Neuronetics Q4 Earnings Call Highlights

Neuronetics (NASDAQ:STIM) reported fourth-quarter 2025 fiscal and operating results highlighted by its archetypal afloat twelvemonth operating with the Greenbrook session network, beardown adjusted pro forma gross growth, and affirmative operating currency travel successful the quarter. Management besides announced a enactment transition, with the committee appointing Dan Reuvers arsenic the company’s adjacent president and main enforcement officer, effectual March 23.

Outgoing President and CEO Keith Sullivan said the company’s strategy pursuing the Greenbrook acquisition was to physique a “vertically integrated intelligence wellness company” combining technology, objective infrastructure, and standard to grow diligent entree to treatment. Sullivan said the combined institution delivered “strong 4th fourth results” and reached a cardinal milestone of affirmative operating currency travel successful the period.

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Sullivan emphasized that successful the archetypal afloat twelvemonth post-acquisition, Neuronetics grew revenue, improved currency generation, and strengthened its level for supporting some its NeuroStar instrumentality concern and Greenbrook’s clinic-based attraction transportation network. He said helium expects a creaseless modulation to Reuvers, who helium described arsenic a medical-device person with acquisition scaling commercialized healthcare businesses.

Management reported beardown maturation crossed Greenbrook during 2025. Sullivan said full-year session gross grew 28% connected an adjusted pro forma basis, supported by accrued tract engagement and a increasing web of referring providers.

• In the 4th quarter, the referring supplier web added 430 caller providers, a 25% year-over-year increase.

• Across 2025, the web added much than 1,300 caller referrers.

• Regional teams completed much than 47,000 doc outreach activities during the year.

• Fourth-quarter diligent referrals exceeded 2,300, a 46% summation implicit the prior-year period.

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Sullivan said process improvements—such arsenic an automated diligent transportation process, acquisition tools, scheduling QR codes, and a coordinated intake team—are designed to prosecute patients portion they are inactive successful a superior attraction mounting and to amended conversion from referral to treatment.

On Spravato, Sullivan said the rollout is “nearly complete,” with 84 clinics providing the treatment. He added the institution has optimized billing practices based connected the economics of “buy and bill” versus “administer and observe,” and is deploying billing models successful a state-, payer-, and clinic-specific manner. He said full attraction measurement crossed Spravato and TMS roseate 18% year-over-year successful the 4th quarter.