STIM Neuronetics Inc

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Exhibit 99.1

 

Neuronetics Reports Fourth Quarter and Full Year 2024 Financial and Operating Results

MALVERN, PA., March 4, 2025 – Neuronetics, Inc. (NASDAQ: STIM) (the “Company” or “Neuronetics”) a vertically integrated, commercial stage, medical technology and healthcare company with a strategic vision of transforming the lives of patients whenever and wherever they need help, with the leading neurohealth therapies in the world, today announced its financial and operating results for the fourth quarter and full year of 2024.

Fourth Quarter 2024 Highlights

 

•

Acquired Greenbrook TMS on December 9, 2024

 

•

Received an incremental $10 million in funding from Perceptive Advisors

 

•

Fourth quarter 2024 revenue of $22.5 million, a 11% increase as compared to the fourth quarter 2023

 

•

U.S. NeuroStar Advanced Therapy System revenue of $3.8 million in the quarter

 

•

U.S. treatment session revenue of $12.9 million

 

•

No Greenbrook treatment session revenues are included after the December 9, 2024 transaction close

 

•

Greenbrook TMS revenue from December 10 to December 31, 2024 included in the results

 

•

U.S. clinic revenue of $4.4 million, representing Greenbrook TMS revenue subsequent to its acquisition

Full Year 2024 Highlights

 

•

Full year 2024 revenue of $74.9 million, a 5% increase as compared to full year 2023

 

•

Full year 2024 U.S. treatment session revenue of $50.8 million

 

•

Received FDA clearance for the treatment of adolescents 15 and older

Recent Operational Highlights

 

•

Completed secondary offering of 9,200,000 shares of our common stock raising approximately $18.9 million in net cash in February 2025

 

•

Fully executed actions to realize over $21 million of the targeted $22 million in expected annualized cost synergies related to the acquisition of Greenbrook

 

•

Achieved milestone of over 195,000 global patients treated with 7.1 million treatment sessions

“2024 was a defining year for Neuronetics as we’ve strategically transformed our business model and market position,” said Keith J. Sullivan, President and Chief Executive Officer of Neuronetics. “By expanding our Better Me Provider network and acquiring Greenbrook, we’ve created an unparalleled TMS treatment platform while rapidly improving our financial position.”

Keith J. Sullivan continued, “The early results speak for themselves – Better Me Provider (“BMP”) participants are treating more patients than non-participants as a result of complying with our five patient responsiveness standards. As we apply these proven methods across our expanded network and execute on our Greenbrook integration, we’re building momentum toward our dual objectives of double-digit revenue growth for the year and becoming cash flow positive in Q3 2025. Neuronetics now stands as the clear leader in TMS therapy, uniquely positioned to expand mental health access while delivering shareholder value through operational excellence and sustainable growth.”

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Fourth Quarter 2024 Financial and Operating Results for the Three Months Ended December 31, 2024

These results reflect Neuronetics’ standalone performance through December 8, 2024, and combined performance with Greenbrook TMS for the remainder of the year.

 

		Revenues by Geography Three Months Ended December 31,
		2024				2023
		Amount				Amount				% Change
		(Unaudited; in thousands, except percentages)
U.S.		$	21,642			$	19,872				9	%
International			851				442				93	%
Total revenues		$	22,493			$	20,314				11	%

Total revenue for the three months ended December 31, 2024 was $22.5 million, an increase of 11% compared to the revenue of $20.3 million in the fourth quarter of 2023. During the quarter, total U.S. revenue increased by 9% and international revenue increased by 93% over the fourth quarter of 2023. The increase in U.S. revenue was primarily attributable to U.S. clinic revenue, added as a result of the acquisition of Greenbrook.

 

		U.S. Revenues by Product Category Three Months Ended December 31,
		2024				2023
		Amount				Amount				% Change
		(Unaudited; in thousands, except percentages)
NeuroStar Advanced Therapy System		$	3,849			$	4,524				(15	)%
Treatment sessions			12,858				14,878				(14	)%
Clinic revenue			4,445				—				—	%
Other			490				470				4	%
Total U.S. revenues		$	21,642			$	19,872				9	%

U.S. NeuroStar Advanced Therapy System revenue for the three months ended December 31, 2024 was $3.8 million, a decrease of 15% compared to $4.5 million in the fourth quarter of 2023. For the three months ended December 31, 2024, and 2023, the Company shipped 46 and 59 systems, respectively. While the number of systems decreased, the average selling price per system increased by 6%.

U.S. treatment session revenue for the three months ended December 31, 2024 was $12.9 million, a decrease of 14% compared to $14.9 million in the fourth quarter of 2023.The decline was primarily driven by the elimination of $1.1million in treatment session revenue to Greenbrook subsequent to the acquisition U.S. clinic revenue, which represents revenue generated by Greenbrook, was $4.4 million for the three months ended December 31, 2024.

U.S. clinic revenue, which represents revenue generated by Greenbrook, was $4.4 million for the three months ended December 31, 2024.

Gross margin for the fourth quarter of 2024 was 66.2%, a decrease of approximately 1,140 basis points from the fourth quarter of 2023 gross margin of 77.6%. The decrease in gross margin was primarily a result of the inclusion of Greenbrook’s clinic business and reduction in Treatment session revenue.

Operating expenses during the fourth quarter of 2024 were $25.8 million, an increase of $5.6 million, or 28%, compared to $20.2 million in the fourth quarter of 2023, mainly attributable to professional fees incurred related to the Greenbrook acquisition, and the inclusion of Greenbrook’s expenses subsequent to the acquisition.

Net loss for the fourth quarter of 2024 was $(12.2) million, or $(0.33) per share, as compared to $(5.4) million, or $(0.19) per share, in the fourth quarter of 2023. Net loss per share was based on 36,673,505 and 29,048,367 weighted average common shares outstanding for the fourth quarters of 2024 and 2023, respectively.

