Neuronetics (NASDAQ: STIM) doubles 2025 revenue, narrows loss and hires new CEO

Rhea-AI Filing Summary

Neuronetics, Inc. reported strong growth for Q4 and full-year 2025 alongside a leadership change. Q4 2025 revenue was $41.8 million, up 86% from Q4 2024, driven mainly by the Greenbrook clinic acquisition. Full-year 2025 revenue nearly doubled to $149.2 million from $74.9 million, with U.S. revenue up 101%.

Profitability remains a challenge: full-year gross margin fell to 48.5% from 72.3%, and net loss was $(39.1) million, an improvement from $(43.7) million. The company ended 2025 with $34.1 million in cash and restricted cash and generated $0.9 million of operating cash in Q4.

The board appointed Dan Reuvers as President and CEO effective March 23, 2026, with an initial base salary of $730,000 and a grant of 1.5 million RSUs. For 2026, Neuronetics guides to revenue of $160–$166 million, expects operating expenses of $100–$105 million, and anticipates significantly improved operating cash flow as efficiency initiatives and the Greenbrook integration progress.

Positive

• Revenue nearly doubled in 2025, rising 99% to $149.2 million from $74.9 million, with U.S. revenue up 101% and strong growth in Greenbrook clinic revenue.
• Cash flow trends improved, with Q4 2025 generating $0.9 million of cash from operations and year-end cash and restricted cash increasing to $34.1 million from $19.5 million.
• 2026 outlook calls for continued growth and cost discipline, with guided revenue of $160–$166 million and operating expenses of $100–$105 million, including about $8.5 million of non-cash stock-based compensation.
• Experienced new CEO appointed, as industry veteran Dan Reuvers joins as President and Chief Executive Officer effective March 23, 2026, bringing a long track record in scaling medical device businesses.

Negative

• Profitability remains weak, with a 2025 net loss of $39.1 million and EBITDA of $(28.0) million despite higher scale.
• Gross margin compressed sharply to 48.5% in 2025 from 72.3% in 2024, reflecting the larger share of lower-margin clinic services in the revenue mix.
• Operating expenses increased materially to $103.7 million in 2025, up 16.9% from $88.7 million, even as the company continues to work toward sustainable profitability.
• Leverage remains significant, with long-term debt of $65.8 million at year-end 2025, requiring ongoing interest expense and a recent $5.0 million principal payment under the amended Perceptive facility.

Insights

Medical technology equity analyst

Greenbrook drives rapid scale, but margins and losses remain key issues.

Neuronetics has transformed its scale with the Greenbrook acquisition. Q4 2025 revenue rose 86% to $41.8 million, and full-year revenue grew 99% to $149.2 million. Clinic revenue reached $87.0 million in 2025 and Q4 operating cash flow turned slightly positive at $0.9 million, showing early benefits from integration and cost discipline.

However, the business mix shift is pressuring margins. Gross margin dropped from 72.3% in 2024 to 48.5% in 2025 as lower-margin services from Greenbrook dominated the portfolio. Operating expenses increased to $103.7 million, and the company still posted a $(39.1) million net loss, funded partly by new equity and debt.

Management guides 2026 revenue to $160–$166 million with gross margin of 47–49% and operating expenses of $100–$105 million, implying modest top-line growth but improving cost control. The appointment of experienced medtech leader Dan Reuvers as CEO and an amended Perceptive debt agreement, including a $5.0 million principal prepayment, suggest a focus on operating efficiency, integration of the clinic network, and gradual progress toward more sustainable cash generation.

false 0001227636 0001227636 2026-03-17 2026-03-17

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) March 17, 2026

NEURONETICS, INC.

(Exact name of registrant as specified in its charter)

Delaware		001-38546		33-1051425
(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)
3222 Phoenixville Pike, Malvern, PA				19355
(Address of principal executive offices)				(Zip Code)

Registrant’s telephone number, including area code (877) 600-7555

(Former name or former address, if changed since last report.) Not applicable.

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol (s)		Name on each exchange on which registered
Common Stock ($0.01 par value)		STIM		The Nasdaq Global Market

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

Neuronetics, Inc. (the “Company”) issued a press release on March 17, 2026, announcing its financial results for the three months and twelve months ended December 31, 2025. A copy of the press release is being furnished to the Securities and Exchange Commission (the “SEC”) as Exhibit 99.1 to this report on Form 8-K and is incorporated by reference to this Item 2.02.

***

The information furnished pursuant to Item 2.02, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference into any of the Company’s filings with the SEC under the Exchange Act or the Securities Act of 1933, as amended (the “Securities Act”), whether made before or after the date hereof, regardless of any general incorporation language in such a filing, except as expressly set forth by specific reference in such a filing. Except as required by law, the Company undertakes no duty or obligation to publicly update or revise the information so furnished.

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(c) On March 12, 2026, the board of directors of the Company appointed Daniel L. Reuvers as the Company’s President and Chief Executive Officer effective on the date that Mr. Reuvers commences employment with the Company, which is expected to be March 23, 2026 (the “Reuvers Start Date”).

There is no arrangement or understanding between Mr. Reuvers and any other person pursuant to which he was selected as an officer of the Company, and there is no family relationship between Mr. Reuvers and any of the Company’s directors or other executive officers. There are no related party transactions between Mr. Reuvers and the Company that would require disclosure under Item 404(a) of Regulation S-K.

Mr. Reuvers, age 63, is a healthcare executive with over 35 years of experience. He was most recently the chief executive officer and board member of Tactile Medical (Nasdaq: TCMD) from May 2020 until July 2024. Prior to that, he held a series of executive-level roles with Integra LifeScience (Nasdaq: IART) from January 2009 until May of 2020. He served as the president of the company’s Instrument Division from 2009-2013, President of International from 2013-2016 and EVP, President of Codman Specialty Surgical, the company’s $1 billion neurosurgical business segment from 2016-2020. From 2002-2009 he served as president of two privately held companies, Omni-Tract Surgical and Advanced Respiratory, both resulting in successful exits to Integra and Hill-Rom respectively. He began his medtech career in 1987 with Vital Signs, Inc, where he held progressively expanded roles until 2000. Mr. Reuvers has served on the board of Etac Group, a privately held medtech company based in Stockholm, since October 2023. He also serves on the board of PeerBridge Health, a privately held medtech company based in Nashville, since July 2025.

