Neuronetics, Inc.

Neuronetics reported second-quarter total revenue of $41.6 million, up 9.1% from $38.1 million a year ago. Gross margin was 51.1% versus 46.6% in the prior-year quarter, net loss was $3.4 million, or $0.05 per share, versus a loss of $10.1 million, or $0.15 per share, and adjusted EBITDA was positive $0.3 million versus negative $5.6 million. NeuroStar revenue was $14.7 million, down 2.7%, while Greenbrook revenue was $26.9 million, up 16.8%. For full-year 2026, the company narrowed revenue guidance to $160 million to $164 million, raised gross margin guidance to 48% to 50%, lowered OPEX guidance to $95 million to $100 million, and said OPEX excluding share-based compensation should be $91 million to $96 million; it updated organic cash utilization guidance to negative $10.5 million to negative $14.5 million.

Dan Reuvers said the quarter showed the business is starting to reflect steadier execution, with progress toward profitability and lower cash burn. He emphasized the new NeuroStar commercial model, which now gives customers more ways to buy, finance, or use the system, arguing it expands the addressable customer base and should support renewed growth into 2027. He also framed Greenbrook as the operational star of the quarter and highlighted the company’s role in interventional psychiatry, including future opportunities tied to Compass Pathways and other new treatments.

Nir Naor highlighted the financial improvement: revenue up to $41.6 million, gross margin at 51.1%, operating expenses down to $22.7 million from $25.8 million, net loss cut to $3.4 million, and adjusted EBITDA improving to positive $0.3 million. He said cash at June 30 was $25 million versus $19 million at March 31, and cash used by operations and investing was $1.4 million, improved from $3.8 million in Q2 2025. He also noted $7.6 million in net proceeds from the ATM offering and said lower OPEX guidance is largely due to lower expected share-based compensation, which the company will now exclude when guiding OPEX.

Analysts focused on Greenbrook capacity, NeuroStar inventory normalization, and whether the company has more room for cost cuts. Management said Greenbrook still has about 40% available capacity in some sites, that many SPRAVATO rooms can be adapted for future psychedelics, and that AI scheduling may help optimize longer treatments like COMP360; they also said expansion could come later if capacity fills. On NeuroStar, management said inventory normalization is largely complete and should not be a major back-half headwind, while customer choice should broaden as some accounts keep the full support model and others move to purchase, lease, or a la carte support.