{"success":true,"data":{"pressRelease":{"id":"20845","rtpr_id":"nGNX84bJRT","ticker":"STIM","exchange":"NASDAQ","all_tickers":["STIM"],"title":"Neuronetics Reports First Quarter 2026 Financial and Operating Results","author":"Globe Newswire","published_at":"2026-05-05T11:50:00.302Z","article_body":"MALVERN, Pa., May 05, 2026 (GLOBE NEWSWIRE) -- Neuronetics, Inc. (NASDAQ:\nSTIM) (the “Company” or “Neuronetics”), a vertically integrated,\ncommercial stage, medical technology and healthcare company with a strategic\nvision of transforming the lives of patients whenever and wherever they need\nhelp, with the leading neurohealth therapies in the world, today announced its\nfinancial and operating results for the first quarter of 2026.\n\nFirst Quarter 2026 Highlights\n* First quarter 2026 revenue of $34.5 million, up 8% compared to the first\nquarter 2025\n* U.S. clinic revenue of $21.5 million, up 15% compared to the first quarter\n2025\n* Shipped 34 NeuroStar systems in the US; a 10% increase compared to the first\nquarter 2025\n* Net cash used in operations of $9.4 million, a reduction of $7.6 million\ncompared to $17.0 million in the first quarter 2025\nRecent Operational Highlights\n* Optum/UHC/UBH expanded its TMS clinical policy to allow nurse practitioners\nto order, supervise, and administer NeuroStar Advanced Therapy\n“I'm encouraged by our first quarter performance, which reflects the\nteam’s continued execution on revenue growth, operational efficiency, and\ncash management. Our clinic business delivered double-digit growth, we reduced\noperating expenses, and we meaningfully improved our operating cash flow\nversus the first quarter of last year,” said Dan Reuvers, President and\nChief Executive Officer of Neuronetics. “Looking ahead, I believe there is\nsignificant value in this business that has yet to be fully realized. We have\nthe leading technology in TMS, a national clinic platform with real growth\nrunway, and a team that is driving operational execution. Our team is focused\non delivering better outcomes for our customers and patients, as well as long\nterm value for our shareholders.”\n\nFirst Quarter 2026 Financial and Operating Results for the Three Months Ended\nMarch 31, 2026\n\n Revenues by Geography \n Three Months Ended March 31, \n 2026 2025 \n Amount Amount % Change \n (Unaudited; in thousands, except percentages) \n U.S. $ 34,226 $ 31,483 9 % \n International 228 492 (54 )% \n Total revenues $ 34,454 $ 31,975 8 % \n \n\nTotal revenue for the three months ended March 31, 2026 was $34.5 million, an\nincrease of $2.5 million, or 8%, compared to the three months ended March 31,\n2025 revenue of $32.0 million. The increase in revenue was primarily driven by\nhigher U.S. clinic revenue, which increased to $21.5 million in the first\nquarter of 2026 from $18.7 million in the first quarter of 2025, reflecting\nstrong growth since the Greenbrook acquisition and continued expansion of\nSPRAVATO®, including the buy and bill model.\n\n \n U.S. Revenues by Product Category \n Three Months Ended March 31, \n 2026 2025 \n Amount Amount % Change \n (Unaudited; in thousands, except percentages) \n NeuroStar Advanced Therapy System $ 3,203 $ 2,846 13 % \n Treatment sessions 9,122 9,612 (5 )% \n Clinic revenue 21,529 18,659 15 % \n Other 372 366 2 % \n Total U.S. revenues $ 34,226 $ 31,483 9 % \n \n\nU.S. NeuroStar Advanced Therapy System revenue for the three months ended\nMarch 31, 2026 was $3.2 million, an increase of 13% compared to $2.8 million\nin the first quarter of 2025. For the three months ended March 31, 2026, the\nCompany shipped 34 systems.\n\nU.S. treatment session revenue was $9.1 million for the three months ended\nMarch 31, 2026, a decrease from $9.6 million for the three months ended March\n31, 2025.\n\nU.S. clinic revenue was $21.5 million for the three months ended March 31,\n2026, compared to $18.7 million for the three months ended March 31, 2025,\nrepresenting an increase of 15%.\n\nGross margin for the first quarter of 2026 was 46.9% compared to the first\nquarter of 2025 gross margin of 49.2%. The decrease in gross margin was\nprimarily a result of mix.\n\nOperating expenses during the first quarter of 2026 were $25.1 million, a\ndecrease of $1.6 million, or 6%, compared to $26.8 million in the first\nquarter of 2025, mainly attributable to savings in general, administrative,\nsales and marketing expenses.\n\nNet loss for the first quarter of 2026 was $(10.8) million, or $(0.16) per\nshare, as compared to $(12.7) million, or $(0.21) per share, in the first\nquarter of 2025. Net loss per share was based on 69,589,144 and 61,464,725\nweighted average common shares outstanding for the first quarters of 2026 and\n2025, respectively.\n\nAs of March 31, 2026, the Company held $19.0 million in total cash, consisting\nof cash and cash equivalents of $13.2 million and $5.8 million of restricted\ncash, which is compared to $34.1 million as of December 31, 2025. As\npreviously announced, the Company made a one-time principal payment of $5.0\nmillion in March to reduce its debt obligation and ongoing interest expense.\n\nOptum/UHC/UBH expanded its TMS clinical policy to allow Nurse Practitioners to\norder, supervise, and administer NeuroStar Advanced Therapy\n\nOptum/United Healthcare/United Behavioral Health (“Optum/UHC/UBH”) has\nexpanded its transcranial magnetic stimulation (“TMS”) clinical policy to\nallow psychiatric mental health nurse practitioners (“PMHNPs”) to order,\nsupervise, and administer NeuroStar Advanced Therapy, significantly broadening\naccess to this non-drug, non-invasive treatment for major depressive disorder\n(“MDD”). Previously limited to psychiatrists, the updated policy applies\nto PMHNPs practicing in states with full practice authority and extends access\nacross 26 states and Washington, D.C., reaching approximately 34.8 million\ncovered lives. This milestone policy change is expected to enhance patient\naccess—particularly in underserved communities—by enabling more qualified\nproviders to deliver NeuroStar TMS Therapy, a clinically proven option for\npatients who have not achieved adequate relief from antidepressant\nmedications.