Neuronetics, Inc.
- Open
- 1.76
- Day high
- 1.88
- Day low
- 1.57
- Prev close
- 1.78
- Volume
- 3.1M
- Mkt cap
- $113M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 8.5
- P/S
- 0.7
- Yield
- —
- Per share
- —
- ▲Insiders net buying $962K over the last 3 months (4 open-market buys, 1 sale)
- 🏛Institutions mixed (13F)
Neuronetics, Inc. (STIM) is a Healthcare company listed on NASDAQ. The stock is down 56% over the past year. Over the trailing 3 months, insiders filed 4 open-market buys and 1 sale (SEC Form 4).
Neuronetics, Inc. (STIM) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
STIM earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $-0.17 | $-0.16 | +5.9% | $34M | +0.8% |
| Mar 17, 2026 | $-0.11 | $-0.10 | +5.2% | $42M | +12.2% |
| Nov 4, 2025 | $-0.12 | $-0.13 | -8.3% | $37M | -1.5% |
| Mar 4, 2025 | $-0.26 | $-0.33 | -26.9% | $22M | -21.9% |
| Mar 5, 2024 | $-0.26 | $-0.19 | +26.9% | $20M | +2.3% |
| Mar 7, 2023 | $-0.43 | $-0.30 | +30.2% | $18M | +8.2% |
| Aug 2, 2022 | $-0.43 | $-0.39 | +9.3% | $16M | +5.6% |
| May 12, 2022 | $-0.41 | $-0.41 | +0.0% | $14M | +5.4% |
| Mar 8, 2022 | $-0.33 | $-0.29 | +12.1% | $15M | +4.1% |
| Aug 3, 2021 | $-0.24 | $-0.29 | -20.8% | $14M | +0.0% |
| May 4, 2021 | $-0.33 | $-0.31 | +6.1% | $12M | +0.0% |
| Mar 2, 2021 | $-0.25 | $-0.19 | +24.0% | $16M | — |
STIM insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 15, 2026 | Chernett Jorey10 percent owner | Buy | 35,000 | $1.78 |
| May 29, 2026 | CASCELLA ROBERTdirector | Grant | 36,250 | — |
| May 29, 2026 | CONLEY SHERYL Ldirector | Grant | 30,000 | — |
| May 29, 2026 | Cucuz Sashadirector | Grant | 30,000 | — |
| May 29, 2026 | MUIR GLENN Pdirector | Grant | 30,000 | — |
| May 29, 2026 | Rosengarten Megandirector | Grant | 30,000 | — |
| May 29, 2026 | Amin Avinashdirector | Grant | 30,000 | — |
| May 21, 2026 | Pfanstiel Stevenofficer: Former EVP, CFO and Treasurer | Sell | 8,569 | $1.34 |
| May 20, 2026 | Chernett Jorey10 percent owner | Buy | 100,000 | $1.17 |
| May 13, 2026 | Chernett Jorey10 percent owner | Buy | 475,000 | $1.34 |
| Apr 22, 2026 | Chernett Jorey10 percent owner | Buy | 100,000 | $1.58 |
| Mar 30, 2026 | Chernett Jorey10 percent owner | Buy | 385,442 | $1.25 |
| Mar 30, 2026 | Chernett Jorey10 percent owner | Buy | 500,000 | $1.35 |
| Mar 27, 2026 | Chernett Jorey10 percent owner | Buy | 25,000 | $1.44 |
| Mar 27, 2026 | Chernett Jorey10 percent owner | Buy | 125,000 | $1.40 |
Source: STIM SEC Form 4 filings, latest Jul 15, 2026. For informational purposes only — not investment advice.
See the full STIM insider & 13F page →Neuronetics, Inc. company profile
Overview
Neuronetics, Inc. (NASDAQ:STIM) is a commercial-stage medical technology company founded in 2001 and headquartered in Malvern, Pennsylvania. The company went public in June 2018 and has evolved from a pure medical device manufacturer into a vertically integrated mental health care provider through its 2024 acquisition of Greenbrook TMS. Neuronetics specializes in non-invasive brain stimulation therapies for treating various neurohealth disorders, with a primary focus on depression treatment through its flagship NeuroStar Advanced Therapy System.
Business
Neuronetics operates in the transcranial magnetic stimulation (TMS) market, which is a subset of the broader neuromodulation and mental health treatment industry. The company's core offering is the NeuroStar Advanced Therapy System, a non-invasive medical device that uses transcranial magnetic stimulation to treat mental health conditions. TMS technology works by creating pulsed, MRI-strength magnetic fields that induce electrical currents in specific areas of the brain associated with mood regulation. Unlike traditional psychiatric medications that work systemically throughout the body, TMS delivers targeted stimulation directly to brain regions linked to depression and other mental health disorders. The treatment is administered in a physician's office, typically requiring multiple sessions over several weeks, and does not require anesthesia or sedation. The company operates through two primary business segments following its 2024 transformation: 1. Medical Device Manufacturing and Sales (approximately 25-30% of revenue): This traditional segment involves selling NeuroStar systems to psychiatrists and mental health clinics, along with consumable treatment coils and providing ongoing support services. The FDA has cleared the NeuroStar system for treating major depressive disorder in adults, adolescents aged 15-21, obsessive-compulsive disorder, and anxiety symptoms associated with depression. 2. Direct Clinical Services (approximately 70-75% of revenue): Through the Greenbrook acquisition, Neuronetics now operates approximately 95 TMS clinics across the United States, providing direct patient care and treatment services. This segment generates revenue through insurance reimbursements and patient payments for TMS therapy sessions, as well as other mental health treatments including SPRAVATO (esketamine nasal spray).
