Neuronetics Announces Selected Preliminary Unaudited Fourth Quarter and Full Year 2025 Financial Results
Rhea-AI Summary
Neuronetics (NASDAQ: STIM) reported selected preliminary unaudited results for Q4 and full-year 2025, showing Q4 revenue $41.8M (+86% as reported, +23% adjusted pro forma) and FY2025 revenue $149.2M (+99% as reported, +15% adjusted pro forma).
The company delivered positive operating cash flow $0.9M in Q4, shipped 49 NeuroStar Advanced Therapy systems in the quarter, and ended 2025 with $34.1M in total cash. Results assume the Greenbrook acquisition occurred January 1, 2024 with specified pro-forma adjustments.
Positive
- Q4 revenue of $41.8M representing +23% adjusted pro‑forma growth
- Full‑year 2025 revenue of $149.2M representing +15% adjusted pro‑forma growth
- Positive operating cash flow of $0.9M in Q4 2025
- Ended 2025 with $34.1M of total cash
- Clinic revenue $87.0M for 2025, up 28% on adjusted pro‑forma basis
- Shipped 49 NeuroStar Advanced Therapy systems in Q4 2025
Negative
- NeuroStar product revenue nearly flat: +0.9% pro‑forma growth for full‑year 2025
- Large disparity between as‑reported (+99%) and adjusted pro‑forma (+15%) full‑year growth
- Financial results are preliminary unaudited figures and rely on assumed Greenbrook pro‑forma adjustments
Key Figures
Market Reality Check
Peers on Argus
STIM fell 4.49% while several medical device peers like BSGM (+39.91%), CVRX (+1.36%), ELMD (+1.08%), and TLSI (+1.34%) were positive; only BWAY declined (-1.02%), pointing to a stock-specific move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 04 | Q3 2025 earnings | Positive | +3.6% | Reported Q3 2025 revenue growth and updated full-year 2025 guidance range. |
| Aug 05 | Q2 2025 earnings | Positive | -2.5% | Strong Q2 revenue, record clinic performance, and reiterated 2025 guidance targets. |
| May 06 | Q1 2025 earnings | Positive | +0.0% | Q1 2025 revenue surge from Greenbrook acquisition and updated 2025 revenue outlook. |
| Mar 27 | 2024 results update | Negative | -5.8% | Widened Q4 and 2024 net losses after revising Greenbrook-related figures. |
| Mar 04 | 2024 earnings | Positive | +18.8% | Reported Q4 and 2024 revenue growth and detailed Greenbrook acquisition impact. |
Earnings releases have generally been viewed positively, with three of five prior events showing price gains, though there are instances where strong results coincided with negative or flat reactions.
Across prior earnings events in 2025, Neuronetics reported consistent revenue growth from $32.0M in Q1 to $38.1M in Q2 and $37.3M in Q3, largely driven by the Greenbrook acquisition and clinic expansion. Guidance for full-year 2025 in earlier quarters (e.g., $149–155M) aligns with the preliminary $149.2M now reported. Earlier 2024 results highlighted sizeable net losses and subsequent revisions. Today’s preliminary 2025 figures extend this trajectory toward higher scale and cash flow improvement.
Historical Comparison
Past earnings releases for STIM led to an average move of 2.83%. Today’s preliminary 2025 figures extend the same growth narrative, so reactions can be compared against this typical earnings-day volatility.
Earnings updates across 2024–2025 trace the scaling of Greenbrook clinics, rising quarterly revenue, and a path from heavy losses toward improved cash flow, now culminating in positive Q4 2025 operating cash flow.
Regulatory & Risk Context
The company has an active Form S-3 shelf registration dated 2025-07-03 with at least one usage disclosed via a 424B5 filing on 2025-08-06, indicating a mechanism already in place for potential future capital raises.
Market Pulse Summary
This announcement highlights strong preliminary 2025 growth, with revenue reaching $41.8M in Q4 and $149.2M for the year, plus positive Q4 operating cash flow of $0.9M. These figures extend a trend seen in earlier 2025 earnings releases tied to the Greenbrook acquisition and clinic expansion. At the same time, investors must consider the active S-3 shelf framework and prior financing activity when assessing future capital needs and potential dilution.