\n\nBusiness Outlook\n\nFor the second quarter of 2026, the Company expects total revenue growth in\nthe mid-single digits.\n\nFor the full year 2026, Neuronetics continues to expect:\n* Total revenue between $160 million and $166 million;\n* Gross margin between 47% and 49%;\n* Operating expenses between $100 million and $105 million, inclusive of\napproximately $8.5 million of non-cash stock-based compensation;\n* Cash flow from operations between negative $13 million and negative $17\nmillion;\nWebcast and Conference Call Information\n\nThe conference call will be broadcast live in listen-only mode via webcast at\nhttps://edge.media-server.com/mmc/p/3pztkve5. To listen to the conference call\non your telephone, you may register for the call here\n(https://www.globenewswire.com/Tracker?data=59Cj_IWriKaTE7zYK__FPrugCWRbP4N2mY06dwtoQWgtgaxIfd-xKsnnCH_Stn9-CaoBBl-qEywexDqbTrJYOdf-T-RtL45x9KYcilL2mAryWQMVYNlQQByLyD4q_KC6n2TbI4JZgrtF3UWQE0LoIHwlw3bYzbZt7b8-51jqDns=).\nWhile it is not required, it is recommended you join 10 minutes prior to the\nevent start.\n\nAbout Neuronetics\n\nNeuronetics, Inc. believes that mental health is as important as physical\nhealth. As a global leader in neuroscience, Neuronetics is delivering more\ntreatment options to patients and physicians by offering exceptional in-office\ntreatments that produce extraordinary results. NeuroStar Advanced Therapy is a\nnon-drug, noninvasive treatment that can improve the quality of life for\npeople suffering from neurohealth conditions when traditional medication has\nnot helped. In addition to selling the NeuroStar Advanced Therapy System and\nassociated treatment sessions to customers, Neuronetics operates Greenbrook\nTMS Inc. (“Greenbrook”) treatment centers across the United States,\noffering NeuroStar Advanced Therapy for the treatment of MDD and other mental\nhealth disorders. NeuroStar Advanced Therapy is the leading TMS treatment for\nMDD in adults and is backed by what we believe is the largest clinical data\nset of any TMS treatment system for depression. Greenbrook treatment centers\nalso offer SPRAVATO® (esketamine) Nasal Spray, a prescription medicine\nindicated for the treatment of treatment-resistant depression (“TRD”) in\nadults as monotherapy or in conjunction with an oral antidepressant. It is\nalso indicated for depressive symptoms in adults with MDD with acute suicidal\nideation or behavior in conjunction with an oral antidepressant.(1)\n\nThe NeuroStar Advanced Therapy System is cleared by the U.S. Food and Drug\nAdministration for adults with MDD, as an adjunct for adults with\nobsessive-compulsive disorder, to decrease anxiety symptoms in adult patients\nwith MDD that may exhibit comorbid anxiety symptoms (anxious depression), and\nas a first line adjunct for the treatment of MDD in adolescent patients aged\n15-21. For safety information and indications for use, visit NeuroStar.com\n(https://www.globenewswire.com/Tracker?data=HgrPlZFGIY60jml2Rn_tEqX1raVDva2HWsKUWS9GQrLc16oOJ7CL33MHJ2niVOu2CmKNnP8kLufCLSm8GkpvflLOIokYQjNCcx5IjzTYu8b8WgBOotHxtGk589wqEY8PSXp3O54M3OmEmvu2e5ueELZs4QgP-_d2f9raFuuBMWzviE5LEDJS7AmgFCSgOrGyw8akDcn80pIbm6A0gnVaCkq9hJLD1V68PhEPiS9Z0lo=).\n\n“Safe harbor” statement under the Private Securities Litigation Reform Act\nof 1995:\n\nCertain statements in this press release, including the documents incorporated\nby reference herein, include “forward-looking statements” within the\nmeaning of Section 27A of the Securities Act of 1933, as amended (the\n“Securities Act”), Section 21E of the Securities Exchange Act of 1934, as\namended, which are intended to be covered by the safe harbors created by those\nlaws and other applicable laws and “forward-looking information” within\nthe meaning of applicable Canadian securities laws. Statements in this press\nrelease that are not historical facts constitute “forward-looking\nstatements” within the meaning of the Private Securities Litigation Reform\nAct of 1995. These forward-looking statements may be identified by terms such\nas “may,” “will,” “would,” “should,” “expect,” “plan,”\n“design,” “anticipate,” “could,” “intend,” “target,”\n“project,” “contemplate,” “believe,” “estimate,”\n“predict,” “potential,” “outlook” or “continue” as well as the\nnegative of these terms and similar expressions. These statements include\nthose relating to the Company’s business outlook and current expectations\nfor upcoming quarters and fiscal year 2026, including with respect to revenue,\nexpenses, growth, and any statements of assumptions underlying any of the\nforegoing items. These statements are subject to significant risks and\nuncertainties and actual results could differ materially from those projected.\nThe Company cautions investors not to place undue reliance on the\nforward-looking statements contained in this press release. These risks and\nuncertainties include, without limitation, risks and uncertainties related to:\nthe effect of the transaction with Greenbrook on our business relationships;\noperating results and business generally; our ability to execute our business\nstrategy; our ability to achieve or sustain profitable operations due to our\nhistory of losses; our reliance on the sale and usage of our NeuroStar\nAdvanced Therapy System to generate revenues; the scale and efficacy of our\nsalesforce; our ability to retain talent; availability of coverage and\nreimbursement from third-party payors for treatments using our products;\nphysician and patient demand for treatments using our products; developments\nin respect of competing technologies and therapies for the indications that\nour products treat; product defects;  our ability to obtain and maintain\nintellectual property protection for our technology; developments in clinical\ntrials or regulatory review of the NeuroStar Advanced Therapy System for\nadditional indications; developments in regulation in the U.S. and other\napplicable jurisdictions; potential effects of evolving and/or extensive\ngovernment regulation; the terms of our credit facility; and our\nself-sustainability and existing cash balance; and our ability to achieve\npositive