PART I – FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements.) The company's Q2 2023 financial statements reflect total assets decreased to $100.4 million, revenues increased to $17.6 million, and net loss narrowed to $4.9 million [Balance Sheets](index=3&type=section&id=Balance%20Sheets) As of June 30, 2023, total assets decreased to $100.4 million, driven by a drop in cash to $45.9 million, while total liabilities and stockholders' equity also declined Balance Sheet Summary (in thousands) | Account | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $45,905 | $70,340 | | Total current assets | $77,676 | $98,769 | | Total Assets | $100,392 | $116,884 | | **Liabilities & Equity** | | | | Total current liabilities | $15,026 | $33,199 | | Long-term debt, net | $36,713 | $22,829 | | Total Liabilities | $54,915 | $59,824 | | Total Stockholders' Equity | $45,477 | $57,060 | [Statements of Operations](index=4&type=section&id=Statements%20of%20Operations) Q2 2023 revenues increased to $17.6 million, loss from operations narrowed to $7.3 million, and net loss significantly improved to $4.9 million, aided by other income Quarterly Operating Results (in thousands, except per share data) | Metric | Q2 2023 | Q2 2022 | | :--- | :--- | :--- | | Revenues | $17,610 | $16,329 | | Gross Profit | $12,774 | $12,290 | | Loss from operations | $(7,349) | $(9,796) | | Net Loss | $(4,901) | $(10,422) | | Net loss per share | $(0.17) | $(0.39) | Six-Month Operating Results (in thousands, except per share data) | Metric | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | | Revenues | $33,150 | $30,510 | | Gross Profit | $24,170 | $22,986 | | Loss from operations | $(17,257) | $(19,931) | | Net Loss | $(15,421) | $(21,260) | | Net loss per share | $(0.54) | $(0.80) | [Statements of Cash Flows](index=6&type=section&id=Statements%20of%20Cash%20Flows) For the six months ended June 30, 2023, net cash used in operating activities increased to $24.0 million, leading to a $24.4 million decrease in cash and equivalents, ending at $45.9 million Cash Flow Summary (in thousands) | Activity | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | $(24,047) | $(21,132) | | Net Cash Used in Investing Activities | $(825) | $(2,040) | | Net Cash Provided by (Used in) Financing Activities | $437 | $(38) | | **Net Decrease in Cash** | **$(24,435)** | **$(23,210)** | | Cash and Cash Equivalents, End of Period | $45,905 | $70,931 | [Notes to Interim Financial Statements](index=7&type=section&id=Notes%20to%20Interim%20Financial%20Statements) Notes detail the NeuroStar product, liquidity with $45.9 million cash and $361.3 million accumulated deficit, debt facilities, and a $2.9 million Employee Retention Credit - The company's primary product is the NeuroStar Advanced Therapy System, a non-invasive treatment for Major Depressive Disorder (MDD)[23](index=23&type=chunk) - As of June 30, 2023, the company had **$45.9 million** in cash and cash equivalents and an accumulated deficit of **$361.3 million**; management believes current cash and anticipated revenues are sufficient to fund operations for at least the next 12 months[24](index=24&type=chunk) - In Q2 2023, one customer accounted for **14%** of total revenue, with accounts receivable from this customer at **$2.0 million** as of June 30, 2023[68](index=68&type=chunk) - On March 29, 2023, the company amended its loan agreement with SLR Investment Corp., borrowing an additional **$2.5 million** and extending the maturity date to March 2028[74](index=74&type=chunk)[75](index=75&type=chunk) - The company recognized a **$2.9 million** Employee Retention Credit (ERC) during the quarter ended June 30, 2023, recorded as 'other income, net'[98](index=98&type=chunk)[100](index=100&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) Management discusses Q2 2023 revenue growth, gross margin decline, reduced operating expenses, and a significantly improved net loss of $4.9 million due to an Employee Retention Credit [Overview](index=24&type=section&id=Overview) Neuronetics, a medical technology company, focuses on the NeuroStar Advanced Therapy System for MDD, generating revenue from system sales and recurring treatment sessions - The company is a market leader in TMS therapy, having treated over **156,235 patients** with over **5.6 million** treatment sessions globally through June 30, 2023[103](index=103&type=chunk) - Revenue is primarily derived from initial capital sales of NeuroStar systems and recurring treatment sessions; for Q2 2023, treatment sessions accounted for **71%** of U.S. revenues[104](index=104&type=chunk) - The