Neuronetics (NASDAQ:STIM), the leader in Transcranial Magnetic Stimulation (TMS) therapy for mental health, reported its fourth-quarter and full-year 2025 financial results, reflecting the transformative impact of its late-2024 acquisition of Greenbrook TMS.
Full-year revenue reached $149.2 million, a 99% increase over 2024.
The fourth quarter alone contributed $41.8 million to the top line, an 86% year-over-year jump.
This growth was primarily driven by the new "clinic revenue" segment, which generated $87 million in 2025 as the company vertically integrated its delivery model.
Despite the rapid scaling of revenue, the company’s margin profile and bottom line reflected the costs of integration and a shift in the business mix toward lower-margin clinical services.
Gross margin for 2025 fell to 48.5%, down from previous levels as the company absorbed the operational overhead of the Greenbrook locations.
While Neuronetics reported a net loss of $39.1 million for the year, management noted that the integration is largely complete, positioning the firm to focus on operational efficiencies and path-to-profitability initiatives in the coming year.
The company is also undergoing a significant leadership change.
Dan Reuvers is set to take over as CEO effective March 23, 2026, succeeding Keith Sullivan.
Reuvers inherits a company with a significantly expanded market reach and a key regulatory win; TRICARE West recently expanded coverage for NeuroStar TMS to include adolescents aged 15 and older, opening a critical new demographic for the therapy.
Neuronetics ended 2025 with a cash balance of $34.1 million to support its ongoing commercial efforts.
Looking toward 2026, Neuronetics provided guidance reflecting continued but more moderated growth.
The company expects total revenue between $160 million and $166 million, with gross margins stabilizing in the 47% to 49% range.