olivLaw · US equity research
Neuronetics, Inc. STIM
Surgical & Medical Instruments & Apparatus · SIC 3841 · Vertical: Surgical & Medical Instruments & Apparatus (SIC 3841)
Neuronetics (STIM) develops the NeuroStar system for transcranial magnetic stimulation in treating depression and, through its Greenbrook acquisition, also operates a national network of interventional psychiatry clinics. In the second quarter of 2026 total revenue reached 41.6 million USD, with the Greenbrook share rising, so the integrated clinic plus device model is now the focus.
At the close of 04 Nov 2026, Neuronetics, Inc. (STIM) stock was 2.71 USD (+19.69% on the day), with market capitalisation 206.1 m USD, beta 1.83, 52-week range 1.18–3.30 USD. Latest reported quarter (Q2 2026): revenue of 41.6 m USD (+9.1% YoY), net income of -3.4 m USD, diluted EPS -0.05 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 64.2
- strong (55–70)
- Bollinger (20, 2)
- 1.75 – 2.51
- above the upper band · %B 1.26 · band width 35.7%
- SMA 50 / 200
- 2.49 / 1.88
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.08
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +23.0% | −2.0% | +24.9 pp | — |
| 3 months | +15.1% | −2.2% | +17.3 pp | — |
| 6 months | +41.6% | +4.3% | +37.4 pp | — |
| Year to date | +96.0% | +10.6% | +85.4 pp | — |
| 1 year | −5.7% | +10.5% | −16.2 pp | −43.3% |
| 3 years | +93.2% | +73.7% | +19.5 pp | −7.7% |
| 5 years | −49.7% | +61.7% | −111.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 18.5 m | 22.5 m | 32.0 m | 38.1 m | 37.3 m | 41.8 m | 34.5 m | 41.6 m |
| Cost of revenue | 4.5 m | 7.6 m | 16.2 m | 20.4 m | 20.2 m | 20.1 m | 18.3 m | 20.3 m |
| Gross profit | 14.0 m | 14.9 m | 15.7 m | 17.8 m | 17.1 m | 21.7 m | 16.2 m | 21.2 m |
| Research & development | 2.4 m | 5.8 m | 1.6 m | 1.8 m | 1.5 m | 1.7 m | 1.4 m | 1.3 m |
| Operating income | -7.7 m | -11.5 m | -11.0 m | -8.1 m | -7.3 m | -5.0 m | -9.0 m | -1.5 m |
| Depreciation & amortisation | 500.0 k | 446.0 k | 911.0 k | 500.0 k | 500.0 k | 767.0 k | 745.0 k | 400.0 k |
| Interest expense | 1.7 m | 1.8 m | 1.9 m | 2.0 m | 2.2 m | 2.3 m | 2.3 m | 2.1 m |
| Net income | -13.3 m | -12.7 m | -12.7 m | -10.1 m | -9.0 m | -7.2 m | -10.8 m | -3.4 m |
| Diluted EPS | -0.44 | -0.34 ≈ | -0.21 | -0.15 | -0.13 | -0.10 ≈ | -0.16 | -0.05 |
| Operating cash flow | -5.4 m ≈ | -8.6 m | -17.0 m | -3.5 m ≈ | -785.0 k ≈ | 908.0 k | -9.4 m | -1.0 m ≈ |
| Capex | 386.0 k ≈ | 89.0 k | 219.0 k | 252.0 k ≈ | 114.0 k ≈ | 216.0 k | 197.0 k | 417.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 52.8 m | 62.7 m | 49.2 m | 55.3 m | 65.2 m | 71.3 m | 74.9 m | 149.2 m |
| Revenue YoY | +30.5% | +18.7% | −21.4% | +12.3% | +17.9% | +9.4% | +5.0% | +99.2% |
| Net income | -24.1 m | -29.0 m | -27.5 m | -31.2 m | -37.2 m | -30.2 m | -43.7 m | -39.0 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | -1.58 | -1.46 | -1.22 | -1.38 | -1.05 | -1.38 | -0.59 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -45.7% | -46.4% | -55.7% | -56.4% | -57.0% | -42.3% | -58.4% | -26.1% |
| Free cash flow | -21.6 m | -31.3 m | -29.1 m | -30.3 m | -34.0 m | -34.4 m | -32.5 m | -21.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 28.1 m USD
- Financial debt
- 65.8 m USD
- Net debt
- 37.7 m USD
- Equity
- 26.2 m USD
- Total assets
- 141.6 m USD
- Debt / equity
- 2.51x
- Current ratio
- 2.02x
- ROE
- -134.4%