The Company has entered into an employment agreement with Mr. Reuvers effective as of the Reuvers Start Date (the “Employment Agreement”). Under the terms of the Employment Agreement, Mr. Reuvers will receive an initial annual base salary of $730,000 and will be eligible for a discretionary annual cash bonus targeted at 100% of his then-current base salary. In addition, Mr. Reuvers received a grant of 1,500,000 restricted stock units, with 500,000 of such units vesting in substantially equal installments on the first, second, and third anniversary of the Reuvers Start Date, in all cases subject to Mr. Reuvers’s continued employment with the Company on each such vesting date.

In the event of termination by the Company without cause or by Mr. Reuvers for good reason, Mr. Reuvers will be entitled to severance benefits, including 12 months of base salary, a prorated target bonus, and continued health coverage pursuant to that certain Severance Agreement effective as of the Reuvers Start Date (the “Severance Agreement”).

The foregoing summaries of the Employment Agreement and the Severance Agreement are not complete and are qualified in their entirety by reference to the full text of the Employment Agreement and the Severance Agreement, as applicable, a copy of which are filed as Exhibit 10.47 and 10.48 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and are incorporated herein by reference.

Mr. Reuvers has also entered into the Company’s executive indemnification agreement, executive restrictive covenant and severance agreement, and restrictive covenant and invention assignment agreement substantially in the forms of the Company’s form of agreements.

Item 7.01 Regulation FD Disclosure.

On March 17, 2026, the Company released a presentation (the “Presentation”) that it may present to certain investors. A copy of the Presentation is attached hereto as Exhibit 99.2. The information contained in Exhibit 99.2 is incorporated herein by reference.

On March 17, 2026, the Company released a press release announcing the appointment of Daniel L. Reuvers as the Company’s President and Chief Executive Officer. A copy of the press release is attached hereto as Exhibit 99.3. The information contained in Exhibit 99.3 is incorporated herein by reference.

The information in this report furnished pursuant to Item 7.01, including Exhibit 99.2 and Exhibit 99.3, shall not be deemed “filed” for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference into any of the Company’s filings with the SEC under the Exchange Act or the Securities Act whether made before or after the date hereof, regardless of any general incorporation language in such a filing, except as expressly set forth by specific reference in such a filing. Except as required by law, the Company undertakes no duty or obligation to publicly update or revise the information so furnished.

“Safe harbor” statement under the Private Securities Litigation Reform Act of 1995:

Certain statements in this report, 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 report 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 report. 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, 2025, as may be updated or supplemented by subsequent 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 report. Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this report as a result of new information, future events, or changes in the Company’s expectations.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number		Description
99.1		Press Release, dated March 17, 2026, of Neuronetics, Inc.
99.2		Company Presentation March 2026
99.3		Press Release, dated March 17, 2026, of Neuronetics, Inc.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

				NEURONETICS, INC.
				(Registrant)
Date: March 17, 2026				By:		/s/ Steven E. Pfanstiel
				Name:		Steven E. Pfanstiel
				Title:		EVP, Chief Financial Officer and Treasurer

Exhibit 99.1

Neuronetics Reports Fourth Quarter and Full Year 2025 Financial and Operating Results

Total revenue of $41.8 million in Q4 2025, up 86% as reported and 23% on an adjusted pro forma basis versus Q4 2024

Greenbrook clinic revenue of $23.5 million in Q4 2025, up 428% as reported and 37% on an adjusted pro forma basis versus Q4 2024

Continued cash management improvement, with cash provided by operations of $0.9 million in Q4 2025

Expect full year 2026 revenue of between $160 million and $166 million

Dan Reuvers appointed as President and Chief Executive Officer, effective March 23, 2026; proven medical device leader with more than 30 years of experience scaling commercial healthcare businesses

MALVERN, PA., March 17, 2026 – 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 its financial and operating results for the fourth quarter and full year of 2025.

Fourth Quarter 2025 Highlights

• Fourth quarter 2025 revenue of $41.8 million, up 86% as reported and 23% on an adjusted pro forma basis as compared to the fourth quarter 2024

• Greenbrook clinic revenue of $23.5 million, up 428% as reported and 37% on an adjusted pro forma basis as compared to the fourth quarter 2024

• U.S. NeuroStar Advanced Therapy System revenue of $4.4 million, shipping 49 systems

Full Year 2025 Highlights

• Full year revenue of $149.2 million, up 99% as reported and 15% on an adjusted pro forma basis as compared to the full year 2024

• Greenbrook clinic revenue of $87.0 million, up 1,857% as reported and 28% on an adjusted pro forma basis as compared to the full year 2024

• U.S. NeuroStar Advanced Therapy System revenue of $14.3 million, shipping 161 systems

Recent Operational Highlights

• Appointed Dan Reuvers as President and Chief Executive Officer, effective March 23, 2026

• Advanced collaboration with Compass Pathways on COMP360 psilocybin for Treatment Resistant Depression

• Expanded TRICARE West coverage now includes adolescents aged 15+ struggling with depression

• Achieved milestone of over 237,000 global patients treated with over 8 million treatment sessions

“A year ago, we set out to build a vertically integrated mental health company, and I am proud of what this team delivered. Our Greenbrook clinics drove significant revenue growth as operational and commercial initiatives took hold across the network, and our NeuroStar business finished the year with solid momentum in both system sales and treatment utilization,” said Keith Sullivan, President and Chief Executive Officer of Neuronetics. “We exited the year with positive operating cash flow in the fourth quarter, a direct result of this team’s focus on growth, operational discipline, and cash collection throughout 2025.”

Keith Sullivan continued, “The platform we have built is now opening doors that neither company could pursue alone. Our collaboration with Compass Pathways on COMP360 psilocybin is a great example. We already serve a large treatment-resistant depression population across Greenbrook and have a proven playbook for launching clinic-based treatments, positioning us to lead as new modalities come to market. We are entering 2026 with real momentum, clear growth opportunities, and confidence. I’m pleased to welcome Dan Reuvers as our next President and CEO, and I’m confident his proven leadership in building and scaling commercial healthcare businesses makes him the right person to lead Neuronetics in its next chapter of growth.”