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Adjusted EBITDA excludes certain adjustments, including acquisition related expenses, software impairment, loss on extinguishment of debt and inventory impairment, to provide a more accurate reflection of the company’s core operational performance. Adjusted EBITDA for the fourth quarter of 2024 was $0.1 million as compared to the fourth quarter of 2023 Adjusted EBITDA of $(3.0) million. See the accompanying financial table that reconciles Adjusted EBITDA, which is a non-GAAP financial measure, to net loss.

Full year Financial and Operating Results

These results reflect Neuronetics’ standalone performance through December 8, 2024, and combined performance with Greenbrook TMS for the remainder of the year.

 

		Revenues by Geography Year ended December 31,
		2024				2023
		Amount				Amount				% Change
		(Unaudited; in thousands, except percentages)
U.S.		$	72,488			$	69,336				5	%
International			2,402				2,012				19	%
Total revenues		$	74,890			$	71,348				5	%

Total revenue increased by $3.6 million or 5%, from $71.3 million of the year ended December 31, 2023 to $74.9 million for the year ended December 31, 2024. For the year ended December 31, 2024, U.S. revenue increased by 5% and international revenue increased by 19% over the comparative prior year period. The U.S. revenue growth was primarily due to the addition of U.S. clinic revenue and the international revenue growth was primarily driven by an increase in NeuroStar Advanced Therapy System revenue.

 

		U.S. Revenues by Product Category Year ended December 31,
		2024				2023
		Amount				Amount				% Change
		(Unaudited; in thousands, except percentages)
NeuroStar Advanced Therapy System		$	15,267			$	16,460				(7	)%
Treatment sessions			50,832				50,896				—	%
Clinic revenue			4,445				—				—	%
Other			1,944				1,980				(2	)%
Total U.S. revenues		$	72,488			$	69,336				5	%

U.S. NeuroStar Advanced Therapy System revenue decreased by $1.2 million or 7%, in the year ended December 31, 2024 compared to the year ended December 31, 2023. For the periods ended December 31, 2024 and 2023, the Company shipped 185 and 205 systems, respectively.

U.S. treatment session revenues were essentially flat compared to the year ended December 31, 2023.

U.S. clinic revenue, which represents revenue generated by Greenbrook, was $4.4 million.

Gross margin for the full year 2024 was 72.3%, a decrease of approximately 20 basis points from the full year 2023 gross margin of 72.5%.

Operating expenses during the full year 2024 were $88.2 million, an increase of $5.9 million, or 7% compared to $82.3 million in the full year 2023. The increase was mainly attributable to professional fees incurred related to the Greenbrook acquisition, and the inclusion of Greenbrook’s expenses subsequent to the acquisition.

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Net loss for the full year 2024 was $(43.2) million, or $(1.37) per share, as compared to full year 2023 net loss of $(30.2) million, or $(1.05) per share. Net loss per share was based on 31,626,135 and 28,657,819 weighted-average common shares outstanding for the years ended 2024 and 2023, respectively. There were 55,679,501 shares outstanding as of December 31, 2024.

Adjusted EBITDA excludes certain adjustments, including acquisition related expenses, software impairment, loss on extinguishment of debt and inventory impairment, to provide a more accurate reflection of the company’s core operational performance. For the full year 2024, Adjusted EBITDA was $(21.4) million compared to $(21.0) million for the full year 2023. See the accompanying financial table that reconciles Adjusted EBITDA, which is a non-GAAP financial measure, to net loss.

Cash and cash equivalents were $18.5 million as of December 31, 2024. This compares to cash and cash equivalents of $59.7 million as of December 31, 2023.

Neuronetics and Greenbrook TMS Transaction Closed

Effective as of December 9, 2024, Neuronetics successfully completed its acquisition of Greenbrook TMS Inc., creating a transformative combination in mental health therapy delivery. The transaction united Neuronetics’ NeuroStar technology platform with Greenbrook’s network of 95 treatment clinics across the United States. Concurrent with closing, Neuronetics secured an additional $10 million tranche from its Perceptive credit facility to support the combined enterprise operations. The integration planning teams have already made significant progress in implementing strategic initiatives aimed at driving profitable growth and recognizing operational cost synergies, of which the actions to realize over $21 million of the targeted $22 million in expected annualized cost synergies have been executed. The remaining synergies are expected to be fully acted upon and captured during 2025.

FDA Clearance as a First-Line Add-On Treatment for Adolescents with Depression

In March 2024, Neuronetics received U.S. Food and Drug Administration (“FDA”) clearance for its NeuroStar Advanced Therapy as the first and only transcranial magnetic stimulation (“TMS”) treatment cleared as a first line, adjunct for major depressive disorder (“MDD”) in adolescents aged 15-21. The FDA clearance was supported by real-world data from the Company’s TrakStar database showing 78% of adolescent patients treated with NeuroStar achieved clinically meaningful improvement in their depression severity. This clearance opened up a new treatment option for the large adolescent MDD patient population that had extremely limited FDA-approved treatment options available previously. With the addition of the adolescent indication, Neuronetics’ total addressable market for MDD increased by approximately 35% to 29.3 million patients.

Strategic Financing Strengthens Balance Sheet

Subsequent to quarter end, Neuronetics successfully completed an $18.9 million public offering of common stock, strengthening the Company’s financial position and providing additional flexibility to execute on key growth initiatives. This financing enhances the Company’s ability to potentially accelerate high-return programs such as the SPRAVATO buy-and-bill expansion, accelerate BMP implementation across the broader network, and enhance capabilities - all while maintaining the Company’s projected timeline to be cash flow positive in the third quarter of 2025.

Business Outlook

For the first quarter of 2025, the Company expects total worldwide revenue between $28.0 million and $30.0 million.

For the full year 2025, the Company expects total worldwide revenue to be between $145.0 million and $155.0 million.

For the full year 2025, the Company expects gross margin to be approximately 55%.

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For the full year 2025, the Company expects total operating expenses to be between $90.0 million and $98.0 million.

Webcast and Conference Call Information

Neuronetics’ management team will host a conference call on March 4, 2025, beginning at 8:30 a.m. Eastern Time.

