Neuronetics Reports Fourth Quarter and Full Year 2025 Financial and Operating Results

Core Insights - Neuronetics reported a total revenue of $41.8 million in Q4 2025, marking an 86% increase compared to Q4 2024, and a projected full-year revenue for 2026 between $160 million and $166 million [1][6][25] Q4 2025 Highlights - Greenbrook clinic revenue reached $23.5 million in Q4 2025, up 428% as reported and 37% on an adjusted pro forma basis compared to Q4 2024 [1][6] - U.S. NeuroStar Advanced Therapy System revenue was $4.4 million, with 49 systems shipped [6][8] - Operating cash flow improved, with cash provided by operations of $0.9 million in Q4 2025 [1][19] Full Year 2025 Highlights - Total revenue for the full year 2025 was $149.2 million, a 99% increase compared to 2024, driven primarily by the acquisition of Greenbrook [6][13] - Greenbrook clinic revenue for the full year was $87.0 million, up 1,857% as reported and 28% on an adjusted pro forma basis compared to 2024 [6][16] - U.S. NeuroStar Advanced Therapy System revenue for the year was $14.3 million, a decrease of 7% compared to 2024 [14][15] Recent Operational Highlights - Dan Reuvers was appointed as President and CEO effective March 23, 2026, bringing over 30 years of experience in scaling commercial healthcare businesses [1][21] - The company is advancing its collaboration with Compass Pathways on COMP360 psilocybin for treatment-resistant depression, with promising Phase 3 study results [22][23] - TRICARE West expanded coverage for TMS therapy to include adolescents aged 15 and older, enhancing access to mental health treatment [24] Business Outlook - For Q1 2026, total worldwide revenue is expected to be between $33.0 million and $35.0 million [25] - Full-year 2026 projections include a gross margin of 47% to 49% and operating expenses of $100 million to $105 million [25][26]