8-K
Neuronetics, Inc. (STIM)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) March 17, 2026
NEURONETICS, INC.
(Exact name of registrant as specified in its charter)
| Delaware | 001-38546 | 33-1051425 |
|---|---|---|
| (State or other jurisdiction<br>of incorporation) | (Commission<br> <br>File Number) | (I.R.S. Employer<br>Identification No.) |
| 3222 Phoenixville Pike, Malvern, PA | 19355 | |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code (877) 600-7555
(Former name or former address, if changed since last report.) Not applicable.
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading<br>Symbol (s) | Name on each exchange<br>on which registered |
|---|---|---|
| Common Stock ($0.01 par value) | STIM | The Nasdaq Global Market |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| --- | --- |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02 | Results of Operations and Financial Condition. |
|---|
Neuronetics, Inc. (the “Company”) issued a press release on March 17, 2026, announcing its financial results for the three months and twelve months ended December 31, 2025. A copy of the press release is being furnished to the Securities and Exchange Commission (the “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 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
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(c) On March 12, 2026, the board of directors of the Company appointed Daniel L. Reuvers as the Company’s President and Chief Executive Officer effective on the date that Mr. Reuvers commences employment with the Company, which is expected to be March 23, 2026 (the “Reuvers Start Date”).
There is no arrangement or understanding between Mr. Reuvers and any other person pursuant to which he was selected as an officer of the Company, and there is no family relationship between Mr. Reuvers and any of the Company’s directors or other executive officers. There are no related party transactions between Mr. Reuvers and the Company that would require disclosure under Item 404(a) of Regulation S-K.
Mr. Reuvers, age 63, is a healthcare executive with over 35 years of experience. He was most recently the chief executive officer and board member of Tactile Medical (Nasdaq: TCMD) from May 2020 until July 2024. Prior to that, he held a series of executive-level roles with Integra LifeScience (Nasdaq: IART) from January 2009 until May of 2020. He served as the president of the company’s Instrument Division from 2009-2013, President of International from 2013-2016 and EVP, President of Codman Specialty Surgical, the company’s $1 billion neurosurgical business segment from 2016-2020. From 2002-2009 he served as president of two privately held companies, Omni-Tract Surgical and Advanced Respiratory, both resulting in successful exits to Integra and Hill-Rom respectively. He began his medtech career in 1987 with Vital Signs, Inc, where he held progressively expanded roles until 2000. Mr. Reuvers has served on the board of Etac Group, a privately held medtech company based in Stockholm, since October 2023. He also serves on the board of PeerBridge Health, a privately held medtech company based in Nashville, since July 2025.
The Company has entered into an employment agreement with Mr. Reuvers effective as of the Reuvers Start Date (the “Employment Agreement”). Under the terms of the Employment Agreement, Mr. Reuvers will receive an initial annual base salary of $730,000 and will be eligible for a discretionary annual cash bonus targeted at 100% of his then-current base salary. In addition, Mr. Reuvers received a grant of 1,500,000 restricted stock units, with 500,000 of such units vesting in substantially equal installments on the first, second, and third anniversary of the Reuvers Start Date, in all cases subject to Mr. Reuvers’s continued employment with the Company on each such vesting date.
In the event of termination by the Company without cause or by Mr. Reuvers for good reason, Mr. Reuvers will be entitled to severance benefits, including 12 months of base salary, a prorated target bonus, and continued health coverage pursuant to that certain Severance Agreement effective as of the Reuvers Start Date (the “Severance Agreement”).
The foregoing summaries of the Employment Agreement and the Severance Agreement are not complete and are qualified in their entirety by reference to the full text of the Employment Agreement and the Severance Agreement, as applicable, a copy of which are filed as Exhibit 10.47 and 10.48 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and are incorporated herein by reference.
Mr. Reuvers has also entered into the Company’s executive indemnification agreement, executive restrictive covenant and severance agreement, and restrictive covenant and invention assignment agreement substantially in the forms of the Company’s form of agreements.
| Item 7.01 | Regulation FD Disclosure. |
|---|
On March 17, 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.
On March 17, 2026, the Company released a press release announcing the appointment of Daniel L. Reuvers as the Company’s President and Chief Executive Officer. A copy of the press release is attached hereto as Exhibit 99.3. The information contained in Exhibit 99.3 is incorporated herein by reference.
The information in this report furnished pursuant to Item 7.01, including Exhibit 99.2 and Exhibit 99.3, 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, 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; developments in respect of competing technologies and therapies for the indications that our products treat; product defects; 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 ability to successfully roll-out our Better Me Provider Program on the planned timeline; our self-sustainability and existing cash balances; and our ability to maintain positive cash flow. 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, 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<br>Number | Description |
|---|---|
| 99.1 | Press Release, dated March 17, 2026, of Neuronetics, Inc. |
| 99.2 | Company Presentation March 2026 |
| 99.3 | Press Release, dated March 17, 2026, of Neuronetics, Inc. |
| 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.
| NONETICS, INC. | |
|---|---|
| (Registrant) | |
| Date: March 17, 2026 | By: |
| Name: | |
| Title: |
All values are in Euros.
EX-99.1
Exhibit 99.1
Neuronetics Reports Fourth Quarter and Full Year 2025 Financial and Operating Results
Total revenue of $41.8 million in Q4 2025, up 86% as reported and 23% on an adjusted pro forma basis versus Q4 2024
Greenbrook clinic revenue of $23.5 million in Q4 2025, up 428% as reported and 37% on an adjusted pro forma basis versus Q4 2024
Continued cash management improvement, with cash provided by operations of $0.9 million in Q4 2025
Expect full year 2026 revenue of between $160 million and $166 million
Dan Reuvers appointed as President and Chief Executive Officer, effective March 23, 2026; proven medical device leader with more than 30 years ofexperience scaling commercial healthcare businesses
MALVERN, PA., March 17, 2026 – Neuronetics, Inc., (NASDAQ: STIM) (the “Company” or “Neuronetics”) a vertically integrated, commercial stage, medical technology and healthcare company with a strategic vision of transforming the lives of patients whenever and wherever they need help, with the leading neurohealth therapies in the world, today announced its financial and operating results for the fourth quarter and full year of 2025.