Fourth Quarter 2025 Financial and Operating Results for the Three Months Ended December 31, 2025

		Revenues by Geography Three Months Ended December 31,
		2025				2024
		Amount				Amount				% Change
		(in thousands, except percentages)
U.S.		$	40,661			$	21,642				88	%
International			1,116				851				31	%
Total revenues		$	41,777			$	22,493				86	%

Total revenue for the three months ended December 31, 2025 was $41.8 million, an increase of 86% compared to revenue of $22.5 million in the fourth quarter of 2024, primarily driven by the acquisition of Greenbrook TMS Inc. (“Greenbrook”). During the quarter, total U.S. revenue increased by 88% and international revenue increased 31% over the fourth quarter of 2024. The increase in revenue was primarily attributable to the increase in clinic revenue of $19.0 million, added as a result of the acquisition of Greenbrook in December 2024, and an increase in international revenue of $0.3 million.

		U.S. Revenues by Product Category Three Months Ended December 31,
		2025				2024
		Amount				Amount				% Change
		(in thousands, except percentages)
NeuroStar Advanced Therapy System		$	4,421			$	3,849				15	%
Treatment sessions			12,391				12,858				(4	)%
Clinic revenue			23,486				4,445				428	%
Other			363				490				(26	)%
Total U.S. revenues		$	40,661			$	21,642				88	%

U.S. NeuroStar Advanced Therapy System revenue for the three months ended December 31, 2025 was $4.4 million, an increase of 15% compared to $3.8 million in the fourth quarter of 2024. For the three months ended December 31, 2025, the Company shipped 49 systems.

U.S. treatment session revenue for the three months ended December 31, 2025 was $12.4 million, a decrease of 4% compared to $12.9 million in the fourth quarter of 2024. The decline was primarily attributable to the absence of $1.2 million in treatment session revenue from Greenbrook. On a pro forma basis, U.S. treatment session revenue increased 6% compared to $11.7 million in the fourth quarter of 2024.

Clinic revenue, which represents revenue generated by treatment centers from the Greenbrook acquisition, was $23.5 million for the three months ended December 31, 2025. On an adjusted pro forma basis, clinic revenue increased 37% compared to the fourth quarter of 2024.

Gross margin for the fourth quarter of 2025 was 52.0% compared to the fourth quarter of 2024 gross margin of 66.2%. The decrease in gross margin was primarily a result of the inclusion of Greenbrook’s clinic business.

Operating expenses during the fourth quarter of 2025 were $26.7 million, an increase of $0.4 million, or 1.4%, compared to $26.4 million in the fourth quarter of 2024, mainly attributable to inclusion of Greenbrook’s expenses, partially offset by a reduction in research and development.

Net loss for the fourth quarter of 2025 was $(7.2) million, or $(0.10) per share, as compared to $(12.7) million, or $(0.34) per share, in the fourth quarter of 2024. Net loss per share was based on 68,756,498 and 36,854,705 weighted average common shares outstanding for the fourth quarters of 2025 and 2024, respectively.

Full Year Financial and Operating Results

		Revenues by Geography Year ended December 31,
		2025				2024
		Amount				Amount				% Change
		(in thousands, except percentages)
U.S.		$	146,048			$	72,488				101	%
International			3,109				2,402				29	%
Total revenues		$	149,157			$	74,890				99	%

Total revenues increased by $74.3 million, or 99%, from $74.9 million for the year ended December 31, 2024 to $149.2 million for the year ended December 31, 2025, primarily driven by the acquisition of Greenbrook. During the year, total U.S. revenue increased by 101% and international revenue increased 29% over 2024. The increase in revenue was primarily attributable to increased clinic revenue of $82.5 million, added as a result of the acquisition of Greenbrook in December 2024 and an increase in international revenue of $0.7 million, partially offset by the absence of prior year sales to Greenbrook of $8.8 million and a decrease of $0.1 million in all other revenues.

		U.S. Revenues by Product Category Year ended December 31,
		2025				2024
		Amount				Amount				% Change
		(in thousands, except percentages)
NeuroStar Advanced Therapy System			$14,259			$	15,267				(7	)%
Treatment sessions			43,319				50,832				(15	)%
Clinic revenue			86,977				4,445				1,857	%
Other			1,493				1,944				(23	)%
Total U.S. revenues		$	146,048			$	72,488				101	%

U.S. NeuroStar Advanced Therapy System revenue for year ended December 31, 2025 was $14.3 million a decrease of 7% compared to $15.3 million in the year 2024. For the year ended December 31, 2025, the Company shipped 161 systems. The reduction in system revenue in 2025 was in line with our focus on strategic higher volume accounts.

U.S. treatment session revenue for the year ended December 31, 2025 was $43.3 million, a decrease of 15% compared to $50.8 million in the year 2024. The decline was primarily attributable to the absence of $8.2 million in treatment session revenue from Greenbrook. On a pro forma basis U.S. treatment session revenue increased 1.7% compared to $42.6 million in the year 2024.

Clinic revenue, which represents revenue generated by treatment centers from the Greenbrook acquisition, was $87.0 million for the year ended December 31, 2025. On an adjusted pro forma basis, clinic revenue increased 28% compared to full year 2024.

Gross margin for the full year 2025 was 48.5% compared to 72.3% in 2024. The decrease in gross margin was primarily a result of the inclusion of Greenbrook’s clinic business.

Operating expenses during the full year 2025 were $103.7 million, an increase of $15.0 million, or 16.9%, compared to $88.7 million in the year 2024, mainly attributable to inclusion of Greenbrook associated expenses, partially offset by savings in general, administrative, sales and marketing expenses.

Net loss for the year of 2025 was $(39.1) million, or $(0.59) per share, as compared to $(43.7) million, or $(1.38) per share, in 2024. Net loss per share was based on 65,951,236 and 31,733,568 weighted average common shares outstanding for 2025 and 2024, respectively.

