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STIM

Neuronetics, Inc.

STIM

Neuronetics, Inc. • NASDAQ
$1.49 ▲ 6.83% (+0.10)
Market Cap $101.70 M
52w High $5.92
52w Low $0.95
Dividend Yield 0%
P/E -1.79
Volume 1.06M
Outstanding Shares 68.49M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $37.297M ▼ $24.429M ▼ $-9.045M ▲ -24.251% ▲ $-0.13 ▲ $-6.435M ▲
Q2-2025 $38.108M ▲ $25.816M ▼ $-10.12M ▲ -26.556% ▲ $-0.15 ▲ $-7.169M ▲
Q1-2025 $31.975M ▲ $26.752M ▲ $-12.675M ▼ -39.64% ▲ $-0.21 ▲ $-9.856M ▲
Q4-2024 $22.493M ▲ $26.365M ▲ $-12.662M ▲ -56.293% ▲ $-0.33 ▲ $-10.678M ▲
Q3-2024 $18.53M $21.729M $-13.341M -71.997% $-0.44 $-11.104M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $34.646M ▲ $145.465M ▲ $114.105M ▲ $27.356M ▲
Q2-2025 $17.645M ▼ $134.65M ▼ $103.143M ▲ $27.147M ▼
Q1-2025 $21.426M ▲ $141.988M ▲ $102.457M ▼ $35.452M ▲
Q4-2024 $19.665M ▼ $140.903M ▲ $109.104M ▲ $27.706M ▲
Q3-2024 $21.439M $74.117M $64.736M $9.381M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-9.12M ▲ $-785K ▲ $-114K ▲ $17.901M ▲ $17.002M ▲ $-899K ▲
Q2-2025 $-10.12M ▲ $-3.504M ▲ $-252K ▼ $1K ▼ $-3.755M ▼ $-3.756M ▲
Q1-2025 $-12.689M ▼ $-16.993M ▼ $-219K ▲ $18.977M ▲ $1.765M ▲ $-17.212M ▼
Q4-2024 $-12.681M ▲ $-8.596M ▼ $-2.376M ▼ $9.564M ▲ $-1.408M ▲ $-8.685M ▼
Q3-2024 $-13.341M $-5.417M $14K $-16.372M $-21.775M $-5.803M

Revenue by Products

Product Q1-2025Q2-2025Q3-2025
Medical Device Segment
Medical Device Segment
 $30.00M ▲$0 ▼$40.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Neuronetics has grown its sales gradually over the past five years, but the business is still not profitable. Gross margins appear reasonably healthy for a medical technology company, which suggests the product itself is priced well relative to its direct costs. The main issue is that operating expenses — things like sales, marketing, and R&D — remain high compared with the size of the business, so operating losses have persisted. Net losses per share have been fairly large and somewhat volatile from year to year, indicating that the path to consistent profitability is not yet firmly established.

Balance Sheet

Balance Sheet The balance sheet shows a company with a modest asset base and relatively thin equity. Cash levels have come down from earlier years, while debt has crept up, which points to a tighter financial cushion than in the past. Equity has shrunk compared with a few years ago, reflecting accumulated losses and leaving less of a buffer to absorb future setbacks. Overall, the company still has meaningful assets, but it operates with limited balance sheet flexibility and a higher dependence on careful cash and debt management.

Cash Flow

Cash Flow Cash flow from the core business has been consistently negative over the last several years, meaning the company has been burning cash rather than generating it. Free cash flow mirrors this pattern, as capital spending is low but not enough to offset ongoing operating outflows. This profile implies that Neuronetics has needed, and may continue to need, support from external financing, cost controls, or faster revenue growth to sustain operations. Until operating cash flow turns positive, liquidity and funding remain key areas of risk to watch.

Competitive Edge

Competitive Edge Neuronetics holds a strong niche position in the transcranial magnetic stimulation (TMS) market, anchored by its NeuroStar brand and long history as an early FDA-cleared player in depression treatment. Its large base of installed systems, extensive clinical outcomes data, and broad insurance coverage give it meaningful advantages versus smaller or newer competitors. Direct sales and support, plus recurring revenue from treatment sessions, deepen customer relationships and help defend its position. At the same time, it operates in a competitive mental health technology space where reimbursement, technology advances, and rival TMS systems can all pressure its share over time.

Innovation and R&D

Innovation and R&D The company’s core innovation is its NeuroStar TMS platform, supported by proprietary hardware and software features that aim to make treatments more precise, consistent, and easy to administer. Its TrakStar cloud system and outcomes registry give it a rich data asset that can be used to refine therapy, demonstrate effectiveness to payers, and potentially support new indications. Recent regulatory clearances, including expansion into adolescent depression and other mood disorders, show an active strategy of broadening clinical use rather than constantly reinventing the device itself. Future value will depend on how well Neuronetics converts its data, clinical studies, and new indications into stronger adoption and better economics, recognizing that regulatory and clinical trial outcomes are inherently uncertain.

Summary

Neuronetics is an innovative medical technology company with a well-recognized product in a growing area of mental health treatment, but it remains in a scale-up, loss-making phase. Revenue has trended upward, and product-level economics look reasonable, yet operating costs are still too high relative to sales to deliver profits or positive cash flow. The balance sheet and cash flows highlight financial constraints and the importance of hitting its growth and efficiency goals in the coming years. On the strategic side, the company benefits from first-mover status, clinical data, insurance coverage, and a recurring-revenue model, and it is pushing into new indications and deeper data use. The key tension is between a strong strategic and technological story and the need to prove durable profitability and self-funded growth over time.

NEWS

November 20, 2025 · 8:30 AM UTC

Neuronetics to Participate at the Piper Sandler 37th Annual Healthcare Conference

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November 12, 2025 · 10:33 AM UTC

TRICARE West Expands NeuroStar® TMS Coverage to Include Adolescents Aged 15+ Struggling with Depression

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November 4, 2025 · 7:05 AM UTC

Neuronetics Reports Third Quarter 2025 Financial and Operating Results and Announces CEO Transition Plan

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October 31, 2025 · 4:30 PM UTC

Neuronetics Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

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October 30, 2025 · 8:32 AM UTC

Neuronetics Announces Three-Year Exclusive Partnership with Elite DNA Behavioral Health to Expand NeuroStar Access and Operational Excellence

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