Neuronetics, Inc. (NASDAQ: STIM)

Neuronetics, Inc. is a global leader in neuroscience that provides transcranial magnetic stimulation (TMS) therapies for patients with mental health disorders. Its flagship product the NeuroStar Advanced Therapy System is FDA cleared to treat major depressive disorder obsessive compulsive disorder adolescent major depressive disorder and anxious depression and the company operates Greenbrook treatment centers that deliver NeuroStar therapy and SPRAVATO esketamine nasal spray.

The company generates revenue from the sale of NeuroStar systems (capital equipment) recurring treatment sessions service and repair and extended warranty contracts. It also earns revenue from Greenbrook clinics that provide treatment sessions and SPRAVATO to patients. The majority of revenue comes from clinic and recurring treatment sessions. For the year ended December 31 2025 total revenue was $149.2 million.

The company operates through the following segments.

• NeuroStar: This segment encompasses the development manufacturing and sale of the NeuroStar Advanced Therapy System including capital equipment sales recurring treatment sessions service and repair and extended warranty contracts.

• Greenbrook: This segment operates a network of company owned treatment centers that deliver NeuroStar TMS therapy and SPRAVATO esketamine nasal spray to patients with major depressive disorder and related conditions.

Neuronetics holds a leading position in the TMS therapy market based on the number of patients treated and the size of its clinical data set. The NeuroStar Advanced Therapy System has received FDA clearances for multiple indications and is supported by reimbursement policies from over one hundred major private insurers and federal healthcare programs. Key competitors include Brainsway Apollo TMS Magstim MagVenture CloudTMS and Nexstim but Neuronetics differentiates itself through its extensive clinical evidence practice development resources and cloud based practice management platform. The acquisition of Greenbrook adds a treatment center network that operates with vertical integration and enhances customer access while providing recurring revenue streams.

The company’s primary customers are psychiatrists with additional sales to primary care physicians and pain management specialists. Greenbrook serves patients seeking outpatient mental health treatment at its network of treatment centers. Neuronetics targets approximately 53,000 psychiatrists across 26,000 psychiatric practices in the United States. Through its direct sales force and clinic operations the company works directly with healthcare providers and patients to deliver its TMS and SPRAVATO therapies.