Neuronetics, Inc. STIM
Neuronetics, Inc. (the "Company" or "Neuronetics" or the "Registrant") believes that mental health is as important as physical health. As a global leader in neuroscience, the Company is delivering more treatment options to patients and healthcare providers by offering exceptional in-office treatments that produce extraordinary results. The Company's first commercial product, the NeuroStar Advanced Therapy System, is a non-invasive and non-systemic office-based treatment that uses transcranial magnetic stimulation ("TMS"), to create a pulsed, magnetic resonance imaging ("MRI")-strength magnetic field that induces electrical currents designed to stimulate specific areas of the brain associated with mood. The system is cleared by the United States ("U.S.") Food and Drug Administration (the "FDA") to treat adult patients with major depressive disorder ("MDD") who have failed to achieve satisfactory improvement from prior antidepressant medication in the current MDD episode. It is also cleared by the FDA as an adjunct for adults with obsessive-compulsive disorder ("OCD") and for adolescent patients aged 15-21 with MDD. It is also cleared by the FDA to decrease anxiety symptoms in adult patients with MDD that may exhibit comorbid anxiety symptoms (anxious depression). In addition to selling the NeuroStar Advanced Therapy System and associated treatment sessions to customers, we operate Greenbrook treatment centers ("Treatment Centers") across the U.S., offering NeuroStar Advanced Therapy. Greenbrook, a leading provider of mental healthcare services, is a wholly owned subsidiary of the Company. The NeuroStar Advanced Therapy System is safe, clinically effective, reproducible and precise and we believe is supported by the largest clinical data set of any competing TMS system. Treatment Centers also obtain SPRAVATO® to treat adults with treatment-resistant depression or depressive symptoms in adults suffering from MDD with acute suicidal ideation or behavior. We believe we are the market leader in TMS therapy based on the estimated 237,574 global patients treated with over 8.5 million of our treatment sessions through December 31, 2025. We generated revenues of $149.2 million for the year ended December 31, 2025.
Valuation FY2025 figures against the last close
Where the revenue comes from as reported in the latest 10-K
Revenue by segment
- Clinic Service
- Med Device
| Segment | FY2025 | FY2024 |
|---|---|---|
| Clinic Service | $87.0M | $4.4M |
| Med Device | $62.2M | $70.4M |
As the company reported it, from the “SEGMENT INFORMATION - Schedule of Information About Reported Segment (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $149.2M | $74.9M | $71.3M | $65.2M | $55.3M | $49.2M | $62.7M | $52.8M | $40.4M | $34.2M |
| Cost of revenue | $76.8M | $20.7M | $19.6M | $15.5M | $11.7M | $11.6M | $15.4M | $12.4M | $9.6M | $6.6M |
| Gross profit | $72.3M | $54.2M | $51.7M | $49.7M | $43.7M | $37.7M | $47.3M | $40.3M | $30.8M | $27.6M |
| R&D | $6.6M | $12.8M | $9.5M | $9.3M | $7.9M | $9.2M | $13.7M | $8.2M | $7.9M | $8.2M |
| SG&A | $49.7M | $30.3M | $25.4M | $25.5M | $25.6M | $18.2M | $17.5M | $13.7M | $8.6M | $6.9M |
| Total operating expenses | $103.7M | $88.7M | $82.3M | $84.8M | $71.2M | $60.0M | $74.2M | $60.2M | $44.4M | $36.9M |
| Operating income | -$31.4M | -$34.6M | -$30.6M | -$35.1M | -$27.6M | -$22.3M | -$26.9M | -$19.8M | -$13.6M | -$9.3M |
| Interest expense | $8.4M | $7.3M | $5.4M | $4.3M | $4.0M | $4.5M | $3.7M | $3.7M | $2.8M | $1.8M |
| Pre-tax income | — | — | — | — | — | — | -$29.0M | -$24.1M | -$16.1M | -$11.2M |