company's sales force targets an estimated **50,000 psychiatrists** in the U.S., and as of June 30, 2023, the company had **209 employees**[105](index=105&type=chunk) [Results of Operations](index=30&type=section&id=Results%20of%20Operations) Q2 2023 total revenue increased 8% to $17.6 million, gross margin declined to 72.5%, operating expenses decreased, and net loss improved to $4.9 million Q2 2023 vs Q2 2022 Performance (in thousands) | Metric | Q2 2023 | Q2 2022 | Change (%) | | :--- | :--- | :--- | :--- | | Total Revenues | $17,610 | $16,329 | 8% | | Gross Profit | $12,774 | $12,290 | 4% | | Gross Margin | 72.5% | 75.3% | (2.8 p.p.) | | Sales and marketing | $11,559 | $13,685 | (16)% | | Research and development | $2,364 | $2,045 | 16% | | Loss from Operations | $(7,349) | $(9,796) | 25% | | Net Loss | $(4,901) | $(10,422) | 53% | - The decline in Q2 gross margin was driven by higher operational costs from a contract manufacturer transition and software amortization expense from a new product release[129](index=129&type=chunk) - The decrease in Q2 sales and marketing expense was primarily due to reduced spending on brand development and the non-continuation of a 2022 sales retention program[130](index=130&type=chunk) - The significant increase in 'Other income, net' for Q2 was primarily due to the recognition of a **$2.9 million** Employee Retention Credit (ERC)[134](index=134&type=chunk) [Liquidity and Capital Resources](index=35&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2023, the company held **$45.9 million** in cash, experienced **$24.0 million** negative operating cash flow, and believes it has sufficient liquidity for the next 12 months - The company had cash and cash equivalents of **$45.9 million** and an accumulated deficit of **$361.3 million** as of June 30, 2023[148](index=148&type=chunk) - Net cash used in operating activities was **$24.0 million** for the six months ended June 30, 2023, primarily due to a net loss of **$15.4 million** and an increase in net operating assets[154](index=154&type=chunk)[155](index=155&type=chunk) - Management believes existing cash and future revenues will be sufficient to fund operations for at least the next 12 months from the financial statement issuance date[148](index=148&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=38&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk.) No material changes to market risks were reported, though future high inflation could adversely affect gross margin and operating expenses - There have been no material changes to the market risks previously disclosed in the Form 10-K filed on March 7, 2023[163](index=163&type=chunk) - While inflation has not had a material impact to date, the company acknowledges that a high rate of inflation in the future could adversely affect its gross margin and operating expenses[164](index=164&type=chunk) [Controls and Procedures](index=38&type=section&id=Item%204.%20Controls%20and%20Procedures.) Management concluded that disclosure controls and procedures were effective as of June 30, 2023, with no material changes to internal control over financial reporting during the quarter - Based on an evaluation as of the end of the reporting period, the Principal Executive Officer and Principal Financial and Accounting Officer concluded that the company's disclosure controls and procedures were effective[166](index=166&type=chunk) - No changes occurred in the company's internal control over financial reporting during the quarter ended June 30, 2023, that have materially affected, or are reasonably likely to materially affect, these controls[167](index=167&type=chunk) PART II – OTHER INFORMATION [Legal Proceedings](index=41&type=section&id=Item%201.%20Legal%20Proceedings.) The company is subject to ordinary course legal actions but expects no material adverse effect on its financial condition or operations - The company reports no current legal proceedings that are reasonably expected to have a material adverse effect on its business, financial condition, or cash flows[170](index=170&type=chunk) [Risk Factors](index=41&type=section&id=Item%201A.%20Risk%20Factors.) No material changes have been reported to the risk factors previously disclosed in the company's Annual Report on Form 10-K - No material changes have been made to the risk factors as described in the Form 10-K filed on March 7, 2023[171](index=171&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=41&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds.) This section is not applicable for the current reporting period - Not applicable[172](index=172&type=chunk) [Other Information](index=41&type=section&id=Item%205.