Neuronetics Turns Operating Profit After Greenbrook Growth

The Tip Desk · November 4, 2026 · 3 min read

Greenbrook revenue reached $26.2 million in the third quarter as total revenue rose 12.5% to $42.0 million.

Neuronetics, Inc. (STIM), a provider of NeuroStar transcranial magnetic stimulation technology and Greenbrook interventional psychiatry clinics, reported third-quarter 2026 revenue of $42.0 million, up 12.5% from a year earlier, as year-over-year growth accelerated from 9.1% in the second quarter.

The increase was driven by Greenbrook, whose revenue rose 20.1% to $26.2 million from $21.8 million a year earlier, after 16.8% growth in the prior quarter. NeuroStar revenue was $15.8 million, up 1.8% from a year earlier, reversing a 2.7% year-over-year decline in the second quarter. President and Chief Executive Officer Dan Reuvers said the quarter showed a record third quarter within Greenbrook as well as NeuroStar system sales, reflecting revenue-cycle management advances and expanded NeuroStar go-to-market options.

Gross margin expanded to 52.2% from 45.9% a year earlier, after 51.1% in the second quarter. The company said the increase was primarily driven by the new go-to-market strategy and improved revenue cycle management within the Greenbrook clinics. Operating expenses fell 13% year-over-year to $21.3 million, with sales and marketing down to $8.5 million from $11.8 million a year earlier, partially offset by higher general and administrative expenses.

Income from operations swung to a $0.5 million profit from a $7.3 million loss a year earlier, after a $1.5 million operating loss in the second quarter. Adjusted EBITDA was $1.9 million, up $6.6 million from a $4.7 million loss a year earlier, after $0.3 million in the second quarter. Net loss attributable to stockholders narrowed to $1.7 million, or $0.02 a share, from $9.0 million, or $0.13 a share, a year earlier. Cash provided by operating and investing activities was $0.8 million, versus a $0.9 million use in the year-ago quarter.

As of September 30, 2026, the company held $27.9 million in total cash, including $22.1 million of cash and cash equivalents and $5.8 million of restricted cash, compared with $34.1 million as of December 31, 2025.

The company submitted a 510(k) to the FDA in August for an accelerated TMS protocol, which is under review. It also signed a distribution agreement with Wave Neuroscience to pursue treatment of PTSD pending FDA clearance to add NeuroStar as a system compatible with Wave Neuro’s EEG-based software algorithm. NeuroStar launched a TrakStar integration with AdvancedMD’s EHR/EMR platform, expected to become available to existing NeuroStar providers using AdvancedMD in the fourth quarter of 2026.

For the full year 2026, Neuronetics now expects total revenue between $160 million and $164 million, unchanged from prior guidance. Gross-margin guidance was raised to 49% to 50% from 48% to 50%. Operating-expense guidance was lowered to $92.5 million to $95.5 million from $95 million to $100 million, with stock-based compensation estimated at $3.5 million versus $4.0 million. Cash flow from operating and investing is now expected in a range of a $10.0 million to $12.0 million use, compared with prior guidance of a $10.5 million to $14.5 million use.