Key Highlights

  • Net loss for the third quarter shrank to USD 1.6 million from USD 9.4 million, while Revenue rose 13% to USD 42.0 million from USD 37.3 million.
  • Greenbrook clinics contributed USD 26.2 million, up 20.1%, and NeuroStar added USD 15.8 million, up 1.8%, in what management described as a record system sales quarter.
  • Gross Margin improved to 52.2% (45.9% previously), and adjusted EBITDA, which is non-GAAP, turned positive at USD 1.9 million after a USD 4.7 million loss.
  • Revenue guidance for the full year held at USD 160 million to USD 164 million, while cash ended September at USD 27.9 million, versus USD 34.1 million at the start of the year.

Greenbrook Clinics and System Sales Lift the Top Line

Neuronetics (NASDAQ:STIM) submitted its third-quarter 2026 report on November 4, 2026. Total revenue reached USD 42.0 million, a USD 4.7 million or 13% increase from USD 37.3 million, driven mainly by Greenbrook. The firm sells the NeuroStar transcranial magnetic stimulation system for depression and operates Greenbrook treatment centers across the United States. Its net loss narrowed to USD 1.6 million from USD 9.4 million, and the nine-month loss came to USD 15.8 million, compared with USD 31.9 million. During the call, Leadership pointed to a recently won sole source contract with a large national company and noted that the revamped go-to-market model is reaching buyers it could not previously target.

Margin Gains and Lower Operating Costs

Management credited the new NeuroStar approach and better revenue cycle handling at Greenbrook for lifting gross margin to 52.2% from 45.9%. Operating expenses dropped 12.6% to USD 21.3 million, moving Operating Income to USD 5.0 million from a USD 7.3 million loss. Net loss attributable to stockholders was USD 1.7 million, or USD 0.02 a share, compared with USD 9.0 million, or USD 0.13. For 2026 the company kept revenue guidance unchanged, now expects gross margin of 49% to 50%, narrowed from 48% to 50%, and tightened expected operating and investing Cash Flow to negative USD 10 million to negative USD 12 million.

Thin Cash, Session Revenue Decline and an FDA Review

Neuronetics (NASDAQ:STIM) held total cash of USD 27.9 million at September 30, 2026, made up of USD 22.9 million in cash and equivalents and USD 5.8 million restricted. The accumulated Deficit reached USD 474.8 million, and the filing lists the ability to continue as a Going Concern among its risk topics. Session revenue from treatments declined, as planned under the new sales approach, and is expected to edge lower. A 510(k) submission for an accelerated TMS protocol, filed in August, is still under FDA review. Leadership still aims for little to no net cash burn from operations and investing in the second half.

Where Things Stand

Revenue growth, a fatter gross margin and leaner operating costs narrowed the net loss, though no profit emerged. Operating income and adjusted EBITDA were positive, yet a USD 1.6 million net loss remained. Greenbrook expansion and record system sales lifted the Top Line even as session revenue dropped and cash fell to USD 27.9 million. Watch fourth quarter results against the unchanged revenue range, the FDA review of the accelerated protocol and progress toward limited cash use in the second half. Management has not changed its full-year revenue range, so the fourth quarter carries the weight of that call.