%20Other%20Information.) No director or officer adopted or terminated a Rule 10b5-1 trading arrangement during the three months ended June 30, 2023 - No director or officer adopted or terminated a Rule 10b5-1 trading plan during the second quarter of 2023[175](index=175&type=chunk) [Exhibits](index=42&type=section&id=Item%206.%20Exhibits.) This section lists exhibits filed with the Quarterly Report on Form 10-Q, including loan agreement amendments, a promissory note, and officer certifications - Exhibits filed include the Fourth Amendment to the Loan and Security Agreement with SLR Investment Corp. and the Secured Promissory Note with Greenbrook TMS Inc.[178](index=178&type=chunk) - Certifications by the Principal Executive Officer and Principal Financial Officer pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act are included as exhibits[178](index=178&type=chunk)

Neuronetics, Inc. (NASDAQ:STIM) Q2 2023 Earnings Conference Call August 8, 2023 8:30 PM ET Company Participants Mark Klausner - ICR Westwicke Keith Sullivan - President and Chief Executive Officer Steve Furlong - Chief Financial Officer Conference Call Participants Margaret Kaczor - William Blair Zachary Day - Canaccord Simran Kaur - Piper Sandler Daniel Stauder - JMP Securities Operator Thank you for standing by, welcome to the Neuronetics Second Quarter 2023 Financial and Operating Results Conference Call ...

Limitations of Antidepressant Medications ieving remission (HAMD The largest prospective clinical trial of MDD ever conducted, STAR*D, showed that treatment resistance causes a patient's chance for remission to decrease with each subsequent medication attempt. STAR*D also showed discontinuation due to side effects increases with each medication attempt. | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|------------|------------------------|----------------------------------- ...

[PART I – FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements.) For the first quarter ended March 31, 2023, Neuronetics reported total revenues of $15.5 million, a 10% increase year-over-year, and a net loss of $10.5 million [Balance Sheets](index=3&type=section&id=Balance%20Sheets) Total assets decreased to $103.6 million as of March 31, 2023, primarily due to a reduction in cash and cash equivalents Balance Sheet Summary (in thousands) | Account | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $ 55,443 | $ 70,340 | | Total current assets | $ 81,107 | $ 98,769 | | **Total Assets** | **$ 103,604** | **$ 116,884** | | **Liabilities & Equity** | | | | Total current liabilities | $ 15,130 | $ 33,199 | | Long-term debt, net | $ 36,641 | $ 22,829 | | **Total Liabilities** | **$ 55,259** | **$ 59,824** | | **Total Stockholders' Equity** | **$ 48,345** | **$ 57,060** | [Statements of Operations](index=4&type=section&id=Statements%20of%20Operations) Revenues increased to $15.5 million in Q1 2023, leading to a narrowed net loss of $10.5 million compared to the prior year Q1 2023 vs Q1 2022 Performance (in thousands, except per share data) | Metric | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Revenues | $ 15,540 | $ 14,181 | | Gross Profit | $ 11,396 | $ 10,696 | | Total operating expenses | $ 21,303 | $ 20,831 | | Loss from operations | $ (9,907) | $ (10,135) | | Net Loss | $ (10,520) | $ (10,838) | | Net loss per share, basic and diluted | $ (0.38) | $ (0.41) | [Statements of Changes in Stockholders' Equity](index=5&type=section&id=Statements%20of%20Changes%20in%20Stockholders%27%20Equity) Stockholders' equity decreased to $48.3 million, primarily driven by the net loss for the quarter - The primary driver for the decrease in stockholders' equity during Q1 2023 was the **net loss of $10.5 million**[18](index=18&type=chunk) [Statements of Cash Flows](index=6&type=section&id=Statements%20of%20Cash%20Flows) Net cash used in operating activities increased to $15.2 million in Q1 2023, resulting in a $14.9 million net decrease in cash Cash Flow Summary (in thousands) | Activity | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | $ (15,213) | $ (12,182) | | Net Cash Used in Investing Activities | $ (183) | $ (1,074) | | Net Cash Provided by (Used in) Financing Activities | $ 499 | $ (48) | | **Net Decrease in Cash and Cash Equivalents** | **$ (14,897)** | **$ (13,304)** | | **Cash and Cash Equivalents, End of Period** | **$ 55,443** | **$ 80,837** | [Notes to Interim Financial Statements](index=7&type=section&id=Notes%20to%20Interim%20Financial%20Statements) The notes detail business