- ROA
- -27.6%
- FCF margin
- -14.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 49.2 m | 55.3 m | 65.2 m | 71.3 m | 74.9 m | 149.2 m | SEC (XBRL)· 17 Mar 2026verified |
| Cost of revenue | 11.6 m | 11.7 m | 15.5 m | 19.6 m | 20.7 m | 76.8 m | SEC (XBRL)· 17 Mar 2026verified |
| Gross profit | 37.7 m | 43.7 m | 49.7 m | 51.7 m | 54.2 m | 72.3 m | SEC (XBRL)· 17 Mar 2026verified |
| Research & development | 9.2 m | 7.9 m | 9.3 m | 9.5 m | 12.8 m | 6.6 m | SEC (XBRL)· 17 Mar 2026verified |
| Operating income | -22.3 m | -27.6 m | -35.1 m | -30.6 m | -34.6 m | -31.4 m | SEC (XBRL)· 17 Mar 2026verified |
| Depreciation & amortisation | 941.0 k | 1.1 m | 1.6 m | 2.0 m | 2.1 m | 3.5 m | SEC (XBRL)· 17 Mar 2026verified |
| EBITDA | -21.4 m ≈ | -26.5 m ≈ | -33.5 m ≈ | -28.5 m ≈ | -32.5 m ≈ | -28.0 m ≈ | SEC (XBRL)· 17 Mar 2026derived |
| Interest expense | 4.5 m | 4.0 m | 4.3 m | 5.4 m | 7.3 m | 8.4 m | SEC (XBRL)· 17 Mar 2026verified |
| Net income | -27.5 m | -31.2 m | -37.2 m | -30.2 m | -43.7 m | -39.0 m | SEC (XBRL)· 17 Mar 2026verified |
| Diluted EPS | -1.46 | -1.22 | -1.38 | -1.05 | -1.38 | -0.59 | SEC (XBRL)· 17 Mar 2026verified |
| Weighted average diluted shares | 18.8 m | 25.5 m | 26.9 m | 28.7 m | 31.7 m | 66.0 m | SEC (XBRL)· 17 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 49.0 m | 94.1 m | 70.3 m | 59.7 m | 18.5 m | 28.1 m | SEC (XBRL)· 17 Mar 2026verified |
| Receivables | 7.2 m | 7.7 m | 13.6 m | 15.8 m | 23.4 m | 16.5 m | SEC (XBRL)· 17 Mar 2026verified |
| Inventories | 3.7 m | 6.6 m | 8.9 m | 8.1 m | 4.2 m | 4.3 m | SEC (XBRL)· 17 Mar 2026verified |
| Current assets | 65.0 m | 115.3 m | 98.8 m | 93.8 m | 58.1 m | 61.6 m | SEC (XBRL)· 17 Mar 2026verified |
| Property, plant & equipment, net | 730.0 k | 1.2 m | 2.0 m | 2.0 m | 6.2 m | 4.5 m | SEC (XBRL)· 17 Mar 2026verified |
| Goodwill | — | — | — | — | 18.6 m | 23.6 m | SEC (XBRL)· 17 Mar 2026verified |
| Intangibles (excl. goodwill) | — | — | — | — | 19.6 m | 18.1 m | SEC (XBRL)· 17 Mar 2026verified |
| Total assets | 78.7 m | 141.2 m | 116.9 m | 115.8 m | 140.9 m | 141.6 m | SEC (XBRL)· 17 Mar 2026verified |
| Accounts payable | 3.7 m | 4.3 m | 2.4 m | 4.8 m | 11.1 m | 10.7 m | SEC (XBRL)· 17 Mar 2026verified |
| Short-term debt | — | — | 13.1 m | — | — | — | SEC (XBRL)· 07 Mar 2023verified |
| Long-term debt | 34.6 m | 35.3 m | 22.8 m | 59.3 m | 55.2 m | 65.8 m | SEC (XBRL)· 17 Mar 2026verified |
| Current liabilities | 13.7 m | 15.7 m | 33.2 m | 19.8 m | 31.3 m | 30.5 m | SEC (XBRL)· 17 Mar 2026verified |
| Total liabilities | 53.2 m | 56.0 m | 59.8 m | 81.6 m | 109.1 m | 115.3 m | SEC (XBRL)· 17 Mar 2026verified |
| Equity | 25.5 m † | 85.2 m | 57.1 m | 34.2 m | 31.8 m | 26.2 m | SEC (XBRL)· 17 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -28.4 m | -28.0 m | -30.7 m | -32.0 m | -31.0 m | -20.4 m | SEC (XBRL)· 17 Mar 2026verified |
| Capex | 730.0 k | 2.4 m | 3.3 m | 2.4 m | 1.5 m | 801.0 k | SEC (XBRL)· 17 Mar 2026verified |
| Free cash flow | -29.1 m ≈ | -30.3 m ≈ | -34.0 m ≈ | -34.4 m ≈ | -32.5 m ≈ | -21.2 m ≈ | SEC (XBRL)· 17 Mar 2026derived |
| Investing cash flow | -730.0 k | -9.8 m | 6.7 m | -1.3 m | -2.4 m | -801.0 k | SEC (XBRL)· 17 Mar 2026verified |
| Financing cash flow | 2.4 m | 83.0 m | 207.0 k | 22.7 m | -6.8 m | 35.9 m | SEC (XBRL)· 17 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 43.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 206.1 m USD
