Neuronetics Stock Earnings Reports

Q3 2025 highlights: Total revenue was $37.3M (101% YoY; +11% adjusted pro forma). The Greenbrook clinics drove much of the growth (clinic revenue $21.8M, +25% adjusted pro forma) while NeuroStar system shipments remained healthy (40 systems shipped, three consecutive quarters with ASP above target) and NeuroStar treatment session utilization rose 11% pro forma. Management emphasized execution on three priorities: (1) integrating Greenbrook to capture scale and efficiencies (RAM referral program, kiosks, intake automation), (2) expanding provider programs (Better Me Provider Program nearly 425 active sites; NeuroStar Provider Connection reaching primary care), and (3) operational excellence and cash optimization. SPRAVATO rollout is nearly complete (84 of 89 eligible clinics live) and management is optimizing the billing mix (Administer & Observe vs Buy & Bill) by state/payer to improve margins. Cash flow trends improved materially: Q3 operating cash use was $0.8M (down sequentially from $17M in Q1 and $3.5M in Q2), cash balance ~$34.5M, received additional $10M tranche and $8M net ATM proceeds. Guidance: Q4 revenue $40M–$43M; full-year 2025 revenue $147M–$150M (narrowed from prior range), gross margin 47%–49%, OpEx $100M–$105M, targeting positive operating cash flow in Q4 (range -$2M to +$2M) and year-end cash $32M–$36M. Management also announced CEO Keith Sullivan intends to retire June 30, 2026 and will participate in a transition. Key risks called out: SPRAVATO reimbursement variability by state/payer, revenue mix effects from Greenbrook integration, and continued execution needed to reach sustained cash flow positivity.