cash flows. For a discussion of these and other related risks, please\nrefer to the Company’s recent filings with the U.S. Securities and Exchange\nCommission (the “SEC”), which are available on the SEC’s website at\nwww.sec.gov, including, without limitation, the factors described under the\nheading “Risk Factors” in Neuronetics’ Annual Report on Form 10-K for\nthe fiscal year ended December 31, 2025 and the company’s Quarterly Report\non Form 10-Q for the quarter ending March 31, 2026, as may be updated or\nsupplemented by subsequent reports that Neuronetics has filed or files with\nthe SEC. These forward-looking statements are based on the Company’s\nexpectations and assumptions as of the date of this press release. Except as\nrequired by law, the Company undertakes no duty or obligation to update any\nforward-looking statements contained in this press release as a result of new\ninformation, future events, or changes in the Company’s expectations.\n\nInvestor Contact:\n\nMike Vallie or Mark Klausner\nICR Healthcare\n443-213-0499\nir@neuronetics.com\n\nMedia Contact:\n\nEvolveMKD\n646-517-4220\nNeuroStar@evolvemkd.com\n\n\n\n NEURONETICS, INC. Consolidated Statements of Operations (Unaudited; In thousands, except per share data) \n \n Three Months ended \n March 31, \n 2026 2025 \n Revenues \n Products and other $ 12,925 $ 13,316 \n Services 21,529 18,659 \n Total Revenue 34,454 31,975 \n Cost of revenues \n Products and other 2,858 3,150 \n Services 15,442 13,087 \n Total Cost of revenues 18,300 16,237 \n Gross profit 16,154 15,738 \n Operating expenses: \n Sales and marketing 10,737 11,999 \n General and administrative 13,048 13,137 \n Research and development 1,364 1,616 \n Total operating expenses 25,149 26,752 \n Loss from operations (8,995 ) (11,014 ) \n Other (income) expense: \n Interest expense 2,266 1,922 \n Loss on extinguishment of debt 539 — \n Other income, net (1,020 ) (247 ) \n Net loss $ (10,780 ) $ (12,689 ) \n Less: Net gain (loss) attributable to non-controlling interest 10 (14 ) \n Net loss attributable to Neuronetics stockholders’ (10,790 ) (12,675 ) \n Net loss per share of common stock outstanding, basic and diluted attributable to Neuronetics stockholders $ (0.16 ) $ (0.21 ) \n Weighted average common shares outstanding, basic and diluted 69,589 61,465 \n\n\n\n\n\n NEURONETICS, INC. Consolidated Balance Sheets (Unaudited; In thousands, except per share data) \n \n March 31, December 31, \n 2026 2025 \n Assets \n Current assets: \n Cash and cash equivalents $ 13,214 $ 28,134 \n Restricted cash 5,750 6,000 \n Accounts receivable, net of allowance for credit losses of $780 and $1,043 as of March 31, 2026 and December 31, 2025, respectively 15,809 16,469 \n Inventory 4,715 4,327 \n Current portion of net investments in sales-type leases 257 225 \n Current portion of prepaid commission expense 2,900 3,050 \n Current portion of note receivables 401 424 \n Prepaid expenses and other current assets 4,129 2,922 \n Total current assets 47,175 61,551 \n Property and equipment, net 3,874 4,466 \n Goodwill 23,622 23,622 \n Intangible assets, net 17,785 18,149 \n Operating lease right-of-use assets 23,069 23,560 \n Net investments in sales-type leases 108 98 \n Prepaid commission expense 7,464 7,972 \n Long-term notes receivable 92 151 \n Other assets 2,251 1,982 \n Total assets $ 125,440 $ 141,551 \n Liabilities and Equity \n Current liabilities: \n Accounts payable $ 11,433 $ 10,739 \n Accrued expenses 9,596 12,316 \n Current portion of deferred revenue 833 753 \n Deferred and contingent consideration 250 500 \n Other payables 751 652 \n Current portion of operating lease liabilities 5,422 5,561 \n Total current liabilities 28,285 30,521 \n Long-term debt, net 61,297 65,807 \n Other long term liabilities 71 — \n Deferred revenue 58 48 \n Operating lease liabilities 18,669 18,935 \n Total liabilities 108,380 115,311 \n Commitments and contingencies \n Equity: \n Preferred stock, $0.01 par value: 10,000 shares authorized; no shares issued or outstanding on March 31, 2026 and December 31, 2025 — — \n Common stock, $0.01 par value: 250,000 shares authorized; 69,583 and 68,994 shares issued and outstanding on March 31, 2026 and December 31, 2025, respectively 696 690 \n Additional paid-in capital 482,146 480,475 \n Accumulated deficit (469,577 ) (458,787 ) \n Total Stockholders' equity 13,265 22,378 \n Non-controlling interest 3,795 3,862 \n Total equity 17,060 26,240 \n Total liabilities and equity $ 125,440 $ 141,551 \n\n\n\n\n\n NEURONETICS, INC. Consolidated Statements of Cash Flows (Unaudited; In thousands) \n \n Three months ended March 31, \n 2026 2025 \n Cash flows from operating activities: \n Net loss $ (10,780 ) $ (12,689 ) \n Adjustments to reconcile net loss to net cash used in operating activities: \n Depreciation and amortization 745 911 \n Allowance for credit losses (267 ) — \n Inventory impairment (30 ) 5 \n Share-based compensation 1,677 1,444 \n Non-cash interest expense 256 189 \n Loss on extinguishment of debt 539 — \n Loss on disposal of property and equipment 270 — \n Changes in certain assets and liabilities: \n Accounts receivable, net 1,008 (2,627 ) \n Inventory (432 ) 175 \n Net investments in sales-type leases (43 ) 14 \n Prepaid commission expense 658 401 \n Prepaid expenses and other assets (1,121 ) 1,785 \n Accounts payable 559 (2,638 ) \n Accrued expenses (2,720 ) (3,511 ) \n Other liabilities 170 (193 ) \n Deferred revenue 90 (259 ) \n Net cash used in operating activities (9,421 ) (16,993 ) \n \n Cash flows from investing activities: \n Purchases of property and equipment and capitalized software (197 ) (219 ) \n Proceeds from the sale of property and equipment 25 — \n Net cash used in investing activities (172 ) (219 ) \n \n Cash flows from financing activities: \n Repayment of deferred and contingent consideration (250 ) — \n Repayment of long-term debt (5,000 ) — \n Payment for debt extinguishment cost (250 ) — \n Proceeds from the issuance of common stock — 20,700 \n Payments of common stock offering issuance costs — (1,731 ) \n Distribution to non-controlling interest (77 ) — \n Proceeds from exercises of