AI-generated analysis. Not financial advice.
All values provided represent preliminary unaudited results
- Fourth quarter 2025 revenue of
$41.8 million , representing86% year-over-year growth on an as reported basis and23% year-over-year growth on an adjusted pro forma basis - Full year 2025 revenue of
$149.2 million , representing99% year-over-year growth on an as reported basis and15% year-over-year growth on an adjusted pro forma basis - Achieved positive operating cash flow of
$0.9 million in the fourth quarter 2025 - Ended 2025 with total cash of
$34.1 million , inclusive of cash, cash equivalents and restricted cash
MALVERN, Pa., Feb. 10, 2026 (GLOBE NEWSWIRE) -- Neuronetics, Inc., (NASDAQ: STIM) (the “Company” or “Neuronetics”) a vertically integrated, commercial stage, medical technology and healthcare company with a strategic vision of transforming the lives of patients whenever and wherever they need help, with the leading neurohealth therapies in the world, today announced selected preliminary unaudited financial results for the fourth quarter and full-year 2025.
“We wrapped up 2025 with strong commercial execution during the fourth quarter across both segments of the business. We continue to see solid demand for NeuroStar systems and are proud to see our NeuroStar customers helping more patients in need. Our clinic business had another exciting quarter as we continue to optimize our operations while also driving significant revenue growth,” said Keith Sullivan, President and Chief Executive Officer of Neuronetics. “Importantly, we translated this strong revenue performance into positive operating cash flow during the quarter and maintained the strength of our balance sheet as we move into 2026.”
Selected Preliminary, Unaudited Fourth Quarter 2025 Financial Results
This press release assumes the acquisition between Greenbrook and Neuronetics occurred on January 1, 2024 and includes the following adjustments: The addition of assumed sales to Greenbrook through December 31, 2024 following the acquisition, the elimination of all Greenbrook sales and assumed sales for the year ended December 31, 2024 and the closure of all non-performing Greenbrook clinics on January 1, 2024.
Based on preliminary unaudited information that the Company expects to report:
Fourth quarter 2025 revenue was
Fourth quarter 2025 NeuroStar revenue was
Fourth quarter 2025 clinic revenue was
During the fourth quarter, the Company drove positive operating cash flow of
Selected Preliminary, Unaudited Full Year 2025 Financial Results
Based on preliminary unaudited information that the Company expects to report:
Full year 2025 revenue was
Full year 2025 NeuroStar revenue was
Full year 2025 clinic revenue was
The Company ended 2025 with
Fourth Quarter Earnings Call and Webcast Details
The Company plans to release fourth quarter 2025 financial and operating results prior to market open on Tuesday, March 17, 2026. The Company will host a conference call to review its results at 8:30 a.m. Eastern Time the same day.
About Neuronetics
Neuronetics, Inc. believes that mental health is as important as physical health. As a global leader in neuroscience, Neuronetics is delivering more treatment options to patients and physicians by offering exceptional in-office treatments that produce extraordinary results. NeuroStar Advanced Therapy (“NeuroStar Therapy”) is a non-drug, noninvasive treatment that can improve the quality of life for people suffering from neurohealth conditions when traditional medication has not helped. In addition to selling the NeuroStar Advanced Therapy System (the “NeuroStar System”) and associated treatment sessions to customers, Neuronetics operates Greenbrook treatment centers across the United States, offering NeuroStar Therapy, SPRAVATO, and other treatment modalities for the treatment of MDD and other mental health disorders.
NeuroStar Therapy is indicated for the treatment of depressive episodes and for decreasing anxiety symptoms for those who may exhibit comorbid anxiety symptoms in adult patients suffering from MDD and who failed to achieve satisfactory improvement from previous antidepressant medication treatment in the current episode. It is also cleared by the U.S. Food and Drug Administration as an adjunct for adults with obsessive-compulsive disorder and for adolescent patients aged 15 to 21 with MDD. Neuronetics is committed to transforming lives by offering an exceptional treatment that produces extraordinary results.
