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Neuronetics
Neuronetics (STIM) investor relations material
Neuronetics Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Q3 2025 revenue reached $37.3 million, up 101% year-over-year and 11% on an adjusted pro forma basis, driven by the Greenbrook acquisition and operational integration.
Greenbrook clinics generated $21.8 million in revenue, up 25% on an adjusted pro forma basis, with high treatment volumes in both NeuroStar TMS and SPRAVATO.
Net loss narrowed to $9.4 million ($0.13 per share) from $13.3 million ($0.44 per share) in Q3 2024, reflecting improved cost efficiencies.
Integration and operational improvements led to significant progress toward cash flow positivity, with cash collections exceeding revenue booked for the first time.
CEO Keith J. Sullivan will retire June 30, 2026; a search for his successor is underway.
Financial highlights
Q3 2025 revenue: $37.3 million (up 101% year-over-year; 11% pro forma growth).
Gross margin: 45.9% vs. 75.6% prior year, reflecting lower-margin Greenbrook clinic business.
Operating expenses: $24.4 million, up 12% year-over-year, mainly from Greenbrook inclusion.
Net loss: $9.4 million ($0.13/share), improved from $13.3 million ($0.44/share) prior year.
Cash at quarter-end: $34.5 million, including $28 million cash/cash equivalents and $6.5 million restricted cash.
Outlook and guidance
Q4 2025 net revenue expected between $40 million–$43 million.
Full-year 2025 revenue guidance revised to $147 million–$150 million (from $149 million–$155 million), reflecting SPRAVATO reimbursement mix.
Full-year gross margin expected at 47%–49% (prior: 48%–50%).
Operating expenses projected at $100 million–$105 million for 2025.
Targeting positive operating cash flow in Q4 2025, with year-end cash projected at $32 million–$36 million.
CEO transition impact on integration efforts?
Why was FY25 revenue guidance lowered?
NeuroStar sales strategy for higher volume accounts?
Quantify SPRAVATO B&B mix impact on revenue guidance
When will NeuroStar inventory headwind normalize?
Detail cash collection improvements and sustainability
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Latest events from Neuronetics
- Acquisition and integration of Greenbrook TMS set the stage for growth and operational synergies.STIM
Canaccord Genuity 44th Annual Growth Conference & Private Company Showcase 20242 Feb 2026 - Record growth in new patient starts and adolescent market expansion set stage for 2025 breakeven.STIMThe 44th Annual William Blair Growth Stock Conference1 Feb 2026
- Q2 revenue fell 7% as net loss widened, but a major merger and new financing support future growth.STIMQ2 20241 Feb 2026
- Q3 revenue up 4% to $18.5M; Greenbrook deal approved, cost synergies, break-even by 2025.STIMQ3 202415 Jan 2026
- Greenbrook deal closing soon, with major cost synergies and utilization growth ahead.STIMPiper Sandler 36th Annual Healthcare Conference11 Jan 2026
- Q4 revenue up 11% to $22.5M; 2025 targets $145–$155M revenue and cash flow positivity by Q3.STIMQ4 202426 Dec 2025
- Up to $250M in securities offered, including $50M ATM stock via Canaccord; high dilution risk.STIMRegistration Filing16 Dec 2025
- Neuronetics to acquire Greenbrook, creating a combined company with integrated leadership and new equity incentives.STIMProxy Filing1 Dec 2025
- Shareholders to vote on Neuronetics-Greenbrook merger, board structure, and equity plan changes.STIMProxy Filing1 Dec 2025
- Neuronetics and Greenbrook to merge, with Greenbrook shareholders receiving 43% of the combined entity.STIMProxy Filing1 Dec 2025
Next Neuronetics earnings date
Q4 202517 Mar, 2026
Neuronetics
Next Neuronetics earnings date
Q4 202517 Mar, 2026
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Frequently asked questions
Neuronetics Inc develops and markets non-invasive neurostimulation therapies for mental health disorders. The company’s primary product is a transcranial magnetic stimulation system used in the treatment of major depressive disorder and other psychiatric conditions. It serves healthcare providers in the United States. The company is headquartered in Malvern, Pennsylvania, and its shares are listed on the NASDAQ.
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