Neuronetics(STIM) - 2025 Q3 - Quarterly Results

Financial Performance - Total revenue for Q3 2025 was $37.3 million, representing an 11% adjusted pro forma growth compared to Q3 2024[1] - Revenues for Q3 2025 reached $37,297, a 101% increase from $18,530 in Q3 2024[25] - Gross profit for Q3 2025 was $17,108, compared to $14,001 in Q3 2024, reflecting a gross margin improvement[25] - EBITDA for Q3 2025 was $(6,435), an improvement from $(11,643) in Q3 2024[31] - Net loss for Q3 2025 was $(9.4) million, or $(0.13) per share, an improvement from $(13.3) million, or $(0.44) per share in Q3 2024[11] - Net loss for Q3 2025 was $9,401, an improvement from a net loss of $13,341 in Q3 2024[25] Revenue Sources - Greenbrook clinic revenue reached $21.8 million in Q3 2025, marking a 25% increase on an adjusted pro forma basis versus Q3 2024[4] - U.S. NeuroStar Advanced Therapy System revenue was $3.5 million, with 40 systems shipped during the quarter[4] Cash and Assets - Total cash at the end of Q3 2025 was $34.5 million, an increase from $19.5 million as of December 31, 2024[12] - Cash and cash equivalents increased to $27,971 as of September 30, 2025, compared to $18,459 at the end of 2024[27] - Total assets grew to $145,465 as of September 30, 2025, up from $140,903 at the end of 2024[27] - Total current liabilities decreased to $28,940 as of September 30, 2025, from $31,265 at the end of 2024[27] - Long-term debt increased to $65,671 as of September 30, 2025, compared to $55,151 at the end of 2024[27] Operating Expenses - Operating expenses for Q3 2025 were $24.4 million, a 12% increase compared to Q3 2024, primarily due to Greenbrook's expenses[10] - Operating expenses totaled $24,429 in Q3 2025, up from $21,729 in Q3 2024, with significant increases in general and administrative expenses[25] Future Outlook - For Q4 2025, the company expects total worldwide revenue between $40 million and $43 million[16] - The company anticipates full-year 2025 gross margin to be between 47% and 49%[17] Patient Treatment Milestone - The company achieved a milestone of over 229,429 global patients treated with 8.2 million treatment sessions[4] Regulatory Update - New York State Medicaid expanded coverage for TMS therapy, including NeuroStar Advanced Therapy, to treat major depressive disorder, effective October 1, 2025[15]