How Did Neuronetics(NASDAQ:STIM) Achieve Record Revenue in Q3 2026?

Sonal Goyal

05 November 2026 12:40 PM AEDT

How Did Neuronetics(NASDAQ:STIM) Achieve Record Revenue in Q3 2026?

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Key Highlights

• Total Revenue increased 12.5% year-over-year to $42.0 million in Q3 2026, marking a record third quarter.

• Greenbrook clinic revenue rose 20.1% to $26.2 million, reflecting continued expansion of the direct-care business.

• Adjusted EBITDA reached $1.9 million, a $6.6 million improvement from a loss of $4.7 million in Q3 2025.

• Neuronetics submitted a 510(k) application to the FDA for an accelerated TMS protocol, with review currently underway.

Neuronetics, Inc.(NASDAQ:STIM), a company specializing in interventional mental health through its NeuroStar transcranial magnetic stimulation (TMS) technology and the Greenbrook network of psychiatry clinics, reported a record third quarter for 2026, with total revenue reaching $42.0 million. The figure represents a 12.5% increase compared to $37.3 million in the same period a year earlier, driven primarily by expansion across its Greenbrook operations.

Greenbrook Drives Revenue Growth

The Greenbrook segment continued to serve as the main growth engine for Neuronetics. Revenue from the clinic network climbed to $26.2 million, up 20.1% from $21.8 million in Q3 2025. The NeuroStar segment, which covers device sales and related services, contributed $15.8 million, a 1.8% uptick from $15.5 million in the prior-year period. CEO Dan Reuvers attributed the gains to improved revenue cycle management within the clinics and the positive reception of expanded go-to-market strategies for the NeuroStar platform.

Profitability Metrics Show Improvement

Gross Margin widened to 52.2% in the third quarter, up from 45.9% a year ago. The improvement was largely tied to the company's revised go-to-market approach and enhanced billing processes at Greenbrook locations. Operating expenses declined 13% to $21.3 million from $24.4 million, primarily due to reduced sales and Marketing costs. The company reported Operating Income of $0.5 million for the quarter, a marked turnaround from an operating loss of $7.3 million in Q3 2025.

Adjusted EBITDA swung to a positive $1.9 million, a $6.6 million improvement compared to the year-ago loss. Net loss attributable to stockholders narrowed significantly to $1.7 million, or $0.02 per share, from $9.0 million, or $0.13 per share, in the corresponding quarter of 2025.

As of September 30, 2026, Neuronetics held $27.9 million in total cash, including $22.1 million in cash and equivalents and $5.8 million in restricted cash, down from $34.1 million at year-end 2025.

Strategic Developments and Pipeline Progress

Neuronetics submitted a 510(k) application to the FDA in August for an accelerated TMS protocol. If cleared, the condensed treatment schedule could broaden patient access by offering a more convenient option for certain individuals. The application is currently under review.

The company also signed a distribution agreement with Wave Neuroscience to pursue FDA clearance for treating post-traumatic stress disorder (PTSD) using the NeuroStar platform alongside Wave Neuro's proprietary software algorithm. Additionally, Neuronetics launched what it described as the first TMS integration with an electronic health records platform, connecting its TrakStar practice management system with AdvancedMD. The integration is expected to become available in Q4 2026.

Looking Ahead

For full-year 2026, Neuronetics maintained its revenue guidance of $160 million to $164 million. The company raised its gross margin outlook to a range of 49% to 50%, up from the prior floor of 48%. Operating expenses, excluding stock-based compensation, are expected to land between $89 million and $92 million. The unchanged top-line guidance, paired with improving margins and a positive EBITDA trajectory, suggests the company is progressing toward sustained profitability as it continues to scale its Greenbrook operations and advance its product pipeline.

FAQs

Q: What was Neuronetics' total revenue in Q3 2026?

A: Neuronetics reported total revenue of $42.0 million for Q3 2026, representing a 12.5% increase compared to $37.3 million in Q3 2025.

Q: What is the 510(k) submission for accelerated TMS?

A: Neuronetics submitted a 510(k) application to the FDA in August 2026 for an accelerated TMS treatment protocol. If approved, this condensed protocol could expand patient access by offering shorter treatment schedules.

Q: How did the Greenbrook segment perform in Q3 2026?

A: Greenbrook revenue increased 20.1% year-over-year to $26.2 million, driven by continued growth across the clinic network and improvements in revenue cycle management.

Q: What is Neuronetics' full-year 2026 revenue guidance?

A: The company expects full-year 2026 total revenue between $160 million and $164 million, with gross margin projected at 49% to 50%.

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