MALVERN, Pa. — May 5, 2026 — Leads & Copy —
Neuronetics, Inc. (NASDAQ: STIM), a medical technology and healthcare company, has announced its financial and operating results for the first quarter of 2026.
First quarter 2026 revenue reached $34.5 million, an 8% increase compared to the first quarter of 2025. U.S. clinic revenue totaled $21.5 million, up 15% from the same period last year. The company shipped 34 NeuroStar systems in the U.S., a 10% increase compared to the first quarter of 2025.
Net cash used in operations was $9.4 million, a $7.6 million reduction compared to $17.0 million in the first quarter of 2025. Optum/UHC/UBH expanded its TMS clinical policy to allow nurse practitioners to order, supervise, and administer NeuroStar Advanced Therapy.
Dan Reuvers, President and CEO of Neuronetics, said he is encouraged by the first quarter performance, which reflects the team’s continued execution on revenue growth, operational efficiency, and cash management. He noted the clinic business delivered double-digit growth, operating expenses were reduced, and operating cash flow meaningfully improved compared to the first quarter of last year.
Total revenue for the three months ended March 31, 2026, was $34.5 million, an increase of $2.5 million, or 8%, compared to $32.0 million for the three months ended March 31, 2025. The increase in revenue was primarily driven by higher U.S. clinic revenue, which increased to $21.5 million in the first quarter of 2026 from $18.7 million in the first quarter of 2025, reflecting strong growth since the Greenbrook acquisition and continued expansion of SPRAVATO®, including the buy and bill model.
U.S. NeuroStar Advanced Therapy System revenue for the three months ended March 31, 2026, was $3.2 million, an increase of 13% compared to $2.8 million in the first quarter of 2025. The company shipped 34 systems during the period.
U.S. treatment session revenue was $9.1 million for the three months ended March 31, 2026, a decrease from $9.6 million for the three months ended March 31, 2025.
Gross margin for the first quarter of 2026 was 46.9% compared to 49.2% for the first quarter of 2025. The decrease in gross margin was primarily a result of mix.
Operating expenses during the first quarter of 2026 were $25.1 million, a decrease of $1.6 million, or 6%, compared to $26.8 million in the first quarter of 2025, mainly attributable to savings in general, administrative, sales and marketing expenses.
Net loss for the first quarter of 2026 was $(10.8) million, or $(0.16) per share, as compared to $(12.7) million, or $(0.21) per share, in the first quarter of 2025. Net loss per share was based on 69,589,144 and 61,464,725 weighted average common shares outstanding for the first quarters of 2026 and 2025, respectively.
As of March 31, 2026, the company held $19.0 million in total cash, consisting of cash and cash equivalents of $13.2 million and $5.8 million of restricted cash, which is compared to $34.1 million as of December 31, 2025. The company made a one-time principal payment of $5.0 million in March to reduce its debt obligation and ongoing interest expense.
Optum/United Healthcare/United Behavioral Health (“Optum/UHC/UBH”) has expanded its transcranial magnetic stimulation (“TMS”) clinical policy to allow psychiatric mental health nurse practitioners (“PMHNPs”) to order, supervise, and administer NeuroStar Advanced Therapy, significantly broadening access to this non-drug, non-invasive treatment for major depressive disorder (“MDD”). Previously limited to psychiatrists, the updated policy applies to PMHNPs practicing in states with full practice authority and extends access across 26 states and Washington, D.C., reaching approximately 34.8 million covered lives.
For the second quarter of 2026, the company expects total revenue growth in the mid-single digits.
For the full year 2026, Neuronetics continues to expect: Total revenue between $160 million and $166 million; Gross margin between 47% and 49%; Operating expenses between $100 million and $105 million, inclusive of approximately $8.5 million of non-cash stock-based compensation; and Cash flow from operations between negative $13 million and negative $17 million.
Neuronetics, Inc. believes that mental health is as important as physical health. As a global leader in neuroscience, Neuronetics is delivering more treatment options to patients and physicians by offering exceptional in-office treatments that produce extraordinary results. NeuroStar Advanced Therapy is a non-drug, noninvasive treatment that can improve the quality of life for people suffering from neurohealth conditions when traditional medication has not helped. In addition to selling the NeuroStar Advanced Therapy System and associated treatment sessions to customers, Neuronetics operates Greenbrook TMS Inc. (“Greenbrook”) treatment centers across the United States, offering NeuroStar Advanced Therapy for the treatment of MDD and other mental health disorders. NeuroStar Advanced Therapy is the leading TMS treatment for MDD in adults and is backed by what we believe is the largest clinical data set of any TMS treatment system for depression. Greenbrook treatment centers also offer SPRAVATO® (esketamine) Nasal Spray, a prescription medicine indicated for the treatment of treatment-resistant depression (“TRD”) in adults as monotherapy or in conjunction with an oral antidepressant. It is also indicated for depressive symptoms in adults with MDD with acute suicidal ideation or behavior in conjunction with an oral antidepressant.
The NeuroStar Advanced Therapy System is cleared by the U.S. Food and Drug Administration for adults with MDD, as an adjunct for adults with obsessive-compulsive disorder, to decrease anxiety symptoms in adult patients with MDD that may exhibit comorbid anxiety symptoms (anxious depression), and as a first line adjunct for the treatment of MDD in adolescent patients aged 15-21.
Source: Neuronetics, Inc.
