Neuronetics, Inc. reported its financial results for the second quarter of 2026, revealing a total revenue of $41.6 million, a 9% increase from $38.1 million in the same period last year. For the first half of 2026, revenues reached $76.0 million, up 8% from $70.1 million in the first half of 2025. The growth was primarily driven by a significant increase in revenue from Greenbrook, which rose 17% to $26.9 million in the second quarter, attributed to contributions from clinics acquired through the Greenbrook transaction and improved revenue cycle management. In contrast, revenue from NeuroStar decreased slightly to $14.7 million, down from $15.1 million year-over-year.
The company reported a net loss of $3.5 million for the second quarter, a notable improvement compared to a loss of $9.8 million in the same quarter of 2025. For the first half of 2026, the net loss was $14.2 million, down from $22.5 million in the prior year. The reduction in losses was attributed to lower operating expenses, which decreased by 12% to $22.7 million in the second quarter, driven by reductions in sales and marketing, general and administrative, and research and development expenses.
Neuronetics continues to focus on strategic developments, including its acquisition of Greenbrook, which has expanded its operational footprint in the mental health treatment sector. As of June 30, 2026, the company had cash and cash equivalents of $19.2 million, down from $28.1 million at the end of 2025, and an accumulated deficit of $473.2 million. The company incurred negative cash flows from operating activities of $10.4 million in the first half of 2026, although this was an improvement from $20.5 million in the same period of 2025.
Operationally, Neuronetics has seen a shift in its revenue composition, with Greenbrook accounting for 65% of total revenues in the second quarter of 2026, compared to 60% in the same quarter of 2025. The company is actively working to enhance its revenue cycle management and expand its treatment offerings to meet future revenue covenants under its credit facility. However, there is substantial doubt regarding its ability to continue as a going concern if it fails to meet these financial covenants, particularly the minimum revenue requirements projected for March 31, 2027.
Looking ahead, Neuronetics plans to focus on improving its sales growth strategies and optimizing its product mix to enhance revenue generation. The company is also exploring new treatment options at its clinic locations to further drive growth. Despite the challenges, management remains optimistic about the potential for increased adoption of its NeuroStar system and the continued expansion of its Greenbrook treatment centers.
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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