The conference call will be broadcast live in listen-only mode via webcast at https://edge.media-server.com/mmc/p/a3eb5opb. To listen to the conference call on your telephone, you may register for the call here. While it is not required, it is recommended you join 10 minutes prior to the event start.

About Neuronetics

Neuronetics, Inc. believes that mental health is as important as physical health. As a global leader in neuroscience, Neuronetics is delivering more treatment options to patients and physicians by offering exceptional in-office treatments that produce extraordinary results. NeuroStar Advanced Therapy (“NeuroStar Therapy”) is a non-drug, noninvasive treatment that can improve the quality of life for people suffering from neurohealth conditions when traditional medication has not helped. In addition to selling the NeuroStar Advanced Therapy System (the “NeuroStar System”) and associated treatment sessions to customers, Neuronetics operates Greenbrook TMS Inc. (“Greenbrook”) treatment centers across the United States, offering NeuroStar Therapy for the treatment of MDD and other mental health disorders.

NeuroStar Therapy is indicated for the treatment of depressive episodes and for decreasing anxiety symptoms for those who may exhibit comorbid anxiety symptoms in adult patients suffering from MDD and who failed to achieve satisfactory improvement from previous antidepressant medication treatment in the current episode. It is also cleared by the U.S. Food and Drug Administration, as an adjunct for adults with obsessive-compulsive disorder and for adolescent patients aged 15 to 21 with MDD. Neuronetics is committed to transforming lives by offering an exceptional treatment that produces extraordinary results.

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“Safe harbor” statement under the Private Securities Litigation Reform Act of 1995:

Certain statements in this press release, including the documents incorporated by reference herein, include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created by those laws and other applicable laws and “forward-looking information” within the meaning of applicable Canadian securities laws. Statements in this press release that are not historical facts constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by terms such as “outlook,” “potential,” “believe,” “expect,” “plan,” “anticipate,” “predict,” “may,” “will,” “could,” “would” and “should” as well as the negative of these terms and similar expressions. These statements are subject to significant risks and uncertainties and actual results could differ materially from those projected. The Company cautions investors not to place undue reliance on the forward-looking statements contained in this press release. These risks and uncertainties include, without limitation, risks and uncertainties related to: the effect of the transaction with Greenbrook, on the Company’s business relationships, operating results and business generally; the Company’s ability to execute its business strategy; the Company’s ability to achieve or sustain profitable operations due to its history of losses; the Company’s ability to successfully complete the announced restructuring plans; the Company’s reliance on the sale and use of the NeuroStar Advanced Therapy System to generate revenues; the scale and efficacy of the Company’s salesforce; the Company’s ability to retain talent; availability of coverage and reimbursement from third-party payors for treatments using the Company’s products; physician and patient demand for treatments using the Company’s products; developments in competing technologies and therapies for the indications that the Company’s products treat; product defects; the Company’s revenue has been concentrated among a small number of customers; the Company’s ability to obtain and maintain intellectual property protection for its technology; developments in clinical trials or regulatory review of the NeuroStar System for additional indications; developments in regulation in the U.S. and other applicable jurisdictions; the terms of the Company’s credit facility; the Company’s ability to successfully roll-out the Company’s Better Me Provider program on the planned timeline; the Company’s self-sustainability and existing cash balances; and the Company’s ability to achieve cash flow positive in the third quarter of 2025. For a discussion of these and other related risks, please refer to the Company’s recent filings with the SEC, which are available on the SEC’s website at www.sec.gov, including, without limitation, the factors described under the heading “Risk Factors” in Neuronetics’ Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and its Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, and Greenbrook’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and its Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, as each may be updated or supplemented by subsequent reports that Neuronetics has filed or files with the SEC. These forward-looking statements are based on the Company’s expectations and assumptions as of the date of this press release. Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this press release as a result of new information, future events, or changes in the Company’s expectations.

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Investor Contact:

Mike Vallie or Mark Klausner

ICR Healthcare

443-213-0499

ir@neuronetics.com

Media Contact:

EvolveMKD

646-517-4220

NeuroStar@evolvemkd.com

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NEURONETICS, INC.

Statements of Operations

(Unaudited; In thousands, except per share data)

 

		Three Months ended December 31,								Year ended December 31,
		2024				2023				2024				2023
Revenues		$	22,493			$	20,314			$	74,890			$	71,348
Cost of revenues			7,600				4,543				20,729				19,643
Gross profit			14,893				15,771				54,161				51,705
Operating expenses:
Sales and marketing			9,854				11,716				45,674				47,318
General and administrative			10,216				6,276				29,756				25,426
Research and development			5,772				2,206				12,771				9,515
Total operating expenses			25,842				20,198				88,201				82,259
Loss from operations			(10,949	)			(4,427	)			(34,040	)			(30,554	)
Other (income) expense:
Interest expense			1,757				1,843				7,286				5,424
Loss on extinguishment of debt			—				—				4,427				—
Other income, net			(548	)			(893	)			(2,549	)			(5,789	)
Net loss		$	(12,158	)		$	(5,377	)		$	(43,204	)		$	(30,189	)
Net loss per share of common stock outstanding, basic and diluted		$	(0.33	)		$	(0.19	)		$	(1.37	)		$	(1.05	)
Weighted average common shares outstanding, basic and diluted			36,674				29,048				31,626				28,658

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NEURONETICS, INC.

