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Neuronetics, Inc. reported first quarter 2026 revenue of $34.5M, up 8% from the same period in 2025, driven mainly by U.S. clinic revenue growth and higher NeuroStar system sales. U.S. clinic revenue rose to $21.5M, a 15% increase, while NeuroStar system revenue grew 13% to $3.2M. Treatment session revenue declined to $9.1M from $9.6M.
Gross margin slipped to 46.9% from 49.2%, but operating expenses fell 6% to $25.1M, narrowing the net loss to $(10.8)M, or $(0.16) per share. Adjusted EBITDA improved to $(6.6)M. Cash and restricted cash totaled $19.0M at March 31, 2026, down from $34.1M at year-end, reflecting a $5.0M debt repayment and operating cash use.
The company highlighted an Optum/UnitedHealthcare policy change allowing psychiatric mental health nurse practitioners to order and administer NeuroStar TMS in 26 states and Washington, D.C., expanding access to about 34.8 million covered lives. For full year 2026, Neuronetics expects revenue of $160–$166M with gross margin between 47–49% and cash flow from operations between $(13)M and $(17)M.
Neuronetics, Inc. insider Jorey Chernett purchased 200,000 shares of Common Stock in open-market transactions. He bought 100,000 shares on April 20 and another 100,000 shares on April 21 at weighted average prices around $1.51–$1.58 per share, executed in multiple trades within stated price ranges. After these purchases, he directly holds 9,978,988 shares of Neuronetics common stock.
Neuronetics, Inc. is asking stockholders to vote at its virtual 2026 annual meeting on May 28, 2026 at 8:00 a.m. Eastern Time. Holders of common stock at 5:00 p.m. Eastern Time on March 30, 2026, when 69,579,508 shares were outstanding, may participate and vote online.
Stockholders are being asked to elect seven directors, ratify KPMG as independent auditor for the year ending December 31, 2026, approve on an advisory basis 2025 compensation for named executive officers, and approve the new 2026 Equity Incentive Plan. The Board has determined that all directors other than the CEO are independent and recommends voting in favor of each proposal.
The proxy describes Board and committee structure, ESG oversight, stock ownership of major holders such as Madryn Asset Management, and detailed executive pay. In 2025, CEO Keith J. Sullivan received total compensation of $4,365,064, including salary, restricted stock awards, and an annual incentive tied to revenue and EBIT performance.
Neuronetics, Inc. shareholder Jorey Chernett, who beneficially owns 9,778,718 shares of common stock, representing 14.12% of the class, has amended his Schedule 13D filing.
On April 6, 2026, Chernett sent a letter to Neuronetics’ Board of Directors calling for an immediate, comprehensive review of strategic alternatives, including a potential sale or separation of the company’s transcranial magnetic stimulation (TMS) business. He argued the current structure and strategy are not maximizing shareholder value and suggested that divesting or separating the TMS business could improve financial flexibility and allow a more focused strategic direction. The letter urges the Board to hire qualified investment bankers and launch a formal strategic review process.
Neuronetics, Inc. announced several corporate updates, including leadership changes and a cost‑reduction initiative. Former President and CEO Keith J. Sullivan entered an Executive Consulting and Release Agreement and will provide consulting services through March 31, 2027 while continuing to vest in his existing equity awards.
The company initiated a workforce reduction affecting up to 5% of employees, expecting about $0.2 million in second‑quarter 2026 restructuring charges and annualized cost savings of roughly $2.5 million to $3.0 million, with most savings beginning in the third quarter of 2026. Executive Vice President, Chief Financial Officer, and Treasurer Steven E. Pfanstiel plans to resign effective May 1, 2026, and a search for his successor is underway.
Neuronetics also issued a press release reaffirming the financial guidance it provided during its fourth quarter 2025 earnings call, indicating that its revenue and expense expectations for fiscal 2026 remain unchanged despite these organizational changes.
Madryn-affiliated funds reallocated Neuronetics, Inc. common stock between related vehicles. Two bona fide gift transfers on July 10, 2025 moved a total of 674,624 shares of common stock for no consideration between Madryn Health Partners II, LP and Madryn Health Partners II (Cayman Master), LP for fund administration purposes.
Following the transfers, one fund held 1,430,953 shares of Neuronetics common stock and the other held 17,044,940 shares. Madryn Asset Management, LP serves as investment advisor to both funds, and related Madryn entities may be deemed beneficial owners, while each reporting person disclaims beneficial ownership beyond its pecuniary interest.
Jorey Chernett filed a Schedule 13D reporting a large stake in Neuronetics, Inc. He beneficially owns 9,778,718 shares of common stock, representing about 14.12% of the 69,276,593 shares outstanding as of March 10, 2026.
The shares were acquired in private transactions using personal funds totaling $19,557,436. Chernett holds sole voting and dispositive power over all reported shares and describes himself as a private investor who believed the stock was undervalued when purchased. He currently has no specific plans for corporate actions but may buy or sell more shares and may engage with management, the board, and other stockholders about strategy, capital structure, governance, or potential business combinations.
Neuronetics, Inc. ten percent owner Jorey Chernett reported an open-market purchase of 385,442 shares of common stock at a weighted average price of $1.25 per share. After this transaction, Chernett directly beneficially owned 9,778,988 shares of Neuronetics common stock.
The shares were acquired in multiple trades at prices ranging from $1.23 to $1.26 per share, calculated on a weighted average basis. The filing also corrects a prior clerical error, noting that the previously reported beneficial ownership had been understated by 270 shares.
Neuronetics, Inc. major shareholder Jorey Chernett reported an open-market purchase of 500,000 shares of Common Stock at a weighted average price of $1.35 per share. The shares were bought in multiple trades between $1.28 and $1.41. Following this transaction, Chernett directly holds 9,393,276 shares.