Key indicators
Coverage and freshness
Score by group
44% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -27.4% | 17 (vs peers) | 24% |
| Net margin · Quality | -19.6% | 43 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 31.8% | 100 (on a fixed band) | 19% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -2.6x | 0 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 1.9x | 90 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -5.5% | 0 (on a fixed band) | 19% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet36/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality26/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Neuronetics, Inc. (STIM). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 149.2 m USD in 2025; YoY growth 99.2%; net margin -19.6%; ROE -135.3%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 31.8%
- Current ratio: 1.9x
What contradicts it
- ROIC: -27.4%
- Interest coverage: -2.6x
- FCF yield: -5.5%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Surgical & Medical Instruments & Apparatus (SIC 3841) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SYKStryker Corp | 118.2 bn | 33.1 | 16.0% | 13.8% | +11.2% | −16% / +5% |
| MMM3m Company | 91.5 bn | 26.4 | 80.8% | 14.0% | +1.5% | +3% / +114% |
| BSXBoston Scientific Corporation | 63.1 bn | 18.4 | 14.3% | 16.6% | +19.9% | −57% / −22% |
| BDXBecton, Dickinson And Company | 54.0 bn | 59.8 | 3.8% | 4.0% | +8.2% | +30% / +7% |
| RMDResMed Inc. | 31.9 bn | 20.7 | 26.4% | 27.8% | +9.9% | −11% / +44% |
| DXCMDexcom, Inc. | 30.9 bn | 32.7 | 37.7% | 19.4% | +15.6% | +31% / −28% |
| WSTWest Pharmaceutical Services, Inc. | 28.4 bn | 45.7 | 21.2% | 18.8% | +6.3% | +47% / +16% |
| BAXBaxter International Inc. | 13.7 bn | — | -10.5% | -6.2% | +5.7% | +41% / −27% |
| KMTSKestra Medical Technologies, Ltd. | 1.8 bn | — | -73.7% | -140.4% | +59.0% | +13% / unavailable |
| TNDMTandem Diabetes Care, Inc. | 1.3 bn | — | -48.0% | -6.1% | +7.9% | −9% / −6% |
| AORTArtivion, Inc. | 1.3 bn | — | -0.7% | -0.7% | +13.6% | −43% / +49% |
| SIBNSi-Bone, Inc. | 1.1 bn | — | -7.7% | -6.2% | +20.2% | +28% / +32% |
| BBNXBeta Bionics, Inc. | 921.5 m | — | -23.9% | -65.3% | +53.9% | −46% / unavailable |
| KIDSOrthoPediatrics Corp | 875.0 m | — | -9.8% | -12.8% | +15.4% | +81% / +9% |
| TCMDTactile Systems Technology, Inc. | 608.9 m | 26.5 | 11.0% | 6.7% | +12.5% | +6% / +104% |
| DCTHDelcath Systems, Inc. | 514.2 m | 1,195.5 | 0.5% | 0.6% | +129.1% | +53% / +439% |
| CERSCerus Corp | 487.7 m | — | -10.7% | -2.9% | +16.1% | +37% / +50% |
| MDXGMimedx Group, Inc. | 467.0 m | — | -8.5% | -6.3% | +20.0% | −53% / −59% |
| EMBCEmbecta Corp. | 369.4 m | 4.4 | — | 8.6% | −3.8% | −49% / −64% |
| INFUInfusystem Holdings, Inc | 261.9 m | 32.3 | 15.0% | 6.0% | +6.4% | +42% / +31% |
| TLSITriSalus Life Sciences, Inc. | 239.5 m | — | — | -62.6% | +53.4% | −43% / −3% |
| STIMNeuronetics, Inc. | 206.1 m | — | -135.3% | -19.6% | +99.2% | −6% / +93% |
| GUTSFractyl Health, Inc. | 154.8 m | — | — | — | −100.0% | −95% / unavailable |
| MBOTMicrobot Medical Inc. | 76.6 m | — | -32.9% | — | unavailable | −53% / −10% |
| ICCMIceCure Medical Ltd. | 57.8 m | 3.3 | -188.8% | -445.6% | +2.7% | −96% / −98% |