As of December 31, 2025, the Company held $34.1 million in total cash, consisting of cash and cash equivalents of $28.1 million and $6.0 million of restricted cash, which is compared to $19.5 million as of December 31, 2024. Cash provided by operations for the fourth quarter was $0.9 million, representing a continued improvement in operating cash flow and validating the operational initiatives implemented during the year.

In March 2026, Neuronetics amended its agreement with Perceptive Advisors LLC (Perceptive), which reduces the Company’s total outstanding debt obligation and ongoing interest expense. Under the amendment, Neuronetics made a one-time principal payment of $5.0 million in March 2026, and Neuronetics and Perceptive agreed to adjustments to the existing covenants.

Appointment of New Chief Executive Officer

The Company announced the appointment of Dan Reuvers as President and Chief Executive Officer, effective March 23, 2026. Mr. Reuvers brings more than 30 years of medical device leadership experience, most recently serving as President and CEO of Tactile Medical (Nasdaq: TCMD), where he grew revenue while delivering record earnings and cash flow.

Compass Pathways Collaboration

The Company continues to advance its collaboration with Compass Pathways on COMP360 psilocybin, a potentially transformational new treatment for treatment-resistant depression. Compass has completed two Phase 3 studies demonstrating clinically meaningful and durable improvement through at least 26 weeks after just one or two doses, and plans to submit an NDA with the potential for an FDA decision by year-end.

“With approximately 4 million treatment resistant depression patients in the U.S., the need for new, effective treatments remains enormous. We believe by adding new modalities to our platform we will be able to help more patients in need. The Phase 3 results for COMP360 are an exciting development in this space, and our collaboration with Compass gives us an exciting potential path to offer another differentiated treatment across our national clinic network.” said Dr. Geoffrey Grammer, Chief Medical Officer of Neuronetics.

TRICARE West Expands Coverage for TMS Therapy, Including NeuroStar Advanced Therapy, to Treat Adolescents with Depression

TRICARE West has expanded coverage for transcranial magnetic stimulation (“TMS”) therapy to include adolescents aged 15 and older diagnosed with depression, marking a significant step forward in access to non-drug mental health treatment for military families. Effective immediately across 26 states, the policy update enables eligible TRICARE beneficiaries to receive FDA-cleared, evidence-based TMS therapy as a treatment option during a critical stage of emotional development. The decision underscores growing recognition of the need for innovative, safe, and effective alternatives to medication for adolescents facing major depressive disorder.

Business Outlook

For the first quarter of 2026, the Company expects total worldwide revenue between $33.0 million and $35.0 million.

For the full year 2026, Neuronetics expects:

• Total Revenue: $160 million to $166 million

• Gross Margin: 47% to 49%

• Operating Expenses: $100 million to $105 million, inclusive of approximately $8.5 million of non-cash stock-based compensation

• Operating Cash Flow: $(13) million to $(17) million

The Company anticipates a reduction in operating expense in the second half of 2026 as a result of on-going efficiency initiatives and associated investments. By the fourth quarter of 2026, operating expenses are projected to be less than $100 million on an annualized basis.

Operating cash flow is expected to improve significantly throughout the year, driven by revenue growth, cost reduction, and continued working capital improvements.

Webcast and Conference Call Information

The conference call will be broadcast live in listen-only mode via webcast at https://edge.media-server.com/mmc/p/t8xxgfnr. To listen to the conference call on your telephone, participants may register for the call here. While it is not required, it is recommended you join 10 minutes prior to the event start.

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 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 and associated treatment sessions to customers, Neuronetics operates Greenbrook TMS Inc. (Greenbrook) treatment centers across the United States, offering NeuroStar Advanced Therapy for the treatment of MDD and other mental health disorders. NeuroStar Advanced Therapy is the leading TMS treatment for MDD in adults, with over 8 million treatments delivered, and is backed by the largest clinical data set of any TMS treatment system for depression, including the world’s largest depression outcomes registry. Greenbrook treatment centers also offer SPRAVATO^® (esketamine) Nasal Spray, a prescription medicine indicated for the treatment of treatment-resistant depression (TRD) in adults as monotherapy or in conjunction with an oral antidepressant. It is also indicated for depressive symptoms in adults with major depressive disorder (MDD) with acute suicidal ideation or behavior in conjunction with an oral antidepressant.¹ Greenbrook has provided more than 2 million treatments to over 60,000 patients struggling with depression.

The NeuroStar Advanced Therapy System is cleared by the U.S. Food and Drug Administration for adults with MDD, as an adjunct for adults with obsessive-compulsive disorder, to decrease anxiety symptoms in adult patients with MDD that may exhibit comorbid anxiety symptoms (anxious depression), and as a first line adjunct for the treatment of MDD in adolescent patients aged 15-21. For safety information and indications for use, visit NeuroStar.com.

“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 of 1933, as amended (the “Securities Act”), Section 21E of the Securities Exchange Act of 1934, as amended, 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 2025, 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 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; our ability to obtain and maintain intellectual property protection for our technology; 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; and our self-sustainability and existing cash balances. 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, 2025, as may be updated or supplemented by subsequent 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

NeuroStar@evolvemkd.com

NEURONETICS, INC.

Consolidated Statements of Operations

(In thousands, except per share data)

		Three Months ended December 31,								Year ended December 31,
		2025				2024				2025				2024
Revenues
Products and other		$	18,291			$	18,048			$	62,180			$	70,445
Services			23,486				4,445				86,977				4,445
Total Revenue			41,777				22,493				149,157				74,890
Cost of revenues
Products and other			4,396				4,387				16,464				17,516
Services			15,677				3,213				60,385				3,213
Total Cost of revenues			20,073				7,600				76,849				20,729
Gross profit			21,704				14,893				72,308				54,161
Operating expenses:
Sales and marketing			11,743				9,811				47,458				45,631
General and administrative			13,338				10,782				49,702				30,322
Research and development			1,666				5,772				6,584				12,771
Total operating expenses			26,747				26,365				103,744				88,724
Loss from operations			(5,043	)			(11,472	)			(31,436	)			(34,563	)
Other (income) expense:
Interest expense			2,318				1,757				8,415				7,286
Loss on extinguishment of debt			—				—				—				4,427
Other income, net			(155	)			(548	)			(716	)			(2,549	)
Net loss		$	(7,206	)		$	(12,681	)		$	(39,135	)		$	(43,727	)
Less: Net loss attributable to non-controlling interest			(48	)			19				(137	)			(19	)
Net loss attributable to Neuronetics stockholders’			(7,158	)			(12,662	)			(38,998	)			(43,708	)
Net loss per share of common stock outstanding, basic and diluted attributable to Neuronetics stockholders’		$	(0.10	)		$	(0.34	)		$	(0.59	)		$	(1.38	)
Weighted average common shares outstanding, basic and diluted			68,756				36,855				65,951				31,734

NEURONETICS, INC.

