Short answer
Neuronetics, Inc. (STIM) filed its fiscal 2025 10-K annual report with the SEC on Mar 17, 2026. It reported revenue of $149M (+99.2% year over year) and net income of −$39M.
- Top risk flagged: Cybersecurity risk oversight by board Audit Committee with quarterly enterprise risk profile reports from Head of IT
FY2025 key financial metrics · XBRL
- Revenue
- $149M
- +99.2% YoY
- Net income
- −$39M
- +10.8% YoY
- Operating margin
- -21.1%
- +25.1 pp YoY
- Gross margin
- 48.5%
- −23.8 pp YoY
- EPS (diluted)
- −$0.59
- +57.2% YoY
- ROE
- -174.3%
- −16.5 pp YoY
- Operating cash flow
- −$20M
- +34.3% YoY
Source: XBRL data from the Neuronetics, Inc. (STIM) FY2025 10-K on SEC EDGAR. USD.
Neuronetics, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Development and commercialization of NeuroStar Advanced Therapy System, a non-invasive TMS treatment for MDD and OCD, plus operation of Greenbrook mental health treatment centers
- New emphasis on fully integrated care via Greenbrook acquisition, adding 93 clinics and SPRAVATO treatment for treatment-resistant depression
- Strategic shift to vertically integrated provider of mental health solutions combining product and service, aiming for market consolidation and expanded patient access
- Revenue $149.2M in 2025, up 99% YoY; increased U.S. clinic revenues to 59% from 6% prior year due to Greenbrook acquisition; 658 employees as of December 2025
- Noteworthy Greenbrook restructuring closing dozens of underperforming clinics and focus on Regional Account Managers to build referral pathways
Management Discussion & Analysis
- Revenue $149.2M in 2025, up 99% YoY from $74.9M in 2024; U.S. revenue $146.0M up 101% YoY; international $3.1M up 29% YoY
- Gross margin 48.5% in 2025 vs 72.3% in 2024, decline due to Greenbrook clinic business inclusion and reduced treatment session revenue
- Best performing segment: Clinic revenue $87.0M (59% of US revenues) in 2025 vs $4.4M (6%) in 2024; Worst: NeuroStar System revenue $14.3M (10%) in 2025 vs $15.3M (21%) in 2024
- Operating loss improved to $(31.4)M from $(34.6)M; net loss $(39.1)M vs $(43.7)M; cash $28.1M with operating cash flow negative $20.4M; $70M debt outstanding; raised $26.8M net via equity offerings and ATM
- Management expects clinic revenue growth in 2026; anticipates decreased sales/marketing expense but increased general/administrative expense; key risks include financing availability and regulatory challenges
Risk Factors
- Cybersecurity risk oversight by board Audit Committee with quarterly enterprise risk profile reports from Head of IT
- Head of IT with 20+ years experience leads cybersecurity program and partners with third-party experts for risk identification
- Regular assessment using industry-standard KPIs for prevention, detection, mitigation, and remediation of cybersecurity incidents
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