Core Insights - Neuronetics, Inc. reported total revenue of $37.3 million for Q3 2025, reflecting an 11% adjusted pro forma growth compared to Q3 2024, and a 101% increase on an unadjusted basis [1][7] - The company generated $21.8 million in revenue from Greenbrook clinics in Q3 2025, marking a 25% increase on an adjusted pro forma basis compared to Q3 2024 [1][11] - Neuronetics' President and CEO, Keith J. Sullivan, announced his intention to retire effective June 30, 2026, with a search for his successor already underway [1][4] Financial Performance - Total revenues for Q3 2025 were $37.3 million, a 101% increase from $18.5 million in Q3 2024, driven primarily by the acquisition of Greenbrook TMS [7][8] - U.S. revenue increased by 102% to $36.2 million, while international revenue rose by 73% to $1.0 million compared to Q3 2024 [8] - The gross margin for Q3 2025 was 45.9%, down from 75.6% in Q3 2024, mainly due to the inclusion of Greenbrook's clinic business [11] Operational Highlights - The company shipped 40 NeuroStar Advanced Therapy Systems, generating $3.5 million in revenue, a 15% decrease from $4.1 million in Q3 2024 [9][10] - U.S. treatment session revenue was $10.5 million, down 21% from $13.3 million in Q3 2024, primarily due to the absence of $2.2 million in revenue from Greenbrook [10][11] - Neuronetics achieved a milestone of over 229,429 global patients treated with 8.2 million treatment sessions [7] Cash Management and Funding - As of September 30, 2025, the company held $34.5 million in total cash, an increase from $19.5 million at the end of 2024, with cash used in operations amounting to $0.8 million [14][15] - Neuronetics secured an additional $10 million in funding under its debt agreement with Perceptive Credit Holdings IV, LP, and extended its minimum liquidity requirement to September 2026 [15][16] Business Outlook - For Q4 2025, the company expects total worldwide revenue between $40 million and $43 million, and for the full year 2025, revenue is projected to be between $147 million and $150 million [18][19] - The company anticipates gross margin for the full year 2025 to be between 47% and 49%, with total operating expenses expected to be between $100 million and $105 million [19][20] - Neuronetics aims for positive cash flow from operations in Q4 2025, projecting a range of $2 million positive to $2 million negative [20]