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]

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]

Core Insights - Neuronetics reported strong financial results for Q1 2025, with total revenues of $32.0 million, an 84% increase compared to $17.4 million in Q1 2024, primarily driven by the acquisition of Greenbrook [5][6][10] - The company is on track to achieve positive cash flow by Q3 2025, supported by growth initiatives and operational improvements [4][15] Financial Performance - Total revenues for Q1 2025 were $32.0 million, up 84% from $17.4 million in Q1 2024, with U.S. revenues increasing by 87% to $31.5 million [5][6] - U.S. clinic revenue reached $18.7 million, while treatment session revenue was $9.6 million, both reflecting the impact of the Greenbrook acquisition [8][10] - Gross margin decreased to 49.2% from 75.1% in the previous year, mainly due to the inclusion of Greenbrook's clinic business [9] - Operating expenses rose to $26.8 million, a 35% increase from $19.9 million in Q1 2024, largely due to Greenbrook's administrative costs [9] Operational Highlights - The integration of Greenbrook is progressing well, with significant operational advancements noted [6][15] - The Better Me Provider program is effectively increasing patient treatment rates and therapy initiation speed [4] - Major insurance coverage expansions for adolescent TMS treatment have been achieved, enhancing access for patients aged 15 and older [13][14] Strategic Developments - A secondary offering raised approximately $18.9 million in net proceeds, strengthening the company's financial position [6][15] - The company expects total worldwide revenue for Q2 2025 to be between $36.0 million and $38.0 million, and for the full year 2025, between $149.0 million and $155.0 million [16][17] Leadership Changes - Chief Financial Officer Steve Furlong will retire in March 2026, with a search for his successor already underway [12]