Balance Sheets

(Unaudited; In thousands, except per share data)

 

		December 31,				December 31,
		2024				2023
Assets
Current assets:
Cash and cash equivalents		$	18,459			$	59,677
Restricted cash			1,000				—
Accounts receivable, net			23,355				15,782
Inventory			4,248				8,093
Current portion of net investments in sales-type leases			206				905
Current portion of prepaid commission expense			3,078				2,514
Current portion of note receivables			930				2,056
Prepaid expenses and other current assets			6,846				4,766
Total current assets			58,122				93,793
Property and equipment, net			6,242				2,009
Goodwill			13,988				—
Identified Intangibles, net			16,798				—
Operating lease right-of-use assets			27,093				2,773
Net investments in sales-type leases			86				661
Prepaid commission expense			8,902				8,370
Long-term notes receivable			295				3,795
Other assets			1,923				4,430
Total assets		$	133,449			$	115,831
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable		$	11,077			$	4,752
Accrued expenses			13,044				12,595
Deferred revenue			974				1,620
Deferred and contingent consideration			1,000				—
Other payables			605				—
Current portion of operating lease liabilities			4,791				845
Total current liabilities			31,492				19,812
Long-term debt, net			55,151				59,283
Deferred revenue			2				200
Operating lease liabilities			22,686				2,346
Total liabilities			109,331				81,641
Commitments and contingencies			—				—
Stockholders’ equity:
Preferred stock, $0.01 par value: 10,000 shares authorized; no shares issued or outstanding on December 31, 2024 and December 31, 2023			—				—
Common stock, $0.01 par value: 250,000 shares authorized; 55,679 and 29,092 shares issued and outstanding on December 31, 2024 and December 31, 2023, respectively			557				291
Additional paid-in capital			446,938				409,980
Accumulated deficit			(419,285	)			(376,081	)
Total Stockholders’ equity excluding non-controlling interest			28,210				34,190
Non-controlling interest			(4,091	)			—
Total liabilities and Stockholders’ equity		$	133,449			$	115,831

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NEURONETICS, INC.

Statements of Cash Flows

(Unaudited; In thousands)

 

		Year ended December 31,
		2024				2023
Cash flows from Operating activities:
Net loss		$	(43,204	)		$	(30,189	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization			2,069				2,006
Capitalized Software impairment			3,956				—
Allowance for credit losses			2,055				390
Inventory impairment			626				1,905
Share-based compensation			5,602				7,319
Non-cash interest expense			771				634
Loss on extinguishment of debt			4,427				—
Loss on disposal of property and equipment			28				—
Changes in certain assets and liabilities:
Accounts receivable, net			(3,727	)			(8,831	)
Inventory			3,150				(1,098	)
Net investment in sales-type leases			997				1,193
Prepaid commission expense			(1,096	)			(1,319	)
Prepaid expenses and other assets			(1,155	)			(2,845	)
Accounts payable			(1,985	)			2,029
Accrued expenses			(2,602	)			(2,243	)
Other Liabilities			(66	)			—
Deferred revenue			(843	)			(989	)
Net Cash used in Operating activities			(30,997	)			(32,038	)
Cash flows from Investing activities:
Purchases of property and equipment and capitalized software			(1,466	)			(2,369	)
Fees paid on acquisition, net of cash acquired			(2,553	)			—
Repayment of notes receivable			1,606				1,047
Net Cash used in Investing activities			(2,413	)			(1,322	)
Cash flows from Financing activities:
Payments of debt issuance costs			(2,624	)			(1,104	)
Proceeds from issuance of long-term debt			57,479				25,000
Proceeds from issuance of warrants			2,521				—
Repayment of long-term debt			(60,000	)			(1,200	)
Payment for debt extinguishment cost			(4,185	)			—
Proceeds from exercises of stock options			1				1
Net Cash (used in) provided by Financing activities			(6,808	)			22,697
Net decrease in Cash and Cash equivalents			(40,218	)			(10,663	)
Cash and Cash equivalents, Beginning of Period			59,677				70,340
Cash, Cash equivalents and restricted cash, End of Period		$	19,459			$	59,677

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Non-GAAP Financial Measures (Unaudited)

EBITDA and adjusted EBITDA are not measures of financial performance under generally accepted accounting principles in the U.S.(“GAAP”), and should not be construed as a substitute for, or superior to, GAAP net loss. However, management uses both the GAAP and non-GAAP financial measures internally to evaluate and manage the Company’s operations and to better understand its business. Further, management believes that the addition of the non-GAAP financial measures provides meaningful supplementary information to, and facilitates analysis by, investors in evaluating the Company’s financial performance, results of operations and trends. The Company’s calculation of EBITDA and adjusted EBITDA may not be comparable to similarly designated measures reported by other companies, because companies and investors may differ as to what type of events warrant adjustment.

The following table reconciles reported net loss to EBITDA and Adjusted EBITDA:

 

		Three Months ended December 31,								Year ended December 31,
		2024				2023				2024				2023
		(in thousands)								(in thousands)
Net loss		$	(12,158	)		$	(5,377	)		$	(43,204	)		$	(30,189	)
Interest expense, net			1,209				1,843				4,737				5,424
Income taxes			—				—				—				—
Depreciation and amortization			442				503				2,148				2,006
EBITDA		$	(10,507	)		$	(3,031	)		$	(36,319	)		$	(22,759	)
Acquisition related expense (Note. 1)			6,584				—				6,584				—
Software impairment (Note. 2)			4,031				—				4,034				—
Loss on extinguishment of debt (Note.3)			—				—				4,427				—
Inventory impairment on circuit boards (Note.4)			—				—				—				1,747
Adjusted EBITDA		$	108			$	(3,031	)		$	(21,274	)		$	(21,012	)

 

1.

In connection with the acquisition of Greenbrook, the Company incurred acquisition related expenses totaling approximately $6.6 million which were non-recurring and infrequent in nature. These expenses are removed from EBITDA in order to provide a more accurate depiction of the company’s core operational performance for the period presented.

2.

During the quarter ended December 31, 2024, following a change in strategy, the Company halted development on a certain product release resulting in a software impairment charge of approximately $4.0 million. This expense, which is infrequent and non-recurring in nature, is removed from EBITDA in order to provide a more accurate depiction of the company’s core operational performance for the period presented.

3.

In connection with its $60 million debt refinance in the third quarter of 2024 from SLR Capital to Perceptive Advisors the Company recorded a loss on extinguishment of approximately $4.4 million. This infrequent and non-recurring expense is removed from EBITDA in order to provide a more accurate reflection of the company’s core operational performance for the period presented.

4.

Due in part to a change in strategy, in 2023 the Company recorded an inventory impairment charge related to circuit boards totaling $1.7 million. This infrequent and non-recurring expense is removed from EBITDA in order to provide a more accurate reflection of the company’s core operational performance for the period presented.

