Neuronetics Reports Impressive Q3 2025 Results
Neuronetics, Inc., a leader in neurohealth therapies, has shared substantial financial achievements for the third quarter of 2025. The company reported total revenues of $37.3 million, marking an significant adjusted pro forma growth of 11% compared to the same quarter in the previous year. This success can largely be attributed to the performance of their U.S. Greenbrook clinics, which generated an impressive revenue of $21.8 million—an increase of 25% on an adjusted pro forma basis.
Key Financial Highlights for Q3 2025
Revenue Growth and Cash Management
During Q3 2025, revenue saw a remarkable growth trajectory, with overall revenue increasing by 101% when compared to Q3 2024 on an unadjusted basis. Total revenues in the U.S. grew by 102%, showcasing the business's strong performance post the acquisition of Greenbrook TMS. International revenues also demonstrated strong growth, increasing by 73% over the same period last year.
Additionally, the company has made significant improvements in cash management, with cash used in operations clocking in at $0.8 million. Neuronetics ended the quarter with a robust balance sheet featuring $34.5 million in total cash, which includes cash equivalents and restricted cash, reflecting positive progress from the previous year.
Operational Highlights Reflecting Company Progress
Transformative Strategies and Strengthened Patient Engagement
Among the operational milestones, Neuronetics has treated over 229,429 global patients through approximately 8.2 million therapy sessions. The company’s Strategic initiative of integrating the Greenbrook TMS clinics has provided an enriched service offering that effectively meets patient needs across various platforms.
In September 2025, Neuronetics made headlines when New York State Medicaid announced its expansion of coverage for Transcranial Magnetic Stimulation (TMS) therapy, including NeuroStar Advanced Therapy systems. This change allows access to TMS therapy for over 5 million members diagnosed with major depressive disorder (MDD).
The expansion signifies a growing recognition of TMS therapy as an effective non-drug treatment option for depression, saliently contributing to Neuronetics' goal of improving access to advanced mental health therapies.
CEO Transition Plans and Leadership Continuation
In a related announcement, Keith Sullivan, the President and CEO of Neuronetics, has confirmed his intention to retire on June 30, 2026. Sullivan has played a key role in the company’s successful transition and growth over the last five years. Following his retirement, he will assist with finding a successor while continuing to provide consultation services to ensure a seamless transition in leadership.
Rob Cascella, the Company’s Chairman of the Board, expressed gratitude for Keith’s leadership, highlighting that his efforts in acquiring Greenbrook TMS have significantly strengthened Neuronetics' operational foundation for future expansion. The ongoing search for a new CEO is crucial as the company is poised for its next growth phase.
Forward Guidance: Strategic Growth Anticipations
Looking ahead, Neuronetics anticipates total worldwide revenue for the fourth quarter of 2025 to fall between $40 million and $43 million, projecting total revenue for the full year at approximately $147 million to $150 million. This outlook underscores Neuronetics' confidence in maintaining strong growth trajectories amid evolving market demands.
Management is also focused on sustaining cash flow positivity with projections indicating total cash to range between $32 million and $36 million by the end of 2025. With these innovative strategies and operational methodologies, Neuronetics continues its mission of transforming lives through neurohealth advancements.
Frequently Asked Questions
1. What were Neuronetics' total revenues for Q3 2025?
The total revenues reported by Neuronetics for Q3 2025 were $37.3 million.
2. How much revenue did the Greenbrook clinics generate?
Greenbrook clinics generated $21.8 million in revenue during Q3 2025, marking a 25% growth on an adjusted pro forma basis.
3. What key initiative has Neuronetics undertaken regarding mental health therapy?
Neuronetics announced the expansion of Medicaid coverage for TMS therapy, enhancing access for individuals diagnosed with major depressive disorder.
4. What are the future revenue projections for Neuronetics?
For the fourth quarter of 2025, Neuronetics projects total worldwide revenue in the range of $40 million to $43 million.
5. When is the planned retirement of CEO Keith Sullivan?
Keith Sullivan is set to retire on June 30, 2026, after which he will assist in the transition to a new CEO.