FourthQuarter 2025 Highlights
| • | Fourth quarter 2025 revenue of $41.8 million, up 86% as reported and 23% on an adjusted proforma basis as compared to the fourth quarter 2024 |
|---|---|
| • | Greenbrook clinic revenue of $23.5 million, up 428% as reported and 37% on an adjusted proforma basis as compared to the fourth quarter 2024 |
| --- | --- |
| • | U.S. NeuroStar Advanced Therapy System revenue of $4.4 million, shipping 49 systems <br> |
| --- | --- |
Full Year 2025 Highlights
| • | Full year revenue of $149.2 million, up 99% as reported and 15% on an adjusted pro formabasis as compared to the full year 2024 |
|---|---|
| • | Greenbrook clinic revenue of $87.0 million, up 1,857% as reported and 28% on an adjustedpro forma basis as compared to the full year 2024 |
| --- | --- |
| • | U.S. NeuroStar Advanced Therapy System revenue of $14.3 million, shipping 161 systems <br> |
| --- | --- |
Recent Operational Highlights
| • | Appointed Dan Reuvers as President and Chief Executive Officer, effective March 23,2026 |
|---|---|
| • | Advanced collaboration with Compass Pathways on COMP360 psilocybin for Treatment Resistant Depression<br> |
| --- | --- |
| • | Expanded TRICARE West coverage now includes adolescents aged 15+ struggling with depression<br> |
| --- | --- |
| • | Achieved milestone of over 237,000 global patients treated with over 8 million treatmentsessions |
| --- | --- |
“A year ago, we set out to build a vertically integrated mental health company, and I am proud of what this team delivered. Our Greenbrook clinics drove significant revenue growth as operational and commercial initiatives took hold across the network, and our NeuroStar business finished the year with solid momentum in both system sales and treatment utilization,” said Keith Sullivan, President and Chief Executive Officer of Neuronetics. “We exited the year with positive operating cash flow in the fourth quarter, a direct result of this team’s focus on growth, operational discipline, and cash collection throughout 2025.”
Keith Sullivan continued, “The platform we have built is now opening doors that neither company could pursue alone. Our collaboration with Compass Pathways on COMP360 psilocybin is a great example. We already serve a large treatment-resistant depression population across Greenbrook and have a proven playbook for launching clinic-based treatments, positioning us to lead as new modalities come to market. We are entering 2026 with real momentum, clear growth opportunities, and confidence. I’m pleased to welcome Dan Reuvers as our next President and CEO, and I’m confident his proven leadership in building and scaling commercial healthcare businesses makes him the right person to lead Neuronetics in its next chapter of growth.”
Fourth Quarter 2025 Financial and Operating Results for the Three Months Ended December 31, 2025
| Revenues by GeographyThree Months Ended December 31, | |||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 | ||||||
| Amount | Amount | % Change | |||||
| (in thousands, except percentages) | |||||||
| U.S. | $ | 40,661 | $ | 21,642 | 88 | % | |
| International | 1,116 | 851 | 31 | % | |||
| Total revenues | $ | 41,777 | $ | 22,493 | 86 | % |
Total revenue for the three months ended December 31, 2025 was $41.8 million, an increase of 86% compared to revenue of $22.5 million in the fourth quarter of 2024, primarily driven by the acquisition of Greenbrook TMS Inc. (“Greenbrook”). During the quarter, total U.S. revenue increased by 88% and international revenue increased 31% over the fourth quarter of 2024. The increase in revenue was primarily attributable to the increase in clinic revenue of $19.0 million, added as a result of the acquisition of Greenbrook in December 2024, and an increase in international revenue of $0.3 million.
| U.S. Revenues by Product CategoryThree Months Ended December 31, | |||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 | ||||||
| Amount | Amount | % Change | |||||
| (in thousands, except percentages) | |||||||
| NeuroStar Advanced Therapy System | $ | 4,421 | $ | 3,849 | 15 | % | |
| Treatment sessions | 12,391 | 12,858 | (4 | )% | |||
| Clinic revenue | 23,486 | 4,445 | 428 | % | |||
| Other | 363 | 490 | (26 | )% | |||
| Total U.S. revenues | $ | 40,661 | $ | 21,642 | 88 | % |
U.S. NeuroStar Advanced Therapy System revenue for the three months ended December 31, 2025 was $4.4 million, an increase of 15% compared to $3.8 million in the fourth quarter of 2024. For the three months ended December 31, 2025, the Company shipped 49 systems.
U.S. treatment session revenue for the three months ended December 31, 2025 was $12.4 million, a decrease of 4% compared to $12.9 million in the fourth quarter of 2024. The decline was primarily attributable to the absence of $1.2 million in treatment session revenue from Greenbrook. On a pro forma basis, U.S. treatment session revenue increased 6% compared to $11.7 million in the fourth quarter of 2024.
Clinic revenue, which represents revenue generated by treatment centers from the Greenbrook acquisition, was $23.5 million for the three months ended December 31, 2025. On an adjusted pro forma basis, clinic revenue increased 37% compared to the fourth quarter of 2024.
Gross margin for the fourth quarter of 2025 was 52.0% compared to the fourth quarter of 2024 gross margin of 66.2%. The decrease in gross margin was primarily a result of the inclusion of Greenbrook’s clinic business.
Operating expenses during the fourth quarter of 2025 were $26.7 million, an increase of $0.4 million, or 1.4%, compared to $26.4 million in the fourth quarter of 2024, mainly attributable to inclusion of Greenbrook’s expenses, partially offset by a reduction in research and development.
Net loss for the fourth quarter of 2025 was $(7.2) million, or $(0.10) per share, as compared to $(12.7) million, or $(0.34) per share, in the fourth quarter of 2024. Net loss per share was based on 68,756,498 and 36,854,705 weighted average common shares outstanding for the fourth quarters of 2025 and 2024, respectively.