Exhibit 99.2 COMPANY PRESENTATION NASDAQ: STIM March 2025 Transforming Lives Through NeuroHealth

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Forward Looking Statements This presentation contains estimates and other statistical data prepared by independent parties and by Neuronetics, Inc. (“Neuronetics” or the “Company”) relating to market size and growth and other data about the industry in which the Company operates. These estimates and data involve a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates and data. Certain statements in this presentation, including the documents incorporated by reference herein, include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created by those laws and other applicable laws and “forward-looking information” within the meaning of applicable Canadian securities laws. Statements in this presentation that are not historical facts constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward- looking statements may be identified by terms such as “outlook,” “potential,” “believe,” “expect,” “plan,” “anticipate,” “predict,” “may,” “will,” “could,” “would” and “should” as well as the negative of these terms and similar expressions. These statements include those relating to the Company’s business outlook and current expectations for upcoming quarters and fiscal year 2025, including with respect to revenue, expenses, growth, and any statements of assumptions underlying any of the foregoing items. These statements are subject to significant risks and uncertainties and actual results could differ materially from those projected. The Company cautions investors not to place undue reliance on the forward-looking statements contained in this presentation. These risks and uncertainties include, without limitation, risks and uncertainties related to: the effect of the transaction with Greenbrook TMS, Inc. (“Greenbrook”), on the Company’s business relationships, operating results and business generally; the Company’s ability to execute its business strategy; the Company’s ability to achieve or sustain profitable operations due to its history of losses; the Company’s ability to successfully complete the announced restructuring plans; the Company’s reliance on the sale and use of its NeuroStar Advanced Therapy system to generate revenues; the scale and efficacy of the Company’s salesforce; the Company’s ability to retain talent; availability of coverage and reimbursement from third-party payors for treatments using the Company’s products; physician and patient demand for treatments using the Company’s products; developments in competing technologies and therapies for the indications that the Company’s products treat; product defects; the Company’s revenue has been concentrated among a small number of customers; the Company’s ability to obtain and maintain intellectual property protection for its technology; developments in clinical trials or regulatory review of NeuroStar Advanced Therapy system for additional indications; developments in regulation in the U.S. and other applicable jurisdictions; the terms of the Company’s credit facility; the Company’s ability to successfully roll-out the Company’s Better Me Provider program on the planned timeline; the Company’s self-sustainability and existing cash balances; and the Company’s ability to achieve cash flow break-even in the third quarter of 2025. For a discussion of these and other related risks, please refer to the Company’s recent filings with the U.S. Securities and Exchange Commission (the “SEC”), which are available on the SEC’s website at www.sec.gov, including, without limitation, the factors described under the heading “Risk Factors” in Neuronetics’ Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and its Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, and Greenbrook’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and its Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, as each may be updated or supplemented by subsequent reports that Neuronetics has filed or files with the SEC. These forward-looking statements are based on the Company’s expectations and assumptions as of the date of this presentation. Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this presentation as a result of new information, future events, or changes in the Company’s expectations. Company Confidential 2

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Non-GAAP Financial Measures In addition to financial measures prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), from time to time we may use or publicly disclose certain non-GAAP financial measures in the course of our financial presentations, earnings releases, earnings conference calls, and otherwise. For these purposes, the SEC defines a non-GAAP financial measure as a numerical measure of historical or future financial performance, financial positions, or cash flows that (i) exclude amounts, or is subject to adjustments that effectively exclude amounts, included in the most directly comparable measure calculated and presented in accordance with GAAP in financial statements, and (ii) include amounts, or is subject to adjustments that effectively include amounts, that are excluded from the most directly comparable measure so calculated and presented. Non-GAAP financial measures are provided as additional information to investors to provide an alternative method for assessing our financial condition and operating results. We believe that these non-GAAP measures, when taken together with our GAAP financial measures, allow us and our investors to better evaluate our performance and profitability. These measures are not in accordance with, or a substitute for, GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies. These measures should be used in addition to and in conjunction with results presented in accordance with GAAP, and should not be relied upon to the exclusion of GAAP financial measures. Pursuant to the requirements of Regulation G, whenever we refer to a non-GAAP financial measure, we will also generally present, the most directly comparable financial measure calculated and presented in accordance with GAAP, along with a reconciliation of the differences between the non-GAAP financial measure we reference with such comparable GAAP financial measure. Company Confidential 3

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Presenters 38+ years of experience 39+ years of experience Keith Sullivan Steve Furlong President & Executive Vice President, Chief Executive Officer Chief Financial Officer & Treasurer Company Confidential 4

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206,000 Unique Patients Treated 7,365,000 Treatments Administered STRONGER together Two of the nation’s largest mental health and $129M device companies are now combined to create an 1 annual revenue (2024) organization with the ability to leverage its scale and capabilities to treat more patients suffering from mental health conditions (1) This revenue is the full year 2024 consolidated adjusted net proforma revenue as further defined on slides 24 and 25 Company Confidential 5

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A Diversified Business Model with Strategic Advantages from the Company’s Combined Expertise Neuronetics is now a vertically integrated organization providing greater access to mental health treatments through our collective expertise NeuroStar Greenbrook Market Leader in Transcranial Magnetic Mental Health Services Provider Stimulation (TMS) • Unrivalled Clinical Results: Long-Term Relief for • Large Network of Clinics Depression • Offer New Paradigms for Treating Depression • Widely Reimbursed • Established and Growing Network of Referring • Proven Formula for Practice Success Physicians • Top Tier Training and Best Practices • Centralized, Scalable Business Infrastructure • Comprehensive Direct Sales and Support Team • Patient Focused Service Company Confidential 6

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Stronger Commercial Footprint & Opportunity Together Greenbrook Locations: Together, with Better Me Provider Operating 95 Treatment (BMP) practices… we have over 350 Clinics in 15 States BMP clinics in 49 states Greenbrook Total Amount of 53,000 Patients Patients Treated 1.7M treatments Company Confidential 7

