Neuronetics, Inc 8-K, filed Nov 4, 2026
Neuronetics, Inc. (STIM)
About this 8-K
Neuronetics, Inc filed this 8-K on November 4, 2026.
Neuronetics reported third-quarter 2026 revenue of $42.0 million, up 12.5%, and adjusted EBITDA of $1.9 million versus $(4.7) million last year. Net loss was $1.6 million, and full-year revenue guidance remained $160 million and $164 million. AI summary
Items reported
- Item 2.02: Financial results
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
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| Item 2.02 | Results of Operations and Financial Condition. |
Neuronetics, Inc. (the “Company”) issued a press release on November 4, 2026, announcing its financial results for the three and nine months ended September 30, 2026. A copy of the press release is being furnished to the Securities and Exchange Commission (“SEC”) as Exhibit 99.1 to this report on Form 8-K and is incorporated by reference to this Item 2.02.
***
The information furnished pursuant to Item 2.02, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference into any of the Company’s filings with the SEC under the Exchange Act or the Securities Act of 1933, as amended (the “Securities Act”), whether made before or after the date hereof, regardless of any general incorporation language in such a filing, except as expressly set forth by specific reference in such a filing. Except as required by law, the Company undertakes no duty or obligation to publicly update or revise the information so furnished.
| Item 7.01 | Regulation FD Disclosure. |
On November 4, 2026, the Company released a presentation (the “Presentation”) that it may present to certain investors. A copy of the Presentation is attached hereto as Exhibit 99.2. The information contained in Exhibit 99.2 is incorporated herein by reference.
The information in this report furnished pursuant to Item 7.01, including Exhibit 99.2, shall not be deemed “filed” for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference into any of the Company’s filings with the SEC under the Exchange Act or the Securities Act whether made before or after the date hereof, regardless of any general incorporation language in such a filing, except as expressly set forth by specific reference in such a filing. Except as required by law, the Company undertakes no duty or obligation to publicly update or revise the information so furnished.
“Safe harbor” statement under the Private Securities Litigation Reform Act of 1995:
Certain statements in this report, including the documents incorporated by reference herein, include “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, which are intended to be covered by the safe harbors created by those laws and other applicable laws and “forward-looking information” within the meaning of applicable Canadian securities laws. Statements in this report that are not historical facts constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by terms such as “may,” “will,” “would,” “should,” “expect,” “plan,” “design,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential,” “outlook” or “continue” as well as the negative of these terms and similar expressions. These statements include those relating to the Company’s business outlook and current expectations for upcoming quarters and fiscal year 2026 including with respect to revenue, expenses, growth, and any statements of assumptions underlying any of the foregoing items. These statements are subject to significant risks and uncertainties and actual results could differ materially from those projected. The Company cautions investors not to place undue reliance on the forward-looking statements contained in this report. These risks and uncertainties include, without limitation, risks and uncertainties related to: the effect of the transaction with Greenbrook TMS Inc. on our business relationships; operating results and business generally; our ability to execute our business strategy; our ability to achieve or sustain profitable operations due to our history of losses; our reliance on the sale and usage of our NeuroStar Advanced Therapy System to generate revenues; the scale and efficacy of our salesforce; our ability to retain talent; availability of coverage and reimbursement from third-party payors for treatments using our products; physician and patient demand for treatments using our products and services; developments in respect of competing technologies and therapies for the indications that our products and services treat; product defects; our ability to obtain and maintain intellectual property protection for our technology; developments in clinical trials or
regulatory review of the NeuroStar Advanced Therapy System for additional indications; developments in regulation in the U.S. and other applicable jurisdictions; potential effects of evolving and/or extensive government regulation; the terms of our credit facility; our self-sustainability; existing cash balance; our ability to achieve positive cash flows; and our ability to continue as a going concern. For a discussion of these and other related risks, please refer to the Company’s recent filings with the SEC, which are available on the SEC’s website at www.sec.gov, including, without limitation, the factors described under the heading “Risk Factors” in Neuronetics’ Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, as may be updated or supplemented by subsequent reports that Neuronetics has filed or files with the SEC. These forward-looking statements are based on the Company’s expectations and assumptions as of the date of this report. Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this report as a result of new information, future events, or changes in the Company’s expectations.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit Number |
Description | |
| 99.1 | Press Release, dated November 4, 2026, of Neuronetics, Inc. | |
| 99.2 | Company Presentation November 2026 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| NEURONETICS, INC. | ||||||
| (Registrant) | ||||||
| Date: November 4, 2026 | By: | /s/ Nir Naor | ||||
| Name: | Nir Naor | |||||
| Title: | Executive Vice President, Chief Financial Officer, Corporate Secretary, and Treasurer | |||||
Exhibit 99.1
Neuronetics Reports Third Quarter 2026 Financial and Operating Results
MALVERN, PA., November 4, 2026 – Neuronetics, Inc. (NASDAQ: STIM) (the “Company” or “Neuronetics”), a leader in interventional mental health and provider of NeuroStar® TMS technology and direct patient care through the Greenbrook network of interventional psychiatry clinics, today announced its financial and operating results for the third quarter of 2026.
Third Quarter 2026 Highlights
| • | Total revenue increased 12.5% year-over-year to $42.0 million |
| • | Greenbrook revenue increased 20.1% year-over-year to $26.2 million |
| • | Adjusted EBITDA of $1.9 million compared to $(4.7) million in the third quarter of 2025 |
| • | Net loss of $1.6 million compared to a loss of $9.4 million in the third quarter of 2025 |
| • | Cash provided by operating and investing of $0.8 million compared to $(0.9) million in the third quarter of 2025 |
Recent Operational Highlights
| • | Submitted 510(k) application for accelerated TMS |
| • | Entered agreement with Wave Neuro to pursue treatment of PTSD pending 510(k) submission |
| • | NeuroStar Launched First-Ever TMS Integration with EHR/EMR Platform |
“This quarter showed our strategy taking hold across our business. We delivered a record third quarter within Greenbrook as well as NeuroStar system sales. This reflects both our revenue cycle management advances as well as the positive reception of our expanded NeuroStar go-to-market options. We also continued to demonstrate our prioritization on profitability and cashflow generation,” said Dan Reuvers, President and Chief Executive Officer of Neuronetics. “We’re continuing to focus on new and expanded partnerships for NeuroStar, serving more patients in our Greenbrook clinics and preparing for the introduction of an even more comprehensive offering with the introduction of psychedelics.”
Third Quarter 2026 Financial and Operating Results for the Three Months Ended September 30, 2026
| Revenues by Segments Three Months Ended September 30, |
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| 2026 | 2025 | |||||||||||
| Amount | Amount | % Change | ||||||||||
| (Unaudited; in thousands, except percentages) | ||||||||||||
| NeuroStar revenue |
$ | 15,770 | $ | 15,489 | 1.8 | % | ||||||
| Greenbrook revenue |
26,192 | 21,808 | 20.1 | % | ||||||||
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| Total revenues |
$ | 41,962 | $ | 37,297 | 12.5 | % | ||||||
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Total revenue for the three months ended September 30, 2026, was $42.0 million, an increase of $4.7 million, or 12.5%, compared to the three months ended September 30, 2025, of $37.3 million. The increase was primarily driven by higher Greenbrook revenue, which increased to $26.2 million in the third quarter of 2026 from $21.8 million in the third quarter of 2025, reflecting continued growth of the Greenbrook business.
Gross margin increased from 45.9% for the three months ended September 30, 2025, to 52.2% for the three months ended September 30, 2026. The increase in gross margin was primarily driven by the positive impact of our new go-to-market strategy, as well as improved revenue cycle management within the Greenbrook clinics.
Operating expenses during the third quarter of 2026 were $21.3 million, a decrease of $3.1 million, or 13%, compared to $24.4 million in the third quarter of 2025, primarily attributable to lower sales and marketing expenses, partially offset by higher general and administrative expenses.
Income from operations during the third quarter of 2026 was $0.5 million, an increase of $7.9 million, as compared to a loss of $7.3 million in the third quarter of 2025. Adjusted EBITDA during the third quarter of 2026 was $1.9 million, an increase of $6.6 million compared to a loss of $4.7 million in the third quarter of 2025.
Net loss attributable to Neuronetics stockholders for the third quarter of 2026 was $1.7 million, or $0.02 per share, as compared to $9.0 million, or $0.13 per share, for the third quarter of 2025. Net loss per share was based on 77,003,536 and 67,308,607 weighted average common shares outstanding for the third quarters of 2026 and 2025, respectively.
As of September 30, 2026, the Company held $27.9 million in total cash, consisting of cash and cash equivalents of $22.1 million and $5.8 million of restricted cash, compared to total cash of $34.1 million as of December 31, 2025.
Submitted 510(k) application for Accelerated TMS
The Company submitted a 510(k) to the FDA for an accelerated TMS protocol in August, which is currently under review. Pending approval, this has the potential to expand access to TMS for more patients, as condensed protocols can be more advantageous for some patients.
Entered agreement with Wave Neuro to pursue treatment of PTSD pending 510(k) submission
Wave Neuroscience, Inc. (“Wave Neuro”) has a proprietary software algorithm that leverages electroencephalogram (“EEG”) data to enable TMS to treat post-traumatic stress disorder (“PTSD”). The Company has signed a distribution agreement with Wave Neuro and plans to seek FDA clearance to add NeuroStar as a TMS system compatible with Wave Neuro’s PTSD indication. This clearance would allow NeuroStar customers to treat PTSD on their existing systems using Wave Neuro’s software algorithm.
NeuroStar Launched First-Ever TMS Integration with EHR/EMR Platform
The Company announced the integration of its TrakStar® practice management platform with AdvancedMD’s electronic health/medical record (“EHR/EMR”), practice management, and revenue cycle platform. The first-of-its-kind integration connects TMS treatment data with clinical documentation, scheduling, and billing workflows, helping reduce duplicate work and administrative burden for providers. The integration is expected to become available to existing NeuroStar providers using AdvancedMD in the fourth quarter of 2026, with broader availability for providers adopting the platform going forward.
Business Outlook
For the full year 2026, Neuronetics now expects:
| • | Total revenue between $160 million and $164 million, unchanged compared to prior guidance |
| • | Gross margin between 49% and 50%, compared to prior guidance of 48% and 50% |
| • | Operating expenses, excluding stock-based compensation, between $89 million and $92 million, with estimated stock-based compensation of $3.5 million, compared to prior guidance of $91 million to $96 million, and stock- based compensation of $4.0 million. Operating expenses between $92.5 million and $95.5 million, compared to prior guidance of $95 million to $100 million. |
| • | Cash flow from operating and investing in the range of $(10.0) million to $(12.0) million, compared to prior guidance of $(10.5) million to $(14.5) million. |
Operating Expense Guidance: FY 2026
The following table presents the Company’s reconciliation between Operating Expenses and Operating Expenses less Non-cash Stock-Based Compensation. This adjusted guidance is based on assumptions that management believes are reasonable under the circumstances. However, they are not necessarily indicative of the Company’s future performance. Operating Expenses less Stock Based Compensation are projected Operating Expenses for the fiscal year 2026, less non-cash stock-based compensation.
| Range | ||||||||
| (in millions) | ||||||||
| Operating expenses |
$ | 92.5 | $ | 95.5 | ||||
| Non-cash stock-based compensation expense (“SBC”)1 |
$ | 3.5 | $ | 3.5 | ||||
| Operating expenses, less SBC |
$ | 89.0 | $ | 92.0 | ||||
| (1) | Stock-based compensation consists of expenses related to restricted stock units and performance based restricted stock units. We exclude these expenses from our non-GAAP financial measures because they are non-cash charges that we do not consider reflective of our core ongoing operational performance. While share-based compensation is a recurring expense and a key part of our employee retention strategy, excluding it allows management and investors to compare our operational profitability more consistently against prior periods and industry peers. |
Webcast and Conference Call Information
The conference call will be broadcast live in listen-only mode via webcast at https://edge.media-server.com/mmc/p/7ri4xna9. To listen to the conference call on your telephone, participants may register for the call here. While it is not required, it is recommended you join 10 minutes prior to the event start.
About Neuronetics
Neuronetics, Inc. is a leader in interventional mental health, combining innovative treatment technologies with direct patient care. Through its NeuroStar Advanced Therapy system, the Company is a leading provider of transcranial magnetic stimulation (“TMS”) treatment and, through Greenbrook TMS Inc. (“Greenbrook”), operates one of the largest interventional psychiatry clinic networks in the United States, offering both TMS and SPRAVATO® therapies. NeuroStar Advanced Therapy is a non-drug, noninvasive treatment that can improve the quality of life for people suffering from neurohealth conditions when traditional medication has not helped. NeuroStar Advanced Therapy is the leading TMS treatment for major depressive disorder (“MDD”) in adults and is backed by what we believe is the largest clinical data set of any TMS treatment system for depression. Greenbrook treatment centers also offer SPRAVATO (esketamine) nasal spray, a prescription medicine indicated for the treatment of treatment-resistant depression (“TRD”) in adults as monotherapy or in conjunction with an oral antidepressant. It is also indicated for depressive symptoms in adults with MDD with acute suicidal ideation or behavior in conjunction with an oral antidepressant.1
The NeuroStar Advanced Therapy System is cleared by the U.S. Food and Drug Administration for adults with MDD, as an adjunct for adults with obsessive-compulsive disorder, to decrease anxiety symptoms in adult patients with MDD that may exhibit comorbid anxiety symptoms (anxious depression), and as a first line adjunct for the treatment of MDD in adolescent patients aged 15-21. For safety information and indications for use, visit NeuroStar.com.
“Safe harbor” statement under the Private Securities Litigation Reform Act of 1995:
Certain statements in this press release, including the documents incorporated by reference herein, include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created by those laws and other applicable laws and “forward-looking information” within the meaning of applicable Canadian securities laws. Statements in this press release that are not historical facts constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by terms such as “may,” “will,” “would,” “should,” “expect,” “plan,” “design,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential,” “outlook” or “continue” as well as the negative of these terms and similar expressions. These statements include those relating to the Company’s business outlook and current expectations for upcoming quarters and fiscal year 2026, including with respect to revenue, expenses, growth, and any statements of assumptions underlying any of the foregoing items. These statements are subject to significant risks and uncertainties, and actual results could differ materially from those projected. The Company cautions investors not to place undue reliance on the forward-looking statements contained in this press release. These risks and uncertainties include, without limitation, risks and uncertainties related to: the effect of the transaction with Greenbrook on our business relationships; operating results and business generally; our ability to execute our business strategy; our ability to achieve or sustain profitable operations due to our history of losses; our reliance on the sale and usage of our NeuroStar Advanced Therapy System to generate revenues; the scale and efficacy of our salesforce; our ability to retain talent; availability of coverage and reimbursement from third-party payors for treatments using our products; physician and patient demand for treatments using our products and services; developments in respect of competing technologies and therapies for the indications that our products and services treat; product defects; our ability to obtain and maintain intellectual property protection for our technology; developments in clinical trials or regulatory review of the NeuroStar Advanced Therapy System for additional indications; developments in regulation in the U.S. and other applicable jurisdictions; potential effects of evolving and/or extensive government regulation; the terms of our credit facility; our self-sustainability; existing cash balance; our ability to achieve positive cash flows; and our ability to continue as a going concern. For a discussion of these and other related risks, please refer to the Company’s recent filings with the U.S. Securities and Exchange Commission (the “SEC”), which are available on the SEC’s website at www.sec.gov, including, without limitation, the factors described under the heading “Risk Factors” in Neuronetics’ Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, as may be updated or supplemented by subsequent reports that Neuronetics has filed or files with the SEC. These forward-looking statements are based on the Company’s expectations and assumptions as of the date of this press release. Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this press release as a result of new information, future events, or changes in the Company’s expectations.
Investor Contact:
Aman Patel or Mark Klausner
ICR Healthcare
443-213-0499
ir@neuronetics.com
Media Contact:
EvolveMKD
646-517-4220
NeuroStar@evolvemkd.com
NEURONETICS, INC.
Consolidated Statements of Operations
(Unaudited; In thousands, except per share data)
| Three Months Ended September 30, |
Nine Months Ended September 30, |
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| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Revenues |
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| NeuroStar |
$ | 15,770 | $ | 15,489 | $ | 43,372 | $ | 43,889 | ||||||||
| Greenbrook |
26,192 | 21,808 | 74,612 | 63,491 | ||||||||||||
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| Total revenues |
41,962 | 37,297 | 117,984 | 107,380 | ||||||||||||
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| Cost of revenues |
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| NeuroStar |
3,610 | 4,607 | 9,780 | 12,068 | ||||||||||||
| Greenbrook |
16,462 | 15,582 | 48,937 | 44,708 | ||||||||||||
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| Total cost of revenues |
20,072 | 20,189 | 58,717 | 56,776 | ||||||||||||
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| Gross profit |
21,890 | 17,108 | 59,267 | 50,604 | ||||||||||||
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| Operating expenses: |
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| Sales and marketing |
8,484 | 11,848 | 29,205 | 35,715 | ||||||||||||
| General and administrative |
11,675 | 11,077 | 36,127 | 36,364 | ||||||||||||
| Research and development |
1,190 | 1,504 | 3,890 | 4,918 | ||||||||||||
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| Total operating expenses |
21,349 | 24,429 | 69,222 | 76,997 | ||||||||||||
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| Income (Loss) from operations |
541 | (7,321 | ) | (9,955 | ) | (26,393 | ) | |||||||||
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| Other (income) expense: |
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| Interest expense |
2,144 | 2,206 | 6,535 | 6,097 | ||||||||||||
| Loss on extinguishment of debt |
— | — | 539 | — | ||||||||||||
| Other income, net |
(47 | ) | (126 | ) | (1,229 | ) | (561 | ) | ||||||||
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| Net loss |
$ | (1,556 | ) | $ | (9,401 | ) | $ | (15,800 | ) | $ | (31,929 | ) | ||||
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| Less: Net gain (loss) attributable to non-controlling interest |
136 | (356 | ) | 121 | (89 | ) | ||||||||||
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| Net loss attributable to Neuronetics stockholders |
$ | (1,692 | ) | $ | (9,045 | ) | (15,921 | ) | (31,840 | ) | ||||||
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| Net loss per share of common stock outstanding, basic and diluted attributable to Neuronetics stockholders |
$ | (0.02 | ) | $ | (0.13 | ) | $ | (0.22 | ) | $ | (0.49 | ) | ||||
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| Weighted average common shares outstanding, basic and diluted |
77,004 | 67,309 | 73,268 | 65,006 | ||||||||||||
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NEURONETICS, INC.
Consolidated Balance Sheets
(Unaudited; In thousands, except per share data)
| September 30, 2026 |
December 31, 2025 |
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| Assets |
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| Current assets: |
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| Cash and cash equivalents |
$ | 22,106 | $ | 28,134 | ||||
| Restricted cash and cash equivalents |
5,750 | 6,000 | ||||||
| Accounts receivable, net of allowance for credit losses of $563 and $1,043 as of September 30, 2026 and December 31, 2025, respectively |
14,435 | 16,469 | ||||||
| Inventory |
4,943 | 4,327 | ||||||
| Current portion of net investments in sales-type leases |
250 | 225 | ||||||
| Current portion of prepaid commission expense |
2,652 | 3,050 | ||||||
| Current portion of notes receivable |
258 | 424 | ||||||
| Prepaid expenses and other current assets |
3,494 | 2,922 | ||||||
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| Total current assets |
53,888 | 61,551 | ||||||
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| Property and equipment, net |
3,182 | 4,466 | ||||||
| Goodwill |
23,622 | 23,622 | ||||||
| Intangible assets, net |
17,056 | 18,149 | ||||||
| Operating lease right-of-use assets |
24,694 | 23,560 | ||||||
| Net investments in sales-type leases |
87 | 98 | ||||||
| Prepaid commission expense |
6,376 | 7,972 | ||||||
| Long-term notes receivable |
24 | 151 | ||||||
| Other assets |
3,029 | 1,982 | ||||||
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| Total assets |
$ | 131,958 | $ | 141,551 | ||||
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| Liabilities and Equity |
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| Current liabilities: |
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| Accounts payable |
$ | 9,963 | $ | 10,739 | ||||
| Accrued expenses |
10,354 | 12,316 | ||||||
| Current portion of deferred revenue |
997 | 753 | ||||||
| Deferred and contingent consideration |
250 | 500 | ||||||
| Other payables |
254 | 652 | ||||||
| Current portion of operating lease liabilities |
5,038 | 5,561 | ||||||
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| Total current liabilities |
26,856 | 30,521 | ||||||
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| Long-term debt, net |
61,752 | 65,807 | ||||||
| Deferred revenue |
10 | 48 | ||||||
| Operating lease liabilities |
20,937 | 18,935 | ||||||
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| Total liabilities |
109,555 | 115,311 | ||||||
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| Commitments and contingencies (Note 18) |
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| Equity: |
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| Preferred stock, $0.01 par value: 10,000 shares authorized; no shares issued or outstanding on September 30, 2026, and December 31, 2025 |
— | — | ||||||
| Common stock, $0.01 par value: 250,000 shares authorized; 77,728 and 68,994 shares issued and outstanding on September 30, 2026 and December 31, 2025, respectively |
777 | 690 | ||||||
| Additional paid-in capital |
492,774 | 480,475 | ||||||
| Accumulated deficit |
(474,843 | ) | (458,787 | ) | ||||
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| Total Stockholders’ equity |
18,708 | 22,378 | ||||||
| Non-controlling interest |
3,695 | 3,862 | ||||||
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| Total equity |
22,403 | 26,240 | ||||||
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| Total liabilities and equity |
$ | 131,958 | $ | 141,551 | ||||
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NEURONETICS, INC.
