Neuronetics Turns Adjusted Ebitda Positive in Second Quarter
Greenbrook clinics posted $26.9 million of revenue as the interventional mental-health company swung to a $0.3 million adjusted Ebitda profit.
Neuronetics, Inc. (STIM), an interventional mental-health company that sells NeuroStar transcranial magnetic stimulation systems and runs the Greenbrook clinic network, posted a $0.3 million adjusted EBITDA profit in the second quarter of 2026, reversing a $5.6 million loss a year earlier.
Total revenue was $41.6 million, up 9.1% from $38.1 million in the second quarter of 2025. Greenbrook revenue was $26.9 million, up 16.8% from $23.0 million a year earlier, and accounted for most of the company’s top line. NeuroStar revenue was $14.7 million, down 2.7% from $15.1 million a year earlier.
Gross margin expanded to 51.1% from 46.6% a year earlier. The increase was driven by a new go-to-market strategy and improved revenue-cycle management at the Greenbrook clinics. Operating expenses fell to $22.7 million from $25.8 million a year earlier, a 12% decrease, primarily due to lower general and administrative expenses and lower sales and marketing expenses. Loss from operations narrowed to $1.5 million from $8.1 million a year earlier.
Net loss attributable to stockholders was $3.4 million, or $0.05 a share, compared with $10.1 million, or $0.15 a share, a year earlier. A $313 thousand restructuring charge for leadership workforce reductions and role eliminations was added back in arriving at adjusted EBITDA.
Net cash used in operations and investing was $1.4 million, a $2.3 million reduction from $3.8 million a year earlier. Cash and cash equivalents plus restricted cash was $25 million as of June 30, 2026, compared with $34.1 million as of December 31, 2025.
President and Chief Executive Officer Dan Reuvers said the quarter showed “real operational progress” and “meaningful steps toward our goal of sustained profitability and positive net cash flow from operations and investing.” He said NeuroStar “has not competed to its full potential” and that the company is broadening how customers can access the technology while driving operational gains at Greenbrook.
The company appointed Nir Naor as Executive Vice President, Chief Financial Officer, Corporate Secretary, and Treasurer, promoted Cory Anderson to Executive Vice President and General Manager of Greenbrook, and named Rob Greene Senior Vice President, Sales.
For the full year 2026, Neuronetics expects total revenue between $160 million and $164 million, compared with prior guidance of $160 million and $166 million. Gross-margin guidance was raised to 48% to 50% from 47% to 49%. Operating-expense guidance was lowered to $95 million to $100 million from $100 million to $105 million; going forward, that range excludes stock-based compensation. On a basis that excludes an estimated $4 million of stock-based compensation, operating expenses are expected to be $91 million to $96 million.
Cash-flow guidance was restated as cash flow from operations and investing of negative $10.5 million to negative $14.5 million, versus prior guidance of cash flow from operations only of negative $13 million to negative $17 million.
Greenbrook remains the larger of the two reportable businesses. NeuroStar Advanced Therapy is cleared by the U.S. Food and Drug Administration for adults with major depressive disorder, as an adjunct for obsessive-compulsive disorder, to decrease anxiety symptoms in adult patients with major depressive disorder that may exhibit comorbid anxiety, and as a first-line adjunct for major depressive disorder in adolescents aged 15 to 21. Greenbrook treatment centers also offer SPRAVATO (esketamine) nasal spray.