Neuronetics (STIM) Piper Sandler 36th Annual Healthcare Conference summary

Acquisition and integration updates

• Greenbrook acquisition expected to close by end of the month, with integration progressing smoothly.

• Customer feedback on the acquisition has shifted from concern to excitement due to added efficiencies and support services.

• $160 million of Greenbrook debt will be converted to common stock, improving financial position.

• Combined entity will have 95 profitable centers and approximately 650 employees.

Synergies, growth, and financial outlook

• Cost synergy target raised to over $22 million for 2025, with most savings realized immediately post-close.

• Revenue growth expectations for 2025 remain unchanged, with additional opportunities identified during integration.

• Cash burn in Q1 2025 expected to be lower than previous years, with cash flow positivity targeted for Q3 2025.

• Standalone 2025 revenue guidance for treatment plus capital is around $75 million, seen as a reasonable starting point.

Operational strategy and utilization

• Focus in 2024 and 2025 is on maximizing utilization at existing centers rather than opening new ones.

• Goal to increase Greenbrook’s daily treatments per TMS system from four to six.

• Buy and bill strategy for Spravato to be rolled out to all Greenbrook locations in the first half of the year.

• Better Me Provider Program has grown to 360 sites, with 125 more seeking entry; utilization and ROI are increasing.