Neuronetics Inc
neurostar.comWhat Do They Do?
Provides in-office magnetic brain stimulation and SPRAVATO treatments directly to patients through Greenbrook clinics, and sells NeuroStar systems and treatment sessions to psychiatrists and other healthcare providers.
10-K for FY2025, filed Mar 17, 2026Neuronetics, Inc. (the “Company” or “Neuronetics” or the “Registrant”) believes that mental health is as important as physical health. As a…View ↗
Currently operating through 93 company-operated Treatment Centers and company-supported healthcare provider practice groups, Greenbrook is…View ↗
We primarily market and sell the NeuroStar Advanced Therapy System and recurring treatment sessions to psychiatrists, with primary care…View ↗
How Do They Make Money?
Patients receive TMS and SPRAVATO care at company clinics, with clinic fees reimbursed by government programs and insurers for services performed. Providers typically pay for NeuroStar systems when shipped and for treatment-session access codes as delivered.
10-K for FY2025, filed Mar 17, 2026Clinic revenue is recognized at a point in time upon the performance of services under contracts with customers and represents the…View ↗
Clinic revenue reimbursements are derived from third-party payors including federal and state agencies (under the Medicare programs)…View ↗
Payment terms typically require payment upon shipment of the System and additional payments as access codes are delivered, which can span…View ↗
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10-K for FY2025, filed Mar 17, 2026
FY2025 revenue by product or service ↗
$149.2M
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10-K for FY2025, filed Mar 17, 2026
$149.2M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Products and Other
Sold outright
10-K for FY2025, filed Mar 17, 2026 |
42% |
Products and Other, FY2025
$62.2M Sources
|
Sold outright |
|
Service
Sold outright
10-K for FY2025, filed Mar 17, 2026 |
58% |
Service, FY2025
$87M Sources
|
Sold outright |
Who Are Their Customers?
Psychiatrists are the main buyers of NeuroStar systems and treatment sessions through the company’s direct sales team; primary care physicians and pain specialists are smaller customer groups. At Greenbrook centers, patients receive TMS and SPRAVATO care, with clinic fees reimbursed by government programs and commercial insurers.
10-K for FY2025, filed Mar 17, 2026We primarily market and sell the NeuroStar Advanced Therapy System and recurring treatment sessions to psychiatrists, with primary care…View ↗
We have structured our sales and customer support team with specialized roles to sell our NeuroStar Advanced Therapy Systems and recurring…View ↗
Clinic revenue reimbursements are derived from third-party payors including federal and state agencies (under the Medicare programs)…View ↗
Clinic revenue is recognized at a point in time upon the performance of services under contracts with customers and represents the…View ↗
Do Revenues Turn Into Profits?
No. It lost $39M in FY2025.
10-K for FY2025, filed Mar 17, 2026
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 11, 2026
−$3.4MView ↗
- ▼ −66% (Loss)
- vs −$10.1M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 11, 2026
Open tableView ↗
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Aug 11, 2026
Lowered the top of revenue guidance and raised gross-margin guidance
Full-year 2026 revenue guidance narrowed to $160 million–$164 million from $160 million–$166 million; gross-margin guidance rose to 48%–50% from 47%–49%.
Sources
8-K, filed Aug 11, 2026
Gross margin between 48% and 50%, as compared to prior guidance of 47% and 49%;View ↗
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Jul 20, 2026
Appointed Nir Naor as chief financial officer
Sources
8-K, filed Jul 20, 2026
Nir Naor appointed Chief Financial Officer effective July 23, 2026, bringing more than 20 years of finance and life sciences experienceView ↗
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May 5, 2026
Provided 2026 revenue, margin and expense guidance
Sources
8-K, filed May 5, 2026
For the second quarter of 2026, the Company expects total revenue growth in the mid-single digits.View ↗
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Apr 6, 2026
CEO Keith Sullivan retired and CFO Steven Pfanstiel resigned
Sources
8-K, filed Apr 6, 2026
On April 1, 2026, Neuronetics, Inc. (the “Company”) entered into an Executive Consulting and Release Agreement (the “Agreement”) with Keith…View ↗
Growing. Revenue grew 2.7x in 4 years, from $55.3M in FY2021 to $149.2M in FY2025, about 28% a year.
Added direct patient care
The older report describes NeuroStar systems and treatment sessions sold to providers. The latest report also describes Greenbrook clinics treating patients with TMS and SPRAVATO, adding direct care services to the business.
10-K for FY2022, filed Mar 7, 2023 10-K for FY2025, filed Mar 17, 2026Neuronetics, Inc. (the “Company” or “Neuronetics” or the “Registrant”) believes that mental health is as important as physical health. As a…View ↗
Currently operating through 93 company-operated Treatment Centers and company-supported healthcare provider practice groups, Greenbrook is…View ↗
We currently operate under in two segments: Medicial device and Clinic services. We generate revenues from clinic operations, initial…View ↗
Who Do They Compete With?
Competes with Brainsway, Apollo TMS, Magstim, MagVenture, CloudTMS, and Nexstim
10-K for FY2025, filed Mar 17, 2026We have competitors that sell other forms of TMS therapy, including Brainsway, Apollo TMS, Magstim, MagVenture, CloudTMS and Nexstim, that…View ↗
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