stock options — 8 \n Net cash (used in) provided by financing activities (5,577 ) 18,977 \n Net increase (decrease) in Cash, Cash equivalents and Restricted cash (15,170 ) 1,765 \n Cash and cash equivalents and restricted cash and cash equivalents, beginning of period 34,134 19,459 \n Cash and cash equivalents and restricted cash and cash equivalents, end of period $ 18,964 $ 21,224 \n \n Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheet: \n Cash and cash equivalents 13,214 20,224 \n Restricted cash and cash equivalents 5,750 1,000 \n Total cash, cash equivalents and restricted cash $ 18,964 $ 21,224 \n\nNon-GAAP Financial Measures (Unaudited) \n\nEBITDA and Adjusted EBITDA are not measures of financial performance under\ngenerally accepted accounting principles in the U.S. (“GAAP”), and should\nnot be construed as a substitute for, or superior to, GAAP net loss. However,\nmanagement uses both the GAAP and non-GAAP financial measures internally to\nevaluate and manage the Company’s operations and to better understand its\nbusiness. Further, management believes that the addition of the non-GAAP\nfinancial measures provides meaningful supplementary information to, and\nfacilitates analysis by, investors in evaluating the Company’s financial\nperformance, results of operations and trends. The Company’s calculation of\nEBITDA and Adjusted EBITDA may not be comparable to similarly designated\nmeasures reported by other companies, because companies and investors may\ndiffer as to what type of events warrant adjustment.\n\nThe following table reconciles reported net loss to EBITDA and Adjusted\nEBITDA:\n\n Three Months ended \n March 31, \n 2026 2025 \n (in thousands) \n Net loss attributable to Neuronetics stockholders’ $ (10,790 ) $ (12,675 ) \n Interest expense, net 1,246 1,675 \n Income taxes — — \n Depreciation and amortization 745 911 \n EBITDA $ (8,799 ) $ (10,089 ) \n \n Stock based compensation (Note. 1) 1,677 1,444 \n Loss on extinguishment of debt (Note.2) 539 — \n Adjusted EBITDA $ (6,583 ) $ (8,645 ) \n \n\nFootnotes\n1. Stock-based compensation consists of expenses related to restricted stock\nunits. We exclude these expenses from our non-GAAP financial measures because\nthey are non-cash charges that we do not consider reflective of our core\nongoing operational performance. While share-based compensation is a recurring\nexpense and a key part of our employee retention strategy, excluding it allows\nmanagement and investors to compare our operational profitability more\nconsistently against prior periods and industry peers.\n\n2. In connection with its $5 million repayment of debt in the first quarter of\n2026 to Perceptive Advisors, LLC, the Company recorded a total loss on partial\ndebt extinguishment of approximately $0.5 million. This infrequent and\nnon-recurring expense is removed from EBITDA in order to provide a more\naccurate reflection of the Company’s core operational performance for the\nperiod presented.\nReferences\n\n1 The effectiveness of SPRAVATO® in preventing suicide or in reducing\nsuicidal ideation or behavior has not been demonstrated. Use of SPRAVATO®\ndoes not preclude the need for hospitalization if clinically warranted, even\nif patients experience improvement after an initial dose of SPRAVATO®. For\nmore important safety information about SPRAVATO®, please visit\nspravatohcp.com.\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/12db9039-d4bf-41a0-8b4a-324398e392b4)\n\n\n\nGlobeNewswire, Inc. 2026","article_body_html":"","raw_payload":{"data":{"id":"nGNX84bJRT","title":"Neuronetics Reports First Quarter 2026 Financial and Operating Results","author":"Globe Newswire","ticker":"STIM","created":"2026-05-05T11:50:00.302Z","tickers":["STIM"],"exchange":"NASDAQ","article_body":"MALVERN, Pa., May 05, 2026 (GLOBE NEWSWIRE) -- Neuronetics, Inc. (NASDAQ:\nSTIM) (the “Company” or “Neuronetics”), a vertically integrated,\ncommercial stage, medical technology and healthcare company with a strategic\nvision of transforming the lives of patients whenever and wherever they need\nhelp, with the leading neurohealth therapies in the world, today announced its\nfinancial and operating results for the first quarter of 2026.\n\nFirst Quarter 2026 Highlights\n* First quarter 2026 revenue of $34.5 million, up 8% compared to the first\nquarter 2025\n* U.S. clinic revenue of $21.5 million, up 15% compared to the first quarter\n2025\n* Shipped 34 NeuroStar systems in the US; a 10% increase compared to the first\nquarter 2025\n* Net cash used in operations of $9.4 million, a reduction of $7.6 million\ncompared to $17.0 million in the first quarter 2025\nRecent Operational Highlights\n* Optum/UHC/UBH expanded its TMS clinical policy to allow nurse practitioners\nto order, supervise, and administer NeuroStar Advanced Therapy\n“I'm encouraged by our first quarter performance, which reflects the\nteam’s continued execution on revenue growth, operational efficiency, and\ncash management. Our clinic business delivered double-digit growth, we reduced\noperating expenses, and we meaningfully improved our operating cash flow\nversus the first quarter of last year,” said Dan Reuvers, President and\nChief Executive Officer of Neuronetics. “Looking ahead, I believe there is\nsignificant value in this business that has yet to be fully realized. We have\nthe leading technology in TMS, a national clinic platform with real growth\nrunway, and a team that is driving operational execution. Our team is focused\non delivering better outcomes for our customers and patients, as well as long\nterm value for our shareholders.”\n\nFirst Quarter 2026 Financial and Operating Results for the Three Months Ended\nMarch 31, 2026\n\n Revenues by Geography \n Three Months Ended March 31, \n 2026 2025 \n Amount Amount % Change \n (Unaudited; in thousands, except percentages) \n U.S. $ 34,226 $ 31,483 9 % \n International 228 492 (54 )% \n Total revenues $ 34,454 $ 31,975 8 % \n \n\nTotal revenue for the three months ended March 31, 2026 was $34.5 million, an\nincrease of $2.5 million, or 8%, compared to the three months ended March 31,\n2025 revenue of $32.0 million. The increase in revenue was primarily driven by\nhigher U.S. clinic revenue, which increased to $21.5 million in the first\nquarter of 2026 from $18.7 million in the first quarter of 2025, reflecting\nstrong growth since the Greenbrook acquisition and continued expansion of\nSPRAVATO®, including the buy and bill model.