STIM · Neuronetics, Inc.

Neuronetics reported first quarter 2026 revenue of $34.5 million, an 8% increase year-over-year, driven primarily by a 15% rise in U.S. clinic revenue to $21.5 million, reflecting strong growth from the Greenbrook acquisition and expansion of SPRAVATO services. U.S. NeuroStar system shipments increased 10% to 34 units, while treatment session revenue declined 5% to $9.1 million. Gross margin contracted to 46.9% from 49.2% due to mix shift. Operating expenses decreased 6% to $25.1 million, driven by savings in sales, marketing, and G&A. Net loss improved to $10.8 million ($0.16 per share) from $12.7 million ($0.21 per share) in the prior year. Cash used in operations was $9.4 million, a $7.6 million improvement. The company ended the quarter with $19.0 million in total cash, down from $34.1 million at year-end 2025, after a $5.0 million debt prepayment. Management highlighted the expansion of Optum/UHC/UBH's TMS clinical policy to allow nurse practitioners to order and administer NeuroStar therapy, which is expected to broaden patient access. For the full year 2026, Neuronetics reiterated guidance of revenue between $160 million and $166 million, gross margin of 47%-49%, operating expenses of $100-$105 million, and cash flow from operations of negative $13 million to negative $17 million. The company also provided Q2 2026 revenue growth expectation of mid-single digits. The presentation (Exhibit 99.2) emphasized the company's vertically integrated model, large addressable market, and initiatives to drive growth and cash flow improvement.