Neuronetics (STIM) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue reached $41.6 million, up 9.1% year-over-year, primarily driven by Greenbrook segment growth and early impacts from a new NeuroStar go-to-market strategy.

• Net loss narrowed to $3.4 million ($0.05/share), a significant improvement from $10.1 million ($0.15/share) a year ago.

• Adjusted EBITDA turned positive at $0.3 million, a $5.9 million improvement from Q2 2025.

• Leadership changes included new CFO and EVP/GM for Greenbrook, supporting operational and commercial strategy.

• Focus remains on delivering in-office mental health therapies and expanding access through clinics and new commercial models.

Financial highlights

• Greenbrook revenue rose 16.8% to $26.9 million, while NeuroStar revenue declined 2.7% to $14.7 million.

• Gross margin improved to 51.1% from 46.6% year-over-year.

• Operating expenses fell 12% to $22.7 million, mainly due to lower G&A and sales/marketing costs.

• Cash and equivalents at June 30, 2026, were $24.9 million; outstanding debt was $65.0 million.

• Cash used in operations and investing for Q2 2026 was $1.4 million, down from $3.8 million in Q2 2025.

Outlook and guidance

• FY 2026 revenue guidance narrowed to $160–$164 million.

• Gross margin guidance raised to 48–50% (prior: 47–49%).

• Operating expenses forecasted at $95–$100 million, or $91–96 million excluding stock-based compensation.

• Cash flow from operations and investing projected at negative $10.5–14.5 million.

• Management anticipates continued operating losses in the near term as investments persist.