Consolidated Balance Sheets

(In thousands, except per share data)

		December 31, 2025				December 31, 2024
Assets
Current assets:
Cash and cash equivalents		$	28,134			$	18,459
Restricted cash			6,000				1,000
Accounts receivable, net of allowance of credit losses for $1,043 and $1,930 as of December 31, 2025 and December 31, 2024, respectively			16,469				23,355
Inventory			4,327				4,248
Current portion of net investments in sales-type leases			225				206
Current portion of prepaid commission expense			3,050				3,078
Current portion of note receivables			424				930
Prepaid expenses and other current assets			2,922				6,846
Total current assets			61,551				58,122
Property and equipment, net			4,466				6,242
Goodwill			23,622				18,634
Intangible assets, net			18,149				19,606
Operating lease right-of-use assets			23,560				27,093
Net investments in sales-type leases			98				86
Prepaid commission expense			7,972				8,902
Long-term notes receivable			151				295
Other assets			1,982				1,923
Total assets		$	141,551			$	140,903
Liabilities and Equity			—
Current liabilities:			—
Accounts payable		$	10,739			$	11,077
Accrued expenses			12,316				12,818
Current portion of deferred revenue			753				974
Deferred and contingent consideration			500				1,000
Other payables			652				605
Current portion of operating lease liabilities			5,561				4,791
Total current liabilities			30,521				31,265
Long-term debt, net			65,807				55,151
Deferred revenue			48				2
Operating lease liabilities			18,935				22,686
Total liabilities			115,311				109,104
Commitments and contingencies
Equity:
Preferred stock, $0.01 par value: 10,000 shares authorized; no shares issued or outstanding on December 31, 2025 and 2024			—				—
Common stock, $0.01 par value: 250,000 shares authorized; 68,994 and 55,679 shares issued and outstanding on December 31, 2025 and 2024, respectively			690				557
Additional paid-in capital			480,475				446,938
Accumulated deficit			(458,787	)			(419,789	)
Total Stockholders’ equity			22,378				27,706
Non-controlling interest			3,862				4,093
Total equity			26,240				31,799
Total liabilities and equity		$	141,551			$	140,903

NEURONETICS, INC.

Consolidated Statements of Cash Flows

(In thousands)

		Year ended December 31,
		2025				2024
Cash flows from Operating activities:
Net loss		$	(39,135	)		$	(43,727	)
Adjustments to reconcile net loss to net cash used in operating activities:							—
Depreciation and amortization			3,465				2,073
Capitalized Software impairment			—				3,956
Allowance for credit losses			587				2,055
Inventory impairment			388				626
Share-based compensation			6,848				5,602
Non-cash interest expense			824				771
Cost of rental units purchased by customers			—				—
Loss on extinguishment of debt			—				4,427
Loss on disposal of property and equipment			72				28
Changes in certain assets and liabilities:							—
Accounts receivable, net			3,541				(3,727	)
Inventory			(395	)			3,150
Net investments in sales-type leases			(31	)			997
Prepaid commission expense			958				(1,096	)
Prepaid expenses and other assets			4,674				(1,155	)
Accounts payable			(1,750	)			(1,985	)
Accrued expenses			(502	)			(2,083	)
Other liabilities			257				(66	)
Deferred revenue			(175	)			(843	)
Net Cash used in Operating activities			(20,374	)			(30,997	)
Cash flows from Investing activities:							—
Purchases of property and equipment and capitalized software			(801	)			(1,466	)
Cash paid for acquisition, net of cash and restricted cash acquired			—				(2,553	)
Repayment of notes receivable			—				1,606
Net Cash used in Investing activities			(801	)			(2,413	)
Cash flows from Financing activities:
Payments of debt issuance costs			(168	)			(2,624	)
Proceeds from issuance of long-term debt			10,000				57,479
Repayment of promissory note			(211	)			—
Repayment of deferred and contingent consideration			(500	)			—
Proceeds from issuance of warrants			—				2,521
Repayment of long-term debt			—				(60,000	)
Payment for debt extinguishment cost			—				(4,185	)
Proceeds from the issuance of common stock			20,700				—
Payments of common stock offering issuance costs			(1,731	)			—
Proceeds from issuance of common stock under ATM Program			8,313				—
Payments of common stock offering issuance costs under ATM Program			(472	)			—
Distribution to non-controlling interest			(94	)			—
Proceeds from exercises of stock options			13				1
Net Cash provided by (used in) Financing activities			35,850				(6,808	)
Net increase (decrease) in Cash, Cash equivalents and Restricted cash			14,675				(40,218	)
Cash, Cash equivalents and Restricted cash, Beginning of Period			19,459				59,677
Cash, Cash equivalents and Restricted cash, End of Period		$	34,134			$	19,459
Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheet:
Cash and cash equivalents			28,134				18,459
Restricted cash and cash equivalents			6,000				1,000
Total cash, cash equivalents and restricted cash		$	34,134			$	19,459

Non-GAAP Financial Measures (Unaudited)

EBITDA is not a measure of financial performance under generally accepted accounting principles in the U.S. (“GAAP”), and should not be construed as a substitute for, or superior to, GAAP net loss. However, management uses both the GAAP and non-GAAP financial measures internally to evaluate and manage the Company’s operations and to better understand its business. Further, management believes that the addition of the non-GAAP financial measures provides meaningful supplementary information to, and facilitates analysis by, investors in evaluating the Company’s financial performance, results of operations and trends. The Company’s calculation of EBITDA may not be comparable to similarly designated measures reported by other companies, because companies and investors may differ as to what type of events warrant adjustment.