| Net income | -$39.0M | -$43.7M | -$30.2M | -$37.2M | -$31.2M | -$27.5M | -$29.0M | -$24.1M | -$16.1M | -$11.2M |
| EPS, basic | -0.59 | -1.38 | -1.05 | -1.38 | -1.22 | -1.46 | -1.58 | — | — | — |
| EPS, diluted | -0.59 | -1.38 | -1.05 | -1.38 | -1.22 | -1.46 | -1.58 | -2.69 | -86.34 | -76.95 |
| Shares, diluted (wtd. avg.) | 66.0M | 31.7M | 28.7M | 26.9M | 25.5M | 18.8M | 18.4M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $28.1M | $18.5M | $59.7M | $70.3M | $94.1M | $49.0M | $75.7M | $104.6M | $29.1M | $17.0M |
| Receivables | $16.5M | $23.4M | $15.8M | $13.6M | $7.7M | $7.2M | $6.6M | $5.6M | $4.3M | — |
| Inventory | $4.3M | $4.2M | $8.1M | $8.9M | $6.6M | $3.7M | $2.8M | $2.4M | $2.5M | — |
| Total current assets | $61.6M | $58.1M | $93.8M | $98.8M | $115.3M | $65.0M | $88.5M | $114.5M | $37.0M | — |
| Property, plant and equipment | $4.5M | $6.2M | $2.0M | $2.0M | $1.2M | $730.0K | $1.1M | $1.4M | $1.4M | — |
| Goodwill | $23.6M | $18.6M | — | — | — | — | — | — | — | — |
| Other intangibles | $18.1M | $19.6M | — | — | — | — | — | — | — | — |
| Total assets | $141.6M | $140.9M | $115.8M | $116.9M | $141.2M | $78.7M | $100.2M | $117.0M | $38.9M | — |
| Accounts payable | $10.7M | $11.1M | $4.8M | $2.4M | $4.3M | $3.7M | $4.6M | $3.8M | $2.5M | — |
| Short-term debt | — | — | — | $13.1M | — | — | $11.2M | — | — | — |
| Total current liabilities | $30.5M | $31.3M | $19.8M | $33.2M | $15.7M | $13.7M | $27.7M | $13.6M | $12.0M | — |
| Long-term debt | $65.8M | $55.2M | $59.3M | $22.8M | $35.3M | $34.6M | $19.9M | $30.4M | $29.6M | — |
| Total liabilities | $115.3M | $109.1M | $81.6M | $59.8M | $56.0M | $53.2M | $52.3M | $46.0M | $44.5M | — |
| Retained earnings | -$458.8M | -$419.8M | -$376.1M | -$345.9M | -$308.7M | -$277.5M | -$250.1M | -$221.0M | -$196.9M | — |
| Total equity | $22.4M | $27.7M | $34.2M | $57.1M | $85.2M | $25.5M | $47.9M | $71.0M | -$192.7M | -$177.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$20.4M | -$31.0M | -$32.0M | -$30.7M | -$28.0M | -$28.4M | -$30.5M | -$20.6M | -$11.1M | -$8.5M |
| Depreciation and amortisation | $3.5M | $2.1M | $2.0M | $1.6M | $1.1M | $941.0K | $1.1M | $882.0K | $596.0K | $673.0K |
| Stock-based compensation | $6.8M | $5.6M | $7.3M | $8.7M | $7.9M | $4.4M | $3.4M | $1.7M | $496.0K | $161.0K |
| Capital expenditure | $801.0K | $1.5M | $2.4M | $3.3M | $2.4M | $730.0K | $813.0K | $1.0M | $594.0K | $324.0K |
| Investing cash flow | -$801.0K | -$2.4M | -$1.3M | $6.7M | -$9.8M | -$730.0K | -$813.0K | -$1.0M | -$594.0K | -$324.0K |
| Financing cash flow | $35.9M | -$6.8M | $22.7M | $207.0K | $83.0M | $2.4M | $2.4M | $97.0M | $23.8M | $4.9M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-013997.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $34.2M | $40.4M | $52.8M | $62.7M | $49.2M | $55.3M | $65.2M | $71.3M | $74.9M | $149.2M |
| Gross profit | $27.6M | $30.8M | $40.3M | $47.3M | $37.7M | $43.7M | $49.7M | $51.7M | $54.2M | $72.3M |
| Net income | -$11.2M | -$16.1M | -$24.1M | -$29.0M | -$27.5M | -$31.2M | -$37.2M | -$30.2M | -$43.7M | -$39.0M |
Recent filings and events
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Officer or director change Item 5.02
- Regulation FD disclosure Item 7.01
- Officer or director change Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Officer or director change Item 5.02
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Restructuring or exit costs A restructuring: layoffs, a plant closure, a business being wound down. Item 2.05
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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