operations, liquidity, and financial instruments, including a new promissory note and credit facility amendment - The company is a commercial-stage medical technology firm focused on its NeuroStar Advanced Therapy System for treating major depressive disorder (MDD)[23](index=23&type=chunk) - As of March 31, 2023, the company had **$55.4 million in cash and cash equivalents** and an **accumulated deficit of $356.4 million**; management believes current cash is sufficient to fund operations for at least the next 12 months[24](index=24&type=chunk) - In Q1 2023, one customer accounted for **18% of total revenue**, with accounts receivable from this customer at **$1.0 million** as of March 31, 2023[66](index=66&type=chunk) - On March 29, 2023, the company amended its credit facility with Solar, borrowing an additional **$2.5 million** and extending the maturity date to March 2028, with total outstanding principal at **$37.5 million**[71](index=71&type=chunk)[72](index=72&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=20&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) Management attributes Q1 2023 revenue growth to increased U.S. sales, while gross margin declined and R&D expenses significantly increased [Results of Operations](index=27&type=section&id=Results%20of%20Operations) Total revenue increased 10% to $15.5 million, driven by U.S. NeuroStar system and treatment session growth, despite a gross margin decline Revenue Breakdown (in thousands) | Revenue Category | Q1 2023 | Q1 2022 | % Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | **$15,540** | **$14,181** | **10%** | | U.S. Revenue | $14,964 | $13,517 | 11% | | - NeuroStar System | $3,850 | $3,642 | 6% | | - Treatment Sessions | $10,643 | $9,469 | 12% | | International Revenue | $576 | $664 | (13)% | - Gross margin decreased from **75.4% to 73.3%** year-over-year, primarily due to increased sales volume of lower-margin NeuroStar systems and higher capitalized software amortization[128](index=128&type=chunk) - Sales and marketing expenses decreased **6% to $11.9 million** due to reduced marketing initiatives and personnel costs[129](index=129&type=chunk) - Research and development expenses increased **55% to $2.8 million**, mainly because of lower capitalization of software project costs compared to the prior year[131](index=131&type=chunk) [Liquidity and Capital Resources](index=30&type=section&id=Liquidity%20and%20Capital%20Resources) The company held $55.4 million in cash, with a net cash outflow from operations of $15.2 million, and believes it has sufficient liquidity for the next 12 months - The company had cash and cash equivalents of **$55.4 million** and an **accumulated deficit of $356.4 million** as of March 31, 2023[135](index=135&type=chunk) - Net cash used in operating activities was **$15.2 million** for Q1 2023, compared to **$12.2 million** for Q1 2022[135](index=135&type=chunk)[140](index=140&type=chunk) - Management believes current cash and anticipated revenues are sufficient to fund operations for at least 12 months from the financial statement issuance date[135](index=135&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=33&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk.) No material changes to market risk have occurred since the last annual report, and inflation has not materially impacted financial results - There have been no material changes to the company's market risk since the last annual report filed on March 7, 2023[147](index=147&type=chunk) - The company is monitoring inflation but does not believe it has had a material impact on its financial results to date[148](index=148&type=chunk) [Controls and Procedures](index=33&type=section&id=Item%204.%20Controls%20and%20Procedures.) Management concluded that disclosure controls and procedures were effective as of March 31, 2023, with no material changes in internal control over financial reporting - Management concluded that the company's disclosure controls and procedures were effective at a reasonable assurance level as of March 31, 2023[150](index=150&type=chunk) - No changes in internal control over financial reporting occurred during Q1 2023 that materially affected, or are reasonably likely to materially affect, internal controls[151](index=151&type=chunk) [PART II – OTHER INFORMATION](index=36&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) [Legal Proceedings](index=36&type=section&id=Item%201.