\n\n \n U.S. Revenues by Product Category \n Three Months Ended March 31, \n 2026 2025 \n Amount Amount % Change \n (Unaudited; in thousands, except percentages) \n NeuroStar Advanced Therapy System $ 3,203 $ 2,846 13 % \n Treatment sessions 9,122 9,612 (5 )% \n Clinic revenue 21,529 18,659 15 % \n Other 372 366 2 % \n Total U.S. revenues $ 34,226 $ 31,483 9 % \n \n\nU.S. NeuroStar Advanced Therapy System revenue for the three months ended\nMarch 31, 2026 was $3.2 million, an increase of 13% compared to $2.8 million\nin the first quarter of 2025. For the three months ended March 31, 2026, the\nCompany shipped 34 systems.\n\nU.S. treatment session revenue was $9.1 million for the three months ended\nMarch 31, 2026, a decrease from $9.6 million for the three months ended March\n31, 2025.\n\nU.S. clinic revenue was $21.5 million for the three months ended March 31,\n2026, compared to $18.7 million for the three months ended March 31, 2025,\nrepresenting an increase of 15%.\n\nGross margin for the first quarter of 2026 was 46.9% compared to the first\nquarter of 2025 gross margin of 49.2%. The decrease in gross margin was\nprimarily a result of mix.\n\nOperating expenses during the first quarter of 2026 were $25.1 million, a\ndecrease of $1.6 million, or 6%, compared to $26.8 million in the first\nquarter of 2025, mainly attributable to savings in general, administrative,\nsales and marketing expenses.\n\nNet loss for the first quarter of 2026 was $(10.8) million, or $(0.16) per\nshare, as compared to $(12.7) million, or $(0.21) per share, in the first\nquarter of 2025. Net loss per share was based on 69,589,144 and 61,464,725\nweighted average common shares outstanding for the first quarters of 2026 and\n2025, respectively.\n\nAs of March 31, 2026, the Company held $19.0 million in total cash, consisting\nof cash and cash equivalents of $13.2 million and $5.8 million of restricted\ncash, which is compared to $34.1 million as of December 31, 2025. As\npreviously announced, the Company made a one-time principal payment of $5.0\nmillion in March to reduce its debt obligation and ongoing interest expense.\n\nOptum/UHC/UBH expanded its TMS clinical policy to allow Nurse Practitioners to\norder, supervise, and administer NeuroStar Advanced Therapy\n\nOptum/United Healthcare/United Behavioral Health (“Optum/UHC/UBH”) has\nexpanded its transcranial magnetic stimulation (“TMS”) clinical policy to\nallow psychiatric mental health nurse practitioners (“PMHNPs”) to order,\nsupervise, and administer NeuroStar Advanced Therapy, significantly broadening\naccess to this non-drug, non-invasive treatment for major depressive disorder\n(“MDD”). Previously limited to psychiatrists, the updated policy applies\nto PMHNPs practicing in states with full practice authority and extends access\nacross 26 states and Washington, D.C., reaching approximately 34.8 million\ncovered lives. This milestone policy change is expected to enhance patient\naccess—particularly in underserved communities—by enabling more qualified\nproviders to deliver NeuroStar TMS Therapy, a clinically proven option for\npatients who have not achieved adequate relief from antidepressant\nmedications.\n\nBusiness Outlook\n\nFor the second quarter of 2026, the Company expects total revenue growth in\nthe mid-single digits.\n\nFor the full year 2026, Neuronetics continues to expect:\n* Total revenue between $160 million and $166 million;\n* Gross margin between 47% and 49%;\n* Operating expenses between $100 million and $105 million, inclusive of\napproximately $8.5 million of non-cash stock-based compensation;\n* Cash flow from operations between negative $13 million and negative $17\nmillion;\nWebcast and Conference Call Information\n\nThe conference call will be broadcast live in listen-only mode via webcast at\nhttps://edge.media-server.com/mmc/p/3pztkve5. To listen to the conference call\non your telephone, you may register for the call here\n(https://www.globenewswire.com/Tracker?data=59Cj_IWriKaTE7zYK__FPrugCWRbP4N2mY06dwtoQWgtgaxIfd-xKsnnCH_Stn9-CaoBBl-qEywexDqbTrJYOdf-T-RtL45x9KYcilL2mAryWQMVYNlQQByLyD4q_KC6n2TbI4JZgrtF3UWQE0LoIHwlw3bYzbZt7b8-51jqDns=).\nWhile it is not required, it is recommended you join 10 minutes prior to the\nevent start.\n\nAbout Neuronetics\n\nNeuronetics, Inc. believes that mental health is as important as physical\nhealth. As a global leader in neuroscience, Neuronetics is delivering more\ntreatment options to patients and physicians by offering exceptional in-office\ntreatments that produce extraordinary results. NeuroStar Advanced Therapy is a\nnon-drug, noninvasive treatment that can improve the quality of life for\npeople suffering from neurohealth conditions when traditional medication has\nnot helped. In addition to selling the NeuroStar Advanced Therapy System and\nassociated treatment sessions to customers, Neuronetics operates Greenbrook\nTMS Inc. (“Greenbrook”) treatment centers across the United States,\noffering NeuroStar Advanced Therapy for the treatment of MDD and other mental\nhealth disorders. NeuroStar Advanced Therapy is the leading TMS treatment for\nMDD in adults and is backed by what we believe is the largest clinical data\nset of any TMS treatment system for depression. Greenbrook treatment centers\nalso offer SPRAVATO® (esketamine) Nasal Spray, a prescription medicine\nindicated for the treatment of treatment-resistant depression (“TRD”) in\nadults as monotherapy or in conjunction with an oral antidepressant. It is\nalso indicated for depressive symptoms in adults with MDD with acute suicidal\nideation or behavior in conjunction with an oral antidepressant.