The following table reconciles reported net loss to EBITDA:

		Three Months ended December 31,				Year ended December 31,
		2025				2024				2025				2024
		(in thousands)				(in thousands)
Net loss		$	(7,206	)		$	(12,681	)		$	(39,135	)		$	(43,727	)
Interest expense, net			2,163				1,209				7,699				4,737
Income taxes			—				—				—				—
Depreciation and amortization			767				442				3,465				2,152
EBITDA		$	(4,276	)		$	(11,030	)		$	(27,971	)		$	(36,838	)

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				Twelve Months ended December 31, 2024
		(in thousands)				(in thousands)
Neuronetics		$	18,048			$	70,445
Greenbrook			18,004				75,496
Intercompany revenue			(1,272	)			(8,831	)
Total Pro forma			34,780				137,110
Adjusted for clinic closures			(839	)			(7,673	)
Adjusted Pro forma Revenue		$	33,941			$	129,437

		Three Months ended December 31, 2024				Twelve Months ended December 31, 2024
		(in thousands)				(in thousands)
Neuronetics Treatment sessions		$	12,858			$	50,832
Intercompany Treatment sessions			(1,172	)			(8,248	)
Total Pro forma Treatment sessions			11,686				42,584

References

1 The effectiveness of SPRAVATO^® in preventing suicide or in reducing suicidal ideation or behavior has not been demonstrated. Use of SPRAVATO^® does not preclude the need for hospitalization if clinically warranted, even if patients experience improvement after an initial dose of SPRAVATO^®. For more important safety information about SPRAVATO^®, please visit spravatohcp.com.

COMPANY PRESENTATION NASDAQ: STIM March 2026 Exhibit 99.2

Forward Looking Statements This presentation contains estimates and other statistical data prepared by independent parties and by Neuronetics, Inc. (“Neuronetics” or the “Company”) relating to market size and growth and other data about the industry in which the Company operates. These estimates and data involve a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates and data. Certain statements in this presentation, including the documents incorporated by reference herein, include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), Section 21E of the Securities Exchange Act of 1934, as amended, 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 presentation 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 presentation. These risks and uncertainties include, without limitation, risks and uncertainties related to: the effect of the transaction with Greenbrook TMS Inc. (“Greenbrook”) 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; our ability to obtain and maintain intellectual property protection for our technology; 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; and our self-sustainability and existing cash balances. For a discussion of these and other related risks, please refer to the Company’s recent filings with the U.S. Securities and Exchange Commission (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 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 presentation. Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this presentation as a result of new information, future events, or changes in the Company’s expectations.

Non-GAAP Financial Measures In addition to financial measures prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), from time to time we may use or publicly disclose certain non-GAAP financial measures in the course of our financial presentations, earnings releases, earnings conference calls, and otherwise. For these purposes, the SEC defines a non-GAAP financial measure as a numerical measure of historical or future financial performance, financial positions, or cash flows that (i) exclude amounts, or is subject to adjustments that effectively exclude amounts, included in the most directly comparable measure calculated and presented in accordance with GAAP in financial statements, and (ii) include amounts, or is subject to adjustments that effectively include amounts, that are excluded from the most directly comparable measure so calculated and presented. Non-GAAP financial measures are provided as additional information to investors to provide an alternative method for assessing our financial condition and operating results. We believe that these non-GAAP measures, when taken together with our GAAP financial measures, allow us and our investors to better evaluate our performance and profitability. These measures are not in accordance with, or a substitute for, GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies. These measures should be used in addition to and in conjunction with results presented in accordance with GAAP, and should not be relied upon to the exclusion of GAAP financial measures. Pursuant to the requirements of Regulation G, whenever we refer to a non-GAAP financial measure, we will also generally present, the most directly comparable financial measure calculated and presented in accordance with GAAP, along with a reconciliation of the differences between the non-GAAP financial measure we reference with such comparable GAAP financial measure.

40+ years of experience Keith Sullivan President & Chief Executive Officer Presenters Steven Pfanstiel EVP, Chief Financial Officer & Treasurer 20+ years of experience

STRONGER together 237,574 Unique Patients Treated 8,543,702 Treatments Administered $149M Annual Revenue (2025) Two of the nation’s largest mental health and device companies are now combined to create an organization with the ability to leverage its scale and capabilities to treat more patients suffering from mental health conditions (1) Neuronetics, Inc. internal estimate based on the Company’s data on total treatment sessions and patients treated.

A Diversified Business Model with Strategic Advantages from the Company’s Combined Expertise NeuroStar Market Leader in Transcranial Magnetic Stimulation (TMS) Greenbrook Mental Health Services Provider Large Network of Clinics Offer New Paradigms for Treating Depression Established and Growing Network of Referring Physicians Centralized, Scalable Business Infrastructure Patient Focused Service Superior Clinical Results: Long-Term Relief for Depression Widely Reimbursed Proven Formula for Practice Success Top Tier Training and Best Practices Comprehensive Direct Sales and Support Team Neuronetics is now a vertically integrated organization providing greater access to mental health treatments through our collective expertise

Stronger Commercial Footprint & Opportunity Together Greenbrook Total Amount of Patients Treated 62,197 Patients 2.1M treatments Together, with Better Me Provider (BMP) practices… we have over 420 BMP clinics in 46 states Greenbrook Locations: Operating 93 Treatment Clinics in 15 States

A Compelling Business Combination Combines one of the U.S.’s most utilized therapeutic platforms for the treatment of MDD with one of the largest service providers to renew even more lives Large patient population best served by managing the therapeutic paradigm Multiple initiatives in place to drive accelerated growth across the organization Operational focus and efficiency efforts driving continued cost savings and cash flow improvement Transformed financial profile adds scale and supportive balance sheet Continued strong revenue growth in 2026; preparing for the potential of psychedelics The NEW

