Neuronetics, Inc. reported significant financial growth in its 2025 fiscal year, with total revenues reaching $149.2 million, a 99% increase from $74.9 million in 2024. This surge was primarily driven by the acquisition of Greenbrook TMS Inc., which contributed substantially to the company's clinic revenue, now accounting for 59% of U.S. revenues. The company also noted a net loss of $39.1 million for the year, a slight improvement from the $43.7 million loss reported in the previous year. U.S. revenues alone increased by 101%, reflecting the successful integration of Greenbrook's operations into Neuronetics' business model.
The acquisition of Greenbrook, completed on December 9, 2024, marked a pivotal strategic development for Neuronetics, allowing it to operate 93 treatment centers across the U.S. and expand its service offerings, including the administration of SPRAVATO for treatment-resistant depression. The integration has led to a restructuring plan aimed at achieving sustainable profitability, which included closing underperforming treatment centers. As of December 31, 2025, Neuronetics employed 658 individuals, reflecting its commitment to enhancing operational capabilities and service delivery.
Operationally, Neuronetics has reported treating approximately 237,574 patients with over 8.5 million treatment sessions through its NeuroStar Advanced Therapy System, which is FDA-cleared for various mental health conditions, including major depressive disorder (MDD) and obsessive-compulsive disorder (OCD). The company has also focused on expanding its market presence, with international revenues accounting for 2% of total revenues, primarily from sales in Japan. The company anticipates further growth in patient utilization of its NeuroStar systems as it continues to optimize its sales and marketing strategies.
Despite the positive revenue trajectory, Neuronetics faces challenges, including a significant accumulated deficit of $458.8 million and ongoing operational losses. The company has indicated that it will need to generate substantial additional revenues to achieve sustained profitability. Looking ahead, Neuronetics plans to enhance its product offerings and expand its market reach, while also navigating the complexities of regulatory compliance and reimbursement processes that could impact its financial performance. The company remains focused on leveraging its integrated business model to capitalize on the growing demand for mental health treatments.
About Neuronetics, Inc.
Neuronetics, Inc. develops non-invasive neurohealth treatments, primarily using transcranial magnetic stimulation (TMS) for major depressive disorder (MDD) and other mental health conditions. Its flagship product, the NeuroStar Advanced Therapy System, delivers precise magnetic pulses to stimulate mood-related brain areas. The company operates in the U.S. and internationally, serving psychiatrists and mental health providers with clinical data-backed solutions, practice support, and expanding indications in the neurotherapy market.
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