Full Year Financial and Operating Results
| Revenues by GeographyYear ended December 31, | |||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 | ||||||
| Amount | Amount | % Change | |||||
| (in thousands, except percentages) | |||||||
| U.S. | $ | 146,048 | $ | 72,488 | 101 | % | |
| International | 3,109 | 2,402 | 29 | % | |||
| Total revenues | $ | 149,157 | $ | 74,890 | 99 | % |
Total revenues increased by $74.3 million, or 99%, from $74.9 million for the year ended December 31, 2024 to $149.2 million for the year ended December 31, 2025, primarily driven by the acquisition of Greenbrook. During the year, total U.S. revenue increased by 101% and international revenue increased 29% over 2024. The increase in revenue was primarily attributable to increased clinic revenue of $82.5 million, added as a result of the acquisition of Greenbrook in December 2024 and an increase in international revenue of $0.7 million, partially offset by the absence of prior year sales to Greenbrook of $8.8 million and a decrease of $0.1 million in all other revenues.
| U.S. Revenues by Product CategoryYear ended December 31, | |||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 | ||||||
| Amount | Amount | % Change | |||||
| (in thousands, except percentages) | |||||||
| NeuroStar Advanced Therapy System | $14,259 | $ | 15,267 | (7 | )% | ||
| Treatment sessions | 43,319 | 50,832 | (15 | )% | |||
| Clinic revenue | 86,977 | 4,445 | 1,857 | % | |||
| Other | 1,493 | 1,944 | (23 | )% | |||
| Total U.S. revenues | $ | 146,048 | $ | 72,488 | 101 | % |
U.S. NeuroStar Advanced Therapy System revenue for year ended December 31, 2025 was $14.3 million a decrease of 7% compared to $15.3 million in the year 2024. For the year ended December 31, 2025, the Company shipped 161 systems. The reduction in system revenue in 2025 was in line with our focus on strategic higher volume accounts.
U.S. treatment session revenue for the year ended December 31, 2025 was $43.3 million, a decrease of 15% compared to $50.8 million in the year 2024. The decline was primarily attributable to the absence of $8.2 million in treatment session revenue from Greenbrook. On a pro forma basis U.S. treatment session revenue increased 1.7% compared to $42.6 million in the year 2024.
Clinic revenue, which represents revenue generated by treatment centers from the Greenbrook acquisition, was $87.0 million for the year ended December 31, 2025. On an adjusted pro forma basis, clinic revenue increased 28% compared to full year 2024.
Gross margin for the full year 2025 was 48.5% compared to 72.3% in 2024. The decrease in gross margin was primarily a result of the inclusion of Greenbrook’s clinic business.
Operating expenses during the full year 2025 were $103.7 million, an increase of $15.0 million, or 16.9%, compared to $88.7 million in the year 2024, mainly attributable to inclusion of Greenbrook associated expenses, partially offset by savings in general, administrative, sales and marketing expenses.
Net loss for the year of 2025 was $(39.1) million, or $(0.59) per share, as compared to $(43.7) million, or $(1.38) per share, in 2024. Net loss per share was based on 65,951,236 and 31,733,568 weighted average common shares outstanding for 2025 and 2024, respectively.
As of December 31, 2025, the Company held $34.1 million in total cash, consisting of cash and cash equivalents of $28.1 million and $6.0 million of restricted cash, which is compared to $19.5 million as of December 31, 2024. Cash provided by operations for the fourth quarter was $0.9 million, representing a continued improvement in operating cash flow and validating the operational initiatives implemented during the year.
In March 2026, Neuronetics amended its agreement with Perceptive Advisors LLC (Perceptive), which reduces the Company’s total outstanding debt obligation and ongoing interest expense. Under the amendment, Neuronetics made a one-time principal payment of $5.0 million in March 2026, and Neuronetics and Perceptive agreed to adjustments to the existing covenants.
Appointment of New Chief Executive Officer
The Company announced the appointment of Dan Reuvers as President and Chief Executive Officer, effective March 23, 2026. Mr. Reuvers brings more than 30 years of medical device leadership experience, most recently serving as President and CEO of Tactile Medical (Nasdaq: TCMD), where he grew revenue while delivering record earnings and cash flow.
Compass Pathways Collaboration
The Company continues to advance its collaboration with Compass Pathways on COMP360 psilocybin, a potentially transformational new treatment for treatment-resistant depression. Compass has completed two Phase 3 studies demonstrating clinically meaningful and durable improvement through at least 26 weeks after just one or two doses, and plans to submit an NDA with the potential for an FDA decision by year-end.
“With approximately 4 million treatment resistant depression patients in the U.S., the need for new, effective treatments remains enormous. We believe by adding new modalities to our platform we will be able to help more patients in need. The Phase 3 results for COMP360 are an exciting development in this space, and our collaboration with Compass gives us an exciting potential path to offer another differentiated treatment across our national clinic network.” said Dr. Geoffrey Grammer, Chief Medical Officer of Neuronetics.
TRICARE West Expands Coverage for TMS Therapy, Including NeuroStar Advanced Therapy, to Treat Adolescents with Depression
TRICARE West has expanded coverage for transcranial magnetic stimulation (“TMS”) therapy to include adolescents aged 15 and older diagnosed with depression, marking a significant step forward in access to non-drug mental health treatment for military families. Effective immediately across 26 states, the policy update enables eligible TRICARE beneficiaries to receive FDA-cleared, evidence-based TMS therapy as a treatment option during a critical stage of emotional development. The decision underscores growing recognition of the need for innovative, safe, and effective alternatives to medication for adolescents facing major depressive disorder.
Business Outlook
For the first quarter of 2026, the Company expects total worldwide revenue between $33.0 million and $35.0 million.
For the full year 2026, Neuronetics expects:
| • | Total Revenue: $160 million to $166 million |
|---|---|
| • | Gross Margin: 47% to 49% |
| --- | --- |
| • | Operating Expenses: $100 million to $105 million, inclusive of approximately $8.5 million of non-cash stock-based compensation |
| --- | --- |
| • | Operating Cash Flow: $(13) million to $(17) million |
| --- | --- |
The Company anticipates a reduction in operating expense in the second half of 2026 as a result of on-going efficiency initiatives and associated investments. By the fourth quarter of 2026, operating expenses are projected to be less than $100 million on an annualized basis.