(1)\n\nThe NeuroStar Advanced Therapy System is cleared by the U.S. Food and Drug\nAdministration for adults with MDD, as an adjunct for adults with\nobsessive-compulsive disorder, to decrease anxiety symptoms in adult patients\nwith MDD that may exhibit comorbid anxiety symptoms (anxious depression), and\nas a first line adjunct for the treatment of MDD in adolescent patients aged\n15-21. For safety information and indications for use, visit NeuroStar.com\n(https://www.globenewswire.com/Tracker?data=HgrPlZFGIY60jml2Rn_tEqX1raVDva2HWsKUWS9GQrLc16oOJ7CL33MHJ2niVOu2CmKNnP8kLufCLSm8GkpvflLOIokYQjNCcx5IjzTYu8b8WgBOotHxtGk589wqEY8PSXp3O54M3OmEmvu2e5ueELZs4QgP-_d2f9raFuuBMWzviE5LEDJS7AmgFCSgOrGyw8akDcn80pIbm6A0gnVaCkq9hJLD1V68PhEPiS9Z0lo=).\n\n“Safe harbor” statement under the Private Securities Litigation Reform Act\nof 1995:\n\nCertain statements in this press release, including the documents incorporated\nby reference herein, include “forward-looking statements” within the\nmeaning of Section 27A of the Securities Act of 1933, as amended (the\n“Securities Act”), Section 21E of the Securities Exchange Act of 1934, as\namended, which are intended to be covered by the safe harbors created by those\nlaws and other applicable laws and “forward-looking information” within\nthe meaning of applicable Canadian securities laws. Statements in this press\nrelease that are not historical facts constitute “forward-looking\nstatements” within the meaning of the Private Securities Litigation Reform\nAct of 1995. These forward-looking statements may be identified by terms such\nas “may,” “will,” “would,” “should,” “expect,” “plan,”\n“design,” “anticipate,” “could,” “intend,” “target,”\n“project,” “contemplate,” “believe,” “estimate,”\n“predict,” “potential,” “outlook” or “continue” as well as the\nnegative of these terms and similar expressions. These statements include\nthose relating to the Company’s business outlook and current expectations\nfor upcoming quarters and fiscal year 2026, including with respect to revenue,\nexpenses, growth, and any statements of assumptions underlying any of the\nforegoing items. These statements are subject to significant risks and\nuncertainties and actual results could differ materially from those projected.\nThe Company cautions investors not to place undue reliance on the\nforward-looking statements contained in this press release. These risks and\nuncertainties include, without limitation, risks and uncertainties related to:\nthe effect of the transaction with Greenbrook on our business relationships;\noperating results and business generally; our ability to execute our business\nstrategy; our ability to achieve or sustain profitable operations due to our\nhistory of losses; our reliance on the sale and usage of our NeuroStar\nAdvanced Therapy System to generate revenues; the scale and efficacy of our\nsalesforce; our ability to retain talent; availability of coverage and\nreimbursement from third-party payors for treatments using our products;\nphysician and patient demand for treatments using our products; developments\nin respect of competing technologies and therapies for the indications that\nour products treat; product defects;  our ability to obtain and maintain\nintellectual property protection for our technology; developments in clinical\ntrials or regulatory review of the NeuroStar Advanced Therapy System for\nadditional indications; developments in regulation in the U.S. and other\napplicable jurisdictions; potential effects of evolving and/or extensive\ngovernment regulation; the terms of our credit facility; and our\nself-sustainability and existing cash balance; and our ability to achieve\npositive cash flows. For a discussion of these and other related risks, please\nrefer to the Company’s recent filings with the U.S. Securities and Exchange\nCommission (the “SEC”), which are available on the SEC’s website at\nwww.sec.gov, including, without limitation, the factors described under the\nheading “Risk Factors” in Neuronetics’ Annual Report on Form 10-K for\nthe fiscal year ended December 31, 2025 and the company’s Quarterly Report\non Form 10-Q for the quarter ending March 31, 2026, as may be updated or\nsupplemented by subsequent reports that Neuronetics has filed or files with\nthe SEC. These forward-looking statements are based on the Company’s\nexpectations and assumptions as of the date of this press release. Except as\nrequired by law, the Company undertakes no duty or obligation to update any\nforward-looking statements contained in this press release as a result of new\ninformation, future events, or changes in the Company’s expectations.\n\nInvestor Contact:\n\nMike Vallie or Mark Klausner\nICR Healthcare\n443-213-0499\nir@neuronetics.com\n\nMedia Contact:\n\nEvolveMKD\n646-517-4220\nNeuroStar@evolvemkd.com\n\n\n\n NEURONETICS, INC. Consolidated Statements of Operations (Unaudited; In thousands, except per share data) \n \n Three Months ended \n March 31, \n 2026 2025 \n Revenues \n Products and other $ 12,925 $ 13,316 \n Services 21,529 18,659 \n Total Revenue 34,454 31,975 \n Cost of revenues \n Products and other 2,858 3,150 \n Services 15,442 13,087 \n Total Cost of revenues 18,300 16,237 \n Gross profit 16,154 15,738 \n Operating expenses: \n Sales and marketing 10,737 11,999 \n General and administrative 13,048 13,137 \n Research and development 1,364 1,616 \n Total operating expenses 25,149 26,752 \n Loss from operations (8,995 ) (11,014 ) \n Other (income) expense: \n Interest expense 2,266 1,922 \n Loss on extinguishment of debt 539 — \n Other income, net (1,020 ) (247 ) \n Net loss $ (10,780 ) $ (12,689 ) \n Less: Net gain (loss) attributable to non-controlling interest 10 (14 ) \n Net loss attributable to Neuronetics stockholders’ (10,790 ) (12,675 ) \n Net loss per share of common stock outstanding, basic and diluted attributable to Neuronetics stockholders $ (0.16 ) $ (0.21 ) \n Weighted average common shares outstanding, basic and diluted 69,589 61,465 \n\n\n\n\n\n NEURONETICS, INC. Consolidated Balance Sheets (Unaudited; In thousands, except per share data) \n \n March 31, December 31, \n 2026 2025 \n Assets \n Current assets: \n Cash and cash equivalents $ 13,214 $ 28,134 \n Restricted cash 5,750 6,000 \n Accounts receivable, net of allowance for credit losses of $780 and $1,043 as of March 31, 2026 and