“Safe harbor” statement under the Private Securities Litigation Reform Act of 1995:
Certain statements in this press release, including the documents incorporated by reference herein, include “forward-looking statements” within the meaning of Section 27A of the Securities Act, Section 21E of the Exchange Act, which are intended to be covered by the safe harbors created by those laws and other applicable laws and “forward-looking information” within the meaning of applicable Canadian securities laws. Statements in this press release that are not historical facts constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by terms such as “may,” “will,” “would,” “should,” “expect,” “plan,” “design,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential,” “outlook” or “continue” as well as the negative of these terms and similar expressions. These statements include those relating to the Company’s business outlook and current expectations for upcoming quarters and fiscal year 2026, including with respect to revenue, expenses, growth, and any statements of assumptions underlying any of the foregoing items. These statements are subject to significant risks and uncertainties and actual results could differ materially from those projected. The Company cautions investors not to place undue reliance on the forward-looking statements contained in this press release. These risks and uncertainties include, without limitation, risks and uncertainties related to: the effect of the transaction with Greenbrook TMS Inc. on our business relationships; operating results and business generally; our ability to execute our business strategy; our ability to achieve or sustain profitable operations due to our history of losses; our reliance on the sale and usage of our NeuroStar Advanced Therapy System to generate revenues; the scale and efficacy of our salesforce; our ability to retain talent; availability of coverage and reimbursement from third-party payors for treatments using our products; physician and patient demand for treatments using our products; developments in respect of competing technologies and therapies for the indications that our products treat; product defects; developments in clinical trials or regulatory review of the NeuroStar Advanced Therapy System for additional indications; developments in regulation in the U.S. and other applicable jurisdictions; potential effects of evolving and/or extensive government regulation; the terms of our credit facility; our ability to successfully roll-out our Better Me Provider Program on the planned timeline; our self-sustainability and existing cash balances; and our ability to maintain positive cash flow. For a discussion of these and other related risks, please refer to the Company’s recent filings with the SEC, which are available on the SEC’s website at www.sec.gov, including, without limitation, the factors described under the heading “Risk Factors” in Neuronetics’ Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as may be updated or supplemented by subsequent Annual Reports that Neuronetics has filed or files with the SEC. These forward-looking statements are based on the Company’s expectations and assumptions as of the date of this press release. Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this press release as a result of new information, future events, or changes in the Company’s expectations.
Investor Contact:
Mike Vallie or Mark Klausner
ICR Healthcare
443-213-0499
ir@neuronetics.com
Media Contact:
EvolveMKD
646-517-4220
Non-GAAP Pro Forma and Adjusted Pro Forma Revenue Information (Unaudited)
The following table presents the Company’s pro forma operating results, giving effect to the acquisition of Greenbrook as if the transaction had occurred on January 1, 2024. These pro forma results are based on assumptions that management believes are reasonable under the circumstances. However, they are not necessarily indicative of the Company’s future performance. The pro forma financial information reflects the historical operating results of both the Company and Greenbrook, with all intercompany transactions eliminated. The adjusted pro forma results further reflect eliminations related to the closure of certain clinics in 2024. The pro forma data does not include the impact of any potential synergies or cost-saving initiatives resulting from the acquisition:
| Three Months ended | ||||
| December 31, 2024 | ||||
| (in thousands) | ||||
| Neuronetics | $ | 18,048 | ||
| Greenbrook | 18,004 | |||
| Intercompany revenue | (1,272 | ) | ||
| Total Pro forma | 34,780 | |||
| Adjusted for clinic closures | (839 | ) | ||
| Adjusted Pro forma Revenue | $ | 33,941 | ||
| Twelve Months ended | ||||
| December 31, 2024 | ||||
| (in thousands) | ||||
| Neuronetics | $ | 70,445 | ||
| Greenbrook | 75,496 | |||
| Intercompany revenue | (8,831 | ) | ||
| Total Pro forma | 137,110 | |||
| Adjusted for clinic closures | (7,673 | ) | ||
| Adjusted Pro forma Revenue | $ | 129,437 | ||
FAQ
What were Neuronetics (STIM) Q4 2025 revenues and growth rates?
How did Neuronetics (STIM) perform for full‑year 2025 revenue and cash position?
What does Neuronetics say about NeuroStar product revenue growth in 2025?
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When will Neuronetics (STIM) release final Q4 and full‑year 2025 results and host the earnings call?