Operating cash flow is expected to improve significantly throughout the year, driven by revenue growth, cost reduction, and continued working capital improvements.
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/t8xxgfnr . 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. believes that mental health is as important as physical health. As a global leader in neuroscience, Neuronetics is delivering more treatment options to patients and physicians by offering exceptional in-office treatments that produce extraordinary results. 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. In addition to selling the NeuroStar Advanced Therapy System and associated treatment sessions to customers, Neuronetics operates Greenbrook TMS Inc. (Greenbrook) treatment centers across the United States, offering NeuroStar Advanced Therapy for the treatment of MDD and other mental health disorders. NeuroStar Advanced Therapy is the leading TMS treatment for MDD in adults, with over 8 million treatments delivered, and is backed by the largest clinical data set of any TMS treatment system for depression, including the world’s largest depression outcomes registry. 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 major depressive disorder (MDD) with acute suicidal ideation or behavior in conjunction with an oral antidepressant.^1^ Greenbrook has provided more than 2 million treatments to over 60,000 patients struggling with depression.
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 2025, 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; developments in respect of competing technologies and therapies for the indications that our products 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 ability to successfully roll-out our Better Me Provider Program on the planned timeline; and our self-sustainability and existing cash balances. 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, 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:
Mike Vallie 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
(In thousands, except per share data)
| Three Months endedDecember 31, | Year endedDecember 31, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||||||||
| Revenues | ||||||||||||
| Products and other | $ | 18,291 | $ | 18,048 | $ | 62,180 | $ | 70,445 | ||||
| Services | 23,486 | 4,445 | 86,977 | 4,445 | ||||||||
| Total Revenue | 41,777 | 22,493 | 149,157 | 74,890 | ||||||||
| Cost of revenues | ||||||||||||
| Products and other | 4,396 | 4,387 | 16,464 | 17,516 | ||||||||
| Services | 15,677 | 3,213 | 60,385 | 3,213 | ||||||||
| Total Cost of revenues | 20,073 | 7,600 | 76,849 | 20,729 | ||||||||
| Gross profit | 21,704 | 14,893 | 72,308 | 54,161 | ||||||||
| Operating expenses: | ||||||||||||
| Sales and marketing | 11,743 | 9,811 | 47,458 | 45,631 | ||||||||
| General and administrative | 13,338 | 10,782 | 49,702 | 30,322 | ||||||||
| Research and development | 1,666 | 5,772 | 6,584 | 12,771 | ||||||||
| Total operating expenses | 26,747 | 26,365 | 103,744 | 88,724 | ||||||||
| Loss from operations | (5,043 | ) | (11,472 | ) | (31,436 | ) | (34,563 | ) | ||||
| Other (income) expense: | ||||||||||||
| Interest expense | 2,318 | 1,757 | 8,415 | 7,286 | ||||||||
| Loss on extinguishment of debt | — | — | — | 4,427 | ||||||||
| Other income, net | (155 | ) | (548 | ) | (716 | ) | (2,549 | ) | ||||
| Net loss | $ | (7,206 | ) | $ | (12,681 | ) | $ | (39,135 | ) | $ | (43,727 | ) |
| Less: Net loss attributable to non-controlling<br>interest | (48 | ) | 19 | (137 | ) | (19 | ) | |||||
| Net loss attributable to Neuronetics stockholders’ | (7,158 | ) | (12,662 | ) | (38,998 | ) | (43,708 | ) | ||||
| Net loss per share of common stock outstanding, basic and diluted attributable to Neuronetics<br>stockholders’ | $ | (0.10 | ) | $ | (0.34 | ) | $ | (0.59 | ) | $ | (1.38 | ) |
| Weighted average common shares outstanding, basic and diluted | 68,756 | 36,855 | 65,951 | 31,734 |
NEURONETICS, INC.
Consolidated Balance Sheets
(In thousands, except per share data)
| December 31,2024 | |||||
|---|---|---|---|---|---|
| Assets | |||||
| Current assets: | |||||
| Cash and cash equivalents | 28,134 | $ | 18,459 | ||
| Restricted cash | 6,000 | 1,000 | |||
| Accounts receivable, net of allowance of credit losses for 1,043 and 1,930 as of<br>December 31, 2025 and December 31, 2024, respectively | 16,469 | 23,355 | |||
| Inventory | 4,327 | 4,248 | |||
| Current portion of net investments in sales-type leases | 225 | 206 | |||
| Current portion of prepaid commission expense | 3,050 | 3,078 | |||
| Current portion of note receivables | 424 | 930 | |||
| Prepaid expenses and other current assets | 2,922 | 6,846 | |||
| Total current assets | 61,551 | 58,122 | |||
| Property and equipment, net | 4,466 | 6,242 | |||
| Goodwill | 23,622 | 18,634 | |||
| Intangible assets, net | 18,149 | 19,606 | |||
| Operating lease<br>right-of-use assets | 23,560 | 27,093 | |||
| Net investments in sales-type leases | 98 | 86 | |||
| Prepaid commission expense | 7,972 | 8,902 | |||
| Long-term notes receivable | 151 | 295 | |||
| Other assets | 1,982 | 1,923 | |||
| Total assets | 141,551 | $ | 140,903 | ||
| Liabilities and Equity | — | ||||
| Current liabilities: | — | ||||
| Accounts payable | 10,739 | $ | 11,077 | ||
| Accrued expenses | 12,316 | 12,818 | |||
| Current portion of deferred revenue | 753 | 974 | |||
| Deferred and contingent consideration | 500 | 1,000 | |||
| Other payables | 652 | 605 | |||
| Current portion of operating lease liabilities | 5,561 | 4,791 | |||
| Total current liabilities | 30,521 | 31,265 | |||
| Long-term debt, net | 65,807 | 55,151 | |||
| Deferred revenue | 48 | 2 | |||
| Operating lease liabilities | 18,935 | 22,686 | |||
| Total liabilities | 115,311 | 109,104 | |||
| Commitments and contingencies | |||||
| Equity: | |||||
| Preferred stock, 0.01 par value: 10,000 shares authorized; no shares issued or outstanding on<br>December 31, 2025 and 2024 | — | — | |||
| Common stock, 0.01 par value: 250,000 shares authorized; 68,994 and 55,679 shares issued and<br>outstanding on December 31, 2025 and 2024, respectively | 690 | 557 | |||
| Additional paid-in capital | 480,475 | 446,938 | |||
| Accumulated deficit | (458,787 | ) | (419,789 | ) | |
| Total Stockholders’ equity | 22,378 | 27,706 | |||
| Non-controlling interest | 3,862 | 4,093 | |||
| Total equity | 26,240 | 31,799 | |||
| Total liabilities and equity | 141,551 | $ | 140,903 |
All values are in US Dollars.
