Key Highlights

  • Neuronetics (NASDAQ:STIM) reported a third-quarter net loss of USD 1.6 million against USD 9.4 million a year earlier, on Revenue of USD 42.0 million, up 13% from USD 37.3 million.
  • Greenbrook clinic revenue grew 20.1% to USD 26.2 million, while NeuroStar revenue rose 1.8% to USD 15.8 million on what management called a record quarter of system sales.
  • Gross Margin widened to 52.2% from 45.9%, and adjusted EBITDA, a non-GAAP measure, turned positive at USD 1.9 million against a loss of USD 4.7 million.
  • Full-year revenue guidance stayed at USD 160 million to USD 164 million, and total cash ended September at USD 27.9 million compared with USD 34.1 million at year-end.

Losses Narrow as Greenbrook Clinics and Record System Sales Lift Revenue

Neuronetics (NASDAQ:STIM) filed its third-quarter 2026 report on November 4, 2026. Total revenue was USD 42.0 million, up USD 4.7 million, or 13%, from USD 37.3 million, mainly on higher Greenbrook revenue. The company sells the NeuroStar transcranial magnetic stimulation system for depression and runs Greenbrook treatment centers across the U.S. The net loss was USD 1.6 million, against USD 9.4 million a year earlier, and the nine-month loss was USD 15.8 million versus USD 31.9 million. On the call, management cited a recently awarded sole source agreement with a large national player and said its new go-to-market approach is reaching customers it could not compete for before.

Margin Gains, Lower Expenses and an Unchanged Revenue Outlook

Gross margin was 52.2%, up from 45.9%, which management tied to the new NeuroStar strategy and better revenue cycle management at Greenbrook. Operating expenses fell 12.6% to USD 21.3 million, and income from operations was USD 5.0 million against a loss of USD 7.3 million. Net loss attributable to stockholders was USD 1.7 million, or USD 0.02 a share, versus USD 9.0 million, or USD 0.13. For 2026, Neuronetics (NASDAQ:STIM) kept revenue guidance unchanged and now expects gross margin of 49% to 50%, narrowing it from 48% to 50%. It also narrowed expected operating and investing Cash Flow to negative USD 10 million to negative USD 12 million.

Thin Cash, Falling Session Revenue and Regulatory Items to Watch

Total cash was USD 27.9 million at September 30, 2026, made up of USD 22.9 million of cash and equivalents and USD 5.8 million of restricted cash. The accumulated Deficit stood at USD 474.8 million, and the filing lists the ability to continue as a Going Concern among its risk topics. Treatment session revenue declined as expected under the new sales strategy, and management expects it to trend slightly lower. A 510(k) submission for an accelerated TMS protocol, filed in August, remains under FDA review. Management still targets limited to no net cash use from operating and investing activities in the second half.

Where Things Stand

The loss narrowed through revenue growth, a wider gross margin and lower operating expenses, not through a profit. Neuronetics (NASDAQ:STIM) still lost USD 1.6 million, although Operating Income and adjusted EBITDA were positive. Greenbrook growth and record system sales carried the Top Line while session revenue fell, and cash declined to USD 27.9 million. Next markers are fourth-quarter results against the unchanged revenue range, the FDA review of the accelerated protocol and progress toward limited cash use in the second half.