Neuronetics Inc (NASDAQ: STIM) is a medical device and outpatient mental health services company that develops, manufactures, and markets the NeuroStar Advanced Therapy System, a transcranial magnetic stimulation (TMS) device for the treatment of major depressive disorder (MDD) and related conditions. Revenue comes from two streams: capital equipment sales of the NeuroStar system to psychiatry practices, plus recurring treatment session consumables, and direct clinic revenue through its Greenbrook subsidiary, which operates 93 Treatment Centers across the United States offering NeuroStar therapy and SPRAVATO (as of the FY2025 10-K filed 2026-03-17). The NeuroStar system holds FDA clearance for adult MDD, adjunct OCD in adults, MDD in adolescents aged 15-21, and anxious depression in adults. Neuronetics competes against other TMS device makers including Brainsway, Apollo TMS, Magstim, MagVenture, CloudTMS, and Nexstim, as well as pharmaceutical companies and physician practice management firms. The company has been publicly traded on the Nasdaq Global Market under the symbol STIM since June 28, 2018.

Revenue model

Two revenue streams: (1) transactional sales of the NeuroStar Advanced Therapy System capital equipment and recurring treatment session consumables to psychiatry practices; (2) direct clinic service revenue from Greenbrook Treatment Centers, reimbursed by Medicare, Medicaid, managed care health plans, and commercial insurance. The company estimates approximately $9,000 of average revenue per patient for a standard course of treatment (FY2025 10-K).

Products and services

NeuroStar Advanced Therapy System: an FDA-cleared, non-invasive TMS device for adult MDD, adjunct OCD in adults, MDD in adolescents aged 15-21, and anxious depression in adults. Greenbrook Treatment Centers: 93 outpatient mental health clinics operating across the United States offering NeuroStar therapy and SPRAVATO (as of FY2025 10-K filed 2026-03-17).

Customers and end markets

Primary customers are psychiatrists across an estimated 53,000 providers in 26,000 practices in the United States. Patients treated for MDD, OCD, and anxious depression are the end users. Clinic revenue is reimbursed by Medicare, Medicaid, managed care health plans, and commercial insurers. One customer represented a material portion of revenue in both FY2024 and FY2023 (specific percentage not disclosed in excerpts).

Value-chain role

Device manufacturer and direct care provider. Neuronetics manufactures the NeuroStar system through a single contract manufacturer, sells directly to psychiatry practices via an in-house U.S. sales force, and delivers outpatient TMS therapy directly to patients through the Greenbrook subsidiary. International distribution is handled through independent third-party distributors, including an exclusive distributor in Japan under an agreement expiring March 31, 2027.

Geographic exposure

Primarily United States, through direct sales and 93 Greenbrook Treatment Centers. Select international markets served through independent distributors, including an exclusive distribution agreement in Japan expiring March 31, 2027.

Competitors

Brainsway, Apollo TMS, Magstim, MagVenture, CloudTMS, Nexstim, Pharmaceutical companies offering antidepressant medications, Physician practice management firms

Source: SEC 10-K, filed 2026-03-17

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