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A Compelling Investment Opportunity Combines one of the U.S.’s most utilized therapeutic platforms for the treatment of MDD with one of the largest service providers to renew even more lives Large patient population best served by managing the therapeutic paradigm Multiple initiatives in place to drive accelerated growth across the organization The NEW Significant, realized cost reductions enable immediate operating leverage Transformed financial profile adds scale and supportive balance sheet Poised to deliver mid-teens revenue growth and expected to achieve profitability in near-term Company Confidential 8

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Senior Leadership Management Team Board of Directors Cory Anderson Geoffrey Grammer, Keith Sullivan Steve Furlong Rob Cascella Avinash Amin, MD Sheryl Conley Sasha Cucuz SVP, Chief MD President & CEO EVP, CFO Board Chairman Technology Officer and Treasurer Chief Medical Officer Sara Grubbs Andrew Macan Rusty Page Lisa Rosas Glenn Muir Megan Keith Sullivan Bill Leonard SVP, Chief EVP, GC & Chief SVP, Chief Information SVP, Chief Rosengarten Chief Clinic Officer Revenue Officer Compliance Officer and Operations Officer Marketing Officer Company Confidential 9

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Over 29 Million Lives Affected by Depression and OCD Nearly 8 million patients are poorly served by antidepressant medication • Lack of Treatment Efficacy Total Available Market • Intolerable Side Effects Adult Depression (MDD) Adolescent Depression 4 4.3 million suffering 1 29.3 million 21 million suffering 5 1 million on medications 1,2,3 6.4 million on medication New indication: 35% increase in addressable market U.S. Adults and Adolescents (ages 15-21) suffering from depression, depression with anxiety and OCD Anxious Depression OCD 7 53% of MDD patients have 4 million suffering 6 8 significant anxiety 235k on medication (1) NIMH https://www.nimh.nih.gov/health/statistics/major-depression.shtml, accessed 4/29/2024. (2) Per STAR*D patients that have failed one or more antidepressant trial of adequate dose and duration. (3) Journal of Clinical Psychiatry, accessed 3/7/2022. (4) Depression- Pharma Intelligence Disease Analysis, www.datamonitorhealthcare.com, Publication Date: June 2021. (5) Key Substance Use and Mental Health Indicators in the United States: Results from the 2017 National Survey on Drug Use and Health. (6) Kalin N, The Critical Relationship Between Anxiety and Depression, Am J Psychiatry 2020; 177:365–367; doi: 10.1176/appi.ajp.2020.20030305. (7) Harvard Medical School, 2007. National Comorbidity Survey (NCSSC). (8) Definitive Health Diagnosis/Prescription Data: 3/25/22. Company Confidential 10

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Our Combined Company is Positioned to Capitalize on Innovations in the Mental Health Space Medication Management Interventional Medical Patients Medication Technology Psychotherapy Company Confidential 11

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#1 Physician Recommended TMS We’re inspired every day by the opportunity to help people live more fulfilling lives Dedicated to Practice 1 Market Leader in TMS Success Over 7.1 million treatment Largest direct sales and sessions performed in over customer support team in the 195,000 patients industry to support over 1,100 1 U.S. offices Robust R&D Pipeline Widely Reimbursed rd 3 generation system. Largest Dedicated to driving health policy clinical dataset in the world to to ensure broad U.S. drive new indications reimbursement among commercial and government payors (1) Neuronetics, Inc. internal estimate based on the Company’s data on treatment sessions and patients treated. Company Confidential 12

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As the Market Leader, NeuroStar is Revolutionizing Mental Health with New Adolescent Indication NeuroStar is the only FDA-cleared TMS st 1 and Only to Market 1 treatment for adolescent depression For adolescents, NeuroStar can be used as an st add-on treatment, without prior medication 1 Line Treatment failures (1) FDA Clearance K231926. Company Confidential 13

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1 Proven, Long-Term Relief for MDD Real-World Clinical Results Clinically Proven Durability 2 1 for Patients with MDD through 12 Months 83% Improvement in depression 1 symptoms 62% Symptom relief 1 (remission) (1) Dunner DL, et al. (2014). J Clin Psychiatry. 75(12):1394-1401. (2) Sackeim HA, et al. (2020) J. Affect. Disord. 277:65-74. Based on a real-world, retrospective study using CGI-S and a sample size of 615 patients. Company Confidential 14

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Better Me Program (BMP) Transforms the Lives of More Patients Designed to lead the industry in the standards for patient care 350+ NeuroStar Clinics are in BMP Program 4x more patients treated in BMP vs. non-BMP *Clinical evidence demonstrates superior outcomes for patients who complete a course of NeuroStar therapy compared to those who do not complete treatment. However, the actual number of sessions performed is subject to the medical judgment of the prescribing physician. The number of treatment sessions performed is not a selection criteria for entry into the Better Me Guarantee Program and will not be used as a basis to remove a provider from the program. Company Confidential 15

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With the 5-Standards, Better Me Practices are Quickly Addressing Interested Patients in Need 2.2x Faster from potential patient interest to MT 2023 2024 84 days 38 days All patient interest in Active BMP Local Consumable Offices; Feb 1, 2024 – Dec 31, 2024 vs. PY Company Confidential 16

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NeuroStar University Delivers Impactful Clinical and Operational Education By December 2024, attendees to NSU increased patient treatment 58% more than accounts that did not attend.* NSU Utilization Performance Index Baseline index values are based on January 2022 utilization. Excludes new sites from Classes 2022-2024. Attended NSU +39% vs. Jan 2022 Aug 2022 NSU Opens Have Not Attended NSU -19% vs. Jan 2022 A 2-DAY COURSE HELD AT OUR STATE-OF-THE-ART TRAINING CENTER Practices learn how to achieve the best clinical outcomes and market their NeuroStar business, through a combination of instruction and peer to Practices that attend NSU consistently outperform practices that do not on a month-to-month basis. In December 2024, NSU practices performed 58% better than sites that have not attended NSU vs. January 2022. peer learning. *As of 12/31/2024 Company Confidential 17

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Partnering with Practices to Build 1 – this one Local Consumer Awareness Co-Op Marketing: collaborative effort with practices to increase local patient awareness while sharing advertising costs +17% +14% treatment session utilization* in new MTs* * Data on file, Neuronetics, Inc. Company Confidential 18