Revenue model
Neuronetics generates revenue through multiple complementary business models that have evolved significantly following its vertical integration strategy: Equipment Sales Revenue: The company sells NeuroStar systems directly to psychiatrists and mental health practices, typically pricing each system in the range that generates $75,000-$100,000 in revenue per unit. Customers also purchase consumable treatment coils and pay for ongoing maintenance and support services. Treatment Session Revenue: Neuronetics receives recurring revenue from treatment sessions performed using its equipment at customer sites. This creates an annuity-like revenue stream tied to patient volume and utilization rates at partner clinics. Direct Clinical Revenue: Through the Greenbrook clinic network, the company directly bills insurance providers and patients for TMS therapy sessions. A typical course of TMS treatment involves 36 sessions over 6-9 weeks, with reimbursement rates varying by insurance provider but generally ranging from $300-$500 per session. Ancillary Services Revenue: The company is expanding its service offerings to include SPRAVATO treatments and other mental health therapies within its clinic network, diversifying revenue streams beyond TMS. The company's margins are influenced by several key factors. Positive margin drivers include the expansion of insurance coverage for TMS therapy, the shift toward higher-margin direct clinical services, operational synergies from the Greenbrook integration, and the scalability of the Better Me Provider program which increases utilization at existing customer sites. Negative margin pressures come from the capital-intensive nature of clinic operations, reimbursement rate negotiations with insurance providers, competition from alternative depression treatments including newer psychiatric medications, and the significant upfront costs required for clinic expansion and equipment deployment.
Competitive moat
Neuronetics operates in a specialized but competitive market with moderate barriers to entry. The company's primary competitive advantages stem from its FDA regulatory clearances and established clinical evidence base, which create meaningful switching costs for healthcare providers who have invested in training and patient protocols. The NeuroStar system benefits from extensive clinical validation and is one of the most widely studied TMS devices, giving it credibility with psychiatrists and insurance providers. The company's vertical integration strategy through Greenbrook creates a stronger competitive position by controlling both device manufacturing and clinical delivery. This integration allows for better margin capture, direct patient relationships, and the ability to optimize treatment protocols across the entire care continuum. The Better Me Provider program further strengthens the moat by increasing switching costs for participating clinics through enhanced patient referral systems and operational support. However, the moat is not particularly wide or durable. Competitive threats include other TMS device manufacturers such as Brainsway and Magstim, which offer alternative TMS technologies and may have different clinical advantages. The broader competitive landscape includes traditional psychiatric medications, emerging psychedelic therapies, and other neuromodulation technologies like deep brain stimulation. Additionally, larger healthcare systems or private equity-backed clinic networks could potentially integrate backward into device manufacturing or forward into direct clinical services, challenging Neuronetics' positioning. The regulatory environment also presents risks, as changes in FDA approval processes or insurance reimbursement policies could significantly impact the company's competitive advantages.
Risks & safety
The company presents a moderate to high risk profile with limited margin of safety: • Cash Position: $20.2 million in cash and short-term investments as of Q1 2025, with negative $17.2 million free cash flow in the most recent quarter • Debt Burden: High debt-to-equity ratio of 2.33, reflecting significant leverage from the Greenbrook acquisition financing • Solvency Risk: Current ratio of 2.44 provides adequate short-term liquidity, but the company is burning cash and expects to reach cash flow positivity only in Q3 2025 • Valuation Metrics: Trading at 6.38x book value with negative earnings, making traditional valuation metrics challenging to assess • Operational Risk: Heavy dependence on successful integration of Greenbrook acquisition and realization of projected $22.5 million in annual synergies • Market Risk: Exposure to healthcare reimbursement policy changes and competition from alternative depression treatments The margin of safety is constrained by the company's cash burn rate, high leverage, and execution risk associated with the recent major acquisition.
Recent development
Neuronetics has undergone a significant strategic transformation over the past two years, shifting from a pure medical device company to a vertically integrated mental health care provider. The most pivotal development was the acquisition of Greenbrook TMS in late 2024, which added approximately 95 TMS clinics to the company's operations and fundamentally changed its business model. This $140 million transaction was structured with significant debt conversion, allowing Neuronetics to achieve vertical integration while capturing an estimated $22.5 million in annual cost synergies. The company has simultaneously expanded its Better Me Provider (BMP) program, which now includes over 385 active sites. This program provides enhanced marketing support, patient referral systems, and operational guidance to partner clinics, resulting in participating sites treating three times more patients per quarter compared to non-participating locations. The BMP program represents a strategic shift toward higher-value partnerships rather than simple equipment sales. Regulatory expansion has been another key development, with FDA clearances obtained for treating adolescent patients (ages 15-21) with depression, obsessive-compulsive disorder, and anxiety symptoms associated with depression. The adolescent market represents a significant growth opportunity, with 38% year-over-year growth in adolescent patient treatments already achieved. The company has also diversified its treatment offerings through the rollout of SPRAVATO (esketamine) across 75% of its Greenbrook clinics, with 42 locations operating under a buy-and-bill model that improves margins and cash flow timing. This expansion into complementary mental health treatments reduces dependence on TMS therapy alone and creates additional revenue streams within the existing clinic infrastructure.
STIM company profile · for informational purposes only — not investment advice.
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