Core Insights - Neuronetics reported strong growth in the fourth quarter of 2025, with total revenue reaching $41.8 million, an 86% increase year-over-year, primarily due to the inclusion of Greenbrook operations [12] - The company is focused on building a vertically integrated mental health company post-Greenbrook acquisition, combining technology and clinical infrastructure to enhance patient access to treatment [5][6] - Neuronetics is implementing various operational improvements and strategic initiatives to drive growth in its NeuroStar TMS systems and Greenbrook clinics [19][20] Financial Performance - Fourth-quarter total revenue was $41.8 million, up 86% year-over-year, with adjusted pro forma revenue increasing 23% [12] - NeuroStar revenue for the quarter was $18.3 million, representing 9% growth year-over-year, while U.S. system revenue was $4.4 million, up 15% [13] - Clinic revenue reached $23.5 million, reflecting 37% adjusted pro forma growth, driven by increased treatments across NeuroStar TMS and Spravato [14] Operational Developments - The rollout of Spravato is nearly complete, with 84 clinics providing the treatment, and total treatment volume across Spravato and TMS rose 18% year-over-year in Q4 [1] - Management is standardizing operations across the clinic network, including deploying tablet kiosks for streamlined check-in and piloting a patient portal for digital intake [6] - The BetterMe Provider program ended 2025 with over 420 active sites, connecting more than 66,000 patients with BMP providers [8] Leadership and Strategic Direction - Dan Reuvers has been appointed as the new president and CEO, effective March 23, 2026, succeeding Keith Sullivan [6][4] - The company is focused on expanding customer acquisition models for NeuroStar TMS systems and increasing demand for depression treatments at Greenbrook clinics [19] - Neuronetics is collaborating with Compass Pathways on COMP360 psilocybin for treatment-resistant depression, with plans for an NDA submission [20][21] Cash Flow and Future Outlook - Total cash at the end of 2025 was $34.1 million, with positive cash flow from operations of $0.9 million in Q4 [16] - For 2026, the company projects total revenue between $160 million and $166 million, with expected growth in the clinic business in the double digits [18] - Operating cash flow is expected to be negative $13 million to negative $17 million for the full year, with improvements anticipated in the second half [18]