December 31, 2025, respectively 15,809 16,469 \n Inventory 4,715 4,327 \n Current portion of net investments in sales-type leases 257 225 \n Current portion of prepaid commission expense 2,900 3,050 \n Current portion of note receivables 401 424 \n Prepaid expenses and other current assets 4,129 2,922 \n Total current assets 47,175 61,551 \n Property and equipment, net 3,874 4,466 \n Goodwill 23,622 23,622 \n Intangible assets, net 17,785 18,149 \n Operating lease right-of-use assets 23,069 23,560 \n Net investments in sales-type leases 108 98 \n Prepaid commission expense 7,464 7,972 \n Long-term notes receivable 92 151 \n Other assets 2,251 1,982 \n Total assets $ 125,440 $ 141,551 \n Liabilities and Equity \n Current liabilities: \n Accounts payable $ 11,433 $ 10,739 \n Accrued expenses 9,596 12,316 \n Current portion of deferred revenue 833 753 \n Deferred and contingent consideration 250 500 \n Other payables 751 652 \n Current portion of operating lease liabilities 5,422 5,561 \n Total current liabilities 28,285 30,521 \n Long-term debt, net 61,297 65,807 \n Other long term liabilities 71 — \n Deferred revenue 58 48 \n Operating lease liabilities 18,669 18,935 \n Total liabilities 108,380 115,311 \n Commitments and contingencies \n Equity: \n Preferred stock, $0.01 par value: 10,000 shares authorized; no shares issued or outstanding on March 31, 2026 and December 31, 2025 — — \n Common stock, $0.01 par value: 250,000 shares authorized; 69,583 and 68,994 shares issued and outstanding on March 31, 2026 and December 31, 2025, respectively 696 690 \n Additional paid-in capital 482,146 480,475 \n Accumulated deficit (469,577 ) (458,787 ) \n Total Stockholders' equity 13,265 22,378 \n Non-controlling interest 3,795 3,862 \n Total equity 17,060 26,240 \n Total liabilities and equity $ 125,440 $ 141,551 \n\n\n\n\n\n NEURONETICS, INC. Consolidated Statements of Cash Flows (Unaudited; In thousands) \n \n Three months ended March 31, \n 2026 2025 \n Cash flows from operating activities: \n Net loss $ (10,780 ) $ (12,689 ) \n Adjustments to reconcile net loss to net cash used in operating activities: \n Depreciation and amortization 745 911 \n Allowance for credit losses (267 ) — \n Inventory impairment (30 ) 5 \n Share-based compensation 1,677 1,444 \n Non-cash interest expense 256 189 \n Loss on extinguishment of debt 539 — \n Loss on disposal of property and equipment 270 — \n Changes in certain assets and liabilities: \n Accounts receivable, net 1,008 (2,627 ) \n Inventory (432 ) 175 \n Net investments in sales-type leases (43 ) 14 \n Prepaid commission expense 658 401 \n Prepaid expenses and other assets (1,121 ) 1,785 \n Accounts payable 559 (2,638 ) \n Accrued expenses (2,720 ) (3,511 ) \n Other liabilities 170 (193 ) \n Deferred revenue 90 (259 ) \n Net cash used in operating activities (9,421 ) (16,993 ) \n \n Cash flows from investing activities: \n Purchases of property and equipment and capitalized software (197 ) (219 ) \n Proceeds from the sale of property and equipment 25 — \n Net cash used in investing activities (172 ) (219 ) \n \n Cash flows from financing activities: \n Repayment of deferred and contingent consideration (250 ) — \n Repayment of long-term debt (5,000 ) — \n Payment for debt extinguishment cost (250 ) — \n Proceeds from the issuance of common stock — 20,700 \n Payments of common stock offering issuance costs — (1,731 ) \n Distribution to non-controlling interest (77 ) — \n Proceeds from exercises of stock options — 8 \n Net cash (used in) provided by financing activities (5,577 ) 18,977 \n Net increase (decrease) in Cash, Cash equivalents and Restricted cash (15,170 ) 1,765 \n Cash and cash equivalents and restricted cash and cash equivalents, beginning of period 34,134 19,459 \n Cash and cash equivalents and restricted cash and cash equivalents, end of period $ 18,964 $ 21,224 \n \n Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheet: \n Cash and cash equivalents 13,214 20,224 \n Restricted cash and cash equivalents 5,750 1,000 \n Total cash, cash equivalents and restricted cash $ 18,964 $ 21,224 \n\nNon-GAAP Financial Measures (Unaudited) \n\nEBITDA and Adjusted EBITDA are not measures of financial performance under\ngenerally accepted accounting principles in the U.S. (“GAAP”), and should\nnot be construed as a substitute for, or superior to, GAAP net loss. However,\nmanagement uses both the GAAP and non-GAAP financial measures internally to\nevaluate and manage the Company’s operations and to better understand its\nbusiness. Further, management believes that the addition of the non-GAAP\nfinancial measures provides meaningful supplementary information to, and\nfacilitates analysis by, investors in evaluating the Company’s financial\nperformance, results of operations and trends. The Company’s calculation of\nEBITDA and Adjusted EBITDA may not be comparable to similarly designated\nmeasures reported by other companies, because companies and investors may\ndiffer as to what type of events warrant adjustment.\n\nThe following table reconciles reported net loss to EBITDA and Adjusted\nEBITDA:\n\n Three Months ended \n March 31, \n 2026 2025 \n (in thousands) \n Net loss attributable to Neuronetics stockholders’ $ (10,790 ) $ (12,675 ) \n Interest expense, net 1,246 1,675 \n Income taxes — — \n Depreciation and amortization 745 911 \n EBITDA $ (8,799 ) $ (10,089 ) \n \n Stock based compensation (Note. 1) 1,677 1,444 \n Loss on extinguishment of debt (Note.2) 539 — \n Adjusted EBITDA $ (6,583 ) $ (8,645 ) \n \n\nFootnotes\n1. Stock-based compensation consists of expenses related to restricted stock\nunits. We exclude these expenses from our non-GAAP financial measures because\nthey are non-cash charges that we do not consider reflective of our core\nongoing operational performance. While share-based compensation is a recurring\nexpense and a key part of our employee retention strategy, excluding it allows\nmanagement and investors to compare our operational profitability more\nconsistently against prior periods and industry peers.