MALVERN, PA — Neuronetics, Inc. (NASDAQ: STIM) reported significant third-quarter gains, driven by the successful integration of Greenbrook TMS and expanding adoption of its NeuroStar Advanced Therapy System. The company also announced that President and CEO Keith J. Sullivan plans to retire in June 2026, following five years at the helm.
Neuronetics posted total revenue of $37.3 million for the third quarter of 2025, more than doubling results from the same period a year ago and marking an 11 percent increase on an adjusted pro forma basis. U.S. clinic revenue, bolstered by the Greenbrook acquisition, rose 25 percent on an adjusted pro forma basis to $21.8 million. Net loss narrowed to $9.4 million, or $0.13 per share, compared to $13.3 million, or $0.44 per share, in the prior-year quarter.
“We delivered 11 percent revenue growth on an adjusted pro forma basis, with particularly strong performance from our Greenbrook clinics,” said Sullivan. “We’re finding opportunities to improve efficiency across both the Greenbrook clinic network and NeuroStar business, taking advantage of our combined scale to drive progress toward cash flow positivity.”
The company ended the quarter with $34.5 million in total cash, up from $19.5 million at the end of 2024, supported by $10 million in new debt financing from Perceptive Credit Holdings and $7.8 million raised through its at-the-market equity offering. Neuronetics used only $0.8 million in cash from operations during the quarter — a notable improvement reflecting its ongoing cost discipline.
Chairman of the Board Rob Cascella credited Sullivan with reshaping the company through the Greenbrook acquisition, saying, “Keith has been instrumental in transforming Neuronetics. The strategic acquisition of Greenbrook TMS has vertically integrated the company’s value chain and positioned it well for long-term growth.”
Operational momentum also continues on the clinical front. New York State Medicaid recently expanded coverage for transcranial magnetic stimulation (TMS) therapy, including NeuroStar Advanced Therapy, for adults with major depressive disorder — broadening access to more than 5 million members statewide.
Looking ahead, Neuronetics expects fourth-quarter revenue between $40 million and $43 million and full-year revenue of $147 million to $150 million. The company projects gross margin between 47 and 49 percent and continues to target positive cash flow from operations by year’s end.
Neuronetics, headquartered in Malvern, develops noninvasive neurohealth therapies such as its FDA-cleared NeuroStar Advanced Therapy System, which treats depression and other mental health conditions. The company operates both as a medical device manufacturer and as a provider of clinical care through its Greenbrook treatment centers across the United States.
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