NEURONETICS, INC.
Consolidated Statements of Cash Flows
(In thousands)
| Year ended December 31, | ||||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | |||||
| Cash flows from Operating activities: | ||||||
| Net loss | $ | (39,135 | ) | $ | (43,727 | ) |
| Adjustments to reconcile net loss to net cash used in operating activities: | — | |||||
| Depreciation and amortization | 3,465 | 2,073 | ||||
| Capitalized Software impairment | — | 3,956 | ||||
| Allowance for credit losses | 587 | 2,055 | ||||
| Inventory impairment | 388 | 626 | ||||
| Share-based compensation | 6,848 | 5,602 | ||||
| Non-cash interest expense | 824 | 771 | ||||
| Cost of rental units purchased by customers | — | — | ||||
| Loss on extinguishment of debt | — | 4,427 | ||||
| Loss on disposal of property and equipment | 72 | 28 | ||||
| Changes in certain assets and liabilities: | — | |||||
| Accounts receivable, net | 3,541 | (3,727 | ) | |||
| Inventory | (395 | ) | 3,150 | |||
| Net investments in sales-type leases | (31 | ) | 997 | |||
| Prepaid commission expense | 958 | (1,096 | ) | |||
| Prepaid expenses and other assets | 4,674 | (1,155 | ) | |||
| Accounts payable | (1,750 | ) | (1,985 | ) | ||
| Accrued expenses | (502 | ) | (2,083 | ) | ||
| Other liabilities | 257 | (66 | ) | |||
| Deferred revenue | (175 | ) | (843 | ) | ||
| Net Cash used in Operating activities | (20,374 | ) | (30,997 | ) | ||
| Cash flows from Investing activities: | — | |||||
| Purchases of property and equipment and capitalized software | (801 | ) | (1,466 | ) | ||
| Cash paid for acquisition, net of cash and restricted cash acquired | — | (2,553 | ) | |||
| Repayment of notes receivable | — | 1,606 | ||||
| Net Cash used in Investing activities | (801 | ) | (2,413 | ) | ||
| Cash flows from Financing activities: | ||||||
| Payments of debt issuance costs | (168 | ) | (2,624 | ) | ||
| Proceeds from issuance of long-term debt | 10,000 | 57,479 | ||||
| Repayment of promissory note | (211 | ) | — | |||
| Repayment of deferred and contingent consideration | (500 | ) | — | |||
| Proceeds from issuance of warrants | — | 2,521 | ||||
| Repayment of long-term debt | — | (60,000 | ) | |||
| Payment for debt extinguishment cost | — | (4,185 | ) | |||
| 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 | 8,313 | — | ||||
| Payments of common stock offering issuance costs under ATM Program | (472 | ) | — | |||
| Distribution to non-controlling interest | (94 | ) | — | |||
| Proceeds from exercises of stock options | 13 | 1 | ||||
| Net Cash provided by (used in) Financing activities | 35,850 | (6,808 | ) | |||
| Net increase (decrease) in Cash, Cash equivalents and Restricted cash | 14,675 | (40,218 | ) | |||
| Cash, Cash equivalents and Restricted cash, Beginning of Period | 19,459 | 59,677 | ||||
| Cash, Cash equivalents and Restricted cash, End of Period | $ | 34,134 | $ | 19,459 | ||
| Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance<br>sheet: | ||||||
| Cash and cash equivalents | 28,134 | 18,459 | ||||
| Restricted cash and cash equivalents | 6,000 | 1,000 | ||||
| Total cash, cash equivalents and restricted cash | $ | 34,134 | $ | 19,459 |
Non-GAAP Financial Measures (Unaudited)
EBITDA is not a measure 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 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:
| Three Months endedDecember 31, | Year ended<br>December 31, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||||||||
| (in thousands) | (in thousands) | |||||||||||
| Net loss | $ | (7,206 | ) | $ | (12,681 | ) | $ | (39,135 | ) | $ | (43,727 | ) |
| Interest expense, net | 2,163 | 1,209 | 7,699 | 4,737 | ||||||||
| Income taxes | — | — | — | — | ||||||||
| Depreciation and amortization | 767 | 442 | 3,465 | 2,152 | ||||||||
| EBITDA | $ | (4,276 | ) | $ | (11,030 | ) | $ | (27,971 | ) | $ | (36,838 | ) |
Non-GAAP Pro forma and Adjusted Pro forma revenue information (Unaudited)
The following table presents the Company’s pro forma operating results, giving effect to the acquisition of Greenbrook as if the transaction had occurred on January 1, 2024. These pro forma results are based on assumptions that management believes are reasonable under the circumstances. However, they are not necessarily indicative of the Company’s future performance. The pro forma financial information reflects the historical operating results of both the Company and Greenbrook, with all intercompany transactions eliminated. The adjusted pro forma results further reflect eliminations related to the closure of certain clinics in 2024. The pro forma data does not include the impact of any potential synergies or cost-saving initiatives resulting from the acquisition:
| Three Months endedDecember 31, 2024 | Twelve Months endedDecember 31, 2024 | |||||
|---|---|---|---|---|---|---|
| (in thousands) | (in thousands) | |||||
| Neuronetics | $ | 18,048 | $ | 70,445 | ||
| Greenbrook | 18,004 | 75,496 | ||||
| Intercompany revenue | (1,272 | ) | (8,831 | ) | ||
| Total Pro forma | 34,780 | 137,110 | ||||
| Adjusted for clinic closures | (839 | ) | (7,673 | ) | ||
| Adjusted Pro forma Revenue | $ | 33,941 | $ | 129,437 | ||
| Three Months endedDecember 31, 2024 | Twelve Months endedDecember 31, 2024 | |||||
| --- | --- | --- | --- | --- | --- | --- |
| (in thousands) | (in thousands) | |||||
| Neuronetics Treatment sessions | $ | 12,858 | $ | 50,832 | ||
| Intercompany Treatment sessions | (1,172 | ) | (8,248 | ) | ||
| Total Pro forma Treatment sessions | 11,686 | 42,584 |
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.