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® SPRAVATO Program ® • In March 2019, the FDA approved SPRAVATO (esketamine) nasal spray, in conjunction with an oral antidepressant, for Treatment Resistant Depression in adults and in August 2020, the FDA added a second indication for depressive symptoms in adults with MDD with acute suicidal ideation or behavior ® • SPRAVATO fills the gap in the treatment paradigm between or before TMS and Electroconvulsive Therapy, providing for a complimentary treatment to TMS, effectively broadening Greenbrook TMS’s offering to patients • Delivered in a two-spray dispenser under supervision from a health care professional as patients self-administer • Treatment consists of: − Induction (8 treatments) - Twice a week for 4 weeks − Taper (4 treatments) - Once a week for 4 weeks − Maintenance - Once every one to two weeks for the next year ® • We currently have a total of 68 Treatment Centers now offering SPRAVATO and ® expect to have 80+ Treatment Centers offering SPRAVATO by the end of Fiscal 2025 through an accelerated roll-out Company Confidential 19

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Key Growth Initiatives for Network Clinics Focus on execution, profitable product diversification & expansion Drive growth in 95 clinics through enhanced RAM clinic Identifying and engagement, leveraging automated referral systems Educating Patients and optimized digital/DTC targeting ® Fill the gap in treatment paradigm with SPRAVATO Expanding the Continuum of Care for expansion to all locations (+15 Clinics) with Buy & Bill Patients model that increases treatment revenue Standardize operational excellence across our network Consistent Implementation of Best through comprehensive training, enhanced practice Operation Practices capabilities, and centralized services Company Confidential 20

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Key Growth Initiatives for Customer Clinics Harnessing the power of our proven programs to help more patients in need Expand referral networks for 350+ BMP Clinics to Expand BMP Network increase patient flow, 125+ additional sites committed to the program Continued implementation of fully optimized digital/DTC Patient Education investment benefitting patients and BMP practices Expanding Services to Centralized call center to help BMP providers manage Existing Customers patient inquires more efficiently (billing and contracts) Company Confidential 21

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Comprehensive Direct Sales 40 Practice Development Managers & Customer Support Team 10 10 Reimbursement Area Sales Specialists & Managers Managers 02 21 Experienced team Regional Clinical Training Account Managers Managers dedicated to consistent growth and practice success 07 18 Field Service Customer and Technical Service Support Representatives 14 Sales Leaders Company Confidential 22

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1 Significant Realized Cost Synergies Total Cost Saving Efforts $22.6M (Annualized Expected Savings) Fully Executed Expected 1H 2025 Greenbrook Additional NNI RIF/Spend Reductions Clinics Reductions $5.1M $1.3M $16.2M (Annualized Expected (Annualized Expected (Annualized Expected Savings) Savings) Savings) (1) The Company executed on an a number of cost staving initiatives in 2024 and has additional identified cost saving initiatives to be executed in the first half of 2025. The dollar savings identified above are the expected annualized savings from these cost saving initiatives. Company Confidential 23

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Improved Financial Profile Adds Scale and Strength Fourth quarter and full year revenue 2024 was $22.5M and $74.9M, respectively 1,2 1,2 4Q 2024 FY 2024 Neuronetics Gross Pro Forma Revenue $19.2M Neuronetics Gross Pro Forma Revenue $71.6M Intercompany Eliminations ($2.4M) Less Intercompany Eliminations ($9.9M) Neuronetics Net Pro Forma Revenue $16.8M Neuronetics Net Pro Forma Revenue $61.7M Preliminary Greenbrook Gross Revenue $18.0M Preliminary Greenbrook Gross Revenue $75.5M Impact of Greenbrook Clinic Closures ($0.9M) Impact of Greenbrook Clinic Closures ($8.2M) Greenbrook Adjusted Net Pro Forma Revenue $17.1M Greenbrook Adjusted Net Pro Forma Revenue $67.3M Consolidated Adjusted Net Pro Forma Revenue $33.9M Consolidated Adjusted Net Pro Forma Revenue $129.0M Basic Shares Outstanding as of 12/31/24 55.688M Debt as of 12/31/24 $60.0M Cash as of 12/31/24 $18.5M (1) The unaudited, 2024 financial results presented above for 4Q 2024 and FY 2024 and cash and debt as of December 31, 2024, are based on current expectations and may be adjusted as a result of, among other things, completion of annual audit procedures. This financial information does not represent a comprehensive statement of the Company’s or Greenbrook's financial results for 4Q 2024 or FY 2024 and remains subject to the completion of financial closing procedures and internal reviews. (2) See the accompanying financial table that reconciles Net Pro Forma Revenue, which is a non-GAAP financial measure, to revenue. Company Confidential 24

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Non-GAAP Financial Measures (Unaudited) Neuronetics Adjusted Pro Forma Revenue is not a measure of financial performance under generally accepted accounting principles in the U.S. (“GAAP”), and should not be construed as a substitute for, or superior to, GAAP revenue. However, management uses both the GAAP and non-GAAP financial measures internally to evaluate and manage the Company’s operations and to better understand its business. Further, management believes that the addition of the non-GAAP financial measure provides meaningful supplementary information to, and facilitates analysis by, investors in evaluating the Company’s financial performance, results of operations and trends. The Company’s calculation of Neuronetics Adjusted Pro Forma Revenue may not be comparable to similarly designated measures reported by other companies, because companies and investors may differ as to what type of events warrant adjustment. The following table reconciles reported revenue to Neuronetics Adjusted Gross Pro Forma Revenue and Neuronetics Adjusted Net Pro Forma Revenue: 4Q 2024 FY 2024 (in millions) (in millions) Consolidated Revenue $ 22.5 $ 74.9 Greenbrook Revenue (Post-Acquisition Period) $ (4.4) $ (4.4) Neuronetics Standalone Revenue $ 18.1 $ 70.5 Greenbrook Intercompany Revenue (Post-Acquisition Period) $ 0.6 $ 0.6 1 Assumed Greenbrook Revenue (Post-Acquisition Period) $ 0.5 $ 0.5 Neuronetics Proforma Gross Revenue $ 19.2 $ 71.6 Greenbrook Intercompany Revenue $ (2.4) $ (9.9) Neuronetics Proforma Net Revenue $ 16.8 $ 61.7 (1) Sales that Neuronetics would have recorded had Neuronetics billed Greenbrook as a separate entity from December 10, 2024 through December 31, 2024 for Greenbrook’s customary treatment session buying patterns through December 31, 2024. Company Confidential 25

