(7.2) million** loss in Q2 2025, with adjusted pro forma revenue for Q2 2024 at **$32.2 million** [Reconciliation of Net Loss to EBITDA](index=10&type=section&id=Reconciliation%20of%20Net%20Loss%20to%20EBITDA) Non-GAAP EBITDA for Q2 2025 was a **$(7.2) million** loss, an improvement from **$(8.0) million** in Q2 2024, after adjustments | (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net loss | $(9,839) | $(9,832) | | Interest expense, net | $1,781 | $1,325 | | Depreciation and amortization | $901 | $555 | | **EBITDA** | **$(7,157)** | **$(7,952)** | [Pro Forma Revenue Information](index=10&type=section&id=Non-GAAP%20Pro%20forma%20and%20Adjusted%20Pro%20forma%20revenue%20information%20(Unaudited)) Adjusted pro forma revenue for Q2 2024 was **$32.2 million**, indicating an **18%** year-over-year growth compared to Q2 2025 reported revenue | Pro Forma Revenue (Q2 2024) | Amount (in thousands) | | :--- | :--- | | Neuronetics Revenue | $16,450 | | Greenbrook Revenue | $20,408 | | Intercompany revenue elimination | $(2,283) | | **Total Pro forma Revenue** | **$34,575** | | Adjustment for clinic closures | $(2,404) | | **Adjusted Pro forma Revenue** | **$32,171** |

Core Insights - Neuronetics, Inc. reported total revenue of $38.1 million for the second quarter of 2025, reflecting an 18% adjusted pro forma revenue growth and a 132% increase compared to the same quarter in 2024 [1][6][5] - The company achieved record revenue of $23.0 million from Greenbrook clinics during the quarter, contributing significantly to the overall revenue growth [1][6] - Cash used in operations was reduced to $3.5 million, outperforming the guidance of under $5 million [1][4] Financial Performance - Total revenues for the three months ended June 30, 2025, were $38.1 million, up from $16.5 million in the same period of 2024, primarily due to the acquisition of Greenbrook [5][6] - U.S. clinic revenue was $23.0 million, while international revenue increased by 41% to $452,000 [5][7] - Gross margin decreased to 46.6% from 74.0% year-over-year, mainly due to the inclusion of Greenbrook's clinic business [10] Operational Highlights - The company shipped 41 NeuroStar Advanced Therapy Systems, generating $3.5 million in revenue, although this represented a 13% decrease compared to the previous year [8][6] - U.S. treatment session revenue was $10.8 million, an 8% decrease year-over-year, but a 13% increase on a pro forma basis [9][6] - Neuronetics treated over 209,000 global patients with 7.6 million treatment sessions [6] Management and Strategic Developments - Steven Pfanstiel was appointed as the new Chief Financial Officer, bringing over 20 years of healthcare experience [16] - The company secured an additional $10 million in funding from Perceptive Advisors LLC, extending its liquidity requirements [14] - Neuronetics expects total worldwide revenue for the third quarter of 2025 to be between $37.0 million and $39.0 million, and for the full year 2025, between $149.0 million and $155.0 million [17][18] Future Outlook - The company anticipates gross margin improvement in the second half of 2025, expecting it to be between 48% and 50% [18] - Total operating expenses for 2025 are now projected to be between $100.0 million and $105.0 million, reflecting the integration of Greenbrook [19] - Neuronetics expects to achieve positive cash flow from operations in the fourth quarter of 2025 [20]

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]