EX-99.2
COMPANY PRESENTATION NASDAQ: STIM March 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, 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 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; developments in respect of competing technologies and therapies for the indications that our products 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 ability to successfully roll-out our Better Me Provider Program on the planned timeline; and our self-sustainability and existing cash balances. 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, 2024, 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.
40+ years of experience Keith Sullivan President & Chief Executive Officer Presenters Steven Pfanstiel EVP, Chief Financial Officer & Treasurer 20+ years of experience
STRONGER together 237,574 Unique Patients Treated 8,543,702 Treatments Administered $149M Annual Revenue (2025) Two of the nation’s largest mental health and device companies are now combined to create an organization with the ability to leverage its scale and capabilities to treat more patients suffering from mental health conditions (1) Neuronetics, Inc. internal estimate based on the Company’s data on total treatment sessions and patients treated.
A Diversified Business Model with Strategic Advantages from the Company’s Combined Expertise NeuroStar Market Leader in Transcranial Magnetic Stimulation (TMS) Greenbrook Mental Health Services Provider Large Network of Clinics Offer New Paradigms for Treating Depression Established and Growing Network of Referring Physicians Centralized, Scalable Business Infrastructure Patient Focused Service Superior Clinical Results: Long-Term Relief for Depression Widely Reimbursed Proven Formula for Practice Success Top Tier Training and Best Practices Comprehensive Direct Sales and Support Team Neuronetics is now a vertically integrated organization providing greater access to mental health treatments through our collective expertise
Stronger Commercial Footprint & Opportunity Together Greenbrook Total Amount of Patients Treated 62,197 Patients 2.1M treatments Together, with Better Me Provider (BMP) practices… we have over 420 BMP clinics in 46 states Greenbrook Locations: Operating 93 Treatment Clinics in 15 States
A Compelling Business Combination Combines one of the U.S.’s most utilized therapeutic platforms for the treatment of MDD with one of the largest service providers to renew even more lives Large patient population best served by managing the therapeutic paradigm Multiple initiatives in place to drive accelerated growth across the organization Operational focus and efficiency efforts driving continued cost savings and cash flow improvement Transformed financial profile adds scale and supportive balance sheet Continued strong revenue growth in 2026; preparing for the potential of psychedelics The NEW
Senior Leadership Keith Sullivan Rob Cascella Board Chairman Management Team Board of Directors Sheryl Conley Glenn Muir Steven Pfanstiel EVP, Chief Financial Officer & Treasurer Megan Rosengarten Keith Sullivan President & CEO Cory Anderson SVP, Chief Technology Officer Lisa Metzner-Rosas SVP, Chief Marketing Officer Avinash Amin, MD Sasha Cucuz Jeff Jones SVP, Chief of Operations Andrew Macan EVP, GC & Chief Compliance Officer
Over 29 Million Lives Affected by Depression and OCD U.S. Adults and Adolescents (ages 15-21) suffering from depression, depression with anxiety and OCD Total Available Market 29.3 million Nearly 8 million patients are poorly served by antidepressant medication Lack of Treatment Efficacy Intolerable Side Effects Adult Depression (MDD) 21 million suffering1 6.4 million on medication1,2,3 Anxious Depression 53% of MDD patients have significant anxiety6 Adolescent Depression 4.3 million suffering4 1 million on medications5 OCD 4 million suffering7 235k on medication8 New indication: 35% increase in addressable market (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) Depression- Pharma Intelligence Disease Analysis, www.datamonitorhealthcare.com, Publication Date: June 2021. (5) Key Substance Use and Mental Health Indicators in the United States: Results from the 2017 National Survey on Drug Use and Health. (6) Kalin N, The Critical Relationship Between Anxiety and Depression, Am J Psychiatry 2020; 177:365–367; doi: 10.1176/appi.ajp.2020.20030305. (7) Harvard Medical School, 2007. National Comorbidity Survey (NCSSC). (8) Definitive Health Diagnosis/Prescription Data: 3/25/22.
Patients Medication Management Medical Technology Psychotherapy Interventional Medication Our Combined Company is Positioned to Capitalize on Innovations in the Mental Health Space
#1 Physician Recommended TMS We’re inspired every day by the opportunity to help people live more fulfilling lives Market Leader in TMS1 Over 8.2 million treatment sessions performed on over 223,000 patients Robust R&D Pipeline 3rd generation system. Largest clinical dataset in the world to drive new indications Widely Reimbursed Dedicated to Practice Success Largest direct sales and customer support team in the industry to support over 1,100 U.S. offices1 Dedicated to driving health policy to ensure broad U.S. reimbursement among commercial and government payors (1) NeuroStar internal estimate based on NeuroStar’s data on treatment sessions and patients treated.
