Core Viewpoint - Neuronetics, Inc. reported strong preliminary unaudited financial results for Q4 and full-year 2025, highlighting significant revenue growth and positive operating cash flow, indicating robust commercial execution and demand for its NeuroStar systems [2][3][10]. Financial Results Summary Fourth Quarter 2025 - Revenue for Q4 2025 was $41.8 million, representing a 23% increase on an adjusted pro-forma basis and an 86% increase compared to Q4 2024 on an as-reported basis [5][10]. - NeuroStar revenue for Q4 2025 was $18.3 million, up 9% on a pro-forma basis compared to the same period in 2024, with 49 NeuroStar Advanced Therapy systems shipped [5][10]. - Clinic revenue for Q4 2025 was $23.5 million, reflecting a 37% increase on an adjusted pro-forma basis compared to Q4 2024 [6][10]. - The company achieved positive operating cash flow of $0.9 million during Q4 2025 [6][10]. Full Year 2025 - Full-year revenue for 2025 was $149.2 million, a 15% increase on an adjusted pro-forma basis and a 99% increase compared to full-year 2024 on an as-reported basis [7][10]. - NeuroStar revenue for the full year 2025 was $62.2 million, up 0.9% on a pro-forma basis compared to 2024 [7][10]. - Clinic revenue for the full year 2025 was $87.0 million, a 28% increase on an adjusted pro-forma basis compared to 2024 [8][10]. - The company ended 2025 with total cash of $34.1 million, including cash, cash equivalents, and restricted cash [8][10].

Company Overview - The company combines mental health services and device expertise to treat more patients[17] - The company has treated 229,429 unique patients and administered 8,213,816 treatments[18, 19] - The company reported $129 million in annual revenue for 2024[19] Market and Clinical Data - The total available market consists of 293 million individuals affected by depression and OCD[34] - Approximately 8 million patients are poorly served by antidepressant medication[35] - 83% of patients experienced improvement in depression symptoms, and 62% achieved symptom relief (remission)[47] Financial Performance and Guidance - Q3 2025 revenue reached $373 million, a 101% increase compared to Q3 2024[92] - The company projects FY 2025 revenue between $147 million and $150 million, representing a 14% to 16% adjusted pro forma year-over-year growth[87] - The company is targeting positive cash flow from operations in Q4 2025[87] Growth Initiatives - The company is expanding the Better Me Provider (BMP) network, with over 420 BMP clinics in 49 states[23] - The company is expanding SPRAVATO® treatment to 89 treatment centers by the end of Fiscal Year 2025[76] - NeuroStar University (NSU) attendees have started 38% more patients, and performed 26% more treatment sessions YTD than non-attendees[65, 69]

Core Insights - Neuronetics, Inc. plans to release its third quarter 2025 financial and operating results on November 4, 2025, before market open, followed by a conference call at 8:30 a.m. Eastern Time [1] Company Overview - Neuronetics, Inc. focuses on improving the quality of life for patients with neurohealth disorders through innovative medical technology, particularly the NeuroStar® Advanced Therapy, which is a leading provider of Transcranial Magnetic Stimulation (TMS) [3] - The company operates Greenbrook TMS Inc. treatment centers across the U.S., offering NeuroStar Advanced Therapy for Major Depressive Disorder (MDD) and other mental health conditions [3] - NeuroStar Advanced Therapy has delivered over 7.6 million treatments and is supported by the largest clinical data set for TMS treatments for depression, including the world's largest depression outcomes registry [3] Treatment Offerings - NeuroStar Advanced Therapy is FDA-cleared for adults with MDD and is also indicated for adolescents aged 15-21 as an adjunct treatment [4] - Greenbrook treatment centers provide SPRAVATO® (esketamine) Nasal Spray for treatment-resistant depression (TRD) and for adults with MDD exhibiting acute suicidal ideation [3][4] - Greenbrook has administered over 1.8 million treatments to more than 55,000 patients suffering from depression [3]

Company Overview - Neuronetics and Greenbrook have combined to leverage scale and capabilities for mental health treatment[17] - The combined company has treated 221,376 unique patients[18] and administered 7,912,427 treatments[19] - The company reported $129 million in annual revenue for 2024 (pro forma adjusted)[19] Market and Opportunity - The total available market is 293 million U S adults and adolescents suffering from depression, depression with anxiety, and OCD[33,34] - Approximately 8 million patients are poorly served by antidepressant medication[34] - Better Me Program (BMP) clinics treat 33 times more patients than non-BMP clinics[57,58] Financial Performance and Guidance - Q2 2025 revenue was $381 million, a 132% increase from Q2 2024[90] - The company projects revenue between $149 million and $155 million for FY 2025, representing a 15% to 19% pro forma year-over-year growth[85] - The company anticipates achieving positive cash flow from operations in Q4 2025[85]

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 - 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 & 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]