Consolidated Statements of Cash Flows
(Unaudited; In thousands)
| Nine Months Ended September 30, | ||||||||
| 2026 | 2025 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss |
$ | (15,800 | ) | $ | (31,929 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: |
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| Depreciation and amortization |
2,216 | 2,698 | ||||||
| Allowance for credit losses |
(138 | ) | 382 | |||||
| Inventory impairment |
7 | 267 | ||||||
| Share-based compensation |
2,543 | 4,667 | ||||||
| Non-cash interest expense |
711 | 600 | ||||||
| Loss on extinguishment of debt |
539 | — | ||||||
| Loss on disposal of property and equipment |
375 | 45 | ||||||
| Changes in certain assets and liabilities: |
||||||||
| Accounts receivable, net |
2,465 | 1,384 | ||||||
| Inventory |
(772 | ) | (240 | ) | ||||
| Net investments in sales-type leases |
(15 | ) | 22 | |||||
| Prepaid commission expense |
1,995 | 840 | ||||||
| Prepaid expenses and other assets |
(339 | ) | 3,813 | |||||
| Accounts payable |
(823 | ) | (77 | ) | ||||
| Accrued expenses |
(2,001 | ) | (3,302 | ) | ||||
| Other liabilities |
(398 | ) | (223 | ) | ||||
| Deferred revenue |
244 | (229 | ) | |||||
|
|
|
|
|
|||||
| Net cash used in operating activities |
(9,191 | ) | (21,282 | ) | ||||
|
|
|
|
|
|||||
| Cash flows from investing activities: | ||||||||
| Purchases of property and equipment and capitalized software |
(1,084 | ) | (585 | ) | ||||
| Proceeds from the sale of property and equipment |
25 | — | ||||||
|
|
|
|
|
|||||
| Net cash used in investing activities |
(1,059 | ) | (585 | ) | ||||
|
|
|
|
|
|||||
| Cash flows from financing activities: | ||||||||
| Payments of debt issuance costs |
(55 | ) | (80 | ) | ||||
| Proceeds from issuance of long-term debt |
— | 10,000 | ||||||
| Repayment of deferred and contingent consideration |
(250 | ) | — | |||||
| Repayment of long-term debt |
(5,000 | ) | — | |||||
| Payment for debt extinguishment costs |
(250 | ) | — | |||||
| Proceeds from the issuance of common stock |
— | 20,700 | ||||||
| Payments of common stock offering issuance costs |
— | (1,731 | ) | |||||
| Proceeds from issuance of common stock under ATM Program |
8,577 | 8,313 | ||||||
| Payments of common stock offering issuance costs under ATM Program |
(409 | ) | (336 | ) | ||||
| Distribution to non-controlling interest |
(423 | ) | — | |||||
| Proceeds from exercises of stock options |
2,202 | 13 | ||||||
| Payments to tax authorities for employee share withholding |
(420 | ) | — | |||||
|
|
|
|
|
|||||
| Net cash provided by financing activities |
3,972 | 36,879 | ||||||
|
|
|
|
|
|||||
| Net increase (decrease) in Cash, Cash equivalents and Restricted cash |
(6,278 | ) | 15,012 | |||||
| Cash and cash equivalents and restricted cash and cash equivalents, beginning of period |
34,134 | 19,459 | ||||||
|
|
|
|
|
|||||
| Cash and cash equivalents and restricted cash and cash equivalents, end of period |
$ | 27,856 | $ | 34,471 | ||||
|
|
|
|
|
|||||
| Reconciliation of cash and cash equivalents and restricted cash and cash equivalents to the consolidated balance sheet: |
||||||||
| Cash and cash equivalents |
22,106 | 27,971 | ||||||
| Restricted cash and cash equivalents |
5,750 | 6,500 | ||||||
|
|
|
|
|
|||||
| Total cash and cash equivalents and restricted cash and cash equivalents |
$ | 27,856 | $ | 34,471 | ||||
|
|
|
|
|
|||||
| Supplemental disclosure of cash flow information: | ||||||||
| Cash paid for interest |
$ | 5,847 | $ | 5,474 | ||||
| Transfer of inventory to property and equipment |
$ | 155 | $ | 75 | ||||
| Supplemental disclosure of non-cash investing and financing activities: | ||||||||
| Purchases of property and equipment and capitalized software in accounts payable and accrued expenses |
$ | 48 | $ | 30 | ||||
| $ | — | $ | — | |||||
Non-GAAP Financial Measures (Unaudited)
EBITDA and Adjusted EBITDA are not measures of financial performance under generally accepted accounting principles in the U.S. (“GAAP”), and should not be construed as a substitute for, or superior to, GAAP net loss. However, management uses both the GAAP and non-GAAP financial measures internally to evaluate and manage the Company’s operations and to better understand its business. Further, management believes that the addition of the non-GAAP financial measures provides meaningful supplementary information to, and facilitates analysis by, investors in evaluating the Company’s financial performance, results of operations and trends. The Company’s calculation of EBITDA and Adjusted EBITDA may not be comparable to similarly designated measures reported by other companies, because companies and investors may differ as to what type of events warrant adjustment.
The following table reconciles reported net loss to EBITDA and Adjusted EBITDA:
| Three Months ended September 30, |
Nine months ended September 30, |
|||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| (in thousands) | (in thousands) | |||||||||||||||
| Net loss attributable to Neuronetics stockholders’ |
$ | (1,692 | ) | $ | (9,045 | ) | $ | (15,921 | ) | $ | (31,840 | ) | ||||
| Interest expense, net |
2,097 | 2,080 | 5,306 | 5,536 | ||||||||||||
| Income taxes |
— | — | — | — | ||||||||||||
| Depreciation and amortization |
742 | 886 | 2,216 | 2,698 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| EBITDA |
$ | 1,147 | $ | (6,079 | ) | $ | (8,399 | ) | $ | (23,606 | ) | |||||
|
|
|
|
|
|
|
|
|
|||||||||
| Stock based compensation (Note 1) |
178 | 1,409 | 2,543 | 4,667 | ||||||||||||
| Loss on extinguishment of debt (Note 2) |
— | — | 539 | — | ||||||||||||
| Restructuring (Note 3) |
562 | — | 875 | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Adjusted EBITDA |
$ | 1,887 | $ | (4,670 | ) | $ | (4,442 | ) | $ | (18,939 | ) | |||||
|
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|
|
|
|
|
|
|
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Footnotes
| 1. | Stock-based compensation consists of expenses related to restricted stock units and performance based restricted stock units. We exclude these expenses from our non-GAAP financial measures because they are non-cash charges that we do not consider reflective of our core ongoing operational performance. While share-based compensation is a recurring expense and a key part of our employee retention strategy, excluding it allows management and investors to compare our operational profitability more consistently against prior periods and industry peers. |
| 2. | In connection with its $5 million repayment of debt in the first quarter of 2026 to Perceptive Advisors, LLC, the Company recorded a total loss on partial debt extinguishment of approximately $0.5 million. This infrequent and non-recurring expense is removed from EBITDA in order to provide a more accurate reflection of the Company’s core operational performance for the period presented. |
| 3. | Restructuring expense represents costs incurred in connection with workforce reductions, role eliminations, or organizational restructuring activities that are not expected to recur in the ordinary course of business. These costs have been added back to EBITDA because they are considered non-recurring and not reflective of the Company’s ongoing operating performance. Management believes excluding these expenses provides a more meaningful measure of normalized earnings and period-to-period operating comparability. |
References
1 The effectiveness of SPRAVATO in preventing suicide or in reducing suicidal ideation or behavior has not been demonstrated. Use of SPRAVATO does not preclude the need for hospitalization if clinically warranted, even if patients experience improvement after an initial dose of SPRAVATO. For more important safety information about SPRAVATO, please visit spravatohcp.com.
COMPANY PRESENTATION NASDAQ: STIM November 2026 Exhibit 99.2
Forward Looking Statements This presentation contains estimates and other statistical data prepared by independent parties and by Neuronetics, Inc. (“Neuronetics” or the “Company”) relating to market size and growth and other data about the industry in which the Company operates. These estimates and data involve a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates and data. Certain statements in this presentation include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created by those laws and other applicable laws and “forward-looking information” within the meaning of applicable Canadian securities laws. Statements in this presentation that are not historical facts constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by terms such as “may,” “will,” “would,” “should,” “expect,” “plan,” “design,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential,” “outlook” or “continue” as well as the negative of these terms and similar expressions. These statements include those relating to the Company’s business outlook and current expectations for upcoming quarters and fiscal year 2026, including with respect to revenue, expenses, growth, and any statements of assumptions underlying any of the foregoing items. These statements are subject to significant risks and uncertainties and actual results could differ materially from those projected. The Company cautions investors not to place undue reliance on the forward-looking statements contained in this presentation. These risks and uncertainties include, without limitation, risks and uncertainties related to: the effect of the transaction with Greenbrook TMS Inc. (“Greenbrook”) on our business relationships; operating results and business generally; our ability to execute our business strategy; our ability to achieve or sustain profitable operations due to our history of losses; our reliance on the sale and usage of our NeuroStar Advanced Therapy System to generate revenues; the scale and efficacy of our salesforce; our ability to retain talent; availability of coverage and reimbursement from third-party payors for treatments using our products; physician and patient demand for treatments using our products and services; developments in respect of competing technologies and therapies for the indications that our products and services treat; product defects; our ability to obtain and maintain intellectual property protection for our technology; developments in clinical trials or regulatory review of the NeuroStar Advanced Therapy System for additional indications; developments in regulation in the U.S. and other applicable jurisdictions; potential effects of evolving and/or extensive government regulation; the terms of our credit facility; our self-sustainability; existing cash balance; our ability to achieve positive cash flows; and our ability to continue as a going concern. For a discussion of these and other related risks, please refer to the Company’s recent filings with the U.S. Securities and Exchange Commission (the “SEC”), which are available on the SEC’s website at www.sec.gov, including, without limitation, the factors described under the heading “Risk Factors” in Neuronetics’ Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, as may be updated or supplemented by subsequent reports that Neuronetics has filed or files with the SEC. These forward-looking statements are based on the Company’s expectations and assumptions as of the date of this presentation. Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this presentation as a result of new information, future events, or changes in the Company’s expectations.
Non-GAAP Financial Measures In addition to financial measures prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), from time to time we may use or publicly disclose certain non-GAAP financial measures in the course of our financial presentations, earnings releases, earnings conference calls, and otherwise. For these purposes, the SEC defines a non-GAAP financial measure as a numerical measure of historical or future financial performance, financial positions, or cash flows that (i) exclude amounts, or is subject to adjustments that effectively exclude amounts, included in the most directly comparable measure calculated and presented in accordance with GAAP in financial statements, and (ii) include amounts, or is subject to adjustments that effectively include amounts, that are excluded from the most directly comparable measure so calculated and presented. Non-GAAP financial measures are provided as additional information to investors to provide an alternative method for assessing our financial condition and operating results. We believe that these non-GAAP measures, when taken together with our GAAP financial measures, allow us and our investors to better evaluate our performance and profitability. These measures are not in accordance with, or a substitute for, GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies. These measures should be used in addition to and in conjunction with results presented in accordance with GAAP, and should not be relied upon to the exclusion of GAAP financial measures. Pursuant to the requirements of Regulation G, whenever we refer to a non-GAAP financial measure, we will also generally present, the most directly comparable financial measure calculated and presented in accordance with GAAP, along with a reconciliation of the differences between the non-GAAP financial measure we reference with such comparable GAAP financial measure.
261,591 Unique Patients Treated1 9,446,469 Treatments Administered1 $149.2M Annual Revenue (2025) 1) Neuronetics, Inc. internal estimate based on the Company’s data on total treatment sessions and patients treated as of September 30, 2026. A leading platform for delivering in-office mental health therapies when common anti-depressants fail
Seasoned Senior Leadership Team Cory Anderson Executive Vice President and General Manager of Greenbrook Dan Reuvers President & CEO Rob Greene Senior Vice President of Sales Nir Naor Chief Financial Officer
A Leader in Advancing Mental Health Care Through its nationwide network of customers and company-run clinics, Neuronetics is facilitating access to leading therapies for mental health conditions. *Psychedelics are not yet commercially available and pending FDA approval. There can be no assurance that FDA approval will be obtained.
Over 29 Million Lives Affected by Depression1,2,3 U.S. Adults and Adolescents (ages 15-21) suffering from depression, depression with anxiety and OCD Total Available Market 29.3 million* What is MDD? Major depressive disorder is persistent low mood or loss of interest lasting two weeks or more, enough to disrupt daily life. How can MDD affect patients? Impairs work, relationships, and daily function A leading cause of disability Often recurrent, with high relapse risk How does it present in patients? Low mood, loss of interest, and changes in sleep, appetite, energy, and concentration, sometimes with thoughts of death or suicidal ideation. Adult Depression (MDD) 21million + Adolescent Depression 4.3 million + OCD 4 million * Represents the estimated U.S. population affected by the indicated conditions 1) NIMH https://www.nimh.nih.gov/health/statistics/major-depression.shtml, accessed 4/29/2024. (2) Depression- Pharma Intelligence Disease Analysis, www.datamonitorhealthcare.com, Publication Date: June 2021. (3) Harvard Medical School, 2007. National Comorbidity Survey (NCSSC).
8 Million Patients are Poorly Served by Medication1,2,3,4,5 First-line medical management via anti-depressants has significant limitations Antidepressants have limited effectiveness Patients’ chances for remission decreases with each subsequent medication attempt Antidepressants have material side effects Discontinuation of medication increases with each new drug due to impact of side effects 6) Trivedi (2006), Am J Psychiatry | 7) Rush (2006), Am J Psychiatry | 8) Fava (2006), Am J Psychiatry | 9) McGrath (2006), Am J Psychiatry (1) NIMH https://www.nimh.nih.gov/health/statistics/major-depression.shtml, accessed 4/29/2024. (2) Per STAR*D patients that have failed one or more antidepressant trial of adequate dose and duration. (3) Journal of Clinical Psychiatry, accessed 3/7/2022. (4) Key Substance Use and Mental Health Indicators in the United States: Results from the 2017 National Survey on Drug Use and Health. (5) Definitive Health Diagnosis/Prescription Data: 3/25/22.
Innovative In-Office Therapies Offering two rapidly growing therapies for treatment resistant depression (TRD) when common anti-depressants fail Transcranial Magnetic Stimulation (TMS) Nasal Esketamine Spray Growth in Patients Treated with TMS in 20251 +23% Growth in Global Spravato Revenue in 20252 +57% US Procedures based on 2026 Definitive Healthcare, LLC w/ +7% increase to account the Company’s estimate of cash pay procedures not captured in the billing data. Represents worldwide Spravato revenue growth as reported by Johnson & Johnson for year ended Dec 31, 2025
NeuroStar TMS The industry's leading TMS therapeutic platform 83% measurable relief1 62% full remission1 19 min per session 36 daily sessions How it works TMS uses focused magnetic pulses to gently activate brain circuits involved in mood, helping them function more normally over time. Treatment course A typical course is 36 daily sessions, with sessions as short as 19 minutes. Safety and experience Not a drug, surgery, or ECT "shock therapy". No sedation, and patients resume normal activities right after each session; side effects are typically mild scalp discomfort or headache. Access and coverage FDA-cleared and covered by most major insurers for patients who qualify.2 Sackeim HA, et al. (2020). Clinical Outcomes in a Large Registry of Patients with Major Depressive Disorder Treated with Transcranial Magnetic Stimulation. Journal of Affective Disorders, 277(12):65-74. . Coverage varies by plan and insurer. Prior authorization may be required.
Spravato Approved for use as monotherapy or in combination with existing antidepressants in adults with Treatment-Resistant Depression (TRD)1 52.5% remission at 4 weeks3 How it works Prescription nasal spray that is believed to target glutamate, working differently from standard antidepressants. Treatment course Twice weekly for four weeks, then weekly or every other week, in a certified office. Safety and experience Supervised dosing with at least 2-hours of monitoring; the majority of side effects resolved on the day of dosing. Access and coverage FDA-approved and covered by most major insurers with prior authorization.4 24 hr Symptom improvement as early as 24 hours2 2 hour treatments 2 doses for two weeks SPRAVATO Prescribing Information, Janssen Pharmaceuticals, Inc. Revised 2025. SPRAVATO Prescribing Information, Janssen Pharmaceuticals, Inc. Revised 2025. Section 14, Clinical Studies. SPRAVATO (esketamine) Summary of Product Characteristics. European Medicines Agency. Coverage varies by plan and insurer. Prior authorization may be required.
Deploying Therapies Through Differentiated, Scaled Model NeuroStar TMS Customers 93 Clinics Nationwide 800+ Sites Nationwide Mix of company-owned sites and NeuroStar TMS customers facilitates widespread patient access
Individualized, ongoing care Greenbrook Mental Wellness Centers Offering both therapies within a single clinic is designed to facilitate continuity of care. Treatment is individualized at initiation and adjusted over time, managed within one integrated care relationship. Referred patients are evaluated, matched to the right therapy, and managed over time Intake: Patient Referral Patient Evaluation
