Neuronetics Inc. reported third‑quarter 2025 results with total revenue of $37.3 million, an 11 % increase on an adjusted‑pro‑forma basis versus the same period last year. The company posted a net loss of $9.4 million, or $0.13 per share, and its cash position rose to $34.5 million, comprising $28.0 million in cash and cash equivalents and $6.5 million in restricted cash.
President and Chief Executive Officer Keith J. Sullivan will retire effective June 30 2026. The company has begun a search for a successor and will remain as a consultant to ensure a smooth transition.
Integration of the Greenbrook TMS acquisition continues to progress. Clinic revenue grew 25 % on an adjusted‑pro‑forma basis, while operating cash flow improved to a negative $0.8 million. Gross margin contracted to 45.9 % from 75.6 % year‑over‑year, largely due to the clinic mix. U.S. NeuroStar Advanced Therapy System revenue fell 15 % YoY, with 40 systems shipped versus 48 in Q3 2024, as the company focuses on higher‑volume accounts. U.S. treatment session revenue declined 21 % YoY, impacted by the absence of $2.2 million in Greenbrook session revenue and a shift in customer purchasing patterns.
The company reaffirmed its fourth‑quarter guidance, projecting worldwide revenue between $40 million and $43 million. Full‑year 2025 revenue guidance was revised downward to $147 million–$150 million, a decrease from the prior $149 million–$155 million range, while the target of cash‑flow positivity by the end of 2025 remains unchanged.
Neuronetics operates in the growing neurohealth therapy market, with its NeuroStar Advanced Therapy system for transcranial magnetic stimulation. The Greenbrook acquisition has expanded the company’s footprint and revenue base, positioning it as a larger player. The planned CEO transition marks a pivotal moment, as the search for a successor will shape the company’s strategic direction toward profitability and continued growth.
Sullivan emphasized that the integration of Greenbrook operations is progressing and that the company remains focused on achieving cash‑flow positivity by the end of 2025. He also noted the importance of the expanded Medicaid coverage for TMS therapy in New York State, which could increase patient access and drive future revenue.
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