Neuronetics, Inc.

Listed Company

STIMCIK 0001227636NasdaqNon-AcceleratedSmaller ReportingSurgical & Medical Instruments & ApparatusDelawareFY ends Dec 31

Period

FY 2025

Revenue

$149.16M

Net Income

$-39.00M

Total Assets

$141.55M

Equity

$22.38M

Shares Out

69.28M

Op. Cash Flow

$-20.40M

Business

Neuronetics, Inc. develops, manufactures and commercializes non-invasive transcranial magnetic stimulation (TMS) systems for neurohealth disorders. Its principal products and services include the NeuroStar Advanced Therapy System, recurring TMS treatment sessions, practice development and cloud-based practice management solutions, and access to SPRAVATO® at company-operated clinics. The company operates through two primary business components: product sales and support for psychiatrist customers and a network of Greenbrook treatment centers that provide clinic-based TMS and SPRAVATO therapies. Neuronetics sells primarily in the United States and distributes in select international markets through independent distributors, with focused efforts in Japan and the European Union.

Summary from filing dated 2025-03-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total Revenues	149	75	71	65	55
Total Cost of revenues	77	21	20	15	12
Gross profit	72	54	52	50	44
Sales and marketing	47	46	47	50	38
General and administrative	50	30	25	26	26
Research and development	7	13	10	9	8
Total operating expenses	104	89	82	85	71
Loss from operations	−31	−35	−31	−35	−28
Interest expense	8	7	5	—	—
Loss on extinguishment of debt	—	4	—	—	—
Other income, net	−716,000	−3	−6	−2	−390,000
Net loss	−39	−44	−30	−37	—
Less: Net loss attributable to non-controlling interest	−137,000	−19,000	—	—	—
Net loss attributable to Neuronetics stockholders'	−39	−44	−30	−37	−31
Net loss per share of common stock outstanding, basic attributable to Neuronetics stockholders'	−0.59	−1.38	−1.05	−1.38	−1.22
Net loss per share of common stock outstanding, diluted attributable to Neuronetics stockholders'	−0.59	−1.38	−1.05	−1.38	−1.22
Weighted average common shares outstanding, basic (in shares)	66	32	29	27	25
Weighted average common shares outstanding, diluted (in shares)	66	32	29	27	25

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	28	18	60	70	94
Restricted cash and cash equivalents	6	1	—	—	—
Accounts receivable, net of allowance of credit losses for $1,043 and $1,930 as of December 31, 2025 and December 31, 2024, respectively	16	23	16	14	8
Inventory	4	4	8	9	7
Current portion of net investments in sales-type leases	225,000	206,000	905,000	2	2
Current portion of prepaid commission expense	3	3	3	2	2
Current portion of notes receivable	424,000	930,000	2	230,000	74,000
Prepaid expenses and other current assets	3	7	5	2	3
Total current assets	62	58	94	99	115
Property and equipment, net	4	6	2	2	1
Goodwill	24	19	—	—	—
Intangible assets, net	18	20	—	—	—
Operating lease right-of-use assets	24	27	3	3	4
Net investments in sales-type leases	98,000	86,000	661,000	1	2
Prepaid commission expense	8	9	8	8	7
Long-term notes receivable	151,000	295,000	4	362,000	10
Other assets	2	2	4	4	2
Total assets	142	141	116	117	141
Accounts payable	11	11	5	2	4
Accrued expenses	12	13	13	15	8
Current portion of deferred revenue	753,000	974,000	2	2	3
Deferred and contingent consideration	500,000	1	—	—	—
Other payables	652,000	605,000	—	—	—
Current portion of operating lease liabilities	6	5	845,000	824,000	670,000
Total current liabilities	31	31	20	33	16
Long-term debt, net	66	55	59	23	35
Deferred revenue	48,000	2,000	200,000	829,000	1
Operating lease liabilities	19	23	2	3	4
Total liabilities	115	109	82	60	56
Commitments and contingencies (Note 20)	—	—	—	—	—
Preferred stock, $0.01 par value: 10,000 shares authorized; no shares issued or outstanding on December 31, 2025 and 2024	—	—	—	—	—
Common stock, $0.01 par value: 250,000 shares authorized; 68,994 and 55,679 shares issued and outstanding on December 31, 2025 and 2024, respectively	690,000	557,000	291,000	273,000	264,000
Additional paid-in capital	480	447	410	403	394
Accumulated deficit	−459	−420	−376	−346	−309
Total Stockholders' equity	22	28	34	57	85
Non-controlling interest	4	4	—	—	—
Total equity	26	32	34	57	85
Total liabilities and equity	142	141	116	117	141

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	3	2	2	2	1
Capitalized software impairment	—	4	—	—	—
Allowance for credit losses	587,000	2	390,000	341,000	763,000
Inventory impairment	388,000	626,000	2	—	—
Share-based compensation	7	6	7	9	8
Non-cash interest expense	824,000	771,000	634,000	709,000	715,000
Loss on disposal of property and equipment	72,000	28,000	—	—	—
Accounts receivable, net	4	−4	−9	−7	−4
Inventory	−395,000	3	−1	−3	−3
Net investments in sales-type leases	−31,000	997,000	1	1	324,000
Prepaid commission expense	958,000	−1	−1	−1	−2
Prepaid expenses and other assets	5	−1	−3	786,000	62,000
Accounts payable	−2	−2	2	−2	276,000
Accrued expenses	−502,000	−2	−2	7	910,000
Other liabilities	257,000	−66,000	—	—	—
Deferred revenue	−175,000	−843,000	−989,000	−1	215,000
Net Cash used in Operating activities	−20	−31	−32	−31	−28
Purchases of property and equipment and capitalized software	−801,000	−1	−2	−3	−2
Cash paid for acquisition, net of cash and restricted cash acquired	—	−3	—	—	—
Repayment of notes receivable	—	2	1	10	−7
Net Cash used in Investing activities	−801,000	−2	−1	7	−10
Payments of debt issuance costs	−168,000	−3	−1	−91,000	—
Proceeds from issuance of long-term debt	10	57	25	—	—
Repayment of promissory note	−211,000	—	—	—	—
Repayment of deferred and contingent consideration	−500,000	—	—	—	—
Proceeds from issuance of warrants	—	3	—	—	—
Repayment of long-term debt	—	−60	−1	—	—
Payment for debt extinguishment cost	—	−4	—	—	—
Distribution to non-controlling interest	−94,000	—	—	—	—
Proceeds from exercises of stock options	13,000	1,000	1,000	298,000	2
Net Cash provided by (used in) Financing activities	36	−7	23	207,000	83
Net increase (decrease) in Cash, Cash equivalents and Restricted cash	15	−40	−11	−24	45
Cash paid for interest	8	7	5	4	3
Transfer of inventory to property and equipment	106,000	92,000	210,000	250,000	601,000
Purchases of property and equipment and capitalized software in accounts payable and accrued expenses	83,000	13,000	239,000	103,000	273,000
Reduction of accounts receivable in current and long-term notes receivable	—	606,000	6	432,000	3

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