Greenbrook: Positioned as a Leading Platform for Emerging Therapies Greenbrook’s infrastructure can support additional novel therapies as they reach the market Uniquely positioned to be at the forefront of psychedelic therapy administration REMS (Risk Evaluation and Mitigation Strategy): an FDA-required safety program mandating certified sites, trained staff, and supervised in-office administration. Psychedelics are not yet commercially available and pending FDA approval. There can be no assurance that FDA approval will be obtained. COMP360 is a synthetic form of psilocybin under development by Compass Pathways; Milestones cited from Compass SEC filings. Greenbrook Proven REMS1 infrastructure, built through Spravato experience REMS launch experience Certified sites Trained staff Benefits & prior-auth National footprint Available capacity Potential Near-Term Psychedelic-Class Opportunities2 COMP360 psilocybin for TRD3: Phase 3 trials complete NDA submission to FDA anticipated Q4 2026 Potential commercial launch in H1 2027 Additional psychedelic-class therapies are in development by third parties for indications beyond TRD, including MDD, post-traumatic stress disorder and generalized anxiety disorder
NeuroStar: Evolving our Go-to-Market Approach Competing across a broader set of customers than ever before, while preserving the support that sets us apart. Three ways to access NeuroStar, designed to broaden reach while preserving high-touch support From one model to three Our Treatment Session model, high-touch and ongoing, set NeuroStar apart, but did not fit every customer. Now customers choose which economic best fits their needs. CAPITAL Own It Outright Purchase the system directly, with support available à la carte, allowing customers to choose the elements they value most. Upfront: High Support: À la carte LEASE Finance It Use the system over time with no significant upfront commitment, broadening the set of customers we can reach. Upfront: Low Support: À la carte SESSIONS Partnership Our established treatment-session model, retaining the high-touch support that has always distinguished NeuroStar. Upfront: None Support: Full
Poised to Deliver Strong Growth While Improving Cash Flow FY 2026 Guidance Revenue $160M to $164M (+7% to +10% YoY) Gross Margin Between 49% and 50% Operating Expenses GAAP $92.5M- $95.5M / Excl. stock-based comp $89.0M - $92.0M stock-based compensation of ~$3.5 million Cash Flow Cash Flow from Operations and Investing: $(10.0)M to $(12.0)M (As of November 4, 2026)
($ in millions) (1) Stock-based compensation consists of expenses related to restricted stock units and performance based restricted stock units. We exclude these expenses from our non-GAAP financial measures because they are non-cash charges that we do not consider reflective of our core ongoing operational performance. While share-based compensation is a recurring expense and a key part of our employee retention strategy, excluding it allows management and investors to compare our operational profitability more consistently against prior periods and industry peers. The following table presents the Company’s reconciliation between Operating Expenses and Operating Expenses less Stock Based Compensation. This adjusted guidance is based on assumptions that management believes are reasonable under the circumstances. However, they are not necessarily indicative of the Company’s future performance. Operating Expenses less Stock Based Compensation are projected Operating Expenses for the fiscal year 2026, less non-cash stock-based compensation. Reconciliation Bridge Operating Expense to Operating Expense less Non-Cash Stock-Based Compensation FY 2026 Guidance: Operating Expenses Neuronetics, Inc. Supplemental Financial and Operating Information For the period ended March 31, 2026 2017 2018 2019 2020 2017 2021 2022 2023 2024 2025 2026 2019 2020 2021 2022 2023 2023 2024 2025 2026 Revenue ($ thousands) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY FY FY FY FY FY FY FY FY NeuroStar Capital (1) $1,051.820000000003 $1,927.3699999999997 $2,243.19 $2,990.2869999999994 $1,908.65 $3,267.7 $3,427.723 $4,337.75 $2,938.8229999999999 $4,034.659999999998 $4,264.321800000002 $4,958.7665800000004 $2,410.320000000002 $2,223.8835899999999 $2,438.3874999999998 $3,445.80141 $8,211.9290000000001 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! $16,195.687760000001 $10,518.104500000001 #REF! $12,941.823 $12,941.823 $12,941.823 $12,941.823 YoY Change 0.76 0.65 0.54 0.47 0.53973908259764736 0.2345276494170212 0.24398388667929116 0.14316559967725206 -0.17993291872290362 -0.44872404417776013 -0.4281498363363665 -0.30510917293469386 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! 0.25142244334511443 -0.35056141759057968 #REF! 0.56999999999999995 0.56999999999999995 0.56999999999999995 0.56999999999999995 Sales $1,876 $3,277 $3,538 $4,385 $2,451 $3,754 $2,969 $4,070.4648999999999 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! $13,244.464899999999 $13,244.464899999999 $13,244.464899999999 $13,076 $13,076 $13,076 $13,076 YoY 1.3318827646177938 0.9477318833436239 0.32356153513523145 0.3612288385696758 0.306503198294243 0.1455599633811413 -0.16082532504239688 -7.1729783352337484E-2 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! 1.2883519424900403E-2 1.2883519424900403E-2 1.2883519424900403E-2 0.59231771244003695 0.59231771244003695 0.59231771244003695 0.59231771244003695 Sales-Type-Leases $0 $0 $0 $0 $450 $350 $1,283 $996 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! $3,079 $3,079 $3,079 $0 $0 $0 $0 YoY nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm Other NeuroStar $32.35 $-9.65 $-,110.6 $-42.3 $37.573 $-69.5 $12.5 $-,107.69926 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! $-,127.12626 $-,127.12626 $-,127.12626 $-,130.19999999999999 $-,130.19999999999999 $-,130.19999999999999 $-,130.19999999999999 YoY -0.41530508964719492 -1.2028674739320553 3.7153119737375082 -0.11580267558528445 0.16145285935084996 6.2020725388601035 -1.1130198915009042 1.5460817966903075 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! -2.3607834101382341E-2 -2.3607834101382341E-2 -2.3607834101382341E-2 -5.1201879717093064 -5.1201879717093064 -5.1201879717093064 -5.1201879717093064 NeuroStar Operating Lease (2) $215 $293.95800000000003 $289 $234 $258 $181.13883999999999 $269 $231 $181.94399999999999 $187.08323999999999 $184.44399999999999 $176.66726 $155.417 $114.16689 $87.917000000000002 $79.167000000000002 $1,031.9580000000001 #REF! #REF! $30 $85 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! $730.13850000000002 $436.66789000000006 $279 $939 $939 $939 $939 YoY Change 0.13 -0.38379346709393869 -6.9204152249134898E-2 -0.02 -0.29479069767441868 3.2816816095322165E-2 -0.3143345724907064 -0.23520666666666667 -0.14579760805522568 -0.38975351292825589 -0.52334041768775341 -0.5518864106456397 #REF! #REF! -0.65876906627842169 7.3679689769727164E-2 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! -0.22350933218443014 -0.40193827609419308 -0.36107049226816301 -0.1 -0.1 -0.1 -0.1 Other (3) $8 $241 $320.21749999999997 $282.85000000000002 $206 $120 $210.995 $185 $228.95 $407.25 $167.084 $278 $29 $0 $15 $95.5 $852.0675 #REF! #REF! $305 $217 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! $1,081.2840000000001 $139.5 #REF! $722 $722 $722 $722 YoY Change NM -0.50207468879668049 -0.34108847892448091 -0.34594307937069124 0.11140776699029131 2.3937499999999998 -0.20811393634920261 0.50270270270270268 -0.87333478925529595 -1 -0.91022479710804149 -0.65647482014388492 #REF! 1 19.333333333333332 1.26 #REF! 1 #REF! 1.26 #REF! 1 #REF! 1.26 #REF! 1 #REF! 1.26 #REF! 1 #REF! 1.26 0.49867150846506236 -0.87098671579344555 #REF! -0.15324196733240025 -0.15324196733240025 -0.15324196733240025 -0.15324196733240025 Total U.S. NeuroStar Advanced Therapy System Revenues $1,274.820000000003 $2,462.3279999999995 $2,852.4075000000003 $3,507.1369999999993 $2,372.65 $3,568 $3,907.7179999999998 $4,753.75 $3,349.7169999999996 $4,628.3992399999997 $4,615.5601800000004 $5,413.4338400000006 $2,594.4490000000001 $2,338.504799999999 $2,541.3044999999997 $3,620.4684099999999 $10,095.9545 $1,755.2459999999999 $2,577.2649900000001 $2,611.58916 $2,815.2192999999997 $3,642.266999999999 $4,381.9099699999997 $3,934 $4,616 $3,850 $4,489 $3,597 $4,523.6000000000004 $3,310 $4,000 $4,108 $3,849 $2,846 $3,484 $3,508 $4,421 $3,203 $4,585.7 $18,007.110260000001 $11,094.272390000002 #REF! $16,575 $16,460 $16,459.599999999999 $15,267 $14,259 $7,788.7 YoY Change 0.8 0.42 0.38 0.37 0.41180410089983743 0.29719709641255587 0.18113952439761527 0.13877125216934005 -0.22547218167982541 -0.49484684471601459 -0.4494049690843811 -0.33120667638934342 -0.32346097379443584 0.1023136634757349 2.7656921868276729E-2 -0.22241572603584747 1.08 0.70021708555471407 0.50636250917812808 0.63965911998400982 5.7103727438351903E-2 2.4439121463739388E-2 -8.566344687341132E-2 -2.0017331022530227E-2 -0.14025974025974031 -0.10893294720427715 0.14206283013622456 -0.14912901229109565 -0.14018126888217519 -0.129 -0.14605647517039921 0.14861002857885164 0.1254392129304287 0.31621699196326047 -1 -1 0.23311033760186262 -0.38389490430098572 #REF! 0.7 -0.01 -0.01 -7.2456195776325005E-2 -6.6024759284731727E-2 -0.45376954905673605 Total U.S. Treatment Sessions Revenues $5,748.7510000000002 $7,386.4830000000002 $7,227.3850000000002 $8,023.9769999999999 $7,239.5487700000012 $8,920 $9,218 $9,909 $8,777.6730000000007 $10,847.351000000001 $10,251.888499999999 $11,243.30969 $8,193.4259999999995 $6,546.6486100000002 $9,083.3856099999994 $11,028.800499999999 $28,386.595999999998 $9,628.61 $10,801 $10,258.61579 $11,244.748890000001 $9,468.6990400000013 $11,294.537 $11,863.551890000002 $12,449.8 $10,643 $12,314 $13,060 $14,878 $12,988 $11,660 $13,326 $12,858 $9,612 $10,773 $10,543 $12,391 $9,122 $8,699.7000000000007 $41,120.22219 $34,852.260719999998 $41,932.974679999999 $45,077 $50,896 $50,895 $50,832 $43,319 $17,821.7 YoY Change 0.25932550740152105 0.20761125423290072 0.27542672764769005 0.23492377906865891 0.21246133963125424 0.21607073991031389 0.11215974180950306 0.13465634170955698 -6.6560579324383751E-2 -0.39647489880248188 -0.11397928196351337 -1.9078829625300497E-2 0.17516286837764827 0.64985180104236573 0.12938239445721389 1.9580405865533779E-2 -1.6607896674597833E-2 4.5693639477826231E-2 0.1564476273265325 0.10716567544444278 0.12401925069528863 9.026160169292452E-2 0.1008507503565188 0.19503927773940144 0.22033261298506068 -5.3110280980997238E-2 2.0367534456355196E-2 -0.13577093695389164 -0.25993224514936863 -7.6072041166380777E-2 -0.20883986192405823 -3.6319800902162025E-2 -5.0977944236371253E-2 -0.19245335561125032 -1 -1 0.16530796582310758 -0.15243014595199111 0.20316369193051309 7.0000000000000007E-2 0.13 0.13 -1.2378426171529844E-3 -0.14780059804847345 -0.58859391952722828 Total U.S. Clinic Revenues $324.08965000000001 $328.21771999999976 $341.90857000000085 $353.13183000000066 $359.29917999999998 $410 $392 $426 $418.36900000000003 $414.767 $426 $374 $390.17500000000001 $382.41500000000002 $404.24200000000002 $396.8 $1,347.3477700000012 $418.90800000000002 $431.11399999999998 $409.22012999999998 $496.05811999999997 $406.17700000000002 $455.12732 $446.00448 $447 $0 $0 $0 $0 $0 $0 $0 $4,445 $18,659 $23,024 $21,808 $23,486 $21,529 $26,891 $1,632.77601 $1,573.6320000000001 $1,754 $1,754 $0 $0 $4,445 $86,977 $48,420 YoY Change 0.10864132810165317 0.24917082478057639 0.14650533620727613 0.20634834871724594 0.16440288007336967 1.1626829268292616E-2 8.6734693877551061E-2 -0.1220657276995305 -6.739027031161493E-2 -7.8000419512642027E-2 -5.1075117370891987E-2 6.0962566844919852E-2 7.3641314794643531E-2 0.12734594615796957 1.2314727316805163E-2 0.25014647177419347 -3.0390921156912776E-2 5.5700626748377502E-2 8.9888906491476961E-2 -9.8895911632290168E-2 na na na na na na na 4.283689538807649 0.15381317326759203 0.16795517720639341 -1 -1 2.8844366729678717E-2 -3.6222978312867249E-2 0.12 0 0 na na 18.5673790776153 -0.44330110259033995 Total U.S. Other Revenues $324.08965000000001 $328.21771999999976 $341.90857000000085 $353.13183000000066 $359.29917999999998 $410 $392 $426 $418.36900000000003 $414.767 $426 $374 $390.17500000000001 $382.41500000000002 $404.24200000000002 $396.8 $1,347.3477700000012 $418.90800000000002 $431.11399999999998 $409.22012999999998 $496.05811999999997 $406.17700000000002 $455.12732 $446.00448 $447 $471 $486 $554 $470 $495 $470 $488 $490 $366 $375 $389 $363 $372 $404.1 $1,632.77601 $1,573.6320000000001 $1,754 $1,754 $1,980 $1,981 $1,943 $1,493 $776.1 YoY Change 0.10864132810165317 0.24917082478057639 0.14650533620727613 0.20634834871724594 0.16440288007336967 1.1626829268292616E-2 8.6734693877551061E-2 -0.1220657276995305 -6.739027031161493E-2 -7.8000419512642027E-2 -5.1075117370891987E-2 6.0962566844919852E-2 7.3641314794643531E-2 0.12734594615796957 1.2314727316805163E-2 0.25014647177419347 -3.0390921156912776E-2 5.5700626748377502E-2 8.9888906491476961E-2 -9.8895911632290168E-2 0.15959298532413202 6.7833062625201279E-2 0.24213998926647551 5.1454138702460961E-2 5.0955414012738842E-2 -3.2921810699588439E-2 -0.11913357400722024 4.2553191489361764E-2 -0.26060606060606062 -0.2021276595744681 -0.20286885245901642 -0.25918367346938775 1.6393442622950838E-2 7.7600000000000113E-2 -1 -1 2.8844366729678717E-2 -3.6222978312867249E-2 0.12 0 0.13 0.13 -1.9182231196365418E-2 -0.23160061760164696 -0.4801741460147354 Total U.S. Revenues $7,346.9226500000004 $10,177.2872 $10,421.701070000001 $11,884.24583 $9,972.814600000012 $12,897.737710000001 $13,518.360389999998 $15,089 $12,545.759 $15,890 $15,293.75468 $17,030 $11,177.5 $9,267.1140899999991 $12,028.93211 $15,046.68909999998 $39,829.898270000005 $11,801.763999999999 $13,809.378989999999 $13,280 $14,556.26310000001 $13,516.902740000001 $16,131.57429 $16,243.556370000002 $17,512.8 $14,964 $17,289 $17,211 $19,871.599999999999 $16,793 $16,130 $17,922 $21,642 $31,483 $37,656 $36,248 $40,661 $34,226 $40,580.5 $60,760.108459999996 $47,519.165110000002 $53,447.169300000001 $63,406 $69,336 $69,335.600000000006 $72,487 $,146,048 $74,806.5 YoY Change 0.35 0.26 0.29713568823366732 0.26966407594077846 0.25808829884949591 0.23199900302515908 0.13133207273519076 0.12863675525217055 -0.10909734516660174 -0.41679584078036502 -0.21347423430751666 -0.11649624721080454 5.5892565569626962E-2 0.49014880532241301 0.10400490073095936 -3.2569477312064055E-2 0.14532901522179253 0.16816073349001481 0.22315936521084345 0.20313055411068426 0.10705834671116365 7.1749085934997181E-2 5.9558609454931632E-2 0.1346900552738568 0.12222667735899484 -6.7036844236219584E-2 4.1310789611295196E-2 8.9091970450291047E-2 0.87476924909188347 1.3345319280843149 1.0225421269947552 0.87880048054708437 8.7126385668456097E-2 7.7663586148289721E-2 -1 -1 0.18034051052656319 -0.2179216542827086 0.12474975467850768 0.19 0.09 0.09 4.5451398704273061E-2 1.0148164498461791 -0.48779510845749341 Total International Revenues $132.1 $83.5 $92.5 $272.23500000000001 $179.732 $354 $219.30699999999999 $545.61800000000005 $182 $682 $706.37199999999996 $325.548 $298.822 $473.91300000000001 $418.98599999999999 $532.87300000000005 $580.33500000000004 $486.28800000000001 $393.93900000000002 $519 $466.178 $663.74939000000006 $197.87039000000001 $253.36739 $686 $576 $321 $673.3 $442 $624 $320 $608 $851 $492 $452 $1,049 $1,115.8 $228 $987.6 $1,895.7699999999998 $1,724.5940000000001 $1,865.4050000000002 $1,800 $2,012 $2,012.3 $2,402 $3,108.8 $1,215.5999999999999 YoY Change 0.36057532172596529 3.25 1.3708864864864863 1.004216944918912 1.2618787973204482E-2 0.92655367231638408 2.2209277405645969 -0.40334079887393748 0.6418791208791208 -0.30511290322580642 -0.40684794980548489 0.63684925110889967 0.62735006124047099 -0.16875249254610025 0.23870487319385369 -0.12516115472166922 0.36493063781133817 -0.49771312309773852 -0.51181620423892094 0.4715409135566242 -0.13220259230671394 0.62227405525404778 1.6574059116289588 -0.35568513119533529 8.3333333333333259E-2 -3.1152647975077885E-3 -9.6984999257388904E-2 0.92533936651583715 -0.21153846153846156 0.41250000000000009 0.72532894736842102 0.31116333725029377 -0.53658536585365857 1.1849557522123892 -1 -1 0.45904444083572726 -9.0293653766015725E-2 8.1648782264115649E-2 -0.03 0.12 0.12 0.1936589971674203 0.29425478767693591 -0.60898095728255286 Total Revenues $7,479.226500000008 $10,260.52872 $10,514.201070000001 $12,156.48083 $10,151.813460000001 $13,252.403710000001 $13,737 $15,634.618 $12,728.371999999999 $16,571.754240000002 $16,000.126679999999 $17,355.547999999999 $11,476 $9,741 $12,447.918110000001 $15,578.941909999998 $40,410.233270000004 $12,288.52 $14,203.31799 $13,799 $15,022.204310000001 $14,180.652129999999 $16,329.445 $16,497.5124 $18,198.8 $15,540 $17,610 $17,884.3 $20,313.599999999999 $17,417 $16,450 $18,530 $22,493 $31,975 $38,108 $37,297 $41,776.800000000003 $34,454 $41,568.1 $0 $0 $62,655.878459999993 $49,243.860019999993 $55,312 $65,206 $71,348 $71,347.899999999994 $74,890 $,149,156.79999999999 $76,022.100000000006 YoY Change 0.35 0.29159072321177626 0.30651867018175616 0.28611382016221221 0.2538027860886245 0.25047158256243618 0.16474679187595531 0.11007176510484618 -9.8392158871535185E-2 -0.41219258631728306 -0.22201127785070751 -0.10236531223329859 7.0760892296967581E-2 0.45809649830612864 0.10853878359905123 -3.5736547656207041E-2 0.15401954109569194 0.14969227693817189 0.19555854772084924 0.21146002440436762 9.5859334079863689E-2 7.8419995290715638E-2 8.4060406585904301E-2 0.11620546409653376 0.12078507078507084 -6.5871663827370863E-2 3.6104292591826459E-2 0.10728772841839951 0.83585003157834303 1.3165957446808512 1.0127900701565031 0.857324500955853 7.7529319781078909E-2 9.0797207935341628E-2 -1 -1 0.18720207332511252 -0.21405842148653842 0.12322632664327049 0.18 0.09 0.09 4.9645469593358804E-2 0.99167846174389096 -0.490320924020896 2018 2019 2020 2020 2020 2020 2021 2020 2020 2020 2022 2020 2020 2020 2023 2020 2020 2020 2024 2025 2026 2019 2020 2021 2022 2023 2023 2024 2025 2025 Supplemental Metrics Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY FY FY FY FY FY FY FY FY Active Installed Base Active Installed Base - Beginning of Period 647 671 690 725 752 781 816 858 907 931 976 1032 #REF! #REF! #REF! #REF! 647 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! 907 #REF! #REF! 752 752 752 752 Active Installed Base - End of Period 671 690 725 752 781 816 858 907 931 976 1032 1085 #REF! #REF! #REF! #REF! 752 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! 1085 #REF! 752 907 907 907 907 Total U.S. NeuroStar Systems Shipped 14 25 30 40 24 43 47 61 43 61 68 78 #REF! #REF! #REF! #REF! 109 23 36 40 48 46 59 50 58 49 54 43 59 41 49 49 46 31 41 40 49 34 37 40 49 250 #REF! 147 213 204 205 185 161 499 YoY Change 0.71428571428571419 0.72 0.56666666666666665 0.52499999999999991 0.79166666666666674 0.41860465116279078 0.44680851063829796 0.27868852459016402 #REF! #REF! #REF! #REF! -0.39473684210526316 2.857142857142847E-2 2.564102564102555E-2 -0.11111111111111116 1 0.63888888888888884 0.25 0.20833333333333326 6.5217391304347894E-2 -8.4745762711864403E-2 -0.14000000000000001 1.7241379310344751E-2 -0.16326530612244894 -9.259259259259256E-2 0.13953488372093026 -0.22033898305084743 -0.24390243902439024 -0.16326530612244894 -0.18367346938775508 6.5217391304347894E-2 9.6774193548387011E-2 -9.7560975609756073E-2 0 0 #REF! #REF! #REF! 0.44897959183673503 -0.04 -0.04 -9.7560975609756073E-2 -0.12972972972972974 2.0993788819875778 Active Sites Active Sites - Beginning of Period 0 615 637 679 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! 916 900 919 923 959 1001 1044 1081 1101 1001 1044 1081 1101 1001 1044 1081 1081 1001 1044 1081 1081 1001 1044 1081 #REF! #REF! 916 959 959 959 959 Active Sites - End of Period 615 637 679 707 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! 900 919 923 959 1001 1044 1081 1101 1001 1044 1081 1101 1001 1044 1081 1101 1001 1044 1081 1101 1001 1044 1081 1101 #REF! #REF! 0 1101 1101 1101 1101 NeuroStar System Average Selling Price ($) (4) $75,077.285714285739 $77,094.799999999988 $74,773 $74,757.174999999988 $79,527.83333333343 $75,993.23255813954 $72,930.276595744683 $71,110.655737704918 $68,344.72093023255 $66,132.229508196717 $62,706.355588235296 $63,573.930512820516 #REF! #REF! #REF! #REF! $75,338.798165137618 $69,101.260869565216 $67,801.336111111115 $56,914.728999999999 $52,358.735416666663 $75,760 $72,410.547796610161 $72,755.848399999988 $0 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! $0 $0 $0 $0 $64,782.75104000001 $60,759.732394366198 $60,759.732394366198 $60,759.732394366198 $60,759.732394366198 YoY Change 5.926955905121245E-2 -1.4291194012904018E-2 -2.4644235275504744E-2 -4.8778184332073482E-2 -0.14061074459666201 -0.12975919795193602 -0.14018760773637229 -0.10598587717548236 #REF! #REF! #REF! #REF! #DIV/0! #DIV/0! #REF! #REF! #DIV/0! #DIV/0! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #DIV/0! #DIV/0! #REF! #REF! #REF! #REF! #REF! -0.19351338388508776 -0.19351338388508776 -0.19351338388508776 -0.19351338388508776 Sequential Change 6.3805358259369171E-2 -4.4438446996812098E-2 -4.0302997944419161E-2 -2.4950143383193124E-2 -3.8896207309276565E-2 -3.237252843997096E-2 -5.1803393677160137E-2 1.3835518209385222E-2 #REF! #REF! #REF! #REF! #REF! #DIV/0! #REF! #REF! #REF! #DIV/0! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #DIV/0! #REF! #REF! #REF! 0 Average Revenue Per Active Site ($) (1) $8,885.2411128284384 $11,008.171385991058 $10,474.471014492754 $11,067.55448275862 $9,627.595345744696 $11,421.254801536492 $11,296.568627450981 $11,548.951048951049 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! $43,874.182380216385 $10,511.582969432315 $12,001.111111111111 $11,162.802818280739 $12,182.826533044421 $9,873.5130761209602 $11,280 $11,364 $11,516.928769657725 $9,666.6666666666661 $11,391.304347826088 $11,916.58394160586 $13,236.654804270464 $11,299.808595789107 $10,000 $11,390 $11,027.444253859348 $8,362.6239777275096 $9,239.2795883361923 $11,390 $10,626.929674099487 YoY Change 8.3488834160617253E-2 3.7525162087421959E-2 7.8485835878561394E-2 4.3496200261978757E-2 NA #REF! #REF! #REF! #REF! #REF! #REF! #REF! 0.11614813917964395 0.62052110235716817 9.2514634028795673E-2 .4% -6.0701598909209231E-2 -6.0087028978798251E-2 1.8023894625261105E-2 -5.4658724851784579E-2 -2.0949626324448856E-2 9.8674067221709016E-3 4.8579584139438969E-2 0.14932158295043862 1.756081186977676E-3 -0.12002815909890885 -1.1021060579286424E-2 -4.2501306171829678E-2 -0.13490096782129202 -0.18891820407735727 -4.4147013782542266E-2 -0.10818415598675069 Use Total Systems Recognized from the Q or K #DIV/0! (1) = Total U.S. Treatment Session Revenue / Active Sites (End of Prior Period) Three Months EndedSeptember 30, 2025 2026 Revenues $37,297 $41,962 YOY Growth 0.12507708394777059 Gross Profit 17108 21890 Gross Margin 0.45869640989891947 0.52166245650826937 Operating Expenses: Total Operating Expenses 11848 8484 % of Revenues 0.31766630023862508 0.20218292741051427 General and Administrative 11077 11675 % of Revenues 0.29699439633214469 0.27822792049949957 Research and Development 1504 1190 % of Revenues 4.0324959111992922E-2 2.8358991468471473E-2 Total Operating Expenses 24429 21349 % of Revenues 0.65498565568276268 0.5087698393784853 Income (Loss) from Operations $-7,321 $541 ($ in thousands) % of Revenues -0.19628924578384321 1.289261712978409E-2 Adjusted EBITDA Net Income (Loss) Cash 0.65498565568276268 0.5087698393784853 As of September 30, 2026 Cash and Cash Equivalents $22,106 Restricted Cash $5,750 Total Cash $27,856 Total Current Assets $53,888 Total Assets $,131,958 Total Current Liabilities $26,856 11703 Long-Term Debt, net $61,752 0.7530888030888031 Total Liabilities $,109,555 Accumulated Deficit $-,474,843 Total Stockholders’ Equity $18,708 $,128,263 $3,790 $,132,053 2017 2018 2019 2020 2021 2022 2022 2022 2022 UNIT SALES / ACTIVE SITES 1Q-17 2Q-17 3Q-17 4Q-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-21 Q3-21 Q4-21 Q1-23 Q2-23 Q3-23 Q4-23 Q1-23 Q2-23 Q3-23 Q4-23 Q1-23 Q2-23 Q3-23 Q4-23 Don’t update Total NeuroStar Units (Capital Sales, Sales Type Leases, Operating Leases) (1) 20 29 32 42 30 47 48 65 43 61 68 78 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! 46 59 50 58 0 49 54 43 59 0 31 41 40 49 0 250 YoY D 0.5 0.6206896551724137 0.5 0.54761904761904767 0.43333333333333335 0.2978723404255319 0.41666666666666674 0.19999999999999996 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! -1 -0.16949152542372881 8.0000000000000071E-2 -0.25862068965517238 #DIV/0! -1 -0.42592592592592593 -4.6511627906976716E-2 -0.32203389830508478 #DIV/0! -1 5.0975609756097562 Beginning Active Installed Base 0 671 690 725 752 781 816 858 907 931 976 1032 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! Ending Active Installed Base 671 690 725 752 781 816 858 907 931 976 1032 1085 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! YoY D 0.16393442622950816 0.18260869565217397 0.18344827586206902 0.2061170212765957 0.19206145966709354 0.19607843137254899 0.2027972027972027 0.25137816979051819 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! Net Active Installed Base Change 24 19 35 27 29 35 42 49 24 45 56 53 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! YoY D 0.20833333333333326 0.84210526315789469 0.19999999999999996 0.81481481481481488 -0.17241379310344829 0.28571428571428581 0.33333333333333326 8.163265306122458E-2 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! Active Sites (End of Period) 615 637 679 707 737 778 833 870 #REF! #REF! #REF! #REF! 900 919 923 959 YoY D 0.1983739837398375 0.22135007849293564 0.22680412371134029 0.23055162659123063 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! -100.0% -100.0% -100.0% -100.0% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Inactive Systems (Calculation) (2) -4 10 -3 15 -1 -12 -6 -16 -19 -16 -12 -25 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! Inactive System Churn % (Calculation) (3) -0.1% -1.5% -0.7% -1.9% -2.0948180815876516E-2 -1.7185821697099892E-2 -1.2295081967213115E-2 -2.4224806201550399E-2 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! (1) = Includes all active systems placed during the period. (2) = Calculation: (Ending Installed Base - Beginning Installed Base) - Total NeuroStar Units (3) = Calculation: Inactive Systems / Ending of Prior Period Installed Base 2017 2018 2019 2020 2021 2022 2022 2022 2022 NeuroStar REVENUE 1Q-17 2Q-17 3Q-17 4Q-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-21 Q3-21 Q4-21 Q1-23 Q2-23 Q3-23 Q4-23 Q1-23 Q2-23 Q3-23 Q4-23 Q1-23 Q2-23 Q3-23 Q4-23 Don’t update Total U.S. NeuroStar Revenue ($000) $1,321.41 $2,509.8959999999997 $2,828.9520000000002 $3,459.297 $2,373 $3,568.15 $3,908 $4,754 $3,350 $4,628 $4,616 $5,413 #REF! #REF! #REF! #REF! #REF! #REF! $2,612 $2,815 $3,642.266999999999 $4,381.9099699999997 $3,934 $4,616 $0 $3,850 $4,489 $3,597 $4,523.6000000000004 $0 $2,846 $3,484 $3,508 $4,421 $0 $18,007.110260000001 YoY D 0.79580902218085225 0.42163260947864001 0.38143029644900284 0.37426766189777871 0.41171512852928771 0.29703067415887774 0.18116683725690885 0.13862010938157332 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! 1.08 #REF! 0.50612557427258809 0.63978685612788633 1.08 -0.12138769934609128 0.14107778342653798 -0.22075389948006929 1.08 -1 -0.36600579193584315 -3.1415068112315869E-2 1.08 #DIV/0! -1 4.1685161481056259 U.S. NeuroStar Capital Revenue ($000) (1) $1,083.820000000001 $1,974.9379999999999 $2,219.7345 $2,942.4469999999997 $1,908.6499999999999 $3,267.65 $3,427.6 $4,337.7 $2,938.5729999999999 $4,034.599999999995 $4,264 $4,958.8 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! $0 #REF! #REF! #REF! #REF! $0 #REF! #REF! #REF! #REF! $0 $16,195.687760000001 YoY D 0.76223960882001518 0.65455826967732667 0.54414863579405548 0.47418118321247604 0.53960809996594405 0.23454470338010469 0.24401913875598091 0.14318648131498279 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! U.S. NeuroStar Operating Lease Revenue ($000) (2) $229.8 $293.95800000000003 $289 $234 $258 $181 $269 $231 $182 $187 $184 $176.7 #REF! #REF! #REF! #REF! #REF! #REF! $30 $85 #REF! #REF! #REF! #REF! $0 #REF! #REF! #REF! #REF! $0 #REF! #REF! #REF! #REF! $0 $730.13850000000002 YoY D 0.13 -0.38426577946509366 -6.9204152249134898E-2 -0.02 -0.29457364341085268 3.3149171270718147E-2 -0.31 -0.23506493506493509 #REF! #REF! #REF! #REF! -0.3 #REF! -0.3 #REF! #REF! #REF! -0.3 #REF! #REF! #REF! -0.3 #REF! #REF! #REF! -0.3 #REF! #REF! #REF! -0.3 #REF! U.S. NeuroStar Other ($000) (3) $8 $241 $320.21749999999997 $282.85000000000002 $206 $119.5 $210.995 $185 $228.95 $407.25 $167.084 $278 #REF! #REF! #REF! #REF! #REF! #REF! $305 $217 #REF! #REF! #REF! #REF! $0 #REF! #REF! #REF! #REF! $0 #REF! #REF! #REF! #REF! $0 $1,081.2840000000001 YoY D NM -0.50414937759336098 -0.34108847892448091 -0.34594307937069124 0.11140776699029131 2.39 -0.20811393634920261 0.50270270270270268 #REF! #REF! #REF! #REF! #REF! 1 #REF! 1.26 #REF! 1 #REF! 1.26 #REF! 1 #REF! 1.26 #REF! 1 #REF! 1.26 #REF! 1 #REF! 1.26 (1) = Revenue includes NeuroStar System Capital Sales and Sales Type Leases (2) = Revenue derived from Operating Lease revenue amortization during the period (3) = Revenue derived from Treatment Coils in U.S. 2017 2018 2019 2020 2021 2022 2023 2024 2025 Treatment Session REVENUE 1Q-17 2Q-17 3Q-17 4Q-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Update/Unhide Total U.S. Treatment Session Revenues ($000) $5,749.6779800000004 $7,388.1369999999997 $7,228.5863399999998 $8,025.3639999999996 $7,239.5479999999998 $8,919.991 $9,218 $9,909 $8,777.6730000000007 $10,847.352000000001 $10,251.888000000001 $11,243 #REF! #REF! #REF! #REF! #REF! $10,801 #REF! #REF! $9,468.6990400000013 $11,294.537 $11,863.551890000002 $12,449.8 $10,643 $12,314 $13,060 $14,878 $9,612 $10,773 $10,543 $12,391 $0 $41,120.22219 $0 $34,852.260719999998 YoY D 0.26 0.20733968522781865 0.27521476073287099 0.2347103508326851 0.21246146858892301 0.21607207899649228 0.11215968756780215 0.13462508830356246 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! 4.5693639477826231E-2 #REF! #REF! 0.12401925069528863 9.026160169292452E-2 0.1008507503565188 0.19503927773940144 -9.6871182937141809E-2 -0.12514211466623359 -0.19272588055130169 -0.16715956445758839 -1 2.8169704065719854 -1 1.81270766846905 Active Sites(End of Period) 0 671 690 725 615 637 679 707 737 778 833 870 #REF! #REF! #REF! #REF! 900 919 923 959 0 1001 1044 1081 1101 0 1001 1044 1081 1101 0 1001 1044 1081 1101 0 Average Revenue per Active Site ($000) (1) $8.8866738485316894 $11.010636363636364 $10.476212086956522 $11.069467586206896 $0 $14.504065040650406 $14.470957613814758 $14.593519882179676 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! $10.511582969432315 $12.001111111111111 $11.16280281828074 $12.182826533044421 $9.8735130761209611 $11.28 $11.364000000000001 $11.516928769657724 $9.6666666666666661 $11.391304347826088 $11.916058394160585 $13.236654804270463 $8.3626239777275089 $9.239279588336192 $11.39 $10,626.929674099487 $0 $0 $0 $0 YoY D 8.3314035681520959E-2 3.7291842237985096E-2 7.8306599149118972E-2 4.3315855890089239E-2 NM #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! -6.0701598909209099E-2 -6.0087028978798328E-2 1.8023894625261182E-2 -5.4658724851784697E-2 -2.0949626324448987E-2 9.8674067221709624E-3 4.8579584139438914E-2 0.14932158295043862 -0.13490096782129213 -0.18891820407735724 -4.414701378254212E-2 801.84103734963185 -1 -1 -1 -1 (1) = Total Treatment Session Revenue / Active Sites (Ending of Prior Quarter) Range Operating expenses $92.5 $95.5 Non-cash stock-based compensation expense ("SBC")¹ $3.5 $3.5 Operating expenses, less SBC $89 $92 Q1 2023 15.5 Q2 2023 17.600000000000001 Q3 2023 17.899999999999999 Q4 2023 20.3 Q1 2024 17.399999999999999 Q2 2024 16.5 Q3 2024 18.5 Q4 2024 22.5 Q1 2025 32 Q2 2025 37 Neuronetics, Inc. Supplemental Financial and Operating Information For the period ended March 31, 2026 2017 2018 2019 2020 2017 2021 2022 2023 2024 2025 2026 2019 2020 2021 2022 2023 2023 2024 2025 2026 Revenue ($ thousands) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY FY FY FY FY FY FY FY FY NeuroStar Capital (1) $1,051.820000000003 $1,927.3699999999997 $2,243.19 $2,990.2869999999994 $1,908.65 $3,267.7 $3,427.723 $4,337.75 $2,938.8229999999999 $4,034.659999999998 $4,264.321800000002 $4,958.7665800000004 $2,410.320000000002 $2,223.8835899999999 $2,438.3874999999998 $3,445.80141 $8,211.9290000000001 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! $16,195.687760000001 $10,518.104500000001 #REF! $12,941.823 $12,941.823 $12,941.823 $12,941.823 YoY Change 0.76 0.65 0.54 0.47 0.53973908259764736 0.2345276494170212 0.24398388667929116 0.14316559967725206 -0.17993291872290362 -0.44872404417776013 -0.4281498363363665 -0.30510917293469386 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! 0.25142244334511443 -0.35056141759057968 #REF! 0.56999999999999995 0.56999999999999995 0.56999999999999995 0.56999999999999995 Sales $1,876 $3,277 $3,538 $4,385 $2,451 $3,754 $2,969 $4,070.4648999999999 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! $13,244.464899999999 $13,244.464899999999 $13,244.464899999999 $13,076 $13,076 $13,076 $13,076 YoY 1.3318827646177938 0.9477318833436239 0.32356153513523145 0.3612288385696758 0.306503198294243 0.1455599633811413 -0.16082532504239688 -7.1729783352337484E-2 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! 1.2883519424900403E-2 1.2883519424900403E-2 1.2883519424900403E-2 0.59231771244003695 0.59231771244003695 0.59231771244003695 0.59231771244003695 Sales-Type-Leases $0 $0 $0 $0 $450 $350 $1,283 $996 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! $3,079 $3,079 $3,079 $0 $0 $0 $0 YoY nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm Other NeuroStar $32.35 $-9.65 $-,110.6 $-42.3 $37.573 $-69.5 $12.5 $-,107.69926 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! $-,127.12626 $-,127.12626 $-,127.12626 $-,130.19999999999999 $-,130.19999999999999 $-,130.19999999999999 $-,130.19999999999999 YoY -0.41530508964719492 -1.2028674739320553 3.7153119737375082 -0.11580267558528445 0.16145285935084996 6.2020725388601035 -1.1130198915009042 1.5460817966903075 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! -2.3607834101382341E-2 -2.3607834101382341E-2 -2.3607834101382341E-2 -5.1201879717093064 -5.1201879717093064 -5.1201879717093064 -5.1201879717093064 NeuroStar Operating Lease (2) $215 $293.95800000000003 $289 $234 $258 $181.13883999999999 $269 $231 $181.94399999999999 $187.08323999999999 $184.44399999999999 $176.66726 $155.417 $114.16689 $87.917000000000002 $79.167000000000002 $1,031.9580000000001 #REF! #REF! $30 $85 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! $730.13850000000002 $436.66789000000006 $279 $939 $939 $939 $939 YoY Change 0.13 -0.38379346709393869 -6.9204152249134898E-2 -0.02 -0.29479069767441868 3.2816816095322165E-2 -0.3143345724907064 -0.23520666666666667 -0.14579760805522568 -0.38975351292825589 -0.52334041768775341 -0.5518864106456397 #REF! #REF! -0.65876906627842169 7.3679689769727164E-2 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! -0.22350933218443014 -0.40193827609419308 -0.36107049226816301 -0.1 -0.1 -0.1 -0.1 Other (3) $8 $241 $320.21749999999997 $282.85000000000002 $206 $120 $210.995 $185 $228.95 $407.25 $167.084 $278 $29 $0 $15 $95.5 $852.0675 #REF! #REF! $305 $217 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! $1,081.2840000000001 $139.5 #REF! $722 $722 $722 $722 YoY Change NM -0.50207468879668049 -0.34108847892448091 -0.34594307937069124 0.11140776699029131 2.3937499999999998 -0.20811393634920261 0.50270270270270268 -0.87333478925529595 -1 -0.91022479710804149 -0.65647482014388492 #REF! 1 19.333333333333332 1.26 #REF! 1 #REF! 1.26 #REF! 1 #REF! 1.26 #REF! 1 #REF! 1.26 #REF! 1 #REF! 1.26 0.49867150846506236 -0.87098671579344555 #REF! -0.15324196733240025 -0.15324196733240025 -0.15324196733240025 -0.15324196733240025 Total U.S. NeuroStar Advanced Therapy System Revenues $1,274.820000000003 $2,462.3279999999995 $2,852.4075000000003 $3,507.1369999999993 $2,372.65 $3,568 $3,907.7179999999998 $4,753.75 $3,349.7169999999996 $4,628.3992399999997 $4,615.5601800000004 $5,413.4338400000006 $2,594.4490000000001 $2,338.504799999999 $2,541.3044999999997 $3,620.4684099999999 $10,095.9545 $1,755.2459999999999 $2,577.2649900000001 $2,611.58916 $2,815.2192999999997 $3,642.266999999999 $4,381.9099699999997 $3,934 $4,616 $3,850 $4,489 $3,597 $4,523.6000000000004 $3,310 $4,000 $4,108 $3,849 $2,846 $3,484 $3,508 $4,421 $3,203 $4,585.7 $18,007.110260000001 $11,094.272390000002 #REF! $16,575 $16,460 $16,459.599999999999 $15,267 $14,259 $7,788.7 YoY Change 0.8 0.42 0.38 0.37 0.41180410089983743 0.29719709641255587 0.18113952439761527 0.13877125216934005 -0.22547218167982541 -0.49484684471601459 -0.4494049690843811 -0.33120667638934342 -0.32346097379443584 0.1023136634757349 2.7656921868276729E-2 -0.22241572603584747 1.08 0.70021708555471407 0.50636250917812808 0.63965911998400982 5.7103727438351903E-2 2.4439121463739388E-2 -8.566344687341132E-2 -2.0017331022530227E-2 -0.14025974025974031 -0.10893294720427715 0.14206283013622456 -0.14912901229109565 -0.14018126888217519 -0.129 -0.14605647517039921 0.14861002857885164 0.1254392129304287 0.31621699196326047 -1 -1 0.23311033760186262 -0.38389490430098572 #REF! 0.7 -0.01 -0.01 -7.2456195776325005E-2 -6.6024759284731727E-2 -0.45376954905673605 Total U.S. Treatment Sessions Revenues $5,748.7510000000002 $7,386.4830000000002 $7,227.3850000000002 $8,023.9769999999999 $7,239.5487700000012 $8,920 $9,218 $9,909 $8,777.6730000000007 $10,847.351000000001 $10,251.888499999999 $11,243.30969 $8,193.4259999999995 $6,546.6486100000002 $9,083.3856099999994 $11,028.800499999999 $28,386.595999999998 $9,628.61 $10,801 $10,258.61579 $11,244.748890000001 $9,468.6990400000013 $11,294.537 $11,863.551890000002 $12,449.8 $10,643 $12,314 $13,060 $14,878 $12,988 $11,660 $13,326 $12,858 $9,612 $10,773 $10,543 $12,391 $9,122 $8,699.7000000000007 $41,120.22219 $34,852.260719999998 $41,932.974679999999 $45,077 $50,896 $50,895 $50,832 $43,319 $17,821.7 YoY Change 0.25932550740152105 0.20761125423290072 0.27542672764769005 0.23492377906865891 0.21246133963125424 0.21607073991031389 0.11215974180950306 0.13465634170955698 -6.6560579324383751E-2 -0.39647489880248188 -0.11397928196351337 -1.9078829625300497E-2 0.17516286837764827 0.64985180104236573 0.12938239445721389 1.9580405865533779E-2 -1.6607896674597833E-2 4.5693639477826231E-2 0.1564476273265325 0.10716567544444278 0.12401925069528863 9.026160169292452E-2 0.1008507503565188 0.19503927773940144 0.22033261298506068 -5.3110280980997238E-2 2.0367534456355196E-2 -0.13577093695389164 -0.25993224514936863 -7.6072041166380777E-2 -0.20883986192405823 -3.6319800902162025E-2 -5.0977944236371253E-2 -0.19245335561125032 -1 -1 0.16530796582310758 -0.15243014595199111 0.20316369193051309 7.0000000000000007E-2 0.13 0.13 -1.2378426171529844E-3 -0.14780059804847345 -0.58859391952722828 Total U.S. Clinic Revenues $324.08965000000001 $328.21771999999976 $341.90857000000085 $353.13183000000066 $359.29917999999998 $410 $392 $426 $418.36900000000003 $414.767 $426 $374 $390.17500000000001 $382.41500000000002 $404.24200000000002 $396.8 $1,347.3477700000012 $418.90800000000002 $431.11399999999998 $409.22012999999998 $496.05811999999997 $406.17700000000002 $455.12732 $446.00448 $447 $0 $0 $0 $0 $0 $0 $0 $4,445 $18,659 $23,024 $21,808 $23,486 $21,529 $26,891 $1,632.77601 $1,573.6320000000001 $1,754 $1,754 $0 $0 $4,445 $86,977 $48,420 YoY Change 0.10864132810165317 0.24917082478057639 0.14650533620727613 0.20634834871724594 0.16440288007336967 1.1626829268292616E-2 8.6734693877551061E-2 -0.1220657276995305 -6.739027031161493E-2 -7.8000419512642027E-2 -5.1075117370891987E-2 6.0962566844919852E-2 7.3641314794643531E-2 0.12734594615796957 1.2314727316805163E-2 0.25014647177419347 -3.0390921156912776E-2 5.5700626748377502E-2 8.9888906491476961E-2 -9.8895911632290168E-2 na na na na na na na 4.283689538807649 0.15381317326759203 0.16795517720639341 -1 -1 2.8844366729678717E-2 -3.6222978312867249E-2 0.12 0 0 na na 18.5673790776153 -0.44330110259033995 Total U.S. Other Revenues $324.08965000000001 $328.21771999999976 $341.90857000000085 $353.13183000000066 $359.29917999999998 $410 $392 $426 $418.36900000000003 $414.767 $426 $374 $390.17500000000001 $382.41500000000002 $404.24200000000002 $396.8 $1,347.3477700000012 $418.90800000000002 $431.11399999999998 $409.22012999999998 $496.05811999999997 $406.17700000000002 $455.12732 $446.00448 $447 $471 $486 $554 $470 $495 $470 $488 $490 $366 $375 $389 $363 $372 $404.1 $1,632.77601 $1,573.6320000000001 $1,754 $1,754 $1,980 $1,981 $1,943 $1,493 $776.1 YoY Change 0.10864132810165317 0.24917082478057639 0.14650533620727613 0.20634834871724594 0.16440288007336967 1.1626829268292616E-2 8.6734693877551061E-2 -0.1220657276995305 -6.739027031161493E-2 -7.8000419512642027E-2 -5.1075117370891987E-2 6.0962566844919852E-2 7.3641314794643531E-2 0.12734594615796957 1.2314727316805163E-2 0.25014647177419347 -3.0390921156912776E-2 5.5700626748377502E-2 8.9888906491476961E-2 -9.8895911632290168E-2 0.15959298532413202 6.7833062625201279E-2 0.24213998926647551 5.1454138702460961E-2 5.0955414012738842E-2 -3.2921810699588439E-2 -0.11913357400722024 4.2553191489361764E-2 -0.26060606060606062 -0.2021276595744681 -0.20286885245901642 -0.25918367346938775 1.6393442622950838E-2 7.7600000000000113E-2 -1 -1 2.8844366729678717E-2 -3.6222978312867249E-2 0.12 0 0.13 0.13 -1.9182231196365418E-2 -0.23160061760164696 -0.4801741460147354 Total U.S. Revenues $7,346.9226500000004 $10,177.2872 $10,421.701070000001 $11,884.24583 $9,972.814600000012 $12,897.737710000001 $13,518.360389999998 $15,089 $12,545.759 $15,890 $15,293.75468 $17,030 $11,177.5 $9,267.1140899999991 $12,028.93211 $15,046.68909999998 $39,829.898270000005 $11,801.763999999999 $13,809.378989999999 $13,280 $14,556.26310000001 $13,516.902740000001 $16,131.57429 $16,243.556370000002 $17,512.8 $14,964 $17,289 $17,211 $19,871.599999999999 $16,793 $16,130 $17,922 $21,642 $31,483 $37,656 $36,248 $40,661 $34,226 $40,580.5 $60,760.108459999996 $47,519.165110000002 $53,447.169300000001 $63,406 $69,336 $69,335.600000000006 $72,487 $,146,048 $74,806.5 YoY Change 0.35 0.26 0.29713568823366732 0.26966407594077846 0.25808829884949591 0.23199900302515908 0.13133207273519076 0.12863675525217055 -0.10909734516660174 -0.41679584078036502 -0.21347423430751666 -0.11649624721080454 5.5892565569626962E-2 0.49014880532241301 0.10400490073095936 -3.2569477312064055E-2 0.14532901522179253 0.16816073349001481 0.22315936521084345 0.20313055411068426 0.10705834671116365 7.1749085934997181E-2 5.9558609454931632E-2 0.1346900552738568 0.12222667735899484 -6.7036844236219584E-2 4.1310789611295196E-2 8.9091970450291047E-2 0.87476924909188347 1.3345319280843149 1.0225421269947552 0.87880048054708437 8.7126385668456097E-2 7.7663586148289721E-2 -1 -1 0.18034051052656319 -0.2179216542827086 0.12474975467850768 0.19 0.09 0.09 4.5451398704273061E-2 1.0148164498461791 -0.48779510845749341 Total International Revenues $132.1 $83.5 $92.5 $272.23500000000001 $179.732 $354 $219.30699999999999 $545.61800000000005 $182 $682 $706.37199999999996 $325.548 $298.822 $473.91300000000001 $418.98599999999999 $532.87300000000005 $580.33500000000004 $486.28800000000001 $393.93900000000002 $519 $466.178 $663.74939000000006 $197.87039000000001 $253.36739 $686 $576 $321 $673.3 $442 $624 $320 $608 $851 $492 $452 $1,049 $1,115.8 $228 $987.6 $1,895.7699999999998 $1,724.5940000000001 $1,865.4050000000002 $1,800 $2,012 $2,012.3 $2,402 $3,108.8 $1,215.5999999999999 YoY Change 0.36057532172596529 3.25 1.3708864864864863 1.004216944918912 1.2618787973204482E-2 0.92655367231638408 2.2209277405645969 -0.40334079887393748 0.6418791208791208 -0.30511290322580642 -0.40684794980548489 0.63684925110889967 0.62735006124047099 -0.16875249254610025 0.23870487319385369 -0.12516115472166922 0.36493063781133817 -0.49771312309773852 -0.51181620423892094 0.4715409135566242 -0.13220259230671394 0.62227405525404778 1.6574059116289588 -0.35568513119533529 8.3333333333333259E-2 -3.1152647975077885E-3 -9.6984999257388904E-2 0.92533936651583715 -0.21153846153846156 0.41250000000000009 0.72532894736842102 0.31116333725029377 -0.53658536585365857 1.1849557522123892 -1 -1 0.45904444083572726 -9.0293653766015725E-2 8.1648782264115649E-2 -0.03 0.12 0.12 0.1936589971674203 0.29425478767693591 -0.60898095728255286 Total Revenues $7,479.226500000008 $10,260.52872 $10,514.201070000001 $12,156.48083 $10,151.813460000001 $13,252.403710000001 $13,737 $15,634.618 $12,728.371999999999 $16,571.754240000002 $16,000.126679999999 $17,355.547999999999 $11,476 $9,741 $12,447.918110000001 $15,578.941909999998 $40,410.233270000004 $12,288.52 $14,203.31799 $13,799 $15,022.204310000001 $14,180.652129999999 $16,329.445 $16,497.5124 $18,198.8 $15,540 $17,610 $17,884.3 $20,313.599999999999 $17,417 $16,450 $18,530 $22,493 $31,975 $38,108 $37,297 $41,776.800000000003 $34,454 $41,568.1 $0 $0 $62,655.878459999993 $49,243.860019999993 $55,312 $65,206 $71,348 $71,347.899999999994 $74,890 $,149,156.79999999999 $76,022.100000000006 YoY Change 0.35 0.29159072321177626 0.30651867018175616 0.28611382016221221 0.2538027860886245 0.25047158256243618 0.16474679187595531 0.11007176510484618 -9.8392158871535185E-2 -0.41219258631728306 -0.22201127785070751 -0.10236531223329859 7.0760892296967581E-2 0.45809649830612864 0.10853878359905123 -3.5736547656207041E-2 0.15401954109569194 0.14969227693817189 0.19555854772084924 0.21146002440436762 9.5859334079863689E-2 7.8419995290715638E-2 8.4060406585904301E-2 0.11620546409653376 0.12078507078507084 -6.5871663827370863E-2 3.6104292591826459E-2 0.10728772841839951 0.83585003157834303 1.3165957446808512 1.0127900701565031 0.857324500955853 7.7529319781078909E-2 9.0797207935341628E-2 -1 -1 0.18720207332511252 -0.21405842148653842 0.12322632664327049 0.18 0.09 0.09 4.9645469593358804E-2 0.99167846174389096 -0.490320924020896 2018 2019 2020 2020 2020 2020 2021 2020 2020 2020 2022 2020 2020 2020 2023 2020 2020 2020 2024 2025 2026 2019 2020 2021 2022 2023 2023 2024 2025 2025 Supplemental Metrics Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY FY FY FY FY FY FY FY FY Active Installed Base Active Installed Base - Beginning of Period 647 671 690 725 752 781 816 858 907 931 976 1032 #REF! #REF! #REF! #REF! 647 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! 907 #REF! #REF! 752 752 752 752 Active Installed Base - End of Period 671 690 725 752 781 816 858 907 931 976 1032 1085 #REF! #REF! #REF! #REF! 752 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! 1085 #REF! 752 907 907 907 907 Total U.S. NeuroStar Systems Shipped 14 25 30 40 24 43 47 61 43 61 68 78 #REF! #REF! #REF! #REF! 109 23 36 40 48 46 59 50 58 49 54 43 59 41 49 49 46 31 41 40 49 34 37 40 49 250 #REF! 147 213 204 205 185 161 499 YoY Change 0.71428571428571419 0.72 0.56666666666666665 0.52499999999999991 0.79166666666666674 0.41860465116279078 0.44680851063829796 0.27868852459016402 #REF! #REF! #REF! #REF! -0.39473684210526316 2.857142857142847E-2 2.564102564102555E-2 -0.11111111111111116 1 0.63888888888888884 0.25 0.20833333333333326 6.5217391304347894E-2 -8.4745762711864403E-2 -0.14000000000000001 1.7241379310344751E-2 -0.16326530612244894 -9.259259259259256E-2 0.13953488372093026 -0.22033898305084743 -0.24390243902439024 -0.16326530612244894 -0.18367346938775508 6.5217391304347894E-2 9.6774193548387011E-2 -9.7560975609756073E-2 0 0 #REF! #REF! #REF! 0.44897959183673503 -0.04 -0.04 -9.7560975609756073E-2 -0.12972972972972974 2.0993788819875778 Active Sites Active Sites - Beginning of Period 0 615 637 679 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! 916 900 919 923 959 1001 1044 1081 1101 1001 1044 1081 1101 1001 1044 1081 1081 1001 1044 1081 1081 1001 1044 1081 #REF! #REF! 916 959 959 959 959 Active Sites - End of Period 615 637 679 707 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! 900 919 923 959 1001 1044 1081 1101 1001 1044 1081 1101 1001 1044 1081 1101 1001 1044 1081 1101 1001 1044 1081 1101 #REF! #REF! 0 1101 1101 1101 1101 NeuroStar System Average Selling Price ($) (4) $75,077.285714285739 $77,094.799999999988 $74,773 $74,757.174999999988 $79,527.83333333343 $75,993.23255813954 $72,930.276595744683 $71,110.655737704918 $68,344.72093023255 $66,132.229508196717 $62,706.355588235296 $63,573.930512820516 #REF! #REF! #REF! #REF! $75,338.798165137618 $69,101.260869565216 $67,801.336111111115 $56,914.728999999999 $52,358.735416666663 $75,760 $72,410.547796610161 $72,755.848399999988 $0 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! $0 $0 $0 $0 $64,782.75104000001 $60,759.732394366198 $60,759.732394366198 $60,759.732394366198 $60,759.732394366198 YoY Change 5.926955905121245E-2 -1.4291194012904018E-2 -2.4644235275504744E-2 -4.8778184332073482E-2 -0.14061074459666201 -0.12975919795193602 -0.14018760773637229 -0.10598587717548236 #REF! #REF! #REF! #REF! #DIV/0! #DIV/0! #REF! #REF! #DIV/0! #DIV/0! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #DIV/0! #DIV/0! #REF! #REF! #REF! #REF! #REF! -0.19351338388508776 -0.19351338388508776 -0.19351338388508776 -0.19351338388508776 Sequential Change 6.3805358259369171E-2 -4.4438446996812098E-2 -4.0302997944419161E-2 -2.4950143383193124E-2 -3.8896207309276565E-2 -3.237252843997096E-2 -5.1803393677160137E-2 1.3835518209385222E-2 #REF! #REF! #REF! #REF! #REF! #DIV/0! #REF! #REF! #REF! #DIV/0! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #DIV/0! #REF! #REF! #REF! 0 Average Revenue Per Active Site ($) (1) $8,885.2411128284384 $11,008.171385991058 $10,474.471014492754 $11,067.55448275862 $9,627.595345744696 $11,421.254801536492 $11,296.568627450981 $11,548.951048951049 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! $43,874.182380216385 $10,511.582969432315 $12,001.111111111111 $11,162.802818280739 $12,182.826533044421 $9,873.5130761209602 $11,280 $11,364 $11,516.928769657725 $9,666.6666666666661 $11,391.304347826088 $11,916.58394160586 $13,236.654804270464 $11,299.808595789107 $10,000 $11,390 $11,027.444253859348 $8,362.6239777275096 $9,239.2795883361923 $11,390 $10,626.929674099487 YoY Change 8.3488834160617253E-2 3.7525162087421959E-2 7.8485835878561394E-2 4.3496200261978757E-2 NA #REF! #REF! #REF! #REF! #REF! #REF! #REF! 0.11614813917964395 0.62052110235716817 9.2514634028795673E-2 .4% -6.0701598909209231E-2 -6.0087028978798251E-2 1.8023894625261105E-2 -5.4658724851784579E-2 -2.0949626324448856E-2 9.8674067221709016E-3 4.8579584139438969E-2 0.14932158295043862 1.756081186977676E-3 -0.12002815909890885 -1.1021060579286424E-2 -4.2501306171829678E-2 -0.13490096782129202 -0.18891820407735727 -4.4147013782542266E-2 -0.10818415598675069 Use Total Systems Recognized from the Q or K #DIV/0! (1) = Total U.S. Treatment Session Revenue / Active Sites (End of Prior Period) Three Months EndedSeptember 30, 2025 2026 Revenues $37,297 $41,962 YOY Growth 0.12507708394777059 Gross Profit 17108 21890 Gross Margin 0.45869640989891947 0.52166245650826937 Operating Expenses: Total Operating Expenses 11848 8484 % of Revenues 0.31766630023862508 0.20218292741051427 General and Administrative 11077 11675 % of Revenues 0.29699439633214469 0.27822792049949957 Research and Development 1504 1190 % of Revenues 4.0324959111992922E-2 2.8358991468471473E-2 Total Operating Expenses 24429 21349 % of Revenues 0.65498565568276268 0.5087698393784853 Income (Loss) from Operations $-7,321 $541 ($ in thousands) % of Revenues -0.19628924578384321 1.289261712978409E-2 Adjusted EBITDA Net Income (Loss) Cash 0.65498565568276268 0.5087698393784853 As of September 30, 2026 Cash and Cash Equivalents $22,106 Restricted Cash $5,750 Total Cash $27,856 Total Current Assets $53,888 Total Assets $,131,958 Total Current Liabilities $26,856 11703 Long-Term Debt, net $61,752 0.7530888030888031 Total Liabilities $,109,555 Accumulated Deficit $-,474,843 Total Stockholders’ Equity $18,708 $,128,263 $3,790 $,132,053 2017 2018 2019 2020 2021 2022 2022 2022 2022 UNIT SALES / ACTIVE SITES 1Q-17 2Q-17 3Q-17 4Q-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-21 Q3-21 Q4-21 Q1-23 Q2-23 Q3-23 Q4-23 Q1-23 Q2-23 Q3-23 Q4-23 Q1-23 Q2-23 Q3-23 Q4-23 Don’t update Total NeuroStar Units (Capital Sales, Sales Type Leases, Operating Leases) (1) 20 29 32 42 30 47 48 65 43 61 68 78 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! 46 59 50 58 0 49 54 43 59 0 31 41 40 49 0 250 YoY D 0.5 0.6206896551724137 0.5 0.54761904761904767 0.43333333333333335 0.2978723404255319 0.41666666666666674 0.19999999999999996 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! -1 -0.16949152542372881 8.0000000000000071E-2 -0.25862068965517238 #DIV/0! -1 -0.42592592592592593 -4.6511627906976716E-2 -0.32203389830508478 #DIV/0! -1 5.0975609756097562 Beginning Active Installed Base 0 671 690 725 752 781 816 858 907 931 976 1032 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! Ending Active Installed Base 671 690 725 752 781 816 858 907 931 976 1032 1085 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! YoY D 0.16393442622950816 0.18260869565217397 0.18344827586206902 0.2061170212765957 0.19206145966709354 0.19607843137254899 0.2027972027972027 0.25137816979051819 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! Net Active Installed Base Change 24 19 35 27 29 35 42 49 24 45 56 53 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! YoY D 0.20833333333333326 0.84210526315789469 0.19999999999999996 0.81481481481481488 -0.17241379310344829 0.28571428571428581 0.33333333333333326 8.163265306122458E-2 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! Active Sites (End of Period) 615 637 679 707 737 778 833 870 #REF! #REF! #REF! #REF! 900 919 923 959 YoY D 0.1983739837398375 0.22135007849293564 0.22680412371134029 0.23055162659123063 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! -100.0% -100.0% -100.0% -100.0% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Inactive Systems (Calculation) (2) -4 10 -3 15 -1 -12 -6 -16 -19 -16 -12 -25 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! Inactive System Churn % (Calculation) (3) -0.1% -1.5% -0.7% -1.9% -2.0948180815876516E-2 -1.7185821697099892E-2 -1.2295081967213115E-2 -2.4224806201550399E-2 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! (1) = Includes all active systems placed during the period. (2) = Calculation: (Ending Installed Base - Beginning Installed Base) - Total NeuroStar Units (3) = Calculation: Inactive Systems / Ending of Prior Period Installed Base 2017 2018 2019 2020 2021 2022 2022 2022 2022 NeuroStar REVENUE 1Q-17 2Q-17 3Q-17 4Q-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-21 Q3-21 Q4-21 Q1-23 Q2-23 Q3-23 Q4-23 Q1-23 Q2-23 Q3-23 Q4-23 Q1-23 Q2-23 Q3-23 Q4-23 Don’t update Total U.S. NeuroStar Revenue ($000) $1,321.41 $2,509.8959999999997 $2,828.9520000000002 $3,459.297 $2,373 $3,568.15 $3,908 $4,754 $3,350 $4,628 $4,616 $5,413 #REF! #REF! #REF! #REF! #REF! #REF! $2,612 $2,815 $3,642.266999999999 $4,381.9099699999997 $3,934 $4,616 $0 $3,850 $4,489 $3,597 $4,523.6000000000004 $0 $2,846 $3,484 $3,508 $4,421 $0 $18,007.110260000001 YoY D 0.79580902218085225 0.42163260947864001 0.38143029644900284 0.37426766189777871 0.41171512852928771 0.29703067415887774 0.18116683725690885 0.13862010938157332 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! 1.08 #REF! 0.50612557427258809 0.63978685612788633 1.08 -0.12138769934609128 0.14107778342653798 -0.22075389948006929 1.08 -1 -0.36600579193584315 -3.1415068112315869E-2 1.08 #DIV/0! -1 4.1685161481056259 U.S. NeuroStar Capital Revenue ($000) (1) $1,083.820000000001 $1,974.9379999999999 $2,219.7345 $2,942.4469999999997 $1,908.6499999999999 $3,267.65 $3,427.6 $4,337.7 $2,938.5729999999999 $4,034.599999999995 $4,264 $4,958.8 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! $0 #REF! #REF! #REF! #REF! $0 #REF! #REF! #REF! #REF! $0 $16,195.687760000001 YoY D 0.76223960882001518 0.65455826967732667 0.54414863579405548 0.47418118321247604 0.53960809996594405 0.23454470338010469 0.24401913875598091 0.14318648131498279 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! U.S. NeuroStar Operating Lease Revenue ($000) (2) $229.8 $293.95800000000003 $289 $234 $258 $181 $269 $231 $182 $187 $184 $176.7 #REF! #REF! #REF! #REF! #REF! #REF! $30 $85 #REF! #REF! #REF! #REF! $0 #REF! #REF! #REF! #REF! $0 #REF! #REF! #REF! #REF! $0 $730.13850000000002 YoY D 0.13 -0.38426577946509366 -6.9204152249134898E-2 -0.02 -0.29457364341085268 3.3149171270718147E-2 -0.31 -0.23506493506493509 #REF! #REF! #REF! #REF! -0.3 #REF! -0.3 #REF! #REF! #REF! -0.3 #REF! #REF! #REF! -0.3 #REF! #REF! #REF! -0.3 #REF! #REF! #REF! -0.3 #REF! U.S. NeuroStar Other ($000) (3) $8 $241 $320.21749999999997 $282.85000000000002 $206 $119.5 $210.995 $185 $228.95 $407.25 $167.084 $278 #REF! #REF! #REF! #REF! #REF! #REF! $305 $217 #REF! #REF! #REF! #REF! $0 #REF! #REF! #REF! #REF! $0 #REF! #REF! #REF! #REF! $0 $1,081.2840000000001 YoY D NM -0.50414937759336098 -0.34108847892448091 -0.34594307937069124 0.11140776699029131 2.39 -0.20811393634920261 0.50270270270270268 #REF! #REF! #REF! #REF! #REF! 1 #REF! 1.26 #REF! 1 #REF! 1.26 #REF! 1 #REF! 1.26 #REF! 1 #REF! 1.26 #REF! 1 #REF! 1.26 (1) = Revenue includes NeuroStar System Capital Sales and Sales Type Leases (2) = Revenue derived from Operating Lease revenue amortization during the period (3) = Revenue derived from Treatment Coils in U.S. 2017 2018 2019 2020 2021 2022 2023 2024 2025 Treatment Session REVENUE 1Q-17 2Q-17 3Q-17 4Q-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Update/Unhide Total U.S. Treatment Session Revenues ($000) $5,749.6779800000004 $7,388.1369999999997 $7,228.5863399999998 $8,025.3639999999996 $7,239.5479999999998 $8,919.991 $9,218 $9,909 $8,777.6730000000007 $10,847.352000000001 $10,251.888000000001 $11,243 #REF! #REF! #REF! #REF! #REF! $10,801 #REF! #REF! $9,468.6990400000013 $11,294.537 $11,863.551890000002 $12,449.8 $10,643 $12,314 $13,060 $14,878 $9,612 $10,773 $10,543 $12,391 $0 $41,120.22219 $0 $34,852.260719999998 YoY D 0.26 0.20733968522781865 0.27521476073287099 0.2347103508326851 0.21246146858892301 0.21607207899649228 0.11215968756780215 0.13462508830356246 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! 4.5693639477826231E-2 #REF! #REF! 0.12401925069528863 9.026160169292452E-2 0.1008507503565188 0.19503927773940144 -9.6871182937141809E-2 -0.12514211466623359 -0.19272588055130169 -0.16715956445758839 -1 2.8169704065719854 -1 1.81270766846905 Active Sites(End of Period) 0 671 690 725 615 637 679 707 737 778 833 870 #REF! #REF! #REF! #REF! 900 919 923 959 0 1001 1044 1081 1101 0 1001 1044 1081 1101 0 1001 1044 1081 1101 0 Average Revenue per Active Site ($000) (1) $8.8866738485316894 $11.010636363636364 $10.476212086956522 $11.069467586206896 $0 $14.504065040650406 $14.470957613814758 $14.593519882179676 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! $10.511582969432315 $12.001111111111111 $11.16280281828074 $12.182826533044421 $9.8735130761209611 $11.28 $11.364000000000001 $11.516928769657724 $9.6666666666666661 $11.391304347826088 $11.916058394160585 $13.236654804270463 $8.3626239777275089 $9.239279588336192 $11.39 $10,626.929674099487 $0 $0 $0 $0 YoY D 8.3314035681520959E-2 3.7291842237985096E-2 7.8306599149118972E-2 4.3315855890089239E-2 NM #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! -6.0701598909209099E-2 -6.0087028978798328E-2 1.8023894625261182E-2 -5.4658724851784697E-2 -2.0949626324448987E-2 9.8674067221709624E-3 4.8579584139438914E-2 0.14932158295043862 -0.13490096782129213 -0.18891820407735724 -4.414701378254212E-2 801.84103734963185 -1 -1 -1 -1 (1) = Total Treatment Session Revenue / Active Sites (Ending of Prior Quarter) Range Operating expenses $92.5 $95.5 Non-cash stock-based compensation expense ("SBC")¹ $3.5 $3.5 Operating expenses, less SBC $89 $92 Q1 2023 15.5 Q2 2023 17.600000000000001 Q3 2023 17.899999999999999 Q4 2023 20.3 Q1 2024 17.399999999999999 Q2 2024 16.5 Q3 2024 18.5 Q4 2024 22.5 Q1 2025 32 Q2 2025 37
Financial Overview
Worldwide Quarterly Revenue1 Q3 2026 Revenue of $42.0M, a 12.5% increase from Q3 2025 ($ in millions) ($ in millions) (1) As reported in the Company’s earnings release dated November 4, 2026 (As Reported)
Results of Operations1 ($ in thousands) ($ in thousands) (1) As reported in the Company’s earnings release dated November 4, 2026 (As Reported) Three Months Ended September 30, 2025 2026 Revenues $37,297 $41,962 YOY Growth 13% Gross Profit $17,108 $21,890 Gross Margin 46% 52% Total Operating Expenses $24,429 $21,349 % of Revenues 65% 51% Income (Loss) from Operations ($7,321) $541 % of Revenues -20% 1% Adjusted EBITDA ($4,670) $1,887 Net Loss to Stim Shareholders ($9,045) ($1,692) Cash $34,471 $27,856