1- and 3-year price returns: for STIM from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Neuronetics (STIM) develops the NeuroStar system for transcranial magnetic stimulation in treating depression and, through its Greenbrook acquisition, also operates a national network of interventional psychiatry clinics. In the second quarter of 2026 total revenue reached 41.6 million USD, with the Greenbrook share rising, so the integrated clinic plus device model is now the focus123.
SWOT
Strengths
- The company claims the largest clinical data set in the TMS category and recognised leadership in magnetic stimulation for depression1.
- Integration of device and clinics provides a platform with revenue from several sources, and gross margin rose in the latest quarter3.
- The clinic network holds strong local positions and gives direct access to patients, which could ease adoption of new treatments1.
Weaknesses
- The company has reported net losses over several years and is not certain to achieve sustained profitability, which could limit investment1.
- Revenue depends largely on treatment sessions and clinics, and reliance on a narrow set of revenue types increases vulnerability1.
- Adoption is slow because physicians and patients have limited knowledge of TMS, and training staff takes considerable time1.
Opportunities
- The potential US market for sessions is large, and if adoption rises it could support revenue growth1.
- Extending the system's indications and developing new products could open new patient segments1.
- Consolidating fragmented US clinics could give a larger network and scale benefits if integration stays effective1.
Threats
- Changes in reimbursement policy or Medicaid restrictions could reduce the number of patients able to pay for treatment1.
- Competing therapies or new depression treatments could reduce demand for TMS13.
- A treatment-related adverse event or safety issue could damage the reputation of the whole TMS category1.
Risks
- Recurring losseshigh
The company has reported net losses in several consecutive years and may not achieve durable profitability1.
- Reimbursement dependencehigh
Clinic revenue depends on coverage and reimbursement from private payors and government programs, which could be reduced1.
- Limited liquidityhigh
At the end of the second quarter of 2026 the company held 25 million USD in total cash, and operating cash flow could remain negative23.
- Sensitivity to payor mixmedium
A reduction in patients with higher-paying commercial insurance could materially reduce clinic revenue1.
- Greenbrook integrationmedium
Integrating the Greenbrook business and restructuring clinics could add costs or delay expected synergies1.
Investment thesis
What would need to be true (bull case)
- Clinic revenue growth and improved gross margin in the second quarter of 2026 suggest the integrated model could begin to deliver better results3.
- If TMS adoption rises, the company could benefit from a large potential market and its clinical data advantage1.
- Lower operating losses and better cash flow than a year earlier could support a path toward profitability3.
What would break the thesis
- Repeated net losses and limited cash could force the company to finance its operations under more difficult conditions12.
- Dependence on reimbursement and payor mix could reduce clinic revenue if policies change1.
- Slow therapy adoption and competition from other treatments could limit growth in the NeuroStar segment1.