Senior Leadership Keith Sullivan Rob Cascella Board Chairman Management Team Board of Directors Sheryl Conley Glenn Muir Steven Pfanstiel EVP, Chief Financial Officer & Treasurer Megan Rosengarten Keith Sullivan President & CEO Cory Anderson SVP, Chief Technology Officer Lisa Metzner-Rosas SVP, Chief Marketing Officer Avinash Amin, MD Sasha Cucuz Jeff Jones SVP, Chief of Operations Andrew Macan EVP, GC & Chief Compliance Officer

Over 29 Million Lives Affected by Depression and OCD U.S. Adults and Adolescents (ages 15-21) suffering from depression, depression with anxiety and OCD Total Available Market 29.3 million Nearly 8 million patients are poorly served by antidepressant medication Lack of Treatment Efficacy Intolerable Side Effects Adult Depression (MDD) 21 million suffering1 6.4 million on medication1,2,3 Anxious Depression 53% of MDD patients have significant anxiety6 Adolescent Depression 4.3 million suffering4 1 million on medications5 OCD 4 million suffering7 235k on medication8 New indication: 35% increase in addressable market (1) NIMH https://www.nimh.nih.gov/health/statistics/major-depression.shtml, accessed 4/29/2024. (2) Per STAR*D patients that have failed one or more antidepressant trial of adequate dose and duration. (3) Journal of Clinical Psychiatry, accessed 3/7/2022. (4) Depression- Pharma Intelligence Disease Analysis, www.datamonitorhealthcare.com, Publication Date: June 2021. (5) Key Substance Use and Mental Health Indicators in the United States: Results from the 2017 National Survey on Drug Use and Health. (6) Kalin N, The Critical Relationship Between Anxiety and Depression, Am J Psychiatry 2020; 177:365–367; doi: 10.1176/appi.ajp.2020.20030305. (7) Harvard Medical School, 2007. National Comorbidity Survey (NCSSC). (8) Definitive Health Diagnosis/Prescription Data: 3/25/22.

Patients Medication Management Medical Technology Psychotherapy Interventional Medication Our Combined Company is Positioned to Capitalize on Innovations in the Mental Health Space

#1 Physician Recommended TMS We’re inspired every day by the opportunity to help people live more fulfilling lives Market Leader in TMS1 Over 8.2 million treatment sessions performed on over 223,000 patients Robust R&D Pipeline 3rd generation system. Largest clinical dataset in the world to drive new indications Widely Reimbursed Dedicated to Practice Success Largest direct sales and customer support team in the industry to support over 1,100 U.S. offices1 Dedicated to driving health policy to ensure broad U.S. reimbursement among commercial and government payors (1) NeuroStar internal estimate based on NeuroStar’s data on treatment sessions and patients treated.

Proven, Long-Term Relief for MDD1 (1) Dunner DL, et al. (2014). J Clin Psychiatry. 75(12):1394-1401. (2) Sackeim HA, et al. (2020) J. Affect. Disord. 277:65-74. Based on a real-world, retrospective study using CGI-S and a sample size of 615 patients. Real-World Clinical Results for Patients with MDD2 83% Improvement in depression symptoms1 62% Symptom relief (remission)1 Clinically Proven Durability through 12 Months1

As the Market Leader, NeuroStar is Revolutionizing Mental Health with Industry’s First Adolescent Indication 1st to Market 1st Line Treatment NeuroStar is the first FDA-cleared TMS treatment for adolescent depression1 For adolescents, NeuroStar can be used as an add-on treatment, without prior medication failures (1) FDA Clearance K231926. As Seen In:

Better Me Program (BMP) Transforms the Lives of More Patients 3x more patients treated in BMP vs. non-BMP1 420+ NeuroStar Clinics are in BMP Program *Clinical evidence demonstrates superior outcomes for patients who complete a course of NeuroStar therapy compared to those who do not complete treatment. However, the actual number of sessions performed is subject to the medical judgment of the prescribing physician. The number of treatment sessions performed is not a selection criteria for entry into the Better Me Guarantee Program and will not be used as a basis to remove a provider from the program. | 1. Data on file, Neuronetics, Inc. Designed to lead the industry in the standards for patient care

With the 5-Standards, Better Me Practices are Quickly Addressing Interested Patients in Need All patient interest in Active BMP Local Consumable Offices; Jul 1, 2025 – Dec 31, 2025 vs. Jan 1-Dec 31, 2023 2x Faster from potential patient interest to MT 2023 (Pre-BMP) 96 days 2H 2025 43 days

NeuroStar University A 2-DAY COURSE HELD AT OUR STATE-OF-THE-ART TRAINING CENTER Practices learn how to achieve better clinical outcomes and market their NeuroStar business, through a combination of instruction and peer to peer learning. Practices that attend NSU consistently outperform practices that do not. In 2025, NSU attendees performed 26% more treatment sessions than the sites that did not attend NSU. *Data does not include Greenbrook or inactive sites – through 12/31/2025 Since NSU opened in Q3 2022, NSU attendees have started 39% more patients than non-attendees.* NSU Opens Attended NSU Actual Treatment Session Utilization: NSU Attendees vs. Non-Attendees

Partnering with Practices to Build Local Consumer Awareness1 – this one Co-Op Marketing: collaborative effort with practices to increase local patient awareness while sharing advertising costs +19% in new MTs* +24% treatment session utilization* * 2H 2025 data from accounts who participated in Co-Op Q2 2025 and/or Q3 2025. Data on file, Neuronetics, Inc.

SPRAVATO® Program In March 2019, the FDA approved SPRAVATO® (esketamine) nasal spray, in conjunction with an oral antidepressant, for Treatment Resistant Depression in adults and in August 2020, the FDA added a second indication for depressive symptoms in adults with MDD with acute suicidal ideation or behavior SPRAVATO® fills the gap in the treatment paradigm between or before TMS and Electroconvulsive Therapy, providing for a complimentary treatment to TMS, effectively broadening Greenbrook offering to patients Delivered in a two-spray dispenser under supervision from a health care professional as patients self-administer Treatment consists of: Induction (8 treatments) - Twice a week for 4 weeks Taper (4 treatments) - Once a week for 4 weeks Maintenance - Once every one to two weeks for the next year We currently have a total of 84 Treatment Centers now offering SPRAVATO® Further expansion possible, dependent on facility assessment, marketing demand and ROI analyses.