($ in thousands) Three Months Ended September 30, 2025 2026 Net Loss to STIM Shareholders’ ($9,045) ($1,692) Interest Expense, Net $2,080 $2,097 Depreciation and Amortization $886 $742 EBITDA ($6,079) $1,147 Stock Based Compensation1 $1,409 $178 Restructuring2 $562 Adjusted EBITDA ($4,670) $1,887 (1) Stock-based compensation consists of expenses related to restricted stock units and performance based restricted stock units. We exclude these expenses from our non-GAAP financial measures because they are non-cash charges that we do not consider reflective of our core ongoing operational performance. While share-based compensation is a recurring expense and a key part of our employee retention strategy, excluding it allows management and investors to compare our operational profitability more consistently against prior periods and industry peers. (2) Restructuring expense represents net costs incurred in connection with leadership workforce reductions, role eliminations, or organizational restructuring activities that are not expected to recur in the ordinary course of business. These costs have been added back to EBITDA because they are considered non-recurring and not reflective of the Company’s ongoing operating performance. Management believes excluding these expenses provides a more meaningful measure of normalized earnings and period-to-period operating comparability. . The following table presents the Company’s reconciliation between EBITDA and adjusted EBITDA. However, these non-GAAP results are not necessarily indicative of the Company’s future performance. Earnings before interest, taxes, depreciation, and amortization (“EBITDA”) is defined as income (loss) before income taxes, excluding the following items: interest expense, depreciation, and amortization. Adjusted EBITDA (“Adjusted EBITDA”) is defined as EBITDA, excluding the following items: stock based compensation, loss on extinguishment of debt, restructuring charges, and other items not considered indicative of the Company’s ongoing operational performance and expected to occur infrequently. Reconciliation Bridge EBITDA to Adjusted EBITDA
Financial Position ($ in thousands) ($ in thousands) Neuronetics, Inc. Supplemental Financial and Operating Information For the period ended March 31, 2026 2017 2018 2019 2020 2017 2021 2022 2023 2024 2025 2026 2019 2020 2021 2022 2023 2023 2024 2025 2026 Revenue ($ thousands) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY FY FY FY FY FY FY FY FY NeuroStar Capital (1) $1,051.820000000003 $1,927.3699999999997 $2,243.19 $2,990.2869999999994 $1,908.65 $3,267.7 $3,427.723 $4,337.75 $2,938.8229999999999 $4,034.659999999998 $4,264.321800000002 $4,958.7665800000004 $2,410.320000000002 $2,223.8835899999999 $2,438.3874999999998 $3,445.80141 $8,211.9290000000001 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! $16,195.687760000001 $10,518.104500000001 #REF! $12,941.823 $12,941.823 $12,941.823 $12,941.823 YoY Change 0.76 0.65 0.54 0.47 0.53973908259764736 0.2345276494170212 0.24398388667929116 0.14316559967725206 -0.17993291872290362 -0.44872404417776013 -0.4281498363363665 -0.30510917293469386 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! 0.25142244334511443 -0.35056141759057968 #REF! 0.56999999999999995 0.56999999999999995 0.56999999999999995 0.56999999999999995 Sales $1,876 $3,277 $3,538 $4,385 $2,451 $3,754 $2,969 $4,070.4648999999999 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! $13,244.464899999999 $13,244.464899999999 $13,244.464899999999 $13,076 $13,076 $13,076 $13,076 YoY 1.3318827646177938 0.9477318833436239 0.32356153513523145 0.3612288385696758 0.306503198294243 0.1455599633811413 -0.16082532504239688 -7.1729783352337484E-2 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! 1.2883519424900403E-2 1.2883519424900403E-2 1.2883519424900403E-2 0.59231771244003695 0.59231771244003695 0.59231771244003695 0.59231771244003695 Sales-Type-Leases $0 $0 $0 $0 $450 $350 $1,283 $996 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! $3,079 $3,079 $3,079 $0 $0 $0 $0 YoY nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm Other NeuroStar $32.35 $-9.65 $-,110.6 $-42.3 $37.573 $-69.5 $12.5 $-,107.69926 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! $-,127.12626 $-,127.12626 $-,127.12626 $-,130.19999999999999 $-,130.19999999999999 $-,130.19999999999999 $-,130.19999999999999 YoY -0.41530508964719492 -1.2028674739320553 3.7153119737375082 -0.11580267558528445 0.16145285935084996 6.2020725388601035 -1.1130198915009042 1.5460817966903075 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! -2.3607834101382341E-2 -2.3607834101382341E-2 -2.3607834101382341E-2 -5.1201879717093064 -5.1201879717093064 -5.1201879717093064 -5.1201879717093064 NeuroStar Operating Lease (2) $215 $293.95800000000003 $289 $234 $258 $181.13883999999999 $269 $231 $181.94399999999999 $187.08323999999999 $184.44399999999999 $176.66726 $155.417 $114.16689 $87.917000000000002 $79.167000000000002 $1,031.9580000000001 #REF! #REF! $30 $85 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! $730.13850000000002 $436.66789000000006 $279 $939 $939 $939 $939 YoY Change 0.13 -0.38379346709393869 -6.9204152249134898E-2 -0.02 -0.29479069767441868 3.2816816095322165E-2 -0.3143345724907064 -0.23520666666666667 -0.14579760805522568 -0.38975351292825589 -0.52334041768775341 -0.5518864106456397 #REF! #REF! -0.65876906627842169 7.3679689769727164E-2 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! -0.22350933218443014 -0.40193827609419308 -0.36107049226816301 -0.1 -0.1 -0.1 -0.1 Other (3) $8 $241 $320.21749999999997 $282.85000000000002 $206 $120 $210.995 $185 $228.95 $407.25 $167.084 $278 $29 $0 $15 $95.5 $852.0675 #REF! #REF! $305 $217 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! $1,081.2840000000001 $139.5 #REF! $722 $722 $722 $722 YoY Change NM -0.50207468879668049 -0.34108847892448091 -0.34594307937069124 0.11140776699029131 2.3937499999999998 -0.20811393634920261 0.50270270270270268 -0.87333478925529595 -1 -0.91022479710804149 -0.65647482014388492 #REF! 1 19.333333333333332 1.26 #REF! 1 #REF! 1.26 #REF! 1 #REF! 1.26 #REF! 1 #REF! 1.26 #REF! 1 #REF! 1.26 0.49867150846506236 -0.87098671579344555 #REF! -0.15324196733240025 -0.15324196733240025 -0.15324196733240025 -0.15324196733240025 Total U.S. NeuroStar Advanced Therapy System Revenues $1,274.820000000003 $2,462.3279999999995 $2,852.4075000000003 $3,507.1369999999993 $2,372.65 $3,568 $3,907.7179999999998 $4,753.75 $3,349.7169999999996 $4,628.3992399999997 $4,615.5601800000004 $5,413.4338400000006 $2,594.4490000000001 $2,338.504799999999 $2,541.3044999999997 $3,620.4684099999999 $10,095.9545 $1,755.2459999999999 $2,577.2649900000001 $2,611.58916 $2,815.2192999999997 $3,642.266999999999 $4,381.9099699999997 $3,934 $4,616 $3,850 $4,489 $3,597 $4,523.6000000000004 $3,310 $4,000 $4,108 $3,849 $2,846 $3,484 $3,508 $4,421 $3,203 $4,585.7 $18,007.110260000001 $11,094.272390000002 #REF! $16,575 $16,460 $16,459.599999999999 $15,267 $14,259 $7,788.7 YoY Change 0.8 0.42 0.38 0.37 0.41180410089983743 0.29719709641255587 0.18113952439761527 0.13877125216934005 -0.22547218167982541 -0.49484684471601459 -0.4494049690843811 -0.33120667638934342 -0.32346097379443584 0.1023136634757349 2.7656921868276729E-2 -0.22241572603584747 1.08 0.70021708555471407 0.50636250917812808 0.63965911998400982 5.7103727438351903E-2 2.4439121463739388E-2 -8.566344687341132E-2 -2.0017331022530227E-2 -0.14025974025974031 -0.10893294720427715 0.14206283013622456 -0.14912901229109565 -0.14018126888217519 -0.129 -0.14605647517039921 0.14861002857885164 0.1254392129304287 0.31621699196326047 -1 -1 0.23311033760186262 -0.38389490430098572 #REF! 0.7 -0.01 -0.01 -7.2456195776325005E-2 -6.6024759284731727E-2 -0.45376954905673605 Total U.S. Treatment Sessions Revenues $5,748.7510000000002 $7,386.4830000000002 $7,227.3850000000002 $8,023.9769999999999 $7,239.5487700000012 $8,920 $9,218 $9,909 $8,777.6730000000007 $10,847.351000000001 $10,251.888499999999 $11,243.30969 $8,193.4259999999995 $6,546.6486100000002 $9,083.3856099999994 $11,028.800499999999 $28,386.595999999998 $9,628.61 $10,801 $10,258.61579 $11,244.748890000001 $9,468.6990400000013 $11,294.537 $11,863.551890000002 $12,449.8 $10,643 $12,314 $13,060 $14,878 $12,988 $11,660 $13,326 $12,858 $9,612 $10,773 $10,543 $12,391 $9,122 $8,699.7000000000007 $41,120.22219 $34,852.260719999998 $41,932.974679999999 $45,077 $50,896 $50,895 $50,832 $43,319 $17,821.7 YoY Change 0.25932550740152105 0.20761125423290072 0.27542672764769005 0.23492377906865891 0.21246133963125424 0.21607073991031389 0.11215974180950306 0.13465634170955698 -6.6560579324383751E-2 -0.39647489880248188 -0.11397928196351337 -1.9078829625300497E-2 0.17516286837764827 0.64985180104236573 0.12938239445721389 1.9580405865533779E-2 -1.6607896674597833E-2 4.5693639477826231E-2 0.1564476273265325 0.10716567544444278 0.12401925069528863 9.026160169292452E-2 0.1008507503565188 0.19503927773940144 0.22033261298506068 -5.3110280980997238E-2 2.0367534456355196E-2 -0.13577093695389164 -0.25993224514936863 -7.6072041166380777E-2 -0.20883986192405823 -3.6319800902162025E-2 -5.0977944236371253E-2 -0.19245335561125032 -1 -1 0.16530796582310758 -0.15243014595199111 0.20316369193051309 7.0000000000000007E-2 0.13 0.13 -1.2378426171529844E-3 -0.14780059804847345 -0.58859391952722828 Total U.S. Clinic Revenues $324.08965000000001 $328.21771999999976 $341.90857000000085 $353.13183000000066 $359.29917999999998 $410 $392 $426 $418.36900000000003 $414.767 $426 $374 $390.17500000000001 $382.41500000000002 $404.24200000000002 $396.8 $1,347.3477700000012 $418.90800000000002 $431.11399999999998 $409.22012999999998 $496.05811999999997 $406.17700000000002 $455.12732 $446.00448 $447 $0 $0 $0 $0 $0 $0 $0 $4,445 $18,659 $23,024 $21,808 $23,486 $21,529 $26,891 $1,632.77601 $1,573.6320000000001 $1,754 $1,754 $0 $0 $4,445 $86,977 $48,420 YoY Change 0.10864132810165317 0.24917082478057639 0.14650533620727613 0.20634834871724594 0.16440288007336967 1.1626829268292616E-2 8.6734693877551061E-2 -0.1220657276995305 -6.739027031161493E-2 -7.8000419512642027E-2 -5.1075117370891987E-2 6.0962566844919852E-2 7.3641314794643531E-2 0.12734594615796957 1.2314727316805163E-2 0.25014647177419347 -3.0390921156912776E-2 5.5700626748377502E-2 8.9888906491476961E-2 -9.8895911632290168E-2 na na na na na na na 4.283689538807649 0.15381317326759203 0.16795517720639341 -1 -1 2.8844366729678717E-2 -3.6222978312867249E-2 0.12 0 0 na na 18.5673790776153 -0.44330110259033995 Total U.S. Other Revenues $324.08965000000001 $328.21771999999976 $341.90857000000085 $353.13183000000066 $359.29917999999998 $410 $392 $426 $418.36900000000003 $414.767 $426 $374 $390.17500000000001 $382.41500000000002 $404.24200000000002 $396.8 $1,347.3477700000012 $418.90800000000002 $431.11399999999998 $409.22012999999998 $496.05811999999997 $406.17700000000002 $455.12732 $446.00448 $447 $471 $486 $554 $470 $495 $470 $488 $490 $366 $375 $389 $363 $372 $404.1 $1,632.77601 $1,573.6320000000001 $1,754 $1,754 $1,980 $1,981 $1,943 $1,493 $776.1 YoY Change 0.10864132810165317 0.24917082478057639 0.14650533620727613 0.20634834871724594 0.16440288007336967 1.1626829268292616E-2 8.6734693877551061E-2 -0.1220657276995305 -6.739027031161493E-2 -7.8000419512642027E-2 -5.1075117370891987E-2 6.0962566844919852E-2 7.3641314794643531E-2 0.12734594615796957 1.2314727316805163E-2 0.25014647177419347 -3.0390921156912776E-2 5.5700626748377502E-2 8.9888906491476961E-2 -9.8895911632290168E-2 0.15959298532413202 6.7833062625201279E-2 0.24213998926647551 5.1454138702460961E-2 5.0955414012738842E-2 -3.2921810699588439E-2 -0.11913357400722024 4.2553191489361764E-2 -0.26060606060606062 -0.2021276595744681 -0.20286885245901642 -0.25918367346938775 1.6393442622950838E-2 7.7600000000000113E-2 -1 -1 2.8844366729678717E-2 -3.6222978312867249E-2 0.12 0 0.13 0.13 -1.9182231196365418E-2 -0.23160061760164696 -0.4801741460147354 Total U.S. Revenues $7,346.9226500000004 $10,177.2872 $10,421.701070000001 $11,884.24583 $9,972.814600000012 $12,897.737710000001 $13,518.360389999998 $15,089 $12,545.759 $15,890 $15,293.75468 $17,030 $11,177.5 $9,267.1140899999991 $12,028.93211 $15,046.68909999998 $39,829.898270000005 $11,801.763999999999 $13,809.378989999999 $13,280 $14,556.26310000001 $13,516.902740000001 $16,131.57429 $16,243.556370000002 $17,512.8 $14,964 $17,289 $17,211 $19,871.599999999999 $16,793 $16,130 $17,922 $21,642 $31,483 $37,656 $36,248 $40,661 $34,226 $40,580.5 $60,760.108459999996 $47,519.165110000002 $53,447.169300000001 $63,406 $69,336 $69,335.600000000006 $72,487 $,146,048 $74,806.5 YoY Change 0.35 0.26 0.29713568823366732 0.26966407594077846 0.25808829884949591 0.23199900302515908 0.13133207273519076 0.12863675525217055 -0.10909734516660174 -0.41679584078036502 -0.21347423430751666 -0.11649624721080454 5.5892565569626962E-2 0.49014880532241301 0.10400490073095936 -3.2569477312064055E-2 0.14532901522179253 0.16816073349001481 0.22315936521084345 0.20313055411068426 0.10705834671116365 7.1749085934997181E-2 5.9558609454931632E-2 0.1346900552738568 0.12222667735899484 -6.7036844236219584E-2 4.1310789611295196E-2 8.9091970450291047E-2 0.87476924909188347 1.3345319280843149 1.0225421269947552 0.87880048054708437 8.7126385668456097E-2 7.7663586148289721E-2 -1 -1 0.18034051052656319 -0.2179216542827086 0.12474975467850768 0.19 0.09 0.09 4.5451398704273061E-2 1.0148164498461791 -0.48779510845749341 Total International Revenues $132.1 $83.5 $92.5 $272.23500000000001 $179.732 $354 $219.30699999999999 $545.61800000000005 $182 $682 $706.37199999999996 $325.548 $298.822 $473.91300000000001 $418.98599999999999 $532.87300000000005 $580.33500000000004 $486.28800000000001 $393.93900000000002 $519 $466.178 $663.74939000000006 $197.87039000000001 $253.36739 $686 $576 $321 $673.3 $442 $624 $320 $608 $851 $492 $452 $1,049 $1,115.8 $228 $987.6 $1,895.7699999999998 $1,724.5940000000001 $1,865.4050000000002 $1,800 $2,012 $2,012.3 $2,402 $3,108.8 $1,215.5999999999999 YoY Change 0.36057532172596529 3.25 1.3708864864864863 1.004216944918912 1.2618787973204482E-2 0.92655367231638408 2.2209277405645969 -0.40334079887393748 0.6418791208791208 -0.30511290322580642 -0.40684794980548489 0.63684925110889967 0.62735006124047099 -0.16875249254610025 0.23870487319385369 -0.12516115472166922 0.36493063781133817 -0.49771312309773852 -0.51181620423892094 0.4715409135566242 -0.13220259230671394 0.62227405525404778 1.6574059116289588 -0.35568513119533529 8.3333333333333259E-2 -3.1152647975077885E-3 -9.6984999257388904E-2 0.92533936651583715 -0.21153846153846156 0.41250000000000009 0.72532894736842102 0.31116333725029377 -0.53658536585365857 1.1849557522123892 -1 -1 0.45904444083572726 -9.0293653766015725E-2 8.1648782264115649E-2 -0.03 0.12 0.12 0.1936589971674203 0.29425478767693591 -0.60898095728255286 Total Revenues $7,479.226500000008 $10,260.52872 $10,514.201070000001 $12,156.48083 $10,151.813460000001 $13,252.403710000001 $13,737 $15,634.618 $12,728.371999999999 $16,571.754240000002 $16,000.126679999999 $17,355.547999999999 $11,476 $9,741 $12,447.918110000001 $15,578.941909999998 $40,410.233270000004 $12,288.52 $14,203.31799 $13,799 $15,022.204310000001 $14,180.652129999999 $16,329.445 $16,497.5124 $18,198.8 $15,540 $17,610 $17,884.3 $20,313.599999999999 $17,417 $16,450 $18,530 $22,493 $31,975 $38,108 $37,297 $41,776.800000000003 $34,454 $41,568.1 $0 $0 $62,655.878459999993 $49,243.860019999993 $55,312 $65,206 $71,348 $71,347.899999999994 $74,890 $,149,156.79999999999 $76,022.100000000006 YoY Change 0.35 0.29159072321177626 0.30651867018175616 0.28611382016221221 0.2538027860886245 0.25047158256243618 0.16474679187595531 0.11007176510484618 -9.8392158871535185E-2 -0.41219258631728306 -0.22201127785070751 -0.10236531223329859 7.0760892296967581E-2 0.45809649830612864 0.10853878359905123 -3.5736547656207041E-2 0.15401954109569194 0.14969227693817189 0.19555854772084924 0.21146002440436762 9.5859334079863689E-2 7.8419995290715638E-2 8.4060406585904301E-2 0.11620546409653376 0.12078507078507084 -6.5871663827370863E-2 3.6104292591826459E-2 0.10728772841839951 0.83585003157834303 1.3165957446808512 1.0127900701565031 0.857324500955853 7.7529319781078909E-2 9.0797207935341628E-2 -1 -1 0.18720207332511252 -0.21405842148653842 0.12322632664327049 0.18 0.09 0.09 4.9645469593358804E-2 0.99167846174389096 -0.490320924020896 2018 2019 2020 2020 2020 2020 2021 2020 2020 2020 2022 2020 2020 2020 2023 2020 2020 2020 2024 2025 2026 2019 2020 2021 2022 2023 2023 2024 2025 2025 Supplemental Metrics Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY FY FY FY FY FY FY FY FY Active Installed Base Active Installed Base - Beginning of Period 647 671 690 725 752 781 816 858 907 931 976 1032 #REF! #REF! #REF! #REF! 647 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! 907 #REF! #REF! 752 752 752 752 Active Installed Base - End of Period 671 690 725 752 781 816 858 907 931 976 1032 1085 #REF! #REF! #REF! #REF! 752 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! 1085 #REF! 752 907 907 907 907 Total U.S. NeuroStar Systems Shipped 14 25 30 40 24 43 47 61 43 61 68 78 #REF! #REF! #REF! #REF! 109 23 36 40 48 46 59 50 58 49 54 43 59 41 49 49 46 31 41 40 49 34 37 40 49 250 #REF! 147 213 204 205 185 161 499 YoY Change 0.71428571428571419 0.72 0.56666666666666665 0.52499999999999991 0.79166666666666674 0.41860465116279078 0.44680851063829796 0.27868852459016402 #REF! #REF! #REF! #REF! -0.39473684210526316 2.857142857142847E-2 2.564102564102555E-2 -0.11111111111111116 1 0.63888888888888884 0.25 0.20833333333333326 6.5217391304347894E-2 -8.4745762711864403E-2 -0.14000000000000001 1.7241379310344751E-2 -0.16326530612244894 -9.259259259259256E-2 0.13953488372093026 -0.22033898305084743 -0.24390243902439024 -0.16326530612244894 -0.18367346938775508 6.5217391304347894E-2 9.6774193548387011E-2 -9.7560975609756073E-2 0 0 #REF! #REF! #REF! 0.44897959183673503 -0.04 -0.04 -9.7560975609756073E-2 -0.12972972972972974 2.0993788819875778 Active Sites Active Sites - Beginning of Period 0 615 637 679 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! 916 900 919 923 959 1001 1044 1081 1101 1001 1044 1081 1101 1001 1044 1081 1081 1001 1044 1081 1081 1001 1044 1081 #REF! #REF! 916 959 959 959 959 Active Sites - End of Period 615 637 679 707 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! 900 919 923 959 1001 1044 1081 1101 1001 1044 1081 1101 1001 1044 1081 1101 1001 1044 1081 1101 1001 1044 1081 1101 #REF! #REF! 0 1101 1101 1101 1101 NeuroStar System Average Selling Price ($) (4) $75,077.285714285739 $77,094.799999999988 $74,773 $74,757.174999999988 $79,527.83333333343 $75,993.23255813954 $72,930.276595744683 $71,110.655737704918 $68,344.72093023255 $66,132.229508196717 $62,706.355588235296 $63,573.930512820516 #REF! #REF! #REF! #REF! $75,338.798165137618 $69,101.260869565216 $67,801.336111111115 $56,914.728999999999 $52,358.735416666663 $75,760 $72,410.547796610161 $72,755.848399999988 $0 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! $0 $0 $0 $0 $64,782.75104000001 $60,759.732394366198 $60,759.732394366198 $60,759.732394366198 $60,759.732394366198 YoY Change 5.926955905121245E-2 -1.4291194012904018E-2 -2.4644235275504744E-2 -4.8778184332073482E-2 -0.14061074459666201 -0.12975919795193602 -0.14018760773637229 -0.10598587717548236 #REF! #REF! #REF! #REF! #DIV/0! #DIV/0! #REF! #REF! #DIV/0! #DIV/0! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #DIV/0! #DIV/0! #REF! #REF! #REF! #REF! #REF! -0.19351338388508776 -0.19351338388508776 -0.19351338388508776 -0.19351338388508776 Sequential Change 6.3805358259369171E-2 -4.4438446996812098E-2 -4.0302997944419161E-2 -2.4950143383193124E-2 -3.8896207309276565E-2 -3.237252843997096E-2 -5.1803393677160137E-2 1.3835518209385222E-2 #REF! #REF! #REF! #REF! #REF! #DIV/0! #REF! #REF! #REF! #DIV/0! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #DIV/0! #REF! #REF! #REF! 0 Average Revenue Per Active Site ($) (1) $8,885.2411128284384 $11,008.171385991058 $10,474.471014492754 $11,067.55448275862 $9,627.595345744696 $11,421.254801536492 $11,296.568627450981 $11,548.951048951049 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! $43,874.182380216385 $10,511.582969432315 $12,001.111111111111 $11,162.802818280739 $12,182.826533044421 $9,873.5130761209602 $11,280 $11,364 $11,516.928769657725 $9,666.6666666666661 $11,391.304347826088 $11,916.58394160586 $13,236.654804270464 $11,299.808595789107 $10,000 $11,390 $11,027.444253859348 $8,362.6239777275096 $9,239.2795883361923 $11,390 $10,626.929674099487 YoY Change 8.3488834160617253E-2 3.7525162087421959E-2 7.8485835878561394E-2 4.3496200261978757E-2 NA #REF! #REF! #REF! #REF! #REF! #REF! #REF! 0.11614813917964395 0.62052110235716817 9.2514634028795673E-2 .4% -6.0701598909209231E-2 -6.0087028978798251E-2 1.8023894625261105E-2 -5.4658724851784579E-2 -2.0949626324448856E-2 9.8674067221709016E-3 4.8579584139438969E-2 0.14932158295043862 1.756081186977676E-3 -0.12002815909890885 -1.1021060579286424E-2 -4.2501306171829678E-2 -0.13490096782129202 -0.18891820407735727 -4.4147013782542266E-2 -0.10818415598675069 Use Total Systems Recognized from the Q or K #DIV/0! (1) = Total U.S. Treatment Session Revenue / Active Sites (End of Prior Period) Three Months EndedSeptember 30, 2025 2026 Revenues $37,297 $41,962 YOY Growth 0.12507708394777059 Gross Profit 17108 21890 Gross Margin 0.45869640989891947 0.52166245650826937 Operating Expenses: Sales and Marketing 11848 8484 % of Revenues 0.31766630023862508 0.20218292741051427 General and Administrative 11077 11675 % of Revenues 0.29699439633214469 0.27822792049949957 Research and Development 1504 1190 % of Revenues 4.0324959111992922E-2 2.8358991468471473E-2 Total Operating Expenses 24429 21349 Income (Loss) from Operations $-7,321 $541 ($ in thousands) % of Revenues -0.19628924578384321 1.289261712978409E-2 0.65498565568276268 0.5087698393784853 As of September 30, 2026 Cash and Cash Equivalents $22,106 Restricted Cash $5,750 Total Cash $27,856 Total Current Assets $53,888 Total Assets $,131,958 Total Current Liabilities $26,856 11703 Long-Term Debt, net $61,752 0.7530888030888031 Total Liabilities $,109,555 Accumulated Deficit $-,474,843 Total Stockholders’ Equity $18,708 $,128,263 $3,790 $,132,053 2017 2018 2019 2020 2021 2022 2022 2022 2022 UNIT SALES / ACTIVE SITES 1Q-17 2Q-17 3Q-17 4Q-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-21 Q3-21 Q4-21 Q1-23 Q2-23 Q3-23 Q4-23 Q1-23 Q2-23 Q3-23 Q4-23 Q1-23 Q2-23 Q3-23 Q4-23 Don’t update Total NeuroStar Units (Capital Sales, Sales Type Leases, Operating Leases) (1) 20 29 32 42 30 47 48 65 43 61 68 78 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! 46 59 50 58 0 49 54 43 59 0 31 41 40 49 0 250 YoY D 0.5 0.6206896551724137 0.5 0.54761904761904767 0.43333333333333335 0.2978723404255319 0.41666666666666674 0.19999999999999996 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! -1 -0.16949152542372881 8.0000000000000071E-2 -0.25862068965517238 #DIV/0! -1 -0.42592592592592593 -4.6511627906976716E-2 -0.32203389830508478 #DIV/0! -1 5.0975609756097562 Beginning Active Installed Base 0 671 690 725 752 781 816 858 907 931 976 1032 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! Ending Active Installed Base 671 690 725 752 781 816 858 907 931 976 1032 1085 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! YoY D 0.16393442622950816 0.18260869565217397 0.18344827586206902 0.2061170212765957 0.19206145966709354 0.19607843137254899 0.2027972027972027 0.25137816979051819 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! Net Active Installed Base Change 24 19 35 27 29 35 42 49 24 45 56 53 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! YoY D 0.20833333333333326 0.84210526315789469 0.19999999999999996 0.81481481481481488 -0.17241379310344829 0.28571428571428581 0.33333333333333326 8.163265306122458E-2 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! Active Sites (End of Period) 615 637 679 707 737 778 833 870 #REF! #REF! #REF! #REF! 900 919 923 959 YoY D 0.1983739837398375 0.22135007849293564 0.22680412371134029 0.23055162659123063 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! -100.0% -100.0% -100.0% -100.0% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Inactive Systems (Calculation) (2) -4 10 -3 15 -1 -12 -6 -16 -19 -16 -12 -25 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! Inactive System Churn % (Calculation) (3) -0.1% -1.5% -0.7% -1.9% -2.0948180815876516E-2 -1.7185821697099892E-2 -1.2295081967213115E-2 -2.4224806201550399E-2 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! (1) = Includes all active systems placed during the period. (2) = Calculation: (Ending Installed Base - Beginning Installed Base) - Total NeuroStar Units (3) = Calculation: Inactive Systems / Ending of Prior Period Installed Base 2017 2018 2019 2020 2021 2022 2022 2022 2022 NeuroStar REVENUE 1Q-17 2Q-17 3Q-17 4Q-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-21 Q3-21 Q4-21 Q1-23 Q2-23 Q3-23 Q4-23 Q1-23 Q2-23 Q3-23 Q4-23 Q1-23 Q2-23 Q3-23 Q4-23 Don’t update Total U.S. NeuroStar Revenue ($000) $1,321.41 $2,509.8959999999997 $2,828.9520000000002 $3,459.297 $2,373 $3,568.15 $3,908 $4,754 $3,350 $4,628 $4,616 $5,413 #REF! #REF! #REF! #REF! #REF! #REF! $2,612 $2,815 $3,642.266999999999 $4,381.9099699999997 $3,934 $4,616 $0 $3,850 $4,489 $3,597 $4,523.6000000000004 $0 $2,846 $3,484 $3,508 $4,421 $0 $18,007.110260000001 YoY D 0.79580902218085225 0.42163260947864001 0.38143029644900284 0.37426766189777871 0.41171512852928771 0.29703067415887774 0.18116683725690885 0.13862010938157332 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! 1.08 #REF! 0.50612557427258809 0.63978685612788633 1.08 -0.12138769934609128 0.14107778342653798 -0.22075389948006929 1.08 -1 -0.36600579193584315 -3.1415068112315869E-2 1.08 #DIV/0! -1 4.1685161481056259 U.S. NeuroStar Capital Revenue ($000) (1) $1,083.820000000001 $1,974.9379999999999 $2,219.7345 $2,942.4469999999997 $1,908.6499999999999 $3,267.65 $3,427.6 $4,337.7 $2,938.5729999999999 $4,034.599999999995 $4,264 $4,958.8 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! $0 #REF! #REF! #REF! #REF! $0 #REF! #REF! #REF! #REF! $0 $16,195.687760000001 YoY D 0.76223960882001518 0.65455826967732667 0.54414863579405548 0.47418118321247604 0.53960809996594405 0.23454470338010469 0.24401913875598091 0.14318648131498279 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! U.S. NeuroStar Operating Lease Revenue ($000) (2) $229.8 $293.95800000000003 $289 $234 $258 $181 $269 $231 $182 $187 $184 $176.7 #REF! #REF! #REF! #REF! #REF! #REF! $30 $85 #REF! #REF! #REF! #REF! $0 #REF! #REF! #REF! #REF! $0 #REF! #REF! #REF! #REF! $0 $730.13850000000002 YoY D 0.13 -0.38426577946509366 -6.9204152249134898E-2 -0.02 -0.29457364341085268 3.3149171270718147E-2 -0.31 -0.23506493506493509 #REF! #REF! #REF! #REF! -0.3 #REF! -0.3 #REF! #REF! #REF! -0.3 #REF! #REF! #REF! -0.3 #REF! #REF! #REF! -0.3 #REF! #REF! #REF! -0.3 #REF! U.S. NeuroStar Other ($000) (3) $8 $241 $320.21749999999997 $282.85000000000002 $206 $119.5 $210.995 $185 $228.95 $407.25 $167.084 $278 #REF! #REF! #REF! #REF! #REF! #REF! $305 $217 #REF! #REF! #REF! #REF! $0 #REF! #REF! #REF! #REF! $0 #REF! #REF! #REF! #REF! $0 $1,081.2840000000001 YoY D NM -0.50414937759336098 -0.34108847892448091 -0.34594307937069124 0.11140776699029131 2.39 -0.20811393634920261 0.50270270270270268 #REF! #REF! #REF! #REF! #REF! 1 #REF! 1.26 #REF! 1 #REF! 1.26 #REF! 1 #REF! 1.26 #REF! 1 #REF! 1.26 #REF! 1 #REF! 1.26 (1) = Revenue includes NeuroStar System Capital Sales and Sales Type Leases (2) = Revenue derived from Operating Lease revenue amortization during the period (3) = Revenue derived from Treatment Coils in U.S. 2017 2018 2019 2020 2021 2022 2023 2024 2025 Treatment Session REVENUE 1Q-17 2Q-17 3Q-17 4Q-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Update/Unhide Total U.S. Treatment Session Revenues ($000) $5,749.6779800000004 $7,388.1369999999997 $7,228.5863399999998 $8,025.3639999999996 $7,239.5479999999998 $8,919.991 $9,218 $9,909 $8,777.6730000000007 $10,847.352000000001 $10,251.888000000001 $11,243 #REF! #REF! #REF! #REF! #REF! $10,801 #REF! #REF! $9,468.6990400000013 $11,294.537 $11,863.551890000002 $12,449.8 $10,643 $12,314 $13,060 $14,878 $9,612 $10,773 $10,543 $12,391 $0 $41,120.22219 $0 $34,852.260719999998 YoY D 0.26 0.20733968522781865 0.27521476073287099 0.2347103508326851 0.21246146858892301 0.21607207899649228 0.11215968756780215 0.13462508830356246 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! 4.5693639477826231E-2 #REF! #REF! 0.12401925069528863 9.026160169292452E-2 0.1008507503565188 0.19503927773940144 -9.6871182937141809E-2 -0.12514211466623359 -0.19272588055130169 -0.16715956445758839 -1 2.8169704065719854 -1 1.81270766846905 Active Sites(End of Period) 0 671 690 725 615 637 679 707 737 778 833 870 #REF! #REF! #REF! #REF! 900 919 923 959 0 1001 1044 1081 1101 0 1001 1044 1081 1101 0 1001 1044 1081 1101 0 Average Revenue per Active Site ($000) (1) $8.8866738485316894 $11.010636363636364 $10.476212086956522 $11.069467586206896 $0 $14.504065040650406 $14.470957613814758 $14.593519882179676 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! $10.511582969432315 $12.001111111111111 $11.16280281828074 $12.182826533044421 $9.8735130761209611 $11.28 $11.364000000000001 $11.516928769657724 $9.6666666666666661 $11.391304347826088 $11.916058394160585 $13.236654804270463 $8.3626239777275089 $9.239279588336192 $11.39 $10,626.929674099487 $0 $0 $0 $0 YoY D 8.3314035681520959E-2 3.7291842237985096E-2 7.8306599149118972E-2 4.3315855890089239E-2 NM #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! -6.0701598909209099E-2 -6.0087028978798328E-2 1.8023894625261182E-2 -5.4658724851784697E-2 -2.0949626324448987E-2 9.8674067221709624E-3 4.8579584139438914E-2 0.14932158295043862 -0.13490096782129213 -0.18891820407735724 -4.414701378254212E-2 801.84103734963185 -1 -1 -1 -1 (1) = Total Treatment Session Revenue / Active Sites (Ending of Prior Quarter) Q1 2023 15.5 Q2 2023 17.600000000000001 Q3 2023 17.899999999999999 Q4 2023 20.3 Q1 2024 17.399999999999999 Q2 2024 16.5 Q3 2024 18.5 Q4 2024 22.5 Q1 2025 32 Q2 2025 37 Neuronetics, Inc. Supplemental Financial and Operating Information For the period ended March 31, 2026 2017 2018 2019 2020 2017 2021 2022 2023 2024 2025 2026 2019 2020 2021 2022 2023 2023 2024 2025 2026 Revenue ($ thousands) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY FY FY FY FY FY FY FY FY NeuroStar Capital (1) $1,051.820000000003 $1,927.3699999999997 $2,243.19 $2,990.2869999999994 $1,908.65 $3,267.7 $3,427.723 $4,337.75 $2,938.8229999999999 $4,034.659999999998 $4,264.321800000002 $4,958.7665800000004 $2,410.320000000002 $2,223.8835899999999 $2,438.3874999999998 $3,445.80141 $8,211.9290000000001 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! $16,195.687760000001 $10,518.104500000001 #REF! $12,941.823 $12,941.823 $12,941.823 $12,941.823 YoY Change 0.76 0.65 0.54 0.47 0.53973908259764736 0.2345276494170212 0.24398388667929116 0.14316559967725206 -0.17993291872290362 -0.44872404417776013 -0.4281498363363665 -0.30510917293469386 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! 0.25142244334511443 -0.35056141759057968 #REF! 0.56999999999999995 0.56999999999999995 0.56999999999999995 0.56999999999999995 Sales $1,876 $3,277 $3,538 $4,385 $2,451 $3,754 $2,969 $4,070.4648999999999 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! $13,244.464899999999 $13,244.464899999999 $13,244.464899999999 $13,076 $13,076 $13,076 $13,076 YoY 1.3318827646177938 0.9477318833436239 0.32356153513523145 0.3612288385696758 0.306503198294243 0.1455599633811413 -0.16082532504239688 -7.1729783352337484E-2 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! 1.2883519424900403E-2 1.2883519424900403E-2 1.2883519424900403E-2 0.59231771244003695 0.59231771244003695 0.59231771244003695 0.59231771244003695 Sales-Type-Leases $0 $0 $0 $0 $450 $350 $1,283 $996 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! $3,079 $3,079 $3,079 $0 $0 $0 $0 YoY nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm Other NeuroStar $32.35 $-9.65 $-,110.6 $-42.3 $37.573 $-69.5 $12.5 $-,107.69926 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! $-,127.12626 $-,127.12626 $-,127.12626 $-,130.19999999999999 $-,130.19999999999999 $-,130.19999999999999 $-,130.19999999999999 YoY -0.41530508964719492 -1.2028674739320553 3.7153119737375082 -0.11580267558528445 0.16145285935084996 6.2020725388601035 -1.1130198915009042 1.5460817966903075 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! -2.3607834101382341E-2 -2.3607834101382341E-2 -2.3607834101382341E-2 -5.1201879717093064 -5.1201879717093064 -5.1201879717093064 -5.1201879717093064 NeuroStar Operating Lease (2) $215 $293.95800000000003 $289 $234 $258 $181.13883999999999 $269 $231 $181.94399999999999 $187.08323999999999 $184.44399999999999 $176.66726 $155.417 $114.16689 $87.917000000000002 $79.167000000000002 $1,031.9580000000001 #REF! #REF! $30 $85 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! $730.13850000000002 $436.66789000000006 $279 $939 $939 $939 $939 YoY Change 0.13 -0.38379346709393869 -6.9204152249134898E-2 -0.02 -0.29479069767441868 3.2816816095322165E-2 -0.3143345724907064 -0.23520666666666667 -0.14579760805522568 -0.38975351292825589 -0.52334041768775341 -0.5518864106456397 #REF! #REF! -0.65876906627842169 7.3679689769727164E-2 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! -0.22350933218443014 -0.40193827609419308 -0.36107049226816301 -0.1 -0.1 -0.1 -0.1 Other (3) $8 $241 $320.21749999999997 $282.85000000000002 $206 $120 $210.995 $185 $228.95 $407.25 $167.084 $278 $29 $0 $15 $95.5 $852.0675 #REF! #REF! $305 $217 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! $1,081.2840000000001 $139.5 #REF! $722 $722 $722 $722 YoY Change NM -0.50207468879668049 -0.34108847892448091 -0.34594307937069124 0.11140776699029131 2.3937499999999998 -0.20811393634920261 0.50270270270270268 -0.87333478925529595 -1 -0.91022479710804149 -0.65647482014388492 #REF! 1 19.333333333333332 1.26 #REF! 1 #REF! 1.26 #REF! 1 #REF! 1.26 #REF! 1 #REF! 1.26 #REF! 1 #REF! 1.26 0.49867150846506236 -0.87098671579344555 #REF! -0.15324196733240025 -0.15324196733240025 -0.15324196733240025 -0.15324196733240025 Total U.S. NeuroStar Advanced Therapy System Revenues $1,274.820000000003 $2,462.3279999999995 $2,852.4075000000003 $3,507.1369999999993 $2,372.65 $3,568 $3,907.7179999999998 $4,753.75 $3,349.7169999999996 $4,628.3992399999997 $4,615.5601800000004 $5,413.4338400000006 $2,594.4490000000001 $2,338.504799999999 $2,541.3044999999997 $3,620.4684099999999 $10,095.9545 $1,755.2459999999999 $2,577.2649900000001 $2,611.58916 $2,815.2192999999997 $3,642.266999999999 $4,381.9099699999997 $3,934 $4,616 $3,850 $4,489 $3,597 $4,523.6000000000004 $3,310 $4,000 $4,108 $3,849 $2,846 $3,484 $3,508 $4,421 $3,203 $4,585.7 $18,007.110260000001 $11,094.272390000002 #REF! $16,575 $16,460 $16,459.599999999999 $15,267 $14,259 $7,788.7 YoY Change 0.8 0.42 0.38 0.37 0.41180410089983743 0.29719709641255587 0.18113952439761527 0.13877125216934005 -0.22547218167982541 -0.49484684471601459 -0.4494049690843811 -0.33120667638934342 -0.32346097379443584 0.1023136634757349 2.7656921868276729E-2 -0.22241572603584747 1.08 0.70021708555471407 0.50636250917812808 0.63965911998400982 5.7103727438351903E-2 2.4439121463739388E-2 -8.566344687341132E-2 -2.0017331022530227E-2 -0.14025974025974031 -0.10893294720427715 0.14206283013622456 -0.14912901229109565 -0.14018126888217519 -0.129 -0.14605647517039921 0.14861002857885164 0.1254392129304287 0.31621699196326047 -1 -1 0.23311033760186262 -0.38389490430098572 #REF! 0.7 -0.01 -0.01 -7.2456195776325005E-2 -6.6024759284731727E-2 -0.45376954905673605 Total U.S. Treatment Sessions Revenues $5,748.7510000000002 $7,386.4830000000002 $7,227.3850000000002 $8,023.9769999999999 $7,239.5487700000012 $8,920 $9,218 $9,909 $8,777.6730000000007 $10,847.351000000001 $10,251.888499999999 $11,243.30969 $8,193.4259999999995 $6,546.6486100000002 $9,083.3856099999994 $11,028.800499999999 $28,386.595999999998 $9,628.61 $10,801 $10,258.61579 $11,244.748890000001 $9,468.6990400000013 $11,294.537 $11,863.551890000002 $12,449.8 $10,643 $12,314 $13,060 $14,878 $12,988 $11,660 $13,326 $12,858 $9,612 $10,773 $10,543 $12,391 $9,122 $8,699.7000000000007 $41,120.22219 $34,852.260719999998 $41,932.974679999999 $45,077 $50,896 $50,895 $50,832 $43,319 $17,821.7 YoY Change 0.25932550740152105 0.20761125423290072 0.27542672764769005 0.23492377906865891 0.21246133963125424 0.21607073991031389 0.11215974180950306 0.13465634170955698 -6.6560579324383751E-2 -0.39647489880248188 -0.11397928196351337 -1.9078829625300497E-2 0.17516286837764827 0.64985180104236573 0.12938239445721389 1.9580405865533779E-2 -1.6607896674597833E-2 4.5693639477826231E-2 0.1564476273265325 0.10716567544444278 0.12401925069528863 9.026160169292452E-2 0.1008507503565188 0.19503927773940144 0.22033261298506068 -5.3110280980997238E-2 2.0367534456355196E-2 -0.13577093695389164 -0.25993224514936863 -7.6072041166380777E-2 -0.20883986192405823 -3.6319800902162025E-2 -5.0977944236371253E-2 -0.19245335561125032 -1 -1 0.16530796582310758 -0.15243014595199111 0.20316369193051309 7.0000000000000007E-2 0.13 0.13 -1.2378426171529844E-3 -0.14780059804847345 -0.58859391952722828 Total U.S. Clinic Revenues $324.08965000000001 $328.21771999999976 $341.90857000000085 $353.13183000000066 $359.29917999999998 $410 $392 $426 $418.36900000000003 $414.767 $426 $374 $390.17500000000001 $382.41500000000002 $404.24200000000002 $396.8 $1,347.3477700000012 $418.90800000000002 $431.11399999999998 $409.22012999999998 $496.05811999999997 $406.17700000000002 $455.12732 $446.00448 $447 $0 $0 $0 $0 $0 $0 $0 $4,445 $18,659 $23,024 $21,808 $23,486 $21,529 $26,891 $1,632.77601 $1,573.6320000000001 $1,754 $1,754 $0 $0 $4,445 $86,977 $48,420 YoY Change 0.10864132810165317 0.24917082478057639 0.14650533620727613 0.20634834871724594 0.16440288007336967 1.1626829268292616E-2 8.6734693877551061E-2 -0.1220657276995305 -6.739027031161493E-2 -7.8000419512642027E-2 -5.1075117370891987E-2 6.0962566844919852E-2 7.3641314794643531E-2 0.12734594615796957 1.2314727316805163E-2 0.25014647177419347 -3.0390921156912776E-2 5.5700626748377502E-2 8.9888906491476961E-2 -9.8895911632290168E-2 na na na na na na na 4.283689538807649 0.15381317326759203 0.16795517720639341 -1 -1 2.8844366729678717E-2 -3.6222978312867249E-2 0.12 0 0 na na 18.5673790776153 -0.44330110259033995 Total U.S. Other Revenues $324.08965000000001 $328.21771999999976 $341.90857000000085 $353.13183000000066 $359.29917999999998 $410 $392 $426 $418.36900000000003 $414.767 $426 $374 $390.17500000000001 $382.41500000000002 $404.24200000000002 $396.8 $1,347.3477700000012 $418.90800000000002 $431.11399999999998 $409.22012999999998 $496.05811999999997 $406.17700000000002 $455.12732 $446.00448 $447 $471 $486 $554 $470 $495 $470 $488 $490 $366 $375 $389 $363 $372 $404.1 $1,632.77601 $1,573.6320000000001 $1,754 $1,754 $1,980 $1,981 $1,943 $1,493 $776.1 YoY Change 0.10864132810165317 0.24917082478057639 0.14650533620727613 0.20634834871724594 0.16440288007336967 1.1626829268292616E-2 8.6734693877551061E-2 -0.1220657276995305 -6.739027031161493E-2 -7.8000419512642027E-2 -5.1075117370891987E-2 6.0962566844919852E-2 7.3641314794643531E-2 0.12734594615796957 1.2314727316805163E-2 0.25014647177419347 -3.0390921156912776E-2 5.5700626748377502E-2 8.9888906491476961E-2 -9.8895911632290168E-2 0.15959298532413202 6.7833062625201279E-2 0.24213998926647551 5.1454138702460961E-2 5.0955414012738842E-2 -3.2921810699588439E-2 -0.11913357400722024 4.2553191489361764E-2 -0.26060606060606062 -0.2021276595744681 -0.20286885245901642 -0.25918367346938775 1.6393442622950838E-2 7.7600000000000113E-2 -1 -1 2.8844366729678717E-2 -3.6222978312867249E-2 0.12 0 0.13 0.13 -1.9182231196365418E-2 -0.23160061760164696 -0.4801741460147354 Total U.S. Revenues $7,346.9226500000004 $10,177.2872 $10,421.701070000001 $11,884.24583 $9,972.814600000012 $12,897.737710000001 $13,518.360389999998 $15,089 $12,545.759 $15,890 $15,293.75468 $17,030 $11,177.5 $9,267.1140899999991 $12,028.93211 $15,046.68909999998 $39,829.898270000005 $11,801.763999999999 $13,809.378989999999 $13,280 $14,556.26310000001 $13,516.902740000001 $16,131.57429 $16,243.556370000002 $17,512.8 $14,964 $17,289 $17,211 $19,871.599999999999 $16,793 $16,130 $17,922 $21,642 $31,483 $37,656 $36,248 $40,661 $34,226 $40,580.5 $60,760.108459999996 $47,519.165110000002 $53,447.169300000001 $63,406 $69,336 $69,335.600000000006 $72,487 $,146,048 $74,806.5 YoY Change 0.35 0.26 0.29713568823366732 0.26966407594077846 0.25808829884949591 0.23199900302515908 0.13133207273519076 0.12863675525217055 -0.10909734516660174 -0.41679584078036502 -0.21347423430751666 -0.11649624721080454 5.5892565569626962E-2 0.49014880532241301 0.10400490073095936 -3.2569477312064055E-2 0.14532901522179253 0.16816073349001481 0.22315936521084345 0.20313055411068426 0.10705834671116365 7.1749085934997181E-2 5.9558609454931632E-2 0.1346900552738568 0.12222667735899484 -6.7036844236219584E-2 4.1310789611295196E-2 8.9091970450291047E-2 0.87476924909188347 1.3345319280843149 1.0225421269947552 0.87880048054708437 8.7126385668456097E-2 7.7663586148289721E-2 -1 -1 0.18034051052656319 -0.2179216542827086 0.12474975467850768 0.19 0.09 0.09 4.5451398704273061E-2 1.0148164498461791 -0.48779510845749341 Total International Revenues $132.1 $83.5 $92.5 $272.23500000000001 $179.732 $354 $219.30699999999999 $545.61800000000005 $182 $682 $706.37199999999996 $325.548 $298.822 $473.91300000000001 $418.98599999999999 $532.87300000000005 $580.33500000000004 $486.28800000000001 $393.93900000000002 $519 $466.178 $663.74939000000006 $197.87039000000001 $253.36739 $686 $576 $321 $673.3 $442 $624 $320 $608 $851 $492 $452 $1,049 $1,115.8 $228 $987.6 $1,895.7699999999998 $1,724.5940000000001 $1,865.4050000000002 $1,800 $2,012 $2,012.3 $2,402 $3,108.8 $1,215.5999999999999 YoY Change 0.36057532172596529 3.25 1.3708864864864863 1.004216944918912 1.2618787973204482E-2 0.92655367231638408 2.2209277405645969 -0.40334079887393748 0.6418791208791208 -0.30511290322580642 -0.40684794980548489 0.63684925110889967 0.62735006124047099 -0.16875249254610025 0.23870487319385369 -0.12516115472166922 0.36493063781133817 -0.49771312309773852 -0.51181620423892094 0.4715409135566242 -0.13220259230671394 0.62227405525404778 1.6574059116289588 -0.35568513119533529 8.3333333333333259E-2 -3.1152647975077885E-3 -9.6984999257388904E-2 0.92533936651583715 -0.21153846153846156 0.41250000000000009 0.72532894736842102 0.31116333725029377 -0.53658536585365857 1.1849557522123892 -1 -1 0.45904444083572726 -9.0293653766015725E-2 8.1648782264115649E-2 -0.03 0.12 0.12 0.1936589971674203 0.29425478767693591 -0.60898095728255286 Total Revenues $7,479.226500000008 $10,260.52872 $10,514.201070000001 $12,156.48083 $10,151.813460000001 $13,252.403710000001 $13,737 $15,634.618 $12,728.371999999999 $16,571.754240000002 $16,000.126679999999 $17,355.547999999999 $11,476 $9,741 $12,447.918110000001 $15,578.941909999998 $40,410.233270000004 $12,288.52 $14,203.31799 $13,799 $15,022.204310000001 $14,180.652129999999 $16,329.445 $16,497.5124 $18,198.8 $15,540 $17,610 $17,884.3 $20,313.599999999999 $17,417 $16,450 $18,530 $22,493 $31,975 $38,108 $37,297 $41,776.800000000003 $34,454 $41,568.1 $0 $0 $62,655.878459999993 $49,243.860019999993 $55,312 $65,206 $71,348 $71,347.899999999994 $74,890 $,149,156.79999999999 $76,022.100000000006 YoY Change 0.35 0.29159072321177626 0.30651867018175616 0.28611382016221221 0.2538027860886245 0.25047158256243618 0.16474679187595531 0.11007176510484618 -9.8392158871535185E-2 -0.41219258631728306 -0.22201127785070751 -0.10236531223329859 7.0760892296967581E-2 0.45809649830612864 0.10853878359905123 -3.5736547656207041E-2 0.15401954109569194 0.14969227693817189 0.19555854772084924 0.21146002440436762 9.5859334079863689E-2 7.8419995290715638E-2 8.4060406585904301E-2 0.11620546409653376 0.12078507078507084 -6.5871663827370863E-2 3.6104292591826459E-2 0.10728772841839951 0.83585003157834303 1.3165957446808512 1.0127900701565031 0.857324500955853 7.7529319781078909E-2 9.0797207935341628E-2 -1 -1 0.18720207332511252 -0.21405842148653842 0.12322632664327049 0.18 0.09 0.09 4.9645469593358804E-2 0.99167846174389096 -0.490320924020896 2018 2019 2020 2020 2020 2020 2021 2020 2020 2020 2022 2020 2020 2020 2023 2020 2020 2020 2024 2025 2026 2019 2020 2021 2022 2023 2023 2024 2025 2025 Supplemental Metrics Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY FY FY FY FY FY FY FY FY Active Installed Base Active Installed Base - Beginning of Period 647 671 690 725 752 781 816 858 907 931 976 1032 #REF! #REF! #REF! #REF! 647 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! 907 #REF! #REF! 752 752 752 752 Active Installed Base - End of Period 671 690 725 752 781 816 858 907 931 976 1032 1085 #REF! #REF! #REF! #REF! 752 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! 1085 #REF! 752 907 907 907 907 Total U.S. NeuroStar Systems Shipped 14 25 30 40 24 43 47 61 43 61 68 78 #REF! #REF! #REF! #REF! 109 23 36 40 48 46 59 50 58 49 54 43 59 41 49 49 46 31 41 40 49 34 37 40 49 250 #REF! 147 213 204 205 185 161 499 YoY Change 0.71428571428571419 0.72 0.56666666666666665 0.52499999999999991 0.79166666666666674 0.41860465116279078 0.44680851063829796 0.27868852459016402 #REF! #REF! #REF! #REF! -0.39473684210526316 2.857142857142847E-2 2.564102564102555E-2 -0.11111111111111116 1 0.63888888888888884 0.25 0.20833333333333326 6.5217391304347894E-2 -8.4745762711864403E-2 -0.14000000000000001 1.7241379310344751E-2 -0.16326530612244894 -9.259259259259256E-2 0.13953488372093026 -0.22033898305084743 -0.24390243902439024 -0.16326530612244894 -0.18367346938775508 6.5217391304347894E-2 9.6774193548387011E-2 -9.7560975609756073E-2 0 0 #REF! #REF! #REF! 0.44897959183673503 -0.04 -0.04 -9.7560975609756073E-2 -0.12972972972972974 2.0993788819875778 Active Sites Active Sites - Beginning of Period 0 615 637 679 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! 916 900 919 923 959 1001 1044 1081 1101 1001 1044 1081 1101 1001 1044 1081 1081 1001 1044 1081 1081 1001 1044 1081 #REF! #REF! 916 959 959 959 959 Active Sites - End of Period 615 637 679 707 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! 900 919 923 959 1001 1044 1081 1101 1001 1044 1081 1101 1001 1044 1081 1101 1001 1044 1081 1101 1001 1044 1081 1101 #REF! #REF! 0 1101 1101 1101 1101 NeuroStar System Average Selling Price ($) (4) $75,077.285714285739 $77,094.799999999988 $74,773 $74,757.174999999988 $79,527.83333333343 $75,993.23255813954 $72,930.276595744683 $71,110.655737704918 $68,344.72093023255 $66,132.229508196717 $62,706.355588235296 $63,573.930512820516 #REF! #REF! #REF! #REF! $75,338.798165137618 $69,101.260869565216 $67,801.336111111115 $56,914.728999999999 $52,358.735416666663 $75,760 $72,410.547796610161 $72,755.848399999988 $0 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! $0 $0 $0 $0 $64,782.75104000001 $60,759.732394366198 $60,759.732394366198 $60,759.732394366198 $60,759.732394366198 YoY Change 5.926955905121245E-2 -1.4291194012904018E-2 -2.4644235275504744E-2 -4.8778184332073482E-2 -0.14061074459666201 -0.12975919795193602 -0.14018760773637229 -0.10598587717548236 #REF! #REF! #REF! #REF! #DIV/0! #DIV/0! #REF! #REF! #DIV/0! #DIV/0! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #DIV/0! #DIV/0! #REF! #REF! #REF! #REF! #REF! -0.19351338388508776 -0.19351338388508776 -0.19351338388508776 -0.19351338388508776 Sequential Change 6.3805358259369171E-2 -4.4438446996812098E-2 -4.0302997944419161E-2 -2.4950143383193124E-2 -3.8896207309276565E-2 -3.237252843997096E-2 -5.1803393677160137E-2 1.3835518209385222E-2 #REF! #REF! #REF! #REF! #REF! #DIV/0! #REF! #REF! #REF! #DIV/0! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #DIV/0! #REF! #REF! #REF! 0 Average Revenue Per Active Site ($) (1) $8,885.2411128284384 $11,008.171385991058 $10,474.471014492754 $11,067.55448275862 $9,627.595345744696 $11,421.254801536492 $11,296.568627450981 $11,548.951048951049 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! $43,874.182380216385 $10,511.582969432315 $12,001.111111111111 $11,162.802818280739 $12,182.826533044421 $9,873.5130761209602 $11,280 $11,364 $11,516.928769657725 $9,666.6666666666661 $11,391.304347826088 $11,916.58394160586 $13,236.654804270464 $11,299.808595789107 $10,000 $11,390 $11,027.444253859348 $8,362.6239777275096 $9,239.2795883361923 $11,390 $10,626.929674099487 YoY Change 8.3488834160617253E-2 3.7525162087421959E-2 7.8485835878561394E-2 4.3496200261978757E-2 NA #REF! #REF! #REF! #REF! #REF! #REF! #REF! 0.11614813917964395 0.62052110235716817 9.2514634028795673E-2 .4% -6.0701598909209231E-2 -6.0087028978798251E-2 1.8023894625261105E-2 -5.4658724851784579E-2 -2.0949626324448856E-2 9.8674067221709016E-3 4.8579584139438969E-2 0.14932158295043862 1.756081186977676E-3 -0.12002815909890885 -1.1021060579286424E-2 -4.2501306171829678E-2 -0.13490096782129202 -0.18891820407735727 -4.4147013782542266E-2 -0.10818415598675069 Use Total Systems Recognized from the Q or K #DIV/0! (1) = Total U.S. Treatment Session Revenue / Active Sites (End of Prior Period) Three Months EndedSeptember 30, 2025 2026 Revenues $37,297 $41,962 YOY Growth 0.12507708394777059 Gross Profit 17108 21890 Gross Margin 0.45869640989891947 0.52166245650826937 Operating Expenses: Sales and Marketing 11848 8484 % of Revenues 0.31766630023862508 0.20218292741051427 General and Administrative 11077 11675 % of Revenues 0.29699439633214469 0.27822792049949957 Research and Development 1504 1190 % of Revenues 4.0324959111992922E-2 2.8358991468471473E-2 Total Operating Expenses 24429 21349 Income (Loss) from Operations $-7,321 $541 ($ in thousands) % of Revenues -0.19628924578384321 1.289261712978409E-2 0.65498565568276268 0.5087698393784853 As of September 30, 2026 Cash and Cash Equivalents $22,106 Restricted Cash $5,750 Total Cash $27,856 Total Current Assets $53,888 Total Assets $,131,958 Total Current Liabilities $26,856 11703 Long-Term Debt, net $61,752 0.7530888030888031 Total Liabilities $,109,555 Accumulated Deficit $-,474,843 Total Stockholders’ Equity $18,708 $,128,263 $3,790 $,132,053 2017 2018 2019 2020 2021 2022 2022 2022 2022 UNIT SALES / ACTIVE SITES 1Q-17 2Q-17 3Q-17 4Q-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-21 Q3-21 Q4-21 Q1-23 Q2-23 Q3-23 Q4-23 Q1-23 Q2-23 Q3-23 Q4-23 Q1-23 Q2-23 Q3-23 Q4-23 Don’t update Total NeuroStar Units (Capital Sales, Sales Type Leases, Operating Leases) (1) 20 29 32 42 30 47 48 65 43 61 68 78 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! 46 59 50 58 0 49 54 43 59 0 31 41 40 49 0 250 YoY D 0.5 0.6206896551724137 0.5 0.54761904761904767 0.43333333333333335 0.2978723404255319 0.41666666666666674 0.19999999999999996 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! -1 -0.16949152542372881 8.0000000000000071E-2 -0.25862068965517238 #DIV/0! -1 -0.42592592592592593 -4.6511627906976716E-2 -0.32203389830508478 #DIV/0! -1 5.0975609756097562 Beginning Active Installed Base 0 671 690 725 752 781 816 858 907 931 976 1032 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! Ending Active Installed Base 671 690 725 752 781 816 858 907 931 976 1032 1085 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! YoY D 0.16393442622950816 0.18260869565217397 0.18344827586206902 0.2061170212765957 0.19206145966709354 0.19607843137254899 0.2027972027972027 0.25137816979051819 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! Net Active Installed Base Change 24 19 35 27 29 35 42 49 24 45 56 53 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! YoY D 0.20833333333333326 0.84210526315789469 0.19999999999999996 0.81481481481481488 -0.17241379310344829 0.28571428571428581 0.33333333333333326 8.163265306122458E-2 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! Active Sites (End of Period) 615 637 679 707 737 778 833 870 #REF! #REF! #REF! #REF! 900 919 923 959 YoY D 0.1983739837398375 0.22135007849293564 0.22680412371134029 0.23055162659123063 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! -100.0% -100.0% -100.0% -100.0% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Inactive Systems (Calculation) (2) -4 10 -3 15 -1 -12 -6 -16 -19 -16 -12 -25 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! Inactive System Churn % (Calculation) (3) -0.1% -1.5% -0.7% -1.9% -2.0948180815876516E-2 -1.7185821697099892E-2 -1.2295081967213115E-2 -2.4224806201550399E-2 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! (1) = Includes all active systems placed during the period. (2) = Calculation: (Ending Installed Base - Beginning Installed Base) - Total NeuroStar Units (3) = Calculation: Inactive Systems / Ending of Prior Period Installed Base 2017 2018 2019 2020 2021 2022 2022 2022 2022 NeuroStar REVENUE 1Q-17 2Q-17 3Q-17 4Q-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-21 Q3-21 Q4-21 Q1-23 Q2-23 Q3-23 Q4-23 Q1-23 Q2-23 Q3-23 Q4-23 Q1-23 Q2-23 Q3-23 Q4-23 Don’t update Total U.S. NeuroStar Revenue ($000) $1,321.41 $2,509.8959999999997 $2,828.9520000000002 $3,459.297 $2,373 $3,568.15 $3,908 $4,754 $3,350 $4,628 $4,616 $5,413 #REF! #REF! #REF! #REF! #REF! #REF! $2,612 $2,815 $3,642.266999999999 $4,381.9099699999997 $3,934 $4,616 $0 $3,850 $4,489 $3,597 $4,523.6000000000004 $0 $2,846 $3,484 $3,508 $4,421 $0 $18,007.110260000001 YoY D 0.79580902218085225 0.42163260947864001 0.38143029644900284 0.37426766189777871 0.41171512852928771 0.29703067415887774 0.18116683725690885 0.13862010938157332 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! 1.08 #REF! 0.50612557427258809 0.63978685612788633 1.08 -0.12138769934609128 0.14107778342653798 -0.22075389948006929 1.08 -1 -0.36600579193584315 -3.1415068112315869E-2 1.08 #DIV/0! -1 4.1685161481056259 U.S. NeuroStar Capital Revenue ($000) (1) $1,083.820000000001 $1,974.9379999999999 $2,219.7345 $2,942.4469999999997 $1,908.6499999999999 $3,267.65 $3,427.6 $4,337.7 $2,938.5729999999999 $4,034.599999999995 $4,264 $4,958.8 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! $0 #REF! #REF! #REF! #REF! $0 #REF! #REF! #REF! #REF! $0 $16,195.687760000001 YoY D 0.76223960882001518 0.65455826967732667 0.54414863579405548 0.47418118321247604 0.53960809996594405 0.23454470338010469 0.24401913875598091 0.14318648131498279 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! U.S. NeuroStar Operating Lease Revenue ($000) (2) $229.8 $293.95800000000003 $289 $234 $258 $181 $269 $231 $182 $187 $184 $176.7 #REF! #REF! #REF! #REF! #REF! #REF! $30 $85 #REF! #REF! #REF! #REF! $0 #REF! #REF! #REF! #REF! $0 #REF! #REF! #REF! #REF! $0 $730.13850000000002 YoY D 0.13 -0.38426577946509366 -6.9204152249134898E-2 -0.02 -0.29457364341085268 3.3149171270718147E-2 -0.31 -0.23506493506493509 #REF! #REF! #REF! #REF! -0.3 #REF! -0.3 #REF! #REF! #REF! -0.3 #REF! #REF! #REF! -0.3 #REF! #REF! #REF! -0.3 #REF! #REF! #REF! -0.3 #REF! U.S. NeuroStar Other ($000) (3) $8 $241 $320.21749999999997 $282.85000000000002 $206 $119.5 $210.995 $185 $228.95 $407.25 $167.084 $278 #REF! #REF! #REF! #REF! #REF! #REF! $305 $217 #REF! #REF! #REF! #REF! $0 #REF! #REF! #REF! #REF! $0 #REF! #REF! #REF! #REF! $0 $1,081.2840000000001 YoY D NM -0.50414937759336098 -0.34108847892448091 -0.34594307937069124 0.11140776699029131 2.39 -0.20811393634920261 0.50270270270270268 #REF! #REF! #REF! #REF! #REF! 1 #REF! 1.26 #REF! 1 #REF! 1.26 #REF! 1 #REF! 1.26 #REF! 1 #REF! 1.26 #REF! 1 #REF! 1.26 (1) = Revenue includes NeuroStar System Capital Sales and Sales Type Leases (2) = Revenue derived from Operating Lease revenue amortization during the period (3) = Revenue derived from Treatment Coils in U.S. 2017 2018 2019 2020 2021 2022 2023 2024 2025 Treatment Session REVENUE 1Q-17 2Q-17 3Q-17 4Q-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Update/Unhide Total U.S. Treatment Session Revenues ($000) $5,749.6779800000004 $7,388.1369999999997 $7,228.5863399999998 $8,025.3639999999996 $7,239.5479999999998 $8,919.991 $9,218 $9,909 $8,777.6730000000007 $10,847.352000000001 $10,251.888000000001 $11,243 #REF! #REF! #REF! #REF! #REF! $10,801 #REF! #REF! $9,468.6990400000013 $11,294.537 $11,863.551890000002 $12,449.8 $10,643 $12,314 $13,060 $14,878 $9,612 $10,773 $10,543 $12,391 $0 $41,120.22219 $0 $34,852.260719999998 YoY D 0.26 0.20733968522781865 0.27521476073287099 0.2347103508326851 0.21246146858892301 0.21607207899649228 0.11215968756780215 0.13462508830356246 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! 4.5693639477826231E-2 #REF! #REF! 0.12401925069528863 9.026160169292452E-2 0.1008507503565188 0.19503927773940144 -9.6871182937141809E-2 -0.12514211466623359 -0.19272588055130169 -0.16715956445758839 -1 2.8169704065719854 -1 1.81270766846905 Active Sites(End of Period) 0 671 690 725 615 637 679 707 737 778 833 870 #REF! #REF! #REF! #REF! 900 919 923 959 0 1001 1044 1081 1101 0 1001 1044 1081 1101 0 1001 1044 1081 1101 0 Average Revenue per Active Site ($000) (1) $8.8866738485316894 $11.010636363636364 $10.476212086956522 $11.069467586206896 $0 $14.504065040650406 $14.470957613814758 $14.593519882179676 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! $10.511582969432315 $12.001111111111111 $11.16280281828074 $12.182826533044421 $9.8735130761209611 $11.28 $11.364000000000001 $11.516928769657724 $9.6666666666666661 $11.391304347826088 $11.916058394160585 $13.236654804270463 $8.3626239777275089 $9.239279588336192 $11.39 $10,626.929674099487 $0 $0 $0 $0 YoY D 8.3314035681520959E-2 3.7291842237985096E-2 7.8306599149118972E-2 4.3315855890089239E-2 NM #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! -6.0701598909209099E-2 -6.0087028978798328E-2 1.8023894625261182E-2 -5.4658724851784697E-2 -2.0949626324448987E-2 9.8674067221709624E-3 4.8579584139438914E-2 0.14932158295043862 -0.13490096782129213 -0.18891820407735724 -4.414701378254212E-2 801.84103734963185 -1 -1 -1 -1 (1) = Total Treatment Session Revenue / Active Sites (Ending of Prior Quarter) Q1 2023 15.5 Q2 2023 17.600000000000001 Q3 2023 17.899999999999999 Q4 2023 20.3 Q1 2024 17.399999999999999 Q2 2024 16.5 Q3 2024 18.5 Q4 2024 22.5 Q1 2025 32 Q2 2025 37
NeuroStar Indications and Safety Information NeuroStar Adult Indications for Use The NeuroStar Advanced Therapy System is indicated for the treatment of depressive episodes and for decreasing anxiety symptoms for those who may exhibit comorbid anxiety symptoms in adult patients suffering from Major Depressive Disorder (MDD) and who failed to achieve satisfactory improvement from previous antidepressant medication treatment in the current episode. The NeuroStar Advanced Therapy System is intended to be used as an adjunct for the treatment of adult patients suffering from Obsessive-Compulsive Disorder (OCD). NeuroStar Adolescent Indications for Use NeuroStar Advanced Therapy is indicated as an adjunct for the treatment of Major Depressive Disorder (MDD) in adolescent patients (15-21). Important Safety Information NeuroStar Advanced Therapy is only available by prescription. A doctor can help decide if NeuroStar Advanced Therapy is right for you. Patients’ results may vary. The most common side effect is pain or discomfort at or near the treatment site. These events are transient; they occur during the TMS treatment course and do not occur for most patients after the first week of treatment. There is a rare risk of seizure associated with the use of TMS therapy (<0.1% per patient). Visit neurostar.com for full safety and prescribing information.
SPRAVATO® Indications and Safety Information SPRAVATO® is a trademark of Janssen Pharmaceuticals, Inc. Learn more at Spravato.com. Visit Spravato.com for full safety and prescribing information.
SPRAVATO® Indications and Safety Information SPRAVATO® is a trademark of Janssen Pharmaceuticals, Inc. Learn more at Spravato.com. Visit Spravato.com for full safety and prescribing information.
SPRAVATO® Indications and Safety Information SPRAVATO® is a trademark of Janssen Pharmaceuticals, Inc. Learn more at Spravato.com. Visit Spravato.com for full safety and prescribing information.