%20Legal%20Proceedings.) The company is involved in routine legal actions but expects no material adverse effect on its financial condition or operations - The company reports no current legal proceedings that are reasonably expected to have a material adverse effect on its business or financials[153](index=153&type=chunk) [Risk Factors](index=36&type=section&id=Item%201A.%20Risk%20Factors.) No material changes to the previously disclosed risk factors have occurred since the last annual report - No material changes to the risk factors disclosed in the Annual Report on Form 10-K have occurred[154](index=154&type=chunk) [Exhibits](index=37&type=section&id=Item%206.%20Exhibits.) The report includes key exhibits such as the Fourth Amendment to the Loan and Security Agreement and a new Secured Promissory Note - Key exhibits filed include the Fourth Amendment to the Loan and Security Agreement and a Secured Promissory Note with Greenbrook TMS Inc[161](index=161&type=chunk)

Financial Data and Key Metrics Changes - Total revenue for the first quarter was $15.5 million, a 10% increase from $14.2 million in the prior year [62][74] - U.S. treatment session revenue was $10.6 million, up 12% compared to the first quarter of 2022 [64] - EBITDA was negative $8.8 million, an improvement from negative $9.5 million in the prior year quarter [4] - Gross margins were 73.3%, down from 75.4% in the prior year quarter, primarily due to revenue mix and increased capitalized software amortization [75][126] - Net loss for the first quarter was $10.5 million or $0.38 per share, compared to a net loss of $10.8 million or $0.41 per share in the prior year [76] Business Line Data and Key Metrics Changes - The company shipped 49 systems in the first quarter, up from 48 in 2022, aligning with the strategy to ship between 45 and 50 systems per quarter [2][40] - NeuroStar system revenue was $3.9 million, compared to $3.6 million in the prior year [74] - The Service Provider segment returned to growth, albeit at a slower rate than local per-click customers [42] Market Data and Key Metrics Changes - The company noted a more than 25% increase in marketing spend among participants, indicating value in the program [33] - Co-op marketing program participation increased over 60% compared to the first quarter of 2022 [66] - BlueCross BlueShield of Mississippi updated its policy to allow non-physician practitioners to prescribe NeuroStar therapy, expanding access to treatment [70][71] Company Strategy and Development Direction - The company aims to achieve cash flow breakeven in 2024, supported by top-line growth and operating expense management [105][106] - Focus areas for 2023 include increasing participation in NeuroStar University, enhancing co-op marketing program participation, and creating a network of accounts following NeuroStar best practices [65][67] - The company is actively working with providers to advocate for health policy changes that broaden access to NeuroStar TMS therapy [71][113] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in treatment session revenue growth and raised annual guidance for 2023, expecting revenue in the range of $68 million to $73 million [5][39] - The company is encouraged by the performance in the first quarter and anticipates continued solid treatment session growth [73] - Management highlighted the importance of educating non-physician practitioners to increase access to NeuroStar treatment [17][97] Other Important Information - The company secured an amended credit facility with SLR Capital Partners, providing up to $60 million in borrowings [4][54] - Operating expenses for the quarter were $21.3 million, an increase of $500,000 compared to the first quarter of 2022 [104] Q&A Session Summary Question: What gives you the conviction to raise guidance? - Management noted positive signs from Greenbrook and increased confidence in treatment session revenue growth [57][81] Question: Can you provide more details on the co-op marketing program? - The program has been simplified to make it easier for accounts to participate and submit ads [82][110] Question: How do you anticipate growth rates for Q3 and Q4? - Management expects revenue per active site to increase in Q2, remain steady in Q3, and increase in Q4 [86] Question: What changes have occurred in reimbursement policies? - The company is actively working with payers to reduce the number of failed medications required before covering TMS treatment [88][113] Question: Can you provide insights on the ramp-up period for new sites? - The ramp-up period typically takes 90 to 180 days for new sites to reach full treatment session run rate [120][125]

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, 2022 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 ...