What to watch
- Trend of revenue and gross margin against the annual guidanceQ3 2026
- Operating cash flow and investing cash flow against the annual targetQ4 2026
- Changes in reimbursement policy and the number of patients with commercial insurance2027
- Results in the next annual report and any changes to long-term guidancenext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Neuronetics, Inc. believes mental health is as important as physical health and presents its first commercial product, the NeuroStar Advanced Therapy System, a non-invasive, office-based treatment that uses transcranial magnetic stimulation to treat major depressive disorder in adults who have not improved sufficiently on antidepressants1. The company sells the system and recurring treatment sessions, and through Greenbrook, acquired effective December 9, 2024, operates US treatment centers that also offer SPRAVATO12. Revenue for fiscal 2025 was 149.2 million USD, mainly from clinic activity and treatment sessions1.
The strategy aims to extend leadership in TMS therapy, increase patients treated in Greenbrook clinics, and optimise the direct sales team that targets psychiatric practices accepting private insurance and Medicare1. The company also works on enhancing the system's hardware and software and developing additional indications1. International activity is secondary, sold through independent distributors with a focus on Japan1.
Balancing equipment sales against clinic revenue remains central, because margins differ between segments and US reimbursement rules directly influence clinic revenue1. The company now reports two segments, NeuroStar and Greenbrook, reflecting the integration of device sales with direct patient care2.
Segments
Greenbrook (clinics)
The Greenbrook segment generated 26.9 million USD in the second quarter of 2026, up 16.8% from a year earlier, and made up 65% of revenue in that quarter23. Clinics offer TMS and SPRAVATO for depression, and reimbursement comes from federal programs, managed care plans and commercial insurers12.
NeuroStar (device and sessions)
The NeuroStar segment covers system sales, recurring treatment sessions and service, and represented 35% of revenue in the second quarter of 2026, with 14.7 million USD in revenue, slightly down year over year23. Treatment sessions are sold as needed and are central to recurring revenue1.
Market context
The company estimates the total annual US market for treatment sessions could reach about 8.9 billion USD, based on around 21 million adults with major depressive disorder and patients who have not remitted on antidepressant medication1. The TMS market is still developing with a limited number of participants, and adoption is considered lower than the clinical potential1.
Guidance for 2026 points to revenue between 160 and 164 million USD, and expansion depends on how well psychiatrists can be persuaded to adopt TMS and on reimbursement levels31. The company also noted possible sensitivity to changes in payor mix, which could affect clinic revenue1.
Trends
- Rising acceptance of mental health treatmenttailwind
Awareness of depression as a treatable disease has grown and stigma is declining, which may support demand for in-office treatments1. If this continues, it could support higher patient volumes in clinics1.
- Pressure on reimbursementheadwind
Government programs and private payors increasingly control prices and medical necessity, and Medicaid restrictions and expired insurance subsidies could reduce the number of people seeking treatment1. This could directly affect clinic revenue1.
- Integration of device and clinic modeltailwind
Combining NeuroStar technology with the Greenbrook network has supported gross margin reaching 51.1% in the second quarter of 2026, following a new go-to-market strategy and better revenue cycle management in clinics3.
- Demand for new interventional therapiesmixed
Management states that new interventional therapies could strengthen a platform that pairs TMS with a national care network, although outcomes depend on physician and patient adoption3.
Competitive position
The company says it holds a leading position in TMS therapy and has the largest clinical data set among competing systems, but the market is fragmented and competitors could introduce new technologies or therapies that shift demand1. Competition also comes from other depression treatments such as antidepressant medication and other forms of stimulation1.
Greenbrook operates in a fragmented landscape where consolidation is an opportunity but also a risk of pricing pressure and patient access competition1. Developments in competing therapies for the indications treated could affect the company's market share2.
- Other TMS system providers
Competing TMS systems that the company says lack its reproducible treatment capability and clinical data set1.
- Traditional antidepressant medication
First-line depression treatment with limited effectiveness and side effects, representing the main alternative for patients1.
- Psychiatric clinic networks
Fragmented providers of TMS and psychiatric services that compete for patients and referring practices in urban areas1.
- Emerging depression therapies
New neuroscience treatments that management says could reach the market and change demand for TMS therapy3.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report17 Aug 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report11 Aug 2026
- Current report11 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report20 Jul 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report23 Jun 2026Departure or appointment of officers · Financial statements and exhibits
- Current report29 May 2026Shareholder vote
- Current report22 May 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report05 May 2026
- Current report05 May 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Proxy statement09 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Neuronetics, Inc. · 17 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Neuronetics, Inc. · 11 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Neuronetics, Inc. · 11 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.