Neuronetics Earnings Call Transcripts
Fiscal Year 2026
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Q2 2026 revenue grew 9.1% year-over-year to $41.6 million, led by Greenbrook clinics and improved operational efficiency. Gross margin rose to 61.1%, net loss narrowed, and adjusted EBITDA turned positive. Guidance was tightened, with continued focus on profitability and growth in interventional psychiatry.
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All director nominees were re-elected, auditor appointment and executive compensation were approved, and the 2026 Equity Incentive Plan passed. No shareholder questions were raised, and final voting results will be filed with the SEC.
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Q1 2026 revenue grew 8% year-over-year to $34.5 million, with improved net loss and adjusted EBITDA. Clinic revenue rose 15% on strong SPRAVATO growth, while NeuroStar system sales increased but treatment revenue declined. Guidance and cash outlook remain stable.
Fiscal Year 2025
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Q4 2025 saw 23% adjusted pro forma revenue growth, positive operating cash flow, and strong Greenbrook clinic performance. 2026 guidance projects >9% revenue growth, with continued expansion in clinics and new therapy rollouts, including COMP360.
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Q3 2025 revenue rose 101% year-over-year to $37.3M, driven by Greenbrook clinic growth and operational efficiencies. Gross margin declined due to business mix, but cash burn improved sharply. Full-year guidance was revised to $147–$150M, with positive cash flow targeted in Q4.
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Q2 revenue surged 132% YoY to $38.1M, driven by Greenbrook integration and operational gains. Gross margin declined to 46.6% due to revenue mix, but cash flow improved and full-year revenue is guided at $149M–$155M. Positive momentum in adolescent treatments and BMP Program expansion.
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Q1 2025 revenue surged 84% year-over-year to $32 million, driven by Greenbrook integration and strong clinic performance. SPRAVATO rollout, BMP program expansion, and adolescent TMS growth supported results, with cash flow positivity targeted for Q3 2025.
Fiscal Year 2024
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Q4 2024 revenue rose 11% to $22.5M, driven by the Greenbrook acquisition and BMP program expansion. Gross margin declined due to clinic integration, but cost synergies and new capital support a positive cash flow outlook for Q3 2025.
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Greenbrook acquisition is set to close soon, with over $22 million in cost synergies expected and most savings realized immediately. Utilization growth, expanded adolescent treatment, and improved reimbursement are key 2025 drivers.
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Q3 2024 revenue grew 4% year-over-year to $18.5 million, with gross margin up to 75.6%. The Greenbrook acquisition is set to close in Q4, with $20 million in targeted synergies and a focus on profitability and cash flow break-even by Q3 2025.
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The conference highlighted a major acquisition, expanded treatment capabilities, and strong cost discipline. Revenue and operational synergies from the Greenbrook TMS deal are expected to drive growth, with a focus on improved reimbursement, expanded services, and a path to cash flow breakeven in 2025.
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Q2 revenue fell 7% year-over-year to $16.5M due to Change Healthcare disruptions, but underlying utilization and demand remain strong. The company announced a transformative merger with Greenbrook TMS, expects mid-teens revenue growth and $15M+ in annual cost synergies post-merger, and reaffirmed its path to profitability.
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New patient starts and utilization are accelerating, driven by the Better Me Provider Program and NeuroStar University training. The adolescent indication is expanding market reach, while prudent expense management supports a path to cash flow breakeven in 2025.