Financial Data and Key Metrics Changes - Total revenue for Q4 2022 was $18.2 million, an increase of 21% compared to Q4 2021 revenue of $15 million [69] - U.S. NeuroStar Advanced Therapy System revenue was $4.6 million, up 64% from $2.8 million in the prior year [84] - U.S. treatment session revenue reached an all-time record of $12.5 million, an 11% increase over Q4 2021 [70] - Gross margins remained consistent at 76% compared to Q4 2021 [87] - Net loss for Q4 2022 was $8.3 million, compared to a net loss of $7.6 million in Q4 2021 [88] Business Line Data and Key Metrics Changes - The per click consumable segment and other segments are performing well, contributing to the anticipated 20% growth in 2023 [2] - Revenue per active site was approximately $11,500 in Q4 2022, down from approximately $12,200 in the prior year [85] - The number of treatment sessions surpassed 5.3 million across roughly 145,000 patients [67] Market Data and Key Metrics Changes - The company expects to see continued strength from local per click customers despite lower treatment session revenue from certain service providers [90] - The expansion of Medicare coverage and changes in United Health Care's policies are expected to positively impact market access [81] Company Strategy and Development Direction - The company aims to increase customer participation in NeuroStar University and co-op marketing programs to drive growth [49][51] - A focus on creating a network of accounts that follow NeuroStar best practices is planned for 2023 [15] - The company is working to simplify prior authorization processes to expand market access [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 20% growth in 2023, driven by strong performance in non-Greenbrook segments [2][39] - The company does not anticipate recessionary impacts affecting its guidance for 2023 [39] - Management acknowledged the challenges posed by the integration of Greenbrook and Success, which may lead to revenue headwinds [78] Other Important Information - The company shipped over 210 systems in 2022, bringing total systems shipped to over 2,000 [67] - The cash and cash equivalents as of December 31, 2022, were $70.3 million [89] Q&A Session Summary Question: What do you expect out of your core business in 2023? - Management expects growth to be consistent with the second half of 2022, in the 20% range [2] Question: How do you think about the capital versus disposable? - Capital is expected to be consistent with 2022, with 45 to 50 systems anticipated for the year [57] Question: What gets you to the high and low-end of the guidance range? - Management indicated that some contribution from Greenbrook is needed, but growth from other segments should suffice to meet guidance [11] Question: How do you view the impact of coverage policy updates? - Management believes the updates will expand the market and simplify access to care [24] Question: What are the key drivers of treatment session revenue? - The practice development managers and the implementation of PHQ-10s are key drivers of increased utilization [26]

TAP INTO A NEW POSSIBILITY for depression COMPANY PRESENTATION NASDAQ: STIM November 2022 Disclaimers n e u r o s t a r . c o m This presentation contains estimates and other statistical data prepared by independent parties and by Neuronetics, Inc. (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 ...

Neuronetics, Inc. (NASDAQ:STIM) Q3 2022 Earnings Conference Call November 8, 2022 8:30 AM ET Company Participants Mark Klausner - ICR Westwicke Keith Sullivan - President and Chief Executive Officer Stephen Furlong - Senior Vice President, Chief Financial Officer and Treasurer Conference Call Participants Adam Maeder - Piper Sandler Margaret Kaczor - William Blair Bill Plovanic - Canaccord Marie Thibault - BTIG Operator Good day and thank you for standing by. Welcome to the Neuronetics Report Third Quarter ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 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) incorporat ...