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Poised to Deliver Mid-Teens Growth and Profitability FY 2025 Guidance Revenue $145M to $155M (+12% to +19% Pro Forma YoY) Gross Margin Approximately 55% Operating Expenses $90M - $98M Profitability Cash flow positive beginning in Q3 2025 Company Confidential 26

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Financial Overview NeuroStar Advanced Therapy for Mental Health Company Confidential 27

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Annual Revenue ($ in ($ in m illions million)s) Annual Product Revenue (US) Annual Revenue by Geography $80 $80 $74.5 $72.5 $69.3 $71.3 $1.9 $70 $2.4 $1.9 $63.4 $4.4 $70 $2.0 $65.2 $1.8 $1.7 $60 $60 $50 $50 $72.5 $50.9 $69.3 $63.4 $50.8 $40 $40 $45.1 $30 $30 $20 $20 $10 $10 $16.6 $16.5 $15.3 $0 $0 2022 2023 2024 2022 2023 2024 US OUS NeuroStar Systems Treatment Sessions Clinic Company Confidential 28

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Worldwide Quarterly Revenue ($ in ($ in m illions million)s) Q4 2024 Revenue of $22.5M, an 11% increase from Q4 2023 $35 $28.0 - $30.0 $30 $25 $22.5 $20.3 $20 $18.5 $17.9 $17.6 $17.4 $16.5 $15.5 $15 $10 $5 $0 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Guidance Company Confidential 29

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Results of Operations ($ in ($ in thousand thousasn)ds) Three Months Ended December 31, 2023 2024 Revenues $20,314 $22,493 11% YOY Growth Gross Profit 15,771 14,893 78% 66% Gross Margin Operating Expenses: 11,716 9,854 Sales and Marketing % of Revenues 58% 44% 6,276 10,216 General and Administrative 35% 45% % of Revenues 2,206 5,772 Research and Development 11% 26% % of Revenues Total Operating Expenses 20,198 25,842 Loss from Operations ($4,427) ($10,949) -22% -49% % of Revenues Company Confidential 30

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($ in thousands) Financial Position ($ in thousands) As of December 31, 2024 Cash and Cash Equivalents $18,459 Other Assets $114,990 Total Assets $133,449 Long-term debt, net $55,151 Convertible Preferred Stock Warrant Liability $0 Convertible Preferred Stock $0 Accumulated Deficit ($419,285) Total Stockholders’ Equity $28,210 Company Confidential 31

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Supplemental Information NeuroStar Advanced Therapy for Mental Health Company Confidential 32

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Local Consumables New MTs (New Patient Starts) & Utilization Local Consumable Monthly Utilization & New MTs Jan 2021 – Dec 2024 45,000 1,300 40,000 35,000 1,100 30,000 25,000 900 20,000 700 15,000 10,000 500 5,000 - 300 Utilization New MT's Company Confidential 33

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Supplemental Financial and Operating Information ($ in thousands) For the period ended December 31, 2024 2023 2024 2023 2024 Revenue ($ thousands) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY FY Total U.S. NeuroStar Advanced Therapy System Revenues $3,850 $4,489 $3,597 $4,524 $3,310 $4,000 $4,108 $3,849 $16,460 $15,267 YoY Change 6% 2% -9% -2% -14% -11% 14% -15% -1% -7% Total U.S. Treatment Sessions Revenues $10,643 $12,314 $13,060 $14,879 $12,988 $11,660 $13,326 $12,858 $50,896 $50,832 YoY Change 12% 9% 10% 20% 22% -5% 2% -14% 13% 0% Total Clinic Revenues $0 $0 $0 $0 $0 $0 $0 $4,445 $0 $4,445 YoY Change na na Total U.S. Other Revenues $471 $486 $554 $469 $495 $470 $488 $490 $1,980 $1,944 YoY Change 16% 7% 24% 5% 5% -3% -12% 4% 13% -2% Total U.S. Revenues $14,964 $17,289 $17,211 $19,872 $16,793 $16,130 $17,922 $21,642 $69,336 $72,488 YoY Change 11% 7% 6% 13% 12% -7% 4% 9% 9% 5% Total International Revenues $576 $321 $673 $442 $624 $320 $608 $851 $2,012 $2,402 YoY Change -13% 62% 166% -36% 8% 0% -10% 93% 12% 19% Total Revenues $15,540 $17,610 $17,884 $20,313 $17,417 $16,450 $18,530 $22,493 $71,348 $74,890 YoY Change 10% 8% 8% 12% 12% -7% 4% 11% 9% 5% 2023 2024 2023 2024 U.S. Operating and Financial Metrics Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY FY Total NeuroStar Systems 49 54 43 58 40 50 48 47 204 185 YoY Change 7% -8% -14% 0% -18% -7% 12% -19% -4% -9% Company Confidential 34

v3.25.0.1

Document and Entity Information	Mar. 04, 2025
Cover [Abstract]
Amendment Flag	false
Entity Central Index Key	0001227636
Document Type	8-K
Document Period End Date	Mar. 04, 2025
Entity Registrant Name	NEURONETICS, INC.
Entity Incorporation State Country Code	DE
Entity File Number	001-38546
Entity Tax Identification Number	33-1051425
Entity Address, Address Line One	3222 Phoenixville Pike
Entity Address, City or Town	Malvern
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19355
City Area Code	(610)
Local Phone Number	640-4202
Security 12b Title	Common Stock ($0.01 par value)
Trading Symbol	STIM
Security Exchange Name	NASDAQ
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false

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