\n\n2. In connection with its $5 million repayment of debt in the first quarter of\n2026 to Perceptive Advisors, LLC, the Company recorded a total loss on partial\ndebt extinguishment of approximately $0.5 million. This infrequent and\nnon-recurring expense is removed from EBITDA in order to provide a more\naccurate reflection of the Company’s core operational performance for the\nperiod presented.\nReferences\n\n1 The effectiveness of SPRAVATO® in preventing suicide or in reducing\nsuicidal ideation or behavior has not been demonstrated. Use of SPRAVATO®\ndoes not preclude the need for hospitalization if clinically warranted, even\nif patients experience improvement after an initial dose of SPRAVATO®. For\nmore important safety information about SPRAVATO®, please visit\nspravatohcp.com.\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/12db9039-d4bf-41a0-8b4a-324398e392b4)\n\n\n\nGlobeNewswire, Inc. 2026"},"type":"article","timestamp":"2026-05-05T11:50:00.349532967Z","server_sent_at_ms":1777981800349},"received_at":"2026-05-05T11:50:00.510Z","source_url":"https://www.globenewswire.com/news-release/2026/04/21/3277931/0/en/neuronetics-to-report-first-quarter-2026-financial-and-operating-results-and-host-conference-call.html"},"analysis":{"id":"15410","press_release_id":"20845","analysis_json":{"industry":{"label":"Health Care Equipment & Services","sector":"Health Care"},"redFlags":["Total cash decreased from $34.1 million to $19.0 million during the quarter","Gross margin decreased to 46.9% from 49.2% in the prior year","International revenue decreased 54% compared to the first quarter 2025"],"eventType":"earnings","narrative":"Neuronetics reported Q1 2026 revenue of $34.5 million, an 8% increase from the prior year, while narrowing its net loss per share to $(0.16) from $(0.21).\n\nOperational efficiency improved significantly, with net cash used in operations decreasing by $7.6 million to $9.4 million despite a one-time $5.0 million debt principal payment made during the quarter.\n\nThe company maintained its full-year 2026 revenue guidance of $160 million to $166 million and announced an expansion of Optum/UHC/UBH's TMS clinical policy to allow nurse practitioners to administer NeuroStar therapy.","sentiment":"bullish","agentHooks":{"shouldPost":false,"suggestedAngle":"Neuronetics cuts Q1 cash burn by 45% and narrows losses, but cash balance declines $15M."},"keyFigures":{"guidance":"FY2026 revenue $160 million - $166 million"},"quotedText":"I'm encouraged by our first quarter performance, which reflects the team’s continued execution on revenue growth, operational efficiency, and cash management.","namedEntities":{"people":[{"name":"Dan Reuvers","role":"President and Chief Executive Officer"}],"products":["NeuroStar Advanced Therapy","NeuroStar Advanced Therapy System","SPRAVATO"],"companies":[{"name":"Neuronetics, Inc.","ticker":"STIM"},{"name":"Optum/UHC/UBH","relationship":"payer"},{"name":"Greenbrook TMS Inc.","relationship":"subsidiary"},{"name":"Perceptive Advisors, LLC","relationship":"creditor"}],"dollarAmounts":[{"amount":"$34.5 million","context":"First quarter 2026 revenue"},{"amount":"$21.5 million","context":"U.S. clinic revenue"},{"amount":"$9.4 million","context":"Net cash used in operations"},{"amount":"$17.0 million","context":"Net cash used in operations in Q1 2025"},{"amount":"$(10.8) million","context":"Net loss for the first quarter of 2026"},{"amount":"$19.0 million","context":"Total cash held as of March 31, 2026"},{"amount":"$5.0 million","context":"One-time principal payment to reduce debt"}]},"materialImpact":{"score":3,"reasoning":"Q1 revenue grew 8% year-over-year and net loss per share improved from $(0.21) to $(0.16). The company significantly reduced its cash burn by nearly 45% to $9.4 million, though the lack of consensus comparison data and maintenance rather than raising of guidance keeps this as a standard quarterly update."},"tickerRelevance":{"others":[],"primary":"STIM"},"globalImportance":20,"audienceRelevance":15,"eventTypeSecondary":["guidance_update"],"importanceComponents":{"tickerTier":"small-cap","eventGravity":"quarterly_earnings","cashBurnImprovement":"significant"}},"event_type":"earnings","event_type_secondary":["guidance_update"],"sentiment":"bullish","material_impact_score":3,"narrative":"Neuronetics reported Q1 2026 revenue of $34.5 million, an 8% increase from the prior year, while narrowing its net loss per share to $(0.16) from $(0.21).\n\nOperational efficiency improved significantly, with net cash used in operations decreasing by $7.6 million to $9.4 million despite a one-time $5.0 million debt principal payment made during the quarter.\n\nThe company maintained its full-year 2026 revenue guidance of $160 million to $166 million and announced an expansion of Optum/UHC/UBH's TMS clinical policy to allow nurse practitioners to administer NeuroStar therapy.","key_figures":{"guidance":"FY2026 revenue $160 million - $166 million"},"named_entities":{"people":[{"name":"Dan Reuvers","role":"President and Chief Executive Officer"}],"products":["NeuroStar Advanced Therapy","NeuroStar Advanced Therapy System","SPRAVATO"],"companies":[{"name":"Neuronetics, Inc.","ticker":"STIM"},{"name":"Optum/UHC/UBH","relationship":"payer"},{"name":"Greenbrook TMS Inc.","relationship":"subsidiary"},{"name":"Perceptive Advisors, LLC","relationship":"creditor"}],"dollarAmounts":[{"amount":"$34.5 million","context":"First quarter 2026 revenue"},{"amount":"$21.5 million","context":"U.S. clinic revenue"},{"amount":"$9.4 million","context":"Net cash used in operations"},{"amount":"$17.0 million","context":"Net cash used in operations in Q1 2025"},{"amount":"$(10.8) million","context":"Net loss for the first quarter of 2026"},{"amount":"$19.0 million","context":"Total cash held as of March 31, 2026"},{"amount":"$5.0 million","context":"One-time principal payment to reduce debt"}]},"model_name":"glm-4.7","prompt_hash":"sha256:a2703c5a1b5285fe","schema_hash":"sha256:1f8af1196c7db48c","created_at":"2026-05-05T12:57:10.122Z","global_importance":20,"audience_relevance":15,"importance_components":{"tickerTier":"small-cap","eventGravity":"quarterly_earnings","cashBurnImprovement":"significant"}},"durationMs":102210,"modelName":"glm-4.7"}}