Key Growth Initiatives for Network Clinics Focus on execution, profitable product diversification & expansion Drive growth in 93 clinics through enhanced RAM clinic engagement, leveraging automated referral systems and optimized digital/DTC targeting Fill the gap in treatment paradigm with SPRAVATO® expansion to all locations with Buy & Bill model that increases treatment revenue Standardize operational excellence across our network through comprehensive training, enhanced practice capabilities, and centralized services Expanding the Continuum of Care for Patients Identifying and Educating Patients Consistent Implementation of Best Operation Practices

Key Growth Initiatives for Customer Clinics Expand referral networks for 420+ BMP Clinics to increase patient flow, ~100 additional sites committed to the program Continued implementation of fully optimized digital/DTC investment benefitting patients and BMP practices Centralized call center to help BMP providers manage patient inquires more efficiently (billing and contracts) Patient Education Expand BMP Network Expanding Services to Existing Customers Harnessing the power of our proven programs to help more patients in need

Comprehensive Direct Sales & Customer Support Team Practice Development Managers Area Sales Managers Reimbursement Specialists & Managers Field Service and Technical Support Sales Leaders Regional Account Managers Clinical Training Managers Customer Service Representatives Experienced team dedicated to consistent growth and practice success

Poised to Deliver Strong Growth While Improving Cash Flow FY 2026 Guidance Revenue $160M to $166M (+7% to +11% YoY) 1 Gross Margin Between 47% and 49%1 Operating Expenses $100M - $105M1; includes ~$8.5 million of non-cash stock-based compensation Cash Flow Cash Flow from Operations: $(13)M to $(17)M1 Guidance as issued on March 17, 2026

Financial Overview Neuronetics transforming lives through NeuroHealth

Worldwide Quarterly Revenue1 Q4 2025 Revenue of $41.8M, an 86% increase from Q4 2024 ($ in millions) Guidance ($ in millions) (1) 2024 and 2025 values on an as reported basis and as filed with the SEC for Neuronetics (As Reported)

Results of Operations1 ($ in thousands) ($ in thousands) (1) Actual results as reported and filed with the SEC for Neuronetics (As Reported)

Financial Position ($ in thousands) ($ in thousands)

Worldwide Quarterly Revenue1 Q4 2025 Revenue of $41.8M, a 23% increase from Q4 2024 ($ in millions) Guidance ($ in millions) (1) 2024 revenue is based on Adjusted Pro forma revenue, pro forma revenue adjusted for Greenbrook store closures, per slide 29 (2024 Adjusted Pro Forma)

Non-GAAP Pro Forma and Adjusted Pro Forma Revenue Information (Unaudited) ($ in thousands) 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:

Supplemental Information Neuronetics, Inc.

2024 – 2025 U.S. NeuroStar Treatments1 ($ in millions) (1) 2024 data represents pro-forma results, giving effect to the acquisition of Greenbrook as if the transaction occurred on January 1, 2024, and excludes Greenbrook treatments for all periods reported +11.2% vs. Prior Year

2024 – 2025 U.S. Clinic Appointments1 ($ in millions) 2024 data represents adjusted pro-forma results, giving effect to the acquisition of Greenbrook as if the transaction occurred on January 1, 2024, and adjusted to reflect eliminations related to the closure of certain clinics in 2024. +18.0% vs. Prior Year

Supplemental Financial and Operating Information1 ($ in thousands) (1) Actual results as reported and filed with the SEC for Neuronetics (As Reported)

Supplemental Financial and Operating Information1 ($ in thousands) (1) 2024 revenue is Adjusted Pro forma revenue, pro forma revenue adjusted for Greenbrook store closures, per slide 29 (2024 Adjusted Pro Forma)

FAQ

How did Neuronetics (STIM) perform financially in Q4 2025?

Neuronetics generated $41.8 million in Q4 2025 revenue, up 86% year over year, largely from Greenbrook clinics. U.S. revenue grew 88%, international revenue 31%, and net loss narrowed to $7.2 million from $12.7 million as scale improved despite lower margins.

What were Neuronetics’ full-year 2025 results?

For 2025, Neuronetics reported $149.2 million in revenue, a 99% increase from 2024. Gross margin declined to 48.5% as service revenue expanded, operating expenses reached $103.7 million, and net loss improved to $39.1 million compared with $43.7 million the prior year.

What guidance did Neuronetics (STIM) provide for 2026?

Neuronetics expects 2026 revenue between $160 million and $166 million, implying continued growth. Management projects operating expenses of $100–$105 million and anticipates significantly better operating cash flow as efficiency initiatives and the Greenbrook clinic integration progress through the year.

Who is Neuronetics’ new CEO and what are his terms?

The board appointed Dan Reuvers as President and Chief Executive Officer, effective March 23, 2026. His employment agreement provides a $730,000 initial annual base salary, target bonus equal to 100% of salary, and 1.5 million restricted stock units vesting over three years, plus severance protections.

How did the Greenbrook acquisition affect Neuronetics’ 2025 results?

The Greenbrook acquisition significantly boosted scale, adding $87.0 million of 2025 clinic revenue and driving overall revenue up 99%. It also shifted the mix toward lower-margin services, reducing gross margin from 72.3% to 48.5%, while contributing to higher operating expenses and a larger debt load.

What is Neuronetics’ cash and debt position at year-end 2025?

As of December 31, 2025, Neuronetics held $34.1 million in cash and restricted cash, up from $19.5 million a year earlier. Long-term debt totaled $65.8 million, and in March 2026 the company made a $5.0 million principal payment under an amended agreement with Perceptive Advisors.

What non-GAAP metric does Neuronetics highlight, and what was 2025 EBITDA?

Neuronetics highlights EBITDA as a supplemental non-GAAP metric. For 2025, EBITDA was $(28.0) million, calculated by adding back interest expense, depreciation, amortization, and income taxes to the reported net loss, reflecting improved but still negative underlying earnings power.

Filing Exhibits & Attachments

6 documents

Press Releases

• EX-99.1 EX-99.1 200.3 KB
• EX-99.2 EX-99.2 33.4 KB
• EX-99.3 EX-99.3 15.5 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 2.8 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 16.8 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 10.6 KB