Proven, Long-Term Relief for MDD1 (1) Dunner DL, et al. (2014). J Clin Psychiatry. 75(12):1394-1401. (2) Sackeim HA, et al. (2020) J. Affect. Disord. 277:65-74. Based on a real-world, retrospective study using CGI-S and a sample size of 615 patients. Real-World Clinical Results for Patients with MDD2 83% Improvement in depression symptoms1 62% Symptom relief (remission)1 Clinically Proven Durability through 12 Months1
As the Market Leader, NeuroStar is Revolutionizing Mental Health with Industry’s First Adolescent Indication 1st to Market 1st Line Treatment NeuroStar is the first FDA-cleared TMS treatment for adolescent depression1 For adolescents, NeuroStar can be used as an add-on treatment, without prior medication failures (1) FDA Clearance K231926. As Seen In:
Better Me Program (BMP) Transforms the Lives of More Patients 3x more patients treated in BMP vs. non-BMP1 420+ NeuroStar Clinics are in BMP Program *Clinical evidence demonstrates superior outcomes for patients who complete a course of NeuroStar therapy compared to those who do not complete treatment. However, the actual number of sessions performed is subject to the medical judgment of the prescribing physician. The number of treatment sessions performed is not a selection criteria for entry into the Better Me Guarantee Program and will not be used as a basis to remove a provider from the program. | 1. Data on file, Neuronetics, Inc. Designed to lead the industry in the standards for patient care
With the 5-Standards, Better Me Practices are Quickly Addressing Interested Patients in Need All patient interest in Active BMP Local Consumable Offices; Jul 1, 2025 – Dec 31, 2025 vs. Jan 1-Dec 31, 2023 2x Faster from potential patient interest to MT 2023 (Pre-BMP) 96 days 2H 2025 43 days
NeuroStar University A 2-DAY COURSE HELD AT OUR STATE-OF-THE-ART TRAINING CENTER Practices learn how to achieve better clinical outcomes and market their NeuroStar business, through a combination of instruction and peer to peer learning. Practices that attend NSU consistently outperform practices that do not. In 2025, NSU attendees performed 26% more treatment sessions than the sites that did not attend NSU. *Data does not include Greenbrook or inactive sites – through 12/31/2025 Since NSU opened in Q3 2022, NSU attendees have started 39% more patients than non-attendees.* NSU Opens Attended NSU Actual Treatment Session Utilization: NSU Attendees vs. Non-Attendees
SPRAVATO® Program In March 2019, the FDA approved SPRAVATO® (esketamine) nasal spray, in conjunction with an oral antidepressant, for Treatment Resistant Depression in adults and in August 2020, the FDA added a second indication for depressive symptoms in adults with MDD with acute suicidal ideation or behavior SPRAVATO® fills the gap in the treatment paradigm between or before TMS and Electroconvulsive Therapy, providing for a complimentary treatment to TMS, effectively broadening Greenbrook offering to patients Delivered in a two-spray dispenser under supervision from a health care professional as patients self-administer Treatment consists of: Induction (8 treatments) - Twice a week for 4 weeks Taper (4 treatments) - Once a week for 4 weeks Maintenance - Once every one to two weeks for the next year We currently have a total of 84 Treatment Centers now offering SPRAVATO® Further expansion possible, dependent on facility assessment, marketing demand and ROI analyses.
Key Growth Initiatives for Network Clinics Focus on execution, profitable product diversification & expansion Drive growth in 93 clinics through enhanced RAM clinic engagement, leveraging automated referral systems and optimized digital/DTC targeting Fill the gap in treatment paradigm with SPRAVATO® expansion to all locations with Buy & Bill model that increases treatment revenue Standardize operational excellence across our network through comprehensive training, enhanced practice capabilities, and centralized services Expanding the Continuum of Care for Patients Identifying and Educating Patients Consistent Implementation of Best Operation Practices
Key Growth Initiatives for Customer Clinics Expand referral networks for 420+ BMP Clinics to increase patient flow, ~100 additional sites committed to the program Continued implementation of fully optimized digital/DTC investment benefitting patients and BMP practices Centralized call center to help BMP providers manage patient inquires more efficiently (billing and contracts) Patient Education Expand BMP Network Expanding Services to Existing Customers Harnessing the power of our proven programs to help more patients in need
Comprehensive Direct Sales & Customer Support Team Practice Development Managers Area Sales Managers Reimbursement Specialists & Managers Field Service and Technical Support Sales Leaders Regional Account Managers Clinical Training Managers Customer Service Representatives Experienced team dedicated to consistent growth and practice success
Poised to Deliver Strong Growth While Improving Cash Flow FY 2026 Guidance Revenue $160M to $166M (+7% to +11% YoY) 1 Gross Margin Between 47% and 49%1 Operating Expenses $100M - $105M1; includes ~$8.5 million of non-cash stock-based compensation Cash Flow Cash Flow from Operations: $(13)M to $(17)M1 Guidance as issued on March 17, 2026
Financial Overview Neuronetics transforming lives through NeuroHealth
Worldwide Quarterly Revenue1 Q4 2025 Revenue of $41.8M, an 86% increase from Q4 2024 ($ in millions) Guidance ($ in millions) (1) 2024 and 2025 values on an as reported basis and as filed with the SEC for Neuronetics (As Reported)
Results of Operations1 ($ in thousands) ($ in thousands) (1) Actual results as reported and filed with the SEC for Neuronetics (As Reported)
Financial Position ($ in thousands) ($ in thousands)
Worldwide Quarterly Revenue1 Q4 2025 Revenue of $41.8M, a 23% increase from Q4 2024 ($ in millions) Guidance ($ in millions) (1) 2024 revenue is based on Adjusted Pro forma revenue, pro forma revenue adjusted for Greenbrook store closures, per slide 29 (2024 Adjusted Pro Forma)
Non-GAAP Pro Forma and Adjusted Pro Forma Revenue Information (Unaudited) ($ in thousands) The following table presents the Company’s pro forma operating results, giving effect to the acquisition of Greenbrook as if the transaction had occurred on January 1, 2024. These pro forma results are based on assumptions that management believes are reasonable under the circumstances. However, they are not necessarily indicative of the Company’s future performance. The pro forma financial information reflects the historical operating results of both the Company and Greenbrook, with all intercompany transactions eliminated. The Adjusted pro forma results further reflect eliminations related to the closure of certain clinics in 2024. The pro forma data does not include the impact of any potential synergies or cost-saving initiatives resulting from the acquisition:
Supplemental Information Neuronetics, Inc.
2024 – 2025 U.S. NeuroStar Treatments1 ($ in millions) (1) 2024 data represents pro-forma results, giving effect to the acquisition of Greenbrook as if the transaction occurred on January 1, 2024, and excludes Greenbrook treatments for all periods reported +11.2% vs. Prior Year
2024 – 2025 U.S. Clinic Appointments1 ($ in millions) 2024 data represents adjusted pro-forma results, giving effect to the acquisition of Greenbrook as if the transaction occurred on January 1, 2024, and adjusted to reflect eliminations related to the closure of certain clinics in 2024. +18.0% vs. Prior Year
Supplemental Financial and Operating Information1 ($ in thousands) (1) Actual results as reported and filed with the SEC for Neuronetics (As Reported)
Supplemental Financial and Operating Information1 ($ in thousands) (1) 2024 revenue is Adjusted Pro forma revenue, pro forma revenue adjusted for Greenbrook store closures, per slide 29 (2024 Adjusted Pro Forma)
EX-99.3
Exhibit 99.3
Neuronetics Appoints Dan Reuvers as President and Chief Executive Officer
Seasoned leader brings more than 30 years of medical device experience, with a proven track record of growing revenue, earnings, and cashflow across multiple publicly traded healthcare companies
MALVERN, Pa., March 17, 2026 (GLOBE NEWSWIRE) — Neuronetics, Inc. (NASDAQ: STIM) (the “Company”), a medical technology company focused on designing, developing, and marketing products that improve the quality of life for patients who suffer from neurohealth disorders and the maker of NeuroStar^®^ Advanced Therapy, today announced the appointment of Dan Reuvers as the Company’s next President and Chief Executive Officer, effective March 23, 2026. Mr. Reuvers will also join the Board of Directors at that time. He succeeds Keith Sullivan, who will step down as the Company’s President and Chief Executive Officer on March 23, 2026 and retire on March 31, 2026 after five and a half years of leading the Company.
“After a comprehensive search, the Board is pleased to appoint Dan Reuvers as our next President and CEO,” said Rob Cascella, Neuronetics’ Chairman of the Board. “Dan is a proven public company CEO with more than three decades of experience building and scaling medical technology businesses. He brings a strong track record of driving revenue growth, expanding market access, and successfully integrating acquisitions. Dan has done this across companies with commercial models that require deep relationships with prescribers, payers, and patients. His experience in both the device segment and direct billing models requiring effective revenue-cycle management is a strong fit for our business. His passion for meaningfully impacting underserved patient populations, combined with his demonstrated track record of delivering profitable growth, make him the ideal leader to drive the next stage of growth for the Company.”
Mr. Reuvers brings decades of medical technology leadership experience to the Company. He most recently served as President and Chief Executive Officer of Tactile Medical (Nasdaq: TCMD), a medical technology company that both manufactured devices and managed the direct billing of its services, where he grew revenue from $187 million to approximately $300 million, while delivering record earnings and cash flow. Prior to Tactile Medical, Mr. Reuvers spent 12 years at Integra LifeSciences (Nasdaq: IART), rising to Executive Vice President and President of Codman Specialty Surgical, a $1 billion global neurosurgery division. Earlier in his career, he held leadership roles at Omni-Tract Surgical, Advanced Respiratory, Inc. and at Vital Signs, Inc. Mr. Reuvers currently serves on the boards of Etac Group and Peerbridge Health.
“I am honored and excited to be joining the Neuronetics team,” said Mr. Reuvers. “The Company’s leading TMS treatment platform, in conjunction with our national care delivery network provides a great foundation to build upon and drive profitable growth. There are millions of people suffering from depression who remain underserved by existing treatments. I am pleased to join the talented Neuronetics team and believe we are uniquely positioned to expand access to treatments that can restore hope for patients and their families.”
Mr. Cascella continued, “On behalf of the entire Board, I want to thank Keith for his leadership over the past five years. Keith transformed Neuronetics from a single-product company into a vertically integrated mental health platform. Under his leadership, the Company completed the strategic acquisition of Greenbrook TMS, built a national clinic network that has delivered strong growth, significantly expanded insurance coverage and physician adoption of TMS, and positioned the Company for its next phase of growth. His leadership has made a lasting impact on this company and on the thousands of patients whose lives have been improved through the treatments we provide. We wish him well in his retirement.”
In connection with his employment, Mr. Reuvers received an inducement grant of 1,500,000 restricted stock units vesting in substantially equal installments on the first, second, and third anniversary of Mr. Reuvers’ start date, in all cases subject to Mr. Reuvers’ continued employment with the Company on each such vesting date, and in all cases subject to the terms of the Company’s 2020 Inducement Incentive Plan. In accordance with NASDAQ Listing Rule 5635(c)(4), the grant was approved by the Company’s Board of Directors (as recommended by the Compensation Committee) and was made as a material inducement to Mr. Reuvers’ employment with the Company.
About Neuronetics
Neuronetics, Inc. believes that mental health is as important as physical health. As a global leader in neuroscience, Neuronetics is delivering more treatment options to patients and physicians by offering exceptional in-office treatments that produce extraordinary results. 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. In addition to selling the NeuroStar Advanced Therapy System and associated treatment sessions to customers, Neuronetics operates Greenbrook TMS Inc. (Greenbrook) treatment centers across the United States, offering NeuroStar Advanced Therapy for the treatment of MDD and other mental health disorders. NeuroStar Advanced Therapy is the leading TMS treatment for MDD in adults, with over 8 million treatments delivered, and is backed by the largest clinical data set of any TMS treatment system for depression, including the world’s largest depression outcomes registry. 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 major depressive disorder (MDD) with acute suicidal ideation or behavior in conjunction with an oral antidepressant.^1^ Greenbrook has provided more than 2 million treatments to over 60,000 patients struggling with depression.
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 years, 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; developments in respect of competing technologies and therapies for the indications that our products 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 ability to successfully roll-out
our Better Me Provider Program on the planned timeline; and our self-sustainability and existing cash balances. 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, 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:
Mike Vallie or Mark Klausner
ICR Healthcare
443-213-0499
ir@neuronetics.com
Media Contact:
EvolveMKD